12-31-2017: A Revolutionary Year For Cryptocurrencies

U.S.-based exchange service Poloniex announced on December 27th that it will soon disable all legacy accounts unless users complete the same verification process as its newer account users who must complete know-your-customer (KYC) due diligence. The exchange said a deadline for identification verification will be released within the first quarter of 2018. The only feature to remain functional for legacy users will be withdrawal, which is subject to a maximum limit of $2,000. Poloniex has seen $860 million in trading volume within the last 24 hours, according to CoinMarketCap.

The global peer-to-peer (P2P) bitcoin markets have seen record trading volume as a consequence of last week’s major price retracement. According to data provided by Coindance, numerous national markets saw historically unprecedented trade volume throughout December – suggesting that many investors may have been taking profits following bitcoin’s dramatic bull run up to the $20,000 USD area.

There’s yet another planned Bitcoin hard fork called Bitcoin Interest. Bitcoin Interest plans to fork at block 505083, on January 22, 2018.  The BCI network will support Segregated Witness and keep the 1MB blocksize limit. On top of this, they’re changing the mining algorithm from SHA-256 to Equihash. The network hopes to provide interest payments for parked Bitcons.

As cryptocurrencies gain popularity as a mode of payment transfer, it is becoming common for the average Bitcoin user to be scammed. Unlike a credit card or bank transaction that can be reverted, a cryptocurrency transfer once confirmed is permanently recorded on the Blockchain. Because of this, it is recommended for average users to use multisig wallets which requires more than one private key to sign transactions. And lastly, Erik Finman, the teenage Bitcoin millionaire, plans on creating the ‘world’s best university’ in the city of Dubai to combat outmoded teaching methods. Finman is known for investing in Bitcoin at age 12 for roughly $12 a coin, and currently holds over 400 bitcoins.

NOTE: This is an emergent and evolving highly technical space. You should understand how involvement in this space impacts you and acknowledge all risks before participating or implementing any recommendations.

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