A new cryptocurrency is now gaining a significant foothold on the market.
The digital currency is now trading at around $2,000 per coin.
King law offices in the UK have seen a big surge in interest in the cryptocurrency.
They say the rise in popularity has come at a cost.
“We have been getting lots of inquiries from customers who are looking for ways to get into Bitcoins as a way to fund their own legal fees,” said Daniel Thomas, a King law office in London.
The currency is trading at a level that rivals those of major players like Ripple and Monero.
It’s a new, decentralized digital currency that doesn’t rely on central banks.
“It’s a very interesting currency,” Thomas said.
“There’s a lot of hype around it, but the reality is it’s not very well known.
King law firms in the United Kingdom are seeing an uptick in interest, but Thomas said there are some concerns. “
A lot of people are really excited about it, and it’s a good platform for them to invest.”
King law firms in the United Kingdom are seeing an uptick in interest, but Thomas said there are some concerns.
The UK’s Financial Conduct Authority (FCA) recently banned cryptocurrencies from its platforms.
The regulator said there’s no clear definition of cryptocurrencies and that any money transferred via cryptocurrency must be accounted for.
It also said it would crack down on any financial institutions using cryptocurrencies to conduct illegal activities.
But it hasn’t taken the crackdown seriously.
“The FCA’s announcement was a step in the right direction,” said Thomas.
“They’ve recognised the technology is really exciting and they’ve tried to stamp it out.
But for the foreseeable future, we’ll be seeing a lot more mainstream use.”
Thomas said the cryptocurrency is being sold to the public in a way that’s not a “trading pool” or a “money-laundering” scheme.
He said it’s “easy to buy” in the digital currency market.
“You can easily buy Bitcoins for yourself and sell them as a means of payment for your legal fees.”
Thomas added that the demand for Bitcoins is due to the rising popularity of Bitcoin Cash.
A rival digital currency, Bitcoin Cash, was introduced on January 7.
It has surged in price by more than 300% since then.
“Bitcoin Cash has a lot going for it,” Thomas added.
“I think people are looking to get their money out of Bitcoin and into Bitcoin Cash because it’s easier to spend it.”
The two competing digital currencies are traded on exchanges such as Coinfloor, BitStamp and Poloniex.
However, they can’t be used to purchase goods and services, such as Bitcoin or Bitcoin Cash directly.
Instead, they must be bought in a bank.
Bitcoin Cash is also more volatile, but there’s a limit to how much Bitcoin Cash can be worth at any one time.
Bitcoins are currently worth around $20 per coin, but can be exchanged for other currencies in a few minutes.
But Thomas said that’s because the value of Bitcoin has gone up.
“That has driven demand, and that’s where Bitcoin Cash has come in,” he said.
King lawyers are currently using Bitcoin Cash as their platform to exchange their clients’ legal fees for the currency.
Thomas said it costs around $300 to transfer an average client’s fees to the cryptocurrency via Coinfloor.
“If you’re an office, you might think it’s just a cheap way to pay your fees, but it’s actually more than that,” Thomas explained.
“Every time a client is paid, the value goes up, and so the client is not paying any fee.”
The exchange rate is “way too high” for the firm to take on, but they have to “keep an eye on it” to make sure it stays in check.
Thomas added he thinks Bitcoin Cash will eventually become a major player in the legal sector.
“Once it starts to take off, it will be a lot cheaper to use.
It will be more popular than Bitcoin Cash,” he added.
Thomas says the price of Bitcoin will eventually fall, but that the currency will eventually surpass it.