Bitcoin tops $15000; hack raises concerns ahead of USA trade

Africa: Bitcoin Is a Highly Speculative Investment. Why Caution Is Required

Slovenian cryptocurrency mining marketplace NiceHash said it lost almost $64 million in a hack of its payment system, the latest incident to highlight the risks that uneven oversight and security procedures pose to digital currencies such as bitcoin.

"The contents of the NiceHash Bitcoin wallet have been stolen".

Since our last report on Bitcoin's value, where the world's largest cryptocurrency surpassed 10K in value, the coin has now added another 6K to the margin with its current value sitting at $16,130.68 as we type this. "In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency", NiceHash said. In India, the Reserve Bank of India (RBI) this week cautioned the "users, holders and traders" of Bitcoins about the security-related risks associated with dealing with such virtual currencies (VCs).

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The swings in price occurred just as the trading community prepares for bitcoin to start trading on two established US exchanges. At the start of the year, one bitcoin was worth less than $1,000.

A debate is raging on the merits of such currencies.

The reasons for the frenzy are likely twofold: people want to hop on board the bitcoin train in case it keeps going "to the moon", and trading is about to begin in bitcoin futures, which many take as a legitimization of the cryptocurrency. Some say they serve merely to facilitate money laundering and illicit, anonymous payments. Industry-tracker CoinMarketCap said 21 percent of global Bitcoin transactions were made in the South Korean currency as of Wednesday.

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