Russian Central Bank: Bitcoin Has No Value

Russian authorities have of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term use several weeks ago after a where they effectively banned its use without saying so outright.

Andrei Shamrayev, deputy director of the central bank’s national payment system, said that “in order to equate Bitcoins with securities, it is essential to first of all understand what value a financial instrument represents", and “[A Bitcoin’s value] is only fixed by the amount of time spent on its ‘mining.’”

Timur Batyrev, director of the bank’s national Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term system, compared the cryptocurrency to a Ponzi scheme fueled by speculative transactions:

“There will be people who are prepared to influence the exchange rate of Bitcoins in order to maximize profits. Chiefly these are people who own a lot of Bitcoins, but there will also be people who will pay for this profit."

Their assessments have a large degree of truth to them: Bitcoin isn't backed by any central authority, does not have a direct intrinsic value like silver or gold, and still lacks the degree of widespread acceptance enjoyed by conventional currencies. The comments are contentious mainly in that they relegate its value solely to mining activities. Supporters will argue that the decentralized nature and fixed supply make it for an ideal store of value if/when it gains more legal recognition.

Interestingly, the assessment comes at the same time as the Russian Ruble fell to its lowest value versus the dollar in 5 years, now trading at 35.59 rubles to the dollar. Against the euro, it has actually set a new record low, with 49 rubles now needed to buy one euro.