In a recent interview, the estimated $90 Billion worth, second richest man on earth tried to knock Bitcoin again. Bill Gates was later met with great criticism by the early Bitcoin investor, Tyler Winklevoss. In a recent tweet after listening to the Gates interview, Winklevoss dared him to short Bitcoin as he claims.
Its almost a decade Bitcoins have been around, but the Bitcoin came widely under the mainstream not before until late 2017. After a steep rise of Bitcoins’ value from $5,800 to nearly $20,000 within four weeks, it showed people around that this is the ‘new wave of future’.
Despite the huge interest in this digital, electronic alternative to government-issued money, their acceptance in the system has been slower. They are still not used as consistently and reliably for buying services and goods as frequently. People are more prone to hold this cryptocurrency as a digital asset than as means of a transaction. High volatility, minimal adoption, and high transaction fees have slowed down the Bitcoin’s embracement and adoption as a regular form of money.
‘Greater Fool Theory’ Investment
Bill Gates has always come up with strong criticism and disapproval regarding this Bitcoin. On several occasions, he opted for the opportunity and bashed the cryptocurrency. Bill Gates accuses Bitcoins to be worthless and ‘greater fool theory’ type of investment. He further there is nothing being produced or generated here so, you shouldn’t expect anything to rise high in the regard.
Gates has come up with very strict and naïve views about the currency lately. Regarding the misuse of the digital currency in illegal and unlawful dealings in drugs and other things, he directly alleges the Bitcoin to be responsible for the deaths and menace.
Joining the hatred league, other big names of the wall street has also some serious and grave remarks for Bitcoin. Names like Warren Buffet called Bitcoin ‘rat-poison squared’, while his partner Charlie Munger associates trading Bitcoins as trading ‘feces’.
Despite saying the cryptocurrencies, ‘crazier, speculative things’, Gates acknowledges the importance and worth of the Blockchains. After a continuously lambasting Bitcoin, it is very much clear that Bill Gates is not on the Bitcoin bandwagon, nor is he becoming one any time sooner.
Gates also states that he at some time back received Bitcoins on his birthday, and later sold them understanding and realizing they were of no such use and credibility.
Crypto ‘Twin Guard’
The early Bitcoin holder twin and the founder of cryptocurrency exchange– Gemini, sour heartedly took the whole incident. After the harsh statement, Tyler Winklevoss bashed Bill Gates in a direct tweet. Winklevoss pointed out the claim that it is easy to short Bitcoin and he should put his money where his mouth is.
It is not the first time Tyler has bashed and dared someone to short Bitcoins. The CEO of JPMorgan Chase, Jamie Dimon was dared before too, to short Bitcoins before after he claimed Bitcoin to be a fraud. Jamie Dimon later expressed his regret for making that statement.
Being very critical about the Bitcoins and the whole scenario, Winklevoss twins hold strong statements against these wall street titans spilling negating about Bitcoin and other cryptocurrencies. The twins see this whole scenario as the failure of imagination by these wall street personals. They believe they are too old to understand the whole Bitcoin phenomena and their emergence. According to the twins, these Bitcoin opponents are very small ‘privileged minority’ who have an easy access to their resources, money and bank accounts.
Last year, respective Bitcoin futures market was launched by Chicago based CBOE and CME. This enabled a short selling for Bitcoin. This process may be a little less straightforward than a more traditional asset, but technically there are others ways too. Maybe Gates understood it.
According to another assumption, maybe Bill Gates wasn’t really clear on the way to short Bitcoins and he finds it too naïve and awkward to follow. Or maybe he just doesn’t really follow the whole protocol behind this cryptocurrency and Bitcoin gig.
Still, that doesn’t seem to stop and refrain the noted Bitcoin bull twins for striking and daring back these wall street personalities, which are all bashing cryptocurrencies and all these gaudy vocal detractors of Bitcoin happen to consist of the richest names in the world.
Bitcoin has become the world’s most popular digital currency, which had driven its value to incredible new heights. Here we have outlined a few reasons as to what lead the cryptocurrency to these altitudes.
2017 has turned out to be quite a year for Bitcoin. The network recently went through a fork situation and came back with a bang. Bitcoin discussions seem to have taken over every town now, with everyone from Economist to Forbes covering it on a daily basis. Can we just remember that the year isn’t even over yet and Bitcoin has already made so many major stories!
Generally, Bitcoin is gradually climbing up and there have been predictions for even higher marks in the future. Ever wonder how something that was initially linked to the darknet could possibly change the future of transactions and payment systems?
Bitcoin has been in the industry for around 10 years, and just like everything else it started from the bottom and gradually rose to popularity. Starting off with a gradual increase from 2012 all the way through 2016, following a much more dramatic gush that is still continuing right now. What seems to play a role all these years, is longevity.
An overview of bitcoin’s price trend was shown in a tweet made by a cryptocurrency researcher known as “Jack Sparrow”.
Bitcoin was created in 2009 and it took around 7 years for it to reach a $2000 mark. Although, that same increase from $2000 to $4000 took just a little over 3 months.
The reason behind these high notes is the bitcoin investment trusts of various major institutions. Firms like Goldman Sachs, Fidelity Investments, and J.P. Morgan are now doing business with digital currencies. Countries like Japan, China, and Australia have legalized the use of the cryptocurrencies in their economy as well and that has been known to drive the digital currency to great new heights.
Due to the support shown by large organizations, smaller businesses along with individual financial investors have gained confidence in the cryptocurrency.
Moreover, the growing popularity of bitcoin has led to several institutions in the financial, as well as educational sectors to utilize the blockchain network for their own benefits. This, in turn, has given the cryptocurrency a boost as well.
We are not sure yet if we’re floating towards a future that is completely digitalized but, we do know that Bitcoin has several hurdles to overcome before it can completely alter our community. Nonetheless, these digital currencies are definitely on the rise.
Story Credits: futurism.com
Image Credits: bitnovosti.com
A number of websites already accept bitcoin as a payment option. So, you are lucky you have them. Now, get ready to shop and spend the bitcoins. If you are confused how to start and where to start. In this article, you’ll read about the websites that are accepting bitcoins.
In January 2014, overstock was the first retailer which start accepting bitcoin as the payment option. Overstock partnering up with coinbase, which is the worldwide Bitcoin exchange. The company allows its customers to shop and make payments in bitcoins.
First, if you don’t own any bitcoins, you need to get them from an exchange or friend. Second, you are free to shop at overstock.com by using bitcoins. As the first and foremost retailer, Overstock expand its criteria of accepting bitcoin as the payment option. Third, click the “pay with bitcoin” on the checkout page.
Expedia is worldwide online travel booking agencies. Which is accepting bitcoin as a hotel booking payments since June 2014. Same as overstock.com, Expedia associate with coinbase and start booking payments in bitcoin. Moreover, flights, activities and other payments may in the bitcoin.
Foodler provides online food services and gets payments in bitcoin. While it was the early adopter of the bitcoin since 2013.
The customer has the option to order food and make payments around 20,000+ Foodler restaurant partners. These restaurants aren’t accepting bitcoin directly. Whereas, Foodler convert bitcoin into USD to pay the restaurant.
Electronic retailer giant started accepting bitcoin since 2014. In addition, BitPay is the Newegg’s processing partners for digital currencies. There are few purchases which do not accept the bitcoin as a payment.
- Gift cards
- Marketplace subscription
- Subscription order
- Premier membership
- Return shipping labels
- Will call order
First, you have to select the desired shipping option. Second, follow the payment procedure. Third, review the terms and conditions of the Newegg. Forth, Payment procedure of bitcoin includes;
- If software wallet is on computer, click the button “pay with bitcoin”
- If it is on smart phone, kindly scan QR code
- On the web, you need to click “view address” and link to wallet address
Make an order and send the respected amount. Fifth, after fund transfer, paid invoice will be shown to the customer. And confirmed email will be sent.
Customers have the option to shop up to 200,000 with bitcoin payments. It is teamed up with coinbase same as Expedia since 2014.
An online eCommerce platform allows the customers to join and set up their own business just like Etsy or eBay. All 75,000+ merchants accepting bitcoin with the help of BitPay since 2013.
One of the largest company accepts Bitcoin payment since 2014. A satellite and internet provider network teamed up with coinbase.
Bitcoin is Surging
Bitcoin’s value boosts up on Thursday, going up 13.01% at $2,576/BTC. The leading cryptocurrency continues to rise as the traders eagerly await the August 1 decision anticipating whether or not the Bitcoin hard fork will occur.
Thursday’s surge in the value of Bitcoin took the currency up by around 40%. This was the day when Bitcoin’s splitting fear tumbled to 20%.
The head of technical department strategy at Goldman Sachs – Sheba Jafari stated that digital currency needs to make new records after holding support in the area of $1,856-$1,790.
Jafari wrote, “The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $3,691.”
Story & image credit: BusinessInsider