Bitcoin news: Unicef wants to use your CPU to mine cryptocurrency
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To continue reading this article, please exit incognito mode or log in. Visitors are allowed 3 free articles per month without a subscriptionand private browsing prevents us from counting how many stories you've read. We hope you understand, and consider subscribing for unlimited online access. In fact, it only serves to highlight some of the shortcomings of the currency.
That sounds like a lot. On the CIA figures, the value of bitcoins hashed into existence is similar to the broad money total for Uzbekistani soms. With apologies to Tashkent, the value of soms and bitcoins, and the number of people for whom they are relevant pieces of information in the world of modern finance, both round to zero. In fact, its rising price even hints at some of its troubles.
As the New York Times reported last yeara small band of Chinese companies have effectively gained control of the currency. As domestic currency value has fallen, so demand for the digital currency has risen, driving up its value.
But such centralization is unwelcome for many users of the currency outside of China. And change is what it probably needs. If the currency is to grow—which, as the Financial Times argues, it clearly needs to—it will need a technical redesign.
Currently, Bitcoin can only tolerate up to 7 transactions per second, which is tiny compared to the many thousands that, say, Visa can handle.
The Chinese companies mining Bitcoin could, in theory, join forces to take advantage of the majority loophole. Given the country in which the most prolific miners operate, the news could raise fears about state control. The future of home movies is shooting them in 3-D and playing them back in VR. Men are less likely to do it than women, and mixed-sex pairs least likely of all.
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