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Bitcoin and Ethereum’s Gains

It only took a few hours for Bitcoin to shoot back up from $3,894 to $4,264.26 on Wednesday, which caused the total market capitalization of the entire cryptocurrency world to surge above $150 billion.

It’s opposite team mate, Ether, also rose on Wednesday, marking the highest it’s ever been since June. These two unknowingly, drove the market cap of the digital currencies insane.

In particular, at the moment Bitcoin’s market capitalization is around $69.8 billion, which makes it twice as large as Ethereum, its closest rival.

However, Bitcoin has been a tad bit volatile lately, suffering from a 10% drop after it had crossed $4000 earlier. These fluctuations were an after effect of the scaling issue that was recently undertaken by the network. This is intended to increase the transaction sizes in the blockchain network. This new protocol is known as Segregated Witness, which is said to solve the scaling matter.

Related: Bitcoin drops below $4000

 

On the other hand, Ether rose to $324.07, its highest since June 23. It’s known to have doubled since its last low hit in mid-July. Overall, its performance has been well in 2017, as it is up more than 4000%, which brings its market cap to around $30.1 billion.

These recent increases in Bitcoin and Ether have brought together the total market cap of all digital currencies above $150 billion.

 

News Credit: marketwatch.com

 

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Bitcoin exchange, BitPay announces its support for SegWit

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BitPay is an exchange platform, that allows its online traders to accept bitcoins. They just announced on their company blog that it now supports SegWit2x. BitPay is assuming that the block size will increase now that SegWit2x has been activated. This is what the founder Stephen Pair had to say:

“We need one Blockchain to serve as a backbone. That Blockchain must be secure and its asset must be liquid. The backbone network must also be highly available. This high-availability requirement means that we must remain in sync with the hash-rate majority chain. Block production on a minority fork of Bitcoin would be inconsistent, and it may cease to operate without emergency measures. Such a service interruption is unacceptable for us and for our users.”

It has been acknowledged that the Bitcoin Core does not support SegWit2x.

However, Breadwallet has also followed BitPay by showing support to the majority chain and accepting SegWit2x.

News Credits: cointelegraph.com

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How to Buy Bitcoin – Is It Possible to Buy Large Amount of Bitcoin?

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How to Buy Bitcoin

With the start of 2017, a lot of investors appear to be keen on buying large amounts of Bitcoin. The traditional Bitcoin buying methods are not always suitable due to the limited supply of cryptocurrency and high transaction/deposit fees at most exchanges.

In this guide, we will explain how to buy Bitcoin in larger quantities (in excess of $100K).

How To Buy Bitcoin in Larger Quantities?

Wondering how to buy Bitcoin in bulk? You can buy it either through OTC exchanges or and traditional Bitcoin exchanges. OTC stands for “over the counter” and refer to individuals/companies that are willing to sell you Bitcoin without going through an automated or regulated trading platform.

What Are the Benefits of OTC Exchanges?

OTC exchanges have two major benefits over their traditional counterparts.

  • OTC exchanges own higher volumes of Bitcoin and fulfill your order faster as compared to traditional exchanges.
  • The exchange prices are negotiable.

Are There Any Disadvantages of OTC Exchanges?

Just like advantages, there are two major disadvantages associated with OTC exchanges.

  • OTC exchanges are less transparent. The buyers do not know exactly who they are dealing with or the volume they are supposed to trade. Their information is solely based on what they get from the seller.
  • The amount of risk involved in OTC transactions is pretty high as there are no regulations and the OTC sellers aren’t listed as money transmitters.

What Are Some Top OTC Exchanges?

There are several OTC exchanges around the globe. Some of the best exchanges to buy bitcoins are:

ItBit:

ItBit was founded in 2013 and is one of the most renowned OTC exchanges in the US. It provides Bitcoin for both small and large institutional investors.

Genesis:

Another leading OTC exchange. Over the last three years, the company has traded over 1.5 million BTC with the worth over $600 million USD.

Richfund:

Richfund is the largest Bitcoin hedge fund in the world. The company deals with market making, OTC trading, and mining operations. Richfund provides between 1000-5000 BTC and operates in Hong Kong, Korea, China, Cambodia, and Taiwan.

Something About Traditional Bitcoin Exchanges:

If you prefer traditional exchanges over OTCs to buy Bitcoin, you should consider going to the exchanges discussed below.

Coinbase:

The largest Bitcoin company. Coinbase operates both in Europe and the US and offers its users the opportunity to buy $10,000 to $100,000 USD worth of coins every day.

want to find out more about Coinbase? Read our guide on how to buy Bitcoin via Coinbase.

Bitstamp:

Bitstamp is the oldest traditional exchange around. Currently, the company sells 5,000 on average per day with the deposit fees as low as 0.05%. The fees may also go up somewhere between 0.25-0.1%, based on your trading volume.

Kraken:

Kraken is one of the very few companies that deal in Euro, British pounds, USD, Japanese yen and Canadian dollar. Similar to Bitstamp, Kraken also sells 5,000 BTC on average per day.

Conclusion:

Regardless of all the hype, Bitcoin is still in its earliest stages and the options to bulks of it are restricted. Nonetheless, the choices listed above should be more than enough to take care of this issue for you.

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Upcoming hub for blockchain development

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After April 28, Rising center of blockchain technology, the city Hangzhou is going to establish itself. The government of Hangzhou is going to establish China’s first blockchain park. In addition, that park will be with preferential policy support.

Hangzhou????

Hangzhou is the capital of china’s province Zhejiang. This place is famous for its southern terminus of the ancient grand canal waterway. Now, this place is going to be the hub of this new technology.

An event of G20 summit in 2016, brings the Hangzhou to the stage of economics and politics. Moreover, along with Shanghai and Beijing, Hangzhou is rising city in china which is going to be dynamic and a big supporter of innovations and technologies even in transformative industry.

CEO and founder of the imToken states about his new company, “We have decided to move our team to the Blockchain Industrial Park. The government of Hangzhou has promised companies moving into the park subsidies for office and talent recruitment, tax deductions and government funding support. However, the supportive attitude of the government matter[s] more to us than that of subsidies. I believe this active approach from the government will enable Hangzhou to stand out as a financial technology city.”

Direction from banking sector

Central banks around the world are trying to move their infrastructure to blockchain technology. Because this technology has enough power to renovate the banking industry and directly create an impact on a current mechanism. In that scenario, People’s bank of China has completed the trial version of its own digital currency. In addition, the bank is going to be the first central bank which has the ability to issue digital currency. Interestingly, the bank of Hangzhou and China’s A-share companies also attend the summit.

Head of e-banking Hu Feihua states, “Bank of Hangzhou is always trying to keep abreast of the most updated technologies beneficial to banks. For blockchain, not only will we try to support the blockchain industry by providing an easy access to loans to startups, but we ourselves have a special team focusing on the research and development of blockchain. As a matter of fact, Bank of Hangzhou is one the members of a banking think tank that have to contribute to PBOC’s digital currency.”

Furthermore, “This is an interesting question. Job cuts seem inevitable when it comes to technology innovation. But for Bank of Hangzhou, we actually expect our staff to update themselves in their thinking and skills so that they can offset the risks of being sacked. On the other hand, banks will still be important and there are always rooms for us to use our workforce to increase our standard of service. Therefore, layoffs will not impede us in developing blockchain technology.”

China’s strategy

According to the official report of Hangzhou’s government, Hangzhou is now going to host 12 blockchain startups, which is a number crossed by Shanghai and Beijing.

Blockchain technology market trends are promoting by the central government of the China and its local government. Therefore, the reason is, users of China’s three exchanges Huobi, OKCoin and BTCC are not allowing to withdraw bitcoins. Which is directly the reflection of China’s aim of social and financial stability. That should never fall weak in front of market strategies, which place them at risk.

In 13th five-year social and economic program blockchain became as an important direction to innovations seekers. Because this plan is the most important strategy to the social and economic sector of the China. Plan for 2016-2020 set by this program.

Therefore, Hangzhou ‘s summit of this year proves that China’s strategy is to implement this plan to make it accessible for the locals. China’s capital will exceed in terms of funding, talent and wisdom. As a result, cities like Hangzhou and other cities will hold the summit next.

In the middle of June, Hangzhou and other countries will hold a high-level blockchain summit. In addition, china is going to be a strong entity in the digital world. Thus, a large number of people believes that China is the driving force of fifth industrial revolution.

 

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Coinbase Buy Bitcoin: Bitcoin Cash Launch Delays Because Of Overwhelming Demand from Buyers

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Coinbase is a secure online platform for buying, selling, storing and transferring digital currency and it’s the most popular way to buy and sell Bitcoin, Ethereum and Litecoin.

Last month, few issues have been experienced on Bitcoin’s GDAX exchange during the launch of Bitcoin cash trading. Coinbase has blamed exceptional demand from buyers for these issues. On 20th December, the firm added support for bitcoin cash, however, Coinbase moved to disable trading of its newest assets after this unexpected news.

Adam White, who’s the manager of GDAX said in a blog post that they did their best efforts for creating a fair and orderly market, however, the launch of bitcoin cash didn’t go well and they also understand why the customers are so upset. He also said that they’ll share a detailed timeline of events and other additional information about the decisions for improving the future launches.

He added, that on 3rd August 2017, it was announced that customers could withdraw their bitcoin cash (BCH) balances by the 1st January 2018. Later, the decision was deferred. After monitoring the Bitcoin Cash network, some factors were observed such as; developer support and network security. And in the end, it was concluded that the bitcoin cash met the standards of Digital Asset Framework so it could be traded on GDAX.

Coinbase buy bitcoin

According to the blog post, in the 2 minutes and 40 seconds after BCH/USD trading started, almost 4,000 orders were placed, in which 3,461 matches occurred, and trading volume got to $15.5 million. Furthermore, he added, the low cash flow also triggered the price of the cryptocurrency to leap as high as $9,500, a lot higher than listed on other exchanges.

The constant liquidity complications made the relaunch of BCH/BTC and BCH/EUR books to be postponed until the end of winter holidays, when there would be higher possibility of meeting liquidity standards that are needed to enable trading. White accepted that regardless of the firm’s best efforts to create an impartial and methodical market, the launch did not go as it was expected.

On 13th November 2017, employees were informed about the decision to support BCH trading and were overtly verboten from buying and selling BCH. All employees were also forbidden from sharing this information with anyone else outside of the Coinbase. Coinbase has also announced that it will start an inquiry if any of the employees have desecrated its insider trading rules.

It’s not the first time that price movements have seemed to anticipate changes in the exchange to list new cryptocurrencies. According to an information from Coinmarketcap, the prices of the cryptocurrency began increasing at least a day in advance. Only four assets have been listed by Coinbase on its GDAX exchange, which offers order, bitcoin cash ether, order books for bitcoin, and litecoin.

Well, the move to list bitcoin cash was different and unique, as it effectually gave all the customers of Coinbase’s GDAX exchange an amount of bitcoin cash equivalent to the amount of bitcoin they detained on the exchange at the time, when the new cryptocurrency network was formed and Coinbase has also specified that it will definitely look for relaunching bitcoin cash trading later.

 

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Bitcoin – Investors sticking out the instability in digital currency

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The value of the cryptocurrencies is fluctuating every moment. That is why investors still consider these cryptocurrencies are very new with supreme returns.

Ethereum’s value was all-time high over $400 in June but fell lower $200 for the first time since May 30. Furthermore, Bitcoin’s price correction wiped off closely $4billion in its market price.

Bobby Lee, CEO of the Bitcoin exchange told CNBC that the true value has yet to be discovered. He states in a Hong Kong conference, “If you think about it, the volatility is natural for an asset class that is so new. There’s no price discovery for it (yet).”

He explains that people need to discover the true value of the digital currency bitcoin. They have a tendency to trade these assets at a firm, promotional level before market analysis it could be worth more and this a time when the price jumps.

After getting legalized in several countries, the currencies have seen a significant rise in the popularity. Such as Japan legalized the bitcoins as a payment method.

Managing director of Hong Kong-based commodities and digital currency trading house Dave Chapman says, “We now sort of at … a tipping point, where people are now considering bitcoin or ethereum or digital assets as more mainstream.” And,” A lot of the people that we service are actually very comfortable with having 1 percent of their net worth into bitcoin as it is considered to be the best way to invest in bitcoin.”

He also adds, “There’s no other asset class in the world that could’ve given you the historic performance of this sector … the historic performance, which is obviously not representative of future earnings, … does appeal to a lot of people.”

For situation: $100 of Bitcoin credited in 2010 is now worth more than $75 million.

The analyst has made mixed estimations about these digital asset’s values and market cap as well. According to the BTCC’s Lee experience, the market cap for the Bitcoin will hit at least $trillion by 2025. He says, “I think it’s going to go to at least $1 trillion, if not maybe $10 trillion in the next five to ten years.”

Bitcoin’s current market cap is about $38.55 billion on supply and around 16 million in circulation. Whereas, the total supply of the bitcoin is 21 million. According to Lee, “In a grand of scheme of things, it’s nothing. Many, many companies are worth way more than that.”  Furthermore, tech companies already have their market cap in billions or trillions of dollars.

Regulations may help to increase the credibility of these digital assets. Accordingly, Japan, Russia, and China are introducing new regulations.

In the end, Chapman also added that a number of investors have a fear of loss. That’s why they are still not ready for bitcoin investment in the digital currency market.

“We get a lot of people who are like ‘You know what? I still don’t believe in this experiment. I’m not really a believer, but I’m tired of sitting on the sidelines and missing out.”

 

 

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