Hong Kong regulator says to crack down on cryptocurrency exchanges for rule violations

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You'll have heard all about bitcoin, but it's far from the only example of a cryptocurrency, digital mediums of exchange based on cryptography that feature a secure, distributed ledger known as a blockchain.

The system isn't working. At the foundation of this is payments; I need to send money to you, and bitcoin platform hong kong going to go through a bank, with all the dysfunctions of the banking system.

So you need a separate system. The result has been a slew of so-called initial coin offerings, many of them out of Hong Kong. Most, says Wang, are worthless, adding that 90 percent of ICOs are scams. But, human nature being what it is, there are still plenty of people interested bitcoin platform hong kong putting money into a Ponzi scheme as long as they can assure themselves they're high enough on the chain.

Fortunately, not all cryptocurrencies are disreputable. The best-known platform other than Bitcoin is Ethereum. Also based on blockchain, it features currency tokens called Ether. Where Bitcoin mining—the process of creating the currency by solving preposterously complex calculations — is intensely hardware- and energy-intensive, Ethereum allows the money-creation process to be scripted.

Litecoin, for example, is almost identical to Bitcoin, but processes transactions bitcoin platform hong kong faster. It features so-called zero-knowledge proofs, meaning that if you can prove that a transfer happened, then it happened. A year ago everyone thought anonymous coins were for drug runners.

The Ripple protocol, for example, features a cryptocurrency called XRP, but also supports a range of other units of value, from currencies to commodities. Transactions are verified based on networks bitcoin platform hong kong trust relationships between participants.

It has support from banks, who use it as a settlement network, allowing their various systems to talk to each other. Each was created by a so-called hard fork from the original Bitcoin and Ethereum on a different blockchain, after users disagreed about the technical characteristics of the currency.

In each case, one version is likely to win out; good luck predicting which. See more wealth management stories on Hong Kong Tatler. Hong Kong Tatler Javascript is disable! Please enable Javascript and refresh to access the site.

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This is a list of for-profit companies with notable commercial activities related to bitcoins and Cryptocurrency. Common services are wallet providers , bitcoin exchanges , payment service providers [1] and venture capital.

Other services include mining pools , cloud mining , peer-to-peer lending , exchange-traded funds , over-the-counter trading , gambling , micropayments , affiliates and prediction markets. From Wikipedia, the free encyclopedia. Using Bitcoin to Reinvent the Search Engine".

History Economics Legal status. List of bitcoin companies List of bitcoin organizations List of people in blockchain technology.

Retrieved from " https: Bitcoin companies Lists of companies by industry. Wikipedia indefinitely semi-protected pages. Views Read View source View history. In other projects Wikimedia Commons. This page was last edited on 29 April , at By using this site, you agree to the Terms of Use and Privacy Policy. US - Sunnyvale, California. US - Charleston, South Carolina.

US - San Francisco, California. US - San Francisco , California. US - Arlington, Virginia. US - Palo Alto, California. Cryptocurrency exchange [7] [8]. USA - Wilmington, Delaware. Search Engine [17] [18] [19]. Wikimedia Commons has media related to Bitcoin.