Posted July 20th, 2015
Singapore-based Bitcoin trading platform and consultancy Coin Republic might be acquired by a foreign buyer, says an executive familiar with the cryptocurrency sector.
Founded by David Moskowitz in July 2013 as a platform for brokering Bitcoin for Singapore clients, as well as creating digital content to promote awareness of Bitcoin locally, regionally and internationally, Moskowitz also conducts seminars and provides consulting services for firms seeking to educate themselves about Bitcoin. When queried, Moskowitz responded, “I’ve been in discussions with several firms and have received offers, but can’t comment at this point.”
Unlike fiat currency, Bitcoin is a decentralised virtual currency with a bi-directional flow, meaning it can be traded for fiat currencies like the US Dollar, Euro and Singapore Dollar. A major criticism of bitcoin’s viability as a currency is has been its volatility, thought whether its value will ever be stable is questionable.
Uncontrolled by any central government or organisation, it enables pseudo-anonymous international transactions (e.g. virtual payments) and is held in electronic wallets. Bitcoins can be transacted and transferred between accounts with a bitcoin address, which are integrated into wallet applications.
Bitcoin transactions are recorded onto the blockchain, a public ledger system containing a record of all bitcoin transactions on the entire network and a form of encrypted triple-entry bookkeeping and momentum accounting.
The digital currency has been used as a payment method, speculative investment and functional medium for payment processing, remittances, smart contracts and text messaging. Currently, bitcoin is currently the most popular and liquid digital currency globally, though alternative cryptocurrencies exist, such as Ripple and Litecoin.
Bitcoin prices are determined by the free market, usually according to major exchanges that buy and sell bitcoin at high frequencies and volumes, with new
Originally appeared at: http://www.dealstreetasia.com/stories/bitcoin-brokerage-coin-republic-to-be-acquired-9267/