Cryptocurrencies have over the last few years made a buzz in the mainstream media as more coin enthusiasts perceivedigital currencies as the future. However, with the high risks associated with transacting using bitcoins, only time will tell.

The cryptocurrency market has taken a consistently downward trend since July this year. In the last two months, the price of bitcoinhas fallen by approximately $200 (an equivalent of £120 and €150) from $650 to the current price of $480. On the other hand, dogecoin, litecoin, peercoin and darkcoins have also tumbled by around 1% and 3% in the last 48 hours.

Bitcoins Accepted by Twitch

Twitch customers will be excited to know that the online streaming service Twitch has joined the rank of companies that accept bitcoin as a payment option. The move is specific to its premium service and hopes to reach a wider global audience.

The popular gaming venue which boasts nearly 55 million viewers every month is poised to introduce the dogecoin tipping platform DogeTipBot as well. The DogeTipBotis renowned for giving users the opportunity to express their support of other user’s remarks or comments. At the moment, it only operates on Reddit, the popular social news site.

Josh Mohland, the founder of DogeTipBot announced its launch on DogeTipBot’s blog. He stated: “The platform we’ve built over the last few months is IMHO, amazing.

“Twitch chat will be our true stress test. Thanks again to all of our generous, insane, awesome users. I’ve said it before and I’ll say it again – our users are f***ing awesome.”

Ecuador’s digital currency plans revealed

Details on Ecuador’s new state-run digital currency that were recently published to a government websiterevealed that circulation of the currency would start in December. The electronic currency will behistoric and the world’s first altcoin issued by a central bank.The digital currency targets at enabling the 2.8 million Ecuadorians to enjoy affordable traditional banking.

In a statement issued at the time by Ecuador’s National Assembly indicated “Electronic money will stimulate the economy; it will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone. It’s is no surprise that the yet to be unveiled currency is already facingstrong criticism from analysts who feel that the regulations governing the currency’s introduction denote a likely “tactic” to finance some hidden political agenda.

According to a recent column by Mary Anastasia O’Grady, a co-editor of the Index of Economic Freedom and an editor of the Wall Street Journal, the move by Ecuador’s government resemblethe 20th century economic injustices perpetrated by the then Ecuadorian governments who used the idea of monetary devaluation to “steal from the poor”.

“Few economic injustices are more villainous than stealing from the poor. Yet this is what a government does when it devalues its currency. Pope Francis has stressed the Christian obligation to share with the least of our brothers. Devaluation actually takes from them what they have earned themselves. And while the inflation tax that follows hits everybody, it wallops the low-income population the hardest”, she said in part.

 

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