Cryptocurrency Trading Helps Make Traditional Wall Street Traders Millionaires

FIRST OF ALL WHAT IS BITCOIN AND CRYPTOTRADING

What is the meaning of bit coin?
Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.

How a Bitcoin is made?
New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.

How old is Bitcoin?
Bitcoin is 8.36 years old.
The software has been running and the blockchain has been growing since January 3, 2009 at 2:15PM EST, when the genesis block was created. The paper, Bitcoin: A Peer-to-Peer Electronic Cash System, was published on October 31, 2008 at 2:10PM EST.

What is mining in Blockchain?
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Is the Bitcoin legal?
Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it

What is block chain technology?
What is a 'Blockchain' A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.

Cryptocurrency Trading is the Forex (Foreign Exchange) of cryptocurrencies. This means, you are able to trade different bitcoin and altcoin normally for USD and BTC. Cryptocurrency Trading is an alternative way to get involved in the Crypto-World!

NOW COME TO NEWS

Mike Komaransky and Chase Lochmiller have achieved greater financial success by trading cryptocurrencies like Bitcoin and Ethereum. They’re not the only ones withdrawing their funds from stocks. In fact, CNBC reports that many stock traders are pulling out their billions from the stock market.

How Komaransky discovered Bitcoin
Komaransky became interested in Bitcoin after reading George Mason University economist Tyler Cowen’s blog about the digital currency in 2010. Komaransky was working in London, England during that time.

In late 2013, the price of Bitcoin started its upward mobility following the collapse of the biggest Bitcoin exchange, Mt. Gox.

Due to the continuous rise of Bitcoin’s price, high-frequency trading company DRW Holdings founder and chief executive officer (CEO), Don Wilson, has ordered Komaransky to establish cryptocurrency trading currency subsidiary Cumberland Mining in 2014.

Cumberland Mining was able to exploit the volatile era of Bitcoin trading as it was successful in making notable trades such as gaining the bulk of tokens auctioned by the US Marshals Service. The coins were seized by the service from dark market operator Ross Ulbricht and the illegal online black market he established, Silk Road.

Cumberland Mining has sustained its success and is now one of the biggest digital currency market makers. The company currently has 12 employees, who are mainly involved in trading cryptocurrencies such Bitcoin and Ethereum.

Lochmiller’s story
For the past 10 years, Lochmiller has worked for the largest high-frequency trading companies on Wall Street such as Jump Trading and Getco. In July 2017, however, he resigned at Jump Trading to join hedge fund Polychain Capital, which is mainly involved in trading virtual currencies like Tezos and Ethereum.