A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic
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Modern-day miners are powerful servers that sift through the network in search of cryptocurrencies – the most popular being bitcoin.To unearth a bitcoin, these powerful computers must solve a complex mathematical puzzle.In December 2017, the price of a bitcoin reached $17,900, while it has presently tanked at little over $7,500 .Banque du Liban, Lebanon's central bank, explicitly forbids cryptocurrencies as a form of payment or settlement.However, The Daily Star previously reported its Governor Riad Salameh acknowledged the prominent role of electronic currency in the future and said Lebanon was considering a "state-backed digital currency".As Soubra remarked, however, even if governments accept digital currencies, this does not equate to embracing bitcoin. Decentralized cryptocurrencies like bitcoin and Ethereum have strong advantages over centralized financial systems primarily because of their ability to operate without a central bank, which is seen as a single potential point of failure that hackers can target. Local media reported in December 2017 the two countries were teaming up to create and issue a digital currency and that their central banks were building up a framework for this technology.
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