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US markets are celebrating as Bitcoin price soars above $2000 for the first time in history. Bitcoin’s price has surged more than 100% this year and nearly 125% since hitting an annual low of $891.51 in late March. Due to the price recently hitting new heights, the price appreciation will increase dramatically as well.

 

Bitcoin Price accelerates

 

Growing trader interest

The advantage of such sharp price gains is the rising interest of traders as measured by trading volume at major exchanges. Both Kraken and Poloniex had reportedly announced that they were experiencing surging bitcoin transaction activity.

Bitcoin Price accelerates

 

 

A number of factors have been driving the rally:

  • Trading volumes of Japanese yen and Korean won have escalated and account for around 48.6 percent of trading, according to stats from website CryptoCompare. That’s thanks to a recently passed law that allowed retailers in Japan to begin accepting Bitcoin as a legal currency. Since then, Japan has been a big driver of bitcoin trade.
  • Bitcoin has acted as a safe option, in the past, for investors that worry about political instability and the performance of other asset classes.
  • A debate within the bitcoin community about the future of the technology behind Bitcoin known as the blockchain has been taking place. At the moment, Bitcoin transactions are taking an unusually long time to process and come with high transaction fees. There was fear at one point this could lead to the merging of two different cryptocurrencies but those doubts have largely subsided with an alternative, more acceptable option being put forward.

All these factors add up to the rise in Bitcoin’s value in the shortest of time. According to CoinDesk, several billion US dollars have flowed into bitcoin last week, bringing its market value to more than $37 billion. In the end, as Bitcoin grows to gain more popularity and accessibility around the globe, its price will continue to soar as high as it can go.

 

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Bitcoin To Replace Fiat In 5 Years – Says Renowned Bitcoin Millionaire

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In five years’ time, fiat is no longer going to be of any use Bitcoin and other cryptocurrencies replace it. That is according to one of the renowned Bitcoin millionaires and venture capital investor Tim Draper who was talking with Forbes at the WebSummit conference in Lisbon.

Communicating his perspectives on where he sees the crypto market, he stated:

“People will laugh at you if you are still using fiat in 5 years. cryptocurrencies, Bitcoin particularly will become so relevant that fiat will be no longer of any use.”

This is clear by the fact that he acquired 30,000 bitcoins amid a government auction of assets seized from a darknet market Silk Road in 2014. At the time, those coins were worth $20 million. Today, they are esteemed at over $214 million.

Bitcoin has gained unprecedented highs in 2017. Over the last couple of weeks, the money has surged to above $7,000. It was within touching distance of $8,000 at the news that the SegWit2x had been suspended.

Staying positive about the fate of digital money, Draper trusts that the fiat framework will, in the long run, vanish as individuals look toward coins like Bitcoin or Ethereum. As indicated by him, they remain reliable stores of significant worth compared to fiat. His thinking behind this is that fiat monetary standards are bound by national borders. For instance, he refers to the Nigerian Naira, which drops 30 percent when a man crosses the border.

While this might be the situation, there are countless altcoins in the cryptocurrency market. CoinMarketCap puts that figure at 986 which have a market esteem. New ones are continuously being made, which are all claiming to give another answer for out daily life payment solutions. Regardless of this, however, the extensive number of digital money in the market isn’t stressing Draper. Actually, he conceives that they will inevitably all cooperate at some stage.

They’re all going to interrelate … and there will be trade rates for every one of them. My figure is that it will unify around a wallet that you have, and when you pay for that Starbucks, your wallet will advance to whichever cash has the most value.

It remains to be checked whether and when that happens, however from somebody who has been involved in cryptocurrency trading and has led interests in prosperous organizations, for example, Twitter, Skype, and Tesla, Draper might be on to something.

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Mike Hearn talks about Bitcoin Cash Mistakes

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Mike Hearn, a long-time bitcoin developer, quitted the project back in 2016. However, on Thursday, he broke his silence as he openly talked about the present state of the project in Reddit Q&A session.

Mike Hearn has since joined the banking consortium startup “R3” and in the Q&A session, he discussed multiple topics, which also included the bitcoin cash hard fork and the block size discussions that eventually directed the developers to discord over the roadmap for largest cryptocurrency of the world.

bitcoin cash

Mike Hearn Remarks

Worth mentioning, the remarks of Hearn showed his own attempts to reform the bitcoin protocol, in the year 2015 whereas, 2016 initially indicated the separation. With Gavin Andresen, who was the lead developer of the bitcoin digital currency project at that time, Hearn presented a software to advance the block size, offering a hard fork that was rejected. However, Hearn quit the core team after that, writing that the cryptocurrency, bitcoin has failed because of problems with its community.

Though at this time, Hearn thinks that the bitcoin cash has gotten many of the original problems of the project as he wrote:

“Bitcoin cash strongly resembles the bitcoin community of 2014. This is not good.”

Views About Bitcoin Cash

Hearn declared his views about the bitcoin cash, how it’s repeating the Bitcoin mistakes. For him, Bitcoin Cash lacks dignified governance, just like Bitcoin did back in 2014 and often communicates through Reddit, where according to him, users are able to censor ostracized opinions.  Intrinsically, he notified the users of bitcoin cash to find an alternate platform where moderator control would be restricted and the views of the community on the upcoming advancements could be appropriately measured. He particularly expressed fear that bitcoin cash was considering to hard fork its chain without any attempt to assess support. However, he still needs the community to be audacious.

He concluded by saying:

“Liberate yourselves from just proceeding along the path Satoshi imagined and be willing to think radical, even heretical thoughts.”

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Bitcoin Goes 15% Up In Value – Ethereum Follows

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Bitcoin jumped on Thursday to its maximum price in just about four weeks as cryptocurrency developers appeared to come more rapidly to an agreement which would prevent the cryptocurrency from splitting.

According to CoinDesk, Bitcoin has gone high more than 15% to $2675.67 which is its maximum level since June 25. As of July 20, the cryptocurrency traded near $2648. It is high about 4% for July and more than 170% higher for the year.

Bitcoin Performance Chart of Three Months:

Image Source: CoinDesk

 

Developers should have to settle on “activating an upgrade” which is known as SegWit (Segregated Witness) by 1st of August in order to prevent the cryptocurrency from splitting or forking. According to GDAX exchange of Coinbase, if the currency split, it might pause the trading of Bitcoin.

According to Ari Paul, the chief information officer of Block Tower Capital, Bitcoin is assembling largely because the activation probability of SegWit is increasing as more miners signaling that they will activate it. There is no need to agree all the miners, but at least 80% should agree.

As the prices are going higher, the interest is also increasing in the cryptocurrency world from Wall Street. Forbes stated on Tuesday that Bitcoin is the main asset of the investor Bill Miller’s hedge fund.

Rise in Ethereum Price:

The TradingView charts of Coinbase data shows that Ethereum also jumped more than 18%, to nearly $230, which is its highest since Tuesday. Ethereum rushed below $200 over the weekend.

This rise in Ethereum came as the hackers stole over $30 million in Ethereum from wallets because of security flaws. Earlier in the week, hackers stole over $7 million by hacking the initial coin offering for CoinDash.

Story Source: CNBC.com

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What Are Some Best Ways to Own Bitcoins?

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Best Ways to Own Bitcoins

Are you looking to own some bitcoins but don’t know where, and how to do it? Don’t worry. Here you will find everything that you are looking for regarding bitcoin-generation.

This 5-point guide will help you learn some killer ways to earn your own bitcoins and have something to brag about in front of your friends. So, let’s get started with knowing what are some way to earn bitcoins.

Get a Wallet:

First of all, get a wallet as this is where you are going to store the coins. Getting a Bitcoin wallet is pretty straight forward as there are several Internet-based wallet services, like Coinbase, Blockchain, etc. that provide digital wallets to their clients.

These two are considered to be most reliable and well-secured wallet services. However, neither can give 100% guarantee against security breaches.

There are also mobile apps of these wallets. But for now, only iOS users can download them on their devices.

Buy Bitcoins from Exchanges:

Bitcoin exchanges sell coins at current market rates. To purchase the coins, you are required to link your traditional bank account to the exchange account in order to transfer funds between the two accounts.

Coinbase is the most renowned and trusted exchange out there. The exchange doesn’t charge any fees for accepting payments made by others using your wallet. However, it does charge 1% to convert your bitcoins into local currency.

Buy It from A Nearby Trader or A Friend:

The number of people using Bitcoin is a lot more than you’d imagine. If you want to buy bitcoins, but going to an exchange is not an option, then ask around your friends or go to a nearby trader.

You can easily find them at LocalBitcoins.com by simply entering your nearest city. The service helps you find people trading bitcoins for USD and other major traditional currencies in your neck of the woods.

This technique requires you meeting with random people. People whom you never met before. So, make sure to have your meet ups at a public place to avoid any mishap.

Accept Bitcoin as A Form of Payment:

You can also pile up your stock by accepting bitcoins as a form of payment for the services you provide. All you have to do is inform your customers by simply chatting them up, via newsletter or putting up a signboard in front of your shop/office.

Bitcoin Mining:

Bitcoin mining is one of the primary ways to earn coins. To mine the coins, however, you will need to connect with a group of miners, have a powerful computer and internet access.

The miners work on solving mathematical algorithms in the form of groups. Those who solve them successfully are rewarded with bitcoins.

Conclusion:

These are some mainstream ways which can help you own large bitcoin assets. In conclusion, you can do it by getting in touch with friends, nearby traders, through online exchanges and via bitcoin mining. All the approaches are pretty simple and straightforward. You might find it difficult in the beginning but with a little guidance, it becomes as easy as ABC.

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A Brief Guide on How to Mine Monero

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This article focuses on how Monero cryptocurrency is mined and what sort of hardware and software is required to mine this cryptocurrency lucratively.

What is Monero?

Monero (XMR) is a privacy-oriented digital currency which was initially released in 2014. By market cap, it lies in the top 15 cryptocurrencies and amid the top 15 cryptos, it is the only privacy-focused cryptocurrency. Monero still uses a Proof-of-Work consensus mechanism which means it can still be mined by using regular CPU and GPU computational power.

monero mining

  • Monero — based on the CryptoNight hash algorithm.
  • CryptoNight — a Proof-of Work consensus mechanism depends on the CryptoNote protocol.
  • CryptoNote —an application layer protocol that aims to be an evolution of the ideas behind Bitcoin.
  • Monero blockchain mines blocks in two-minute intervals – quicker than Bitcoin.

Monero can be mined by using regular consumer hardware, which makes it quite easy for almost everyone to get involved in Monero mining. Casual miners benefit from it because it lessens the ‘payoff’ from using specific hardware, which makes GPUs less effective from a cost perspective. So, as it’s already mentioned above that Monero can be mined by both using both CPUs and GPUs, this makes mining rigs more lucrative.

Hardware for Monero Mining

Casual miners can mine Monero by using consumer grade CPU hardware like GPU’s, ARM, x86, and x86-64.  Compared to others, AMD graphic cards are best for Monero mining however, you will need some hardware components for setting up your own rig. Few of them are given below:

  • CPU with at least 8GB RAM.
  • Reliable internet connection and an open-air rig.
  • A reliable power supply — depends on the CPU and GPU you pick.
  • DDR3 or DDR4 SDRAM — depends on the CPU you choose.
  • Motherboard — compatible with the selected CPU, with enough PCIE
  • SSD or HDD.

Software for Monero Mining

Different software has been made for different hardware and software used for mining Monero is also quite important. Using the right mining software and enhancing your CPU/GPU is imperative to get the most profits. The procedure is usually the same.

  • You will have to download the software and extract the .zip file.
  • After extracting the folder, you can run the application.
  • After running the application, choose Monero mining. It prompts you to enter a pool address.
  • One of the best ways to mine is to be part of a pool. — solo mining can produce little to no results, as compared to pooled mining, which means it is essential for you to find a good mining pool.
  • Pools often have a small fee; however, the fee is acceptable – considering the reliability and consistency of rewards and less alteration.
  • Also, make sure that you have a Monero wallet setup so that you can receive your rewards.

monero cryptocurrency

Difficulty and Profitability Factor

Over the past few months, the over-all global hash rate for Monero has declined –so with the new Monero fork, however, it is still a lucrative crypto to mine, according to its price potential. The hashrate is linked to the price of the coin, and trouble thoroughly tracks the hashrate.

The level of difficulty automatically alters the computational difficulty of solving the subsequent block to sustain the two-minute block interval.

Many people are trying to mine Monero, which has made it even harder to mine. Here, difficulty means how hard the mining of Monero has become. Well, it depends on the miner as well and how powerful the miner is. To keep Monero’s supply in check, this information gets updated from time to time. For successful mining, the pool takes a certain fee from the profits.

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