Tag: BITCOIN

Bitcoin Price Forecast for 2019: When it Touch $20,000 Price

The experts predicted the year 2019 is going to be good for the cryptocurrency market, but the market has seen its ups and downs from time to time this year. 2019 has not begun with a slow, taking off in the market. Bitcoin the largest cryptocurrency firm also has had its bad days since it jumped up to its highest value of $19,500.

After the December 2017 to January 2018, the hysteria of the market ended, and everyone was hoping BTC to gain its position back in the market. But, unexpectedly, BTC doesn’t reposition and its suffered loss more and more. Now, the price of BTC in the market is floating above $4,000 and there are no comments that the next bear’s grasp will take this price even lower.

The made was created by the anonymous person recognized only by his pseudonym identity, Satoshi Nakamoto; BTC was made to support users to store and transaction value without any need of a mediator or centralized firms like banks. Bitcoin was created in 2019. Bitcoin was earlier encountered with much veneration and has been applauded for its strength to challenge with VISA as a multinational payment source.

The Bitcoin has been through tough times in 2019 and it is struggling to keep the continuity in its performance and its present trading value is $4,156. Its strong aid has remained at S1 $4,120.3.

Despite Bitcoin (BTC) assassination around its abuse because of the issues of expandability and negative promotion of big financial firms to relate it with false news linking to terrorism, fraud, and laundering, keeping it to be the vital dominant money of the market with more than 50.5% of cryptocurrency market share contributions.

As predicted, some advisors or experts have given their thoughts about the present bear market and most of the experts don’t interpret it’s going to end early. While BTC may have some short-term steadiness, it may require long-period work for it to get to its overall time increase value of almost $20,000.

A Bitcoin and technology researcher, Boris Hristov said about the present market situation, as per him, the only path the BTC is going repositioned its actual credibility and self-possession is if firm investors come in the market. But, most of them don’t want to take economic risks related to cryptocurrencies trading; they don’t want to participate in the market. In his words: “Some potential institutional candidates are Marco funds CTAs, multi-strategy funds and alternative strategies have about $600 billion AuM. Commodity assets alone that are held by hedge funds were $300 billion as of 2017. It makes up for 10% of the AuM. BTC may fall into this bucket. Macro funds are potential institutional candidates. However, the current circumstances are bleak.”

The most vital factor that drives the price of the BTC, in summing up to the conjecture of the course, are the numbers of users and the needs of users, which is growing over the years and this provides a scheme for the expansion of the choosing of the major virtual money.

Peter Todd currently made a scandal for the networks, by saying that the Bitcoin is ‘inflationary.’ The strong protest was made against Todd’s statement from the cryptocurrency community. Bitcoin has a history of having ups and downs, every time with increasing maximums changed by the decreasing values. Experts try to evaluate what will the future situation for the Bitcoin in Q2, Q3 and Q4 of 2019, and forecast if we it made up to the value of $20,000 this year, and what would the next year value of BTC.

In November 2017, it starts its increasing trend with a value of $8357.10 and then increased up to it’s historically increased after 27 days at the value of $9,874.60. After 5 days, BTC has its sentiment correct to make $10,818 per unit and to take off again so it’s another historic price of $17,151.10 in January 2018. And after a month BTC reaches to its price of $6,029.90. This year it is floating between the bands of $3,800-$4200 in current months.

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Bitmain set up to Launch 200,000 crypto mining rigs in China

In a report Bitmain is all set up to begin their 200,000 cryptocurrencies mining rigs in China is summer to finance on the less costly hydroelectric energy source from the rainy season of China. The estimated value of the mining rigs is $80 million.

Bitmain is already preparing their agreements with the farm’s owner across China in order to get ready for the inrush of less costly energy from hydroelectric dams. The company is scheming to utilize its latest technology equipment, like the AntMiner S11, which has a retail cost of around $500 andAntMiner S15, which has a retail cost of around $1000. It is economically more practical for the Bitmain to use these machines for mining instead of selling them in the market. The company’s belief is to make over $7 million in a month by utilizing the miners in the concurrence with cheap electricity. It is not clear that which coins are mined, but however, the firm’s is unexpected looking for the bull market’s return.

Coindesk is hopeful for the firm and the miners, providing a signal of a

the broader shift in the market, with miners preparing to invest again following last year’s contraction in capacity.

Bitmain has initiated 11 mining rigs in Sichuan, Xinjiang, and Inner Mongolia last year, will an accretive capacity to keep about 200,000 sets of mining machines. These farms are utilized for self-mining and organizing other’s miners and are not related to where the firm is trying to establish its new hardware.

Bitmain may have been more significant firm in the Bitcoin economy by the integrity of the complete amount of procedure control, or hash rate, that it administers. Its mining pools, Antpool and BTC.com, account for nearly 30 percent of all the procedure control on the global Bitcoin network.

The firm is good at vertical integration, from structuring the silicon that will go to the crypto mining rigs, collecting them and selling them to consumers around the whole world to function its own mining farms.

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Stefanos Papanastasiou, Founder of OzMattress and Cryptocurrency Fund Manage Fraud Case In a Court Involving 14.2 Million USD

The founder of OzMattress, Stefanos Papanastasiou who is also a cryptocurrency fund manager is about to be brought to court by his clients who claim that they have lost 20 million Australian dollars which amounts to 14.2 million United States dollars.

The report mentions that Stefanos Papanastasiou told his clients in 2017 that he had spent half a million Australian Dollars in developing an algorithm that could provide substantial reIturns through trading in Bitcoin (BTC) and Ethereum (ETH) based tokens. He even owes one of his clients Savvas Alexiadis a sum of 2.7 million Australian Dollars that amounts to around 2 million United States Dollars.

Savvas Alexiadis is reported to have transferred 2.1 million Australian Dollar that is nearly 1.5 million United States dollars into Stefanos Papanastasiou bank account and also some unspecified amount of Bitcoin (BTC) into e-wallets managed by Stefanos.

Furthermore, the documents also claim that Stefanos Papanastasiou asked Savvas Alexiadis to transfer 40,000 Australian Dollars (nearly 28,000 in United States Dollars) to his wife, Shalini Ganapathy. 35,000 Australian Dollars (nearly 25,000 in United States Dollars) to his sister and 450,000 Australian Dollars (320,000 in United States Dollars) to a mattress supplier in Thomastown, promising to send an equivalent amount in crypto assets.

On the other hand, Stefanos Papanastasiou has denied the charges and has tried to defend himself. He added: 

“The Supreme Court action is new to me and I intend to defend myself against his claim as he has been compensated in excess of $2.7m […] Sam [Alexadais] and his associates have a lot to answer for as the truth of events is vastly different and far more sinister.”

The matter is far more complicated than it seems as people in the high rank are also allegedly involved, how the matter plays in court remains to be seen. Whether Stefanos Papanastasiou or Savvas Alexiadis is telling the truth will be proved when the matter comes to court and is handled by the judicial authorities. The truth will surely come out soon.

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Coinbase Wallet App Announced to Support XRP in iOS and Android Versions

On 14th March the Coinbase announced that Coinbase Wallet, its user-controlled wallet app for iOS and Android is being updated to include XRP support.

The Coinbase explains the difference between Coinbase.com and Coinbase Wallet:

“Coinbase.com a.k.a Coinbase Consumer is a digital currency brokerage – you use it to buy or sell cryptocurrency in exchange for fiat currency (i.e. USD or your local currency). Coinbase Consumer can also act as a custodian, storing your digital currency for you after you purchase it. Coinbase Consumer is available in 32 countries. The wallet is a user-customized digital currency wallet and DApp browser. This means that with Wallet, the private keys (that represent ownership of the cryptocurrency) are stored directly on your device and not with a centralized exchange like Coinbase Consumer. You do not need a Coinbase Consumer account to use Wallet and you can download Wallet from anywhere in the world.”

There is some reason why do you want to use Coinbase Wallet: 

“Coinbase Wallet is a software product that gives you access to a wide spectrum of decentralized innovation – buy and store ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps), shop at stores that accept cryptocurrency, and send crypto to anyone around the world.”

In the last 2 weeks, Coinbase added support for Bitcoin Cash (BCH). And starting on February 22nd, it introduced support for storing, sending, and receiving Litecoin (LTC). Coinbase Wallet is a mobile app that initially only supported Ethereum (ETH) and Ethereum tokens (ERC20 and ERC721). On 26 November 2018, support for Ethereum Classic (ETC) was added. On February 5th, support was Bitcoin (BTC) was announced.

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A New Report Why Ethereum May Outperform Bitcoin Price In Next Crypto Bull Run

The rise in Bitcoin and Ethereum bringing new support for XRP. Here read some stories from the crypto world. A New York-based digital assets research firm has released its depth report on Ethereum and one small part of the report involve the potential of Etherem’s either token to outperform Bitcoin if the crypto market rally were to take place soon. This potential for ether to outperform bitcoin is mostly based on the increasing volatility that Ether and other and altcoins have when compared to Bitcoin’s price movements combined with the observation that all crypto assets tend to move in the same direction

High Beta Risk-Reward

As per the report of Delphi, Digital Ethereum is set to outperform bitcoin in next crypto bull run. Entering the Ethereum, researchers point to the heightened volatility that altcoins like Etherem tend to show when bitcoin’s price is rising or falling dramatically.

ETH has also been significantly more volatile than BTC over the last six months. It’s 90 days beta relative to BTC is currently 1.5, substantially higher than its historical average { though price history is limited} reads the report.

In general, Crypto assets all tend to move in the same direction. According to LongHash, the same phenomenon became even more obvious more recently, as altcoin reached their higher level of sustained correlations to Bitcoin in history. It’s rather difficult to find an altcoin that will not simply follow the movements of the bitcoin price in the more volatile manner Altcoin further tend to drop than bitcoin in bear markets and rise faster than bitcoin in the bull market. With this mindset, we can predict Ether would perform better than Bitcoin. In crypto asset market.

The report further reads that “We are, however , beginning to see the upside volatility pick up for ETH, Given Extreme high intra market correlation we previously discussed, this is a trend we are monitoring closely as ETH may be poised to outperform if BTC rallies.”

Anyone in Canada does decide to jump back into the crypto asset market will want to make sure that they are properly tracking their tax obligations as Canada Revenue Agency is now targeting bitcoin and other crypto users with audits.

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Tim Draper says In Next 5 Years the Bitcoin will be Accepted Else ‘NOT’ Fiat Currency

Tim Draper an American venture capital investors, the founded Draper Associates and Draper University assures that in the last 5 years bitcoin will be accepted everywhere globally and only criminals and hackers will use fiat currency.

In the recent 5 years, everyone will start using in five years while conventional cash will undoubtedly wind up optional, predicts venture capitalist and billionaire Tim Draper. In a meeting to Fox Business, he talked about bitcoin is near future potential and why fiat cash will turn just to criminals.

As indicated by Draper, cash left in a bank is more in risk than digital money as bank accounts could be hacked, which has never been the situation with bitcoin. He looked looking his crypto ventures into fiat with moving gold into shells. Draper said, “For what reason would I return in time when I realize that future is in bitcoins!”

Draper additionally responded to JPMorgan Chase recent launch of its own coin, named JPM Coin, as‘incredible news’, comparing it with “a bellwether akin to Apple welcoming IBM into the PC business”. However, only two years JPMorgan Chase boss Jamie Dimon famously trashed bitcoin, calling it “fraud” and “worse than tulip bulbs.”

The billionaire investor figures out the cost of Bitcoin to reach $250,000 by 2022. He is sure that soon fiat money will be totally replaced by digital assets.

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RAKUTEN ALL SET TO BOOST CRYPTOCURRENCY WORLD

E-Commerce giant Rakuten, also known as Japenese “Amazon” is all set to boost cryptocurrency. Rakuten has capital of over $12.5 billion and has revealed a $2.4 million deal to acquire domestic crypto exchange named Everybody’s Bitcoin last August. The exact details are still not clear but this will be done through its mobile app platform known as Rakuten Pay update. This update will be functional from next month with the inclusion of cryptocurrency payments. Rakuten Pay will thus include all type of payment solution in one platform though it has taken earlier steps in 2016 and become one of the largest companies to do so. This new update will provide full Cryptocurrency service. In Japan, Rakuten has 95 million customers all of whom will be provided with this cryptocurrency services coming month.

Rakuten has always been eager to invest in digital assets and cryptocurrency is one such medium. Rakuten has always been considering entry into the cryptocurrency exchange industry. In January, Rakuten was reported to have shifted its corporate structure, “Everybody’s Bitcoin”, into a new payment subsidiary. The company has been planning on Bitcoin payment inclusion way back from 2016 onwards when it acquired the intellectual property assets of Bitcoin payment processor BitNet. Rakuten is reported to have said that, “it believes, the role of cryptocurrency based payments in e-commerce will grow in the future.”

If Rakuten is all set to introduce cryptocurrency services this is going to be a big boost for the market and these developments are indeed a positive sign for the cryptocurrency world. This keenness by an e-commerce giant will persuade other companies also to take a positive step towards cryptocurrency payment inclusion and thus will have a huge impact on the cryptocurrency market. This shows that the new year all set to bring positive and new investments in Bitcoin world.

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Dogecoin (DOGE) is Most Popular in Terms of Active Addresses than Tron, XRP and Litecoin

According to data analytics, Dogecoin has 72,000+ active addresses and is ranked in the third position. Above Dogecoin is Ethereum with the 169K+ active address. and at the top is Bitcoin (BTC) with a 521K active address.

According to a report, an address is as an active verified address if that have participated in a transaction at any point in the past 24 hours. The active address does not consider private transactions, as their transaction address are hidden due to stealth technology.

While on the other hand, media is busy in praising Tron and XRP, our favorite meme cryptocurrency is more popular, in terms of active addresses, than any other cryptocurrency only to be surpassed by Bitcoin (BTC) and Ethereum (ETH).

Based on the above metric it is safe to say Dogecoin has more transactions in 24 hours. Dogecoin is followed by Dash with 71K+ active address, Tron (TRX) with 70K+ active address and Litecoin (LTC) with the 68K active address. Lowest among the cryptocurrencies is XRP with a 4K active address.

One interesting point that comes out of all this data is more and more people are transacting in Dogecoin rather than the top 10 cryptocurrencies.

Dogecoin Trading (Buying and Selling)

Dogecoin is currently trading at $0.0018 a 1.8% decrease in the last 24 hours. Dogecoin has a current market capitalization of $220 million. Moreover, Dogecoin’s price is still relatively stable compared to other cryptocurrencies.

Dogecoin can be traded on these cryptocurrency exchanges: Instant Bitex, BTC Trade UA, Bitbns, C-CEX, BX Thailand, BiteBTC, BtcTrade.im, Bittylicious, Bittrex, Novaexchange, HitBTC, BCEX, CoinExchange, BitFlip, Sistemkoin, Trade Satoshi, Stocks.Exchange and Koineks.

It is usually not presently possible to purchase alternative cryptocurrencies such as Dogecoin directly using U.S. dollars. Investors seeking to trade Dogecoin should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as GDAX, Gemini or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Dogecoin using one of the aforementioned exchanges.

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Crypto Market Downtrends Continues: Bitcoin Price Fall to Yearly Low?

The Bitcoin price dropped to a new yearly low at $3,122 from 15 December following a two-week sell-off from mid-November.

The intense sell-off the cryptocurrency market occurred on January 10 has led the price of BTC to drop below the $3,600 mark, which may put an end to the corrective rally the market has been engaging in since December 17.

A global market analyst and a crypto trader Alex Krüge, prior to the Bitcoin’s fall below the $3,600 mark. He added that a potential fall below $3,600 could result in the price of BTC dropping to a low range between $3,000 and $3,500.

A cryptocurrency trader with an online alias “The Crypto Dog” echoed the sentiment of Krüger, noting that new lows for Bitcoin are on the horizon and that investors should not be surprised to see the downward movement of BTC intensifying in the short-term.

He said:

What a majestic dump. BTC back to my buying area of 3500-3600. Below $3,300 exit and reassess. I’d like to see BTC ending the day above $3,700. Consolidation below $3,600 (bottom of prior area) would tilt the balance towards further downside.

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The trader explained the reason for the fall in the price of Bitcoin “Not setting heavy bids but I would like to see BTC at $3,400 and ETH at $115. No reaction there and I think new lows are on the table. Nothing to stress about, all par for the course, cycles matter, long Bitcoin (without leverage) and continue shorting the banks they’re rekt.”

Cryptocurrencies with low market caps and low volumes have generally recorded substantially larger drops than Bitcoin and Ethereum throughout the past week.

Cardano (ADA), Stratis (STRAT), ICON (ICX), and Bitcoin Cash (BCH) have been the worst performing digital assets on the day, with Cardano recording a loss of over 19 percent against the U.S. dollar.

While Cardano and Bitcoin Cash have relatively high daily volumes in the range of $80 million to $350 million, tokens are currently showing a volume of less than $10 million on average, leaving them vulnerable to sell-offs in the short-term.

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Vitalik Buterin says After Bitcoin and Crypto Investor Challenges the Tech, Counters ‘Elephant in the Room’ on Ethereum

Ethereum creator Vitalik Buterin is responding to criticism from the founder of Bitcoin fund Adamant Capital, Tuur Demeester, who recently called Ethereum “not money, not safe, and not scalable.” He added: 

“To me the first red flag came up when in our weekly hangout we asked the ETH founders about to how they were going to scale the network. (We’re now 4.5 years later, and sharding is still a pipe dream.)”

“By putting ‘everything on the blockchain’ (which stores everything forever) and dubbing it ‘the world computer’, you are going to end up with a very slow and clogged up system.”

According to Demeester, Bitcoin does it better.
“Another idea that was marketed heavily early on, was that with ETH you could program smart contract as easily as java script applications.”

“The modular approach to Bitcoin seems to be much better at compartmentalizing risk, and thus reducing attack surfaces.

Buterin lists his responses tweet by tweet. He defends the consensus mechanism Proof of Stake, which Ethereum plans to integrate in order to give users the ability to validate transactions based on how many coins they hold.

In general, Buterin says the criticism overlooks a few key points.

“Zooming out a bit, I think the criticism from these angles really misses (i) just how valuable “rich statefulness” is in enabling more complex applications and protocols, (ii) just how much work is being done from different angles to implement protocols for various purposes, eg. https://github.com/barryWhiteHat/roll_up to give an example that Tuur did not mention at all, (iii) the progress that the Ethereum community has made in expanding and professionalizing even in the last year alone, (iv) just how far along PoS and sharding are, and (v) that many of the objections to PoS in principle [and probably sharding too] are cultural, not technical (“weak subjectivity is bad”) and it’s possible to deal with that by…. having a culture that’s fine with the tradeoffs.”

He also issues a rebuttal about his current level of involvement in Ethereum, saying at this point the platform would be just fine without him.

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“Suppose I were to tomorrow sign up to work directly for Kim Jong Un. What concretely would happen to the Ethereum protocol? I suspect very little; I am mostly involved in the Serenity work, and the other researchers have proven very capable of both pushing the spec forward even without me and catching any mistakes with my work. So I don’t think any argument involving me applies. And we ended up deciding not to do more semi-closed meetings.”

As for Demeester, he questions the building blocks of Ethereum, namely its foundational consensus algorithm.

“The elephant in the room is the transition to proof-of-stake, an ‘environmentally friendly’ way to secure the chain. (If this was the plan all along, why create a proof-of-work chain first?)”

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