How Russian businessmen make business on cryptocurrensy
The main world e-currency has become a full-fledged means of payment. Forbes chose three projects, in which those who come from Russia make money on Bitcoins.
In six years, Bitcoin, created by a character under the nickname Satoshi Nakamoto, has excited the entire financial world and has become a means of payment; today it is possible to pay with it for purchases and services not only over the Internet. Bitcoins are the fruit of imagination and effort of Nakamoto, but, oddly to say, the market of this cryptocurrency is largely similar to the gold market. And though Bitcoin has no material embodiment and is merely the code lines, its price is largely dependent on effort that has been spent to get it with the help of computer resources. To mine one Bitcoin using a special miner it is necessary now to select a 64-digit code.
The amount of the new currency is limited, every 10 minutes 25 Bitcoins maximum appear in the world, and it is estimated that their mining shall be completed till 2140, when will be “issued” 21 million Bitcoins, now is 13.3 million units of the currency in circulation.
And the more Bitcoins are mined, the more difficult it is to mine them further using computers and the more power is require.
The easiest way to participate in the fashion financial race and try to make money on it is to invest directly in the cryptocurrency, however Bitcoin rate is very unstable: from one cent in 2008 Bitcoin has increased to $1000 in 2013, and in early autumn of 2014 it has fallen below $400. So it seems less risky to make venture investments related to cryptocurrency infrastructure.
Russian billionaire, who made his fortune on investments in Internet companies, Yuri Milner F57 and one of the founders of VKontakte Lev Leviev in the summer of 2013 invested in start-ups related to Bitcoins. Milner has invested several million euros in the Xapo company, developing Bitcoin wallet, and Leviev has allocated half million euros for the BlockTrail company, which tracks Bitcoin transactions. These transactions are freely accessible, so anyone can check who and how many Bitcoins has mined. If in 2011 cryptocurrency you could mine using a standard computer, a year later have become popular special farms with several computer video cards, and now are used expensive chips. And though the process of mining does not benefit for the global economy, tens of thousands of people around the world are engaged in mining.
Three projects of natives of Russia related to Bitcoins.
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