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Updated June 01, The digital currency bitcoin has broken new records - surging by more than per cent since the start of the year.
People buy bitcoins for all sorts of reasons. They range from those seeking to invest in safe haven assets in the face of political instability, speculators wanting to ride the wave of what some regard to be an asset bubble, to purchasers who want to purchase illegal goods anonymously on the dark web. Since mid, when the highly-volatile currency was worth just 9 cents, it has surged by more than 4 million per cent. However, the remaining 6 per cent of the market is flooded disproportionately by more than of these currencies.
In a way, they are hoping for irrational economic profits they are not going to get," Mr Sammartino said. Unlike the IPO initial public offering of a company in the share market, ICOs are not backed by any real, intrinsic value. Investors who think bitcoins are too expensive, or are looking for higher yields, are turning to some of the alternative cryptocurrencies. Bitcoin's per cent surge this year is just a blip, when compared to the bull run of ethereum, which was launched in The alliance was formed to "build, promote and broadly support ethereum-based technology best practices, standards and a reference architecture," according to a statement released by the EEA.
The EEA is essentially attempting to create a new kind of computing system based on ethereum's blockchain. Blockchain is the technology that bitcoin, ethereum and other cryptocurrencies use to facilitate anonymous transactions. It is basically the register of all transactions in a cryptocurrency, like a bank ledger - which is updated whenever a transaction occurs. Whereas bitcoin's blockchain is used as consumer payment technology, ethereum's blockchain can also be used for its 'smart contract' applications - which is what attracted the interest of those multinationals.
A smart contract is a computer program that automatically executes the terms of a contract when certain conditions are met. Through automation, this technology has the potential to reduce the amount of human labour needed to complete a deal. Although Mr Sammartino considers bitcoin, ethereum and the wider cryptocurrency market is in a bubble, he believes they are the future of payment systems.
The Australian Government shares some of that sentiment, given its new stance on financial technology and innovation. In , the ATO released guidance stating that it would not treat cryptocurrencies as money - and that it would therefore be taxed in the same way as a non-cash barter transaction.
At the time of publication, bitcoins had risen 5. First posted May 30, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the enforceable standard our journalists follow. Ski holidays, Maltese terriers and child receptionists. Taxpayers have tried to claim all manner of expenses in the past, but the ATO is ready to clamp down this year.
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