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Samsung reports $9bn profit in Q3

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Samsung reports $9bn profit in Q3
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Seoul, October 31: South Korean tech giant Samsung Electronics achieved a net profit in the third quarter of 11.1 trillion won ($9.89 billion), a 245 per cent increase from a year earlier, boosted by the strong returns from its chip business, the company announced on Tuesday.

Its operating profit in the July-September period reached 14.53 trillion won, representing a 279.4 per cent increase, the company said in a statement.

 Sales also rose by 29.7 per cent to stand at a record high of 62 trillion won, reports Efe news.

Both the operating profit and the sales revenue of the electronics giant are in line with its forecasts published on October 13.

The semiconductor business was again its brightest sector in the third quarter, with a record operating profit of 9.96 trillion won, which is almost three times as much as a year ago due to rising seasonal demand and the price increase of its products.

The company also reported that the IT and Mobile Communications division, which includes smartphones, posted an operating profit of 3.29 trillion won.

This is 3,000 per cent more compared to the dire figure in last year’s third quarter, when the company found itself in a full fiasco caused by its Galaxy Note 7, whose production was eventually suspended due to repeated cases of battery defects which caused the device to overheat and combust or explode.

Even so, and despite the excellent reception of its new Galaxy Note 8, the figure is 19 per cent lower than that of the previous quarter due to the unfavourable demand for its mid- and low-end models in the last three months.

The company also announced that, given its continued record yields, it will increase the annual dividend to be distributed this year by 20 per cent from the current volume to approximately 4.8 trillion won.

That amount will double to 9.6 trillion won in 2018, 2019 and 2020, it added(IANS)

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Interesting facts you should know about Bitcoin, the cryptocurrency gold of 21st century

Bitcoin or Gold? The trends suggests bitcoin price is increasing multiple fold per day compared to slow price of gold surge in a year. Read more to know interesting facts about the most valuable cryptocurrency, Bitcoin

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Bitcoin Price, Cryptocurrency surge
Bitcoin, the gold of cryptocurrency (VOA)

If you would have invested in cryptocurrency Bitcoin worth 100 $ in 2010, you would be sitting at a total of Bitcoin price of 80000000 $ right now

  • Bitcoin market cap today is $172,565,842,974 USD, more than IBM and Walt Disney
  • The cryptocurrency market cap has breached $300 billion
Bitcoin: What is it, where can you use it? 

Bitcoin is a digital currency created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. It can be used to buy or sell items from people and companies that accept bitcoin as payment, but it is not the traditional form of currency, Bitcoin is a cryptocurrency. Cryptocurrency, as the name suggests, are currencies generated by computer codes, thus it has no issuing agency (like Reserve Bank of India). Any cryptocurrency is generated by ‘miners’ on a cryptocurrency network like bitcoin that solves complex mathematical problems. The network is peer to peer and transactions take place between users directly through the use of cryptography, without an intermediary.

“The system can act as a payment network that has no down time, it’s operating 24/7, it doesn’t care where and to whom you send money,” says Michael Rauchs, a cryptocurrency and blockchain expert at the Judge Business School at the University of Cambridge.

Bitcoin price, Bitcoin investment
Cryptocurrency Bitcoin, the growing market (VOA)

Why is bitcoin’s price surging insanely?

Like any other assets or currencies, bitcoin price is determined by the amount that people are willing to pay for it. The bitcoin price, surged above $10,000 on Wednesday for the first time, breaking a symbolic threshold in what has been a vertiginous ascent this year. The increasing demand pressure from investors and speculators makes the case for an even further increase in bitcoin prices in the near future. Bitcoin is decentralized and limited which makes it rare. This is a major factor for many Bitcoin users. Bitcoin is hard for government to trace and tax. The Bitcoin price surged insanely after demonetisation in India. Also, unlike fiat money produced by central banks, there is a cap set on total Bitcoin, limiting how much the currency can devalue through inflation.

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On 22nd May 2010, Laszlo Hanyec bought a pizza for 10,000 bitcoins. The Bitcoin pizza is worth $105,830,950 today.

Will Bitcoin ever be a safe investment or always a gamble?

Despite RBI warning, 2,500 Indians investing in cryptocurrency Bitcoin daily. The lack of clarity about its origin is another big issue related to bitcoin. Investment in cryptocurrency is always a subject to risk, you should invest only what you are comfortable to lose. While some investors may be attracted by the massive rises this year, others will be wary of the volatility. In mid-January one bitcoin price was valued at $800. By June Bitcoin price had gone to $3,000. At the end of November it touched $10,000. If you are an experienced investor with a balanced portfolio and relatively small exposure, then BTC is an exciting and potentially lucrative investment. But there is potential for significant losses and investors need to carefully consider the method of investing.

“The general sensible view is that the more volatile the investment, the smaller proportion of your wealth you should consider storing in it,” says Marc Warne, founder of bitcoin exchange Bittylicious. I have heard of people moving their life investments into bitcoin and this is a bad idea.

Bitcoin’s current value and price is based on the belief that it will continue to grow as the main cryptocurrency in the world, but it only accounts for just over half of the crypto market capitalization, new currencies are being developed, launched and spent everyday. The competitor coin Ethereum, for example, launched in September 2015 and is now worth $440 per coin.

If you can stomach volatile kind of risk, you can handle trading in this market. After all Bitcoin Pizza is worth $105,830,950 today.

 

– by SHAURYA RITWIK, Shaurya is Sub-Editor at NewsGram and writes on Geo-politcs, Culture, Indology and Business. Twitter Handle – @shauryaritwik

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