If you’re looking for a new luxury apartment, you might be surprised to know that now you can actually purchase one with bitcoins.
Recently, Dubai had announced an apartment project where Bitcoin owners can purchase these chic apartments.
Well, Turkey isn’t far behind as the owner of the MiaVita Beytepe project in Ankara, Turkey just announced that their very own luxury apartments are available for purchase using the digital currency.
Erdal Daldaban, the project manager firm owner, had enthusiastically said:
“We decided to make sales via Bitcoin, which has recently attracted the attention of Turkish investors with its recent value route, considering that we could also attract the attention of our customers who appreciate their investments like this.”
Daldaban says this is the reasonable next step:
“Bitcoin and digital money has become an element that can no longer be ignored by the global economy.”
This is mainly because of its current value in the market and the increase in its adoption around the world.
During last week, a home in Austin, Texas was bought using bitcoin news and a house in London was put up for sale on a minimum price of 500 bitcoins.
News Credits: steemit.com
Image Credits: fox40
Tags: Bitcoin Turkey, Bitcoin trading
Bitcoin’s cost is measured by fiat money, for example, American Dollars, Euro, etc. Bitcoin, therefore, appears similar to any symbol traded on trade markets.
Unlike fiat, however, there is no official Bitcoin cost; just different averages in light of price feeds from worldwide exchanges. Bitcoin Average and CoinDesk are two such names detailing the average cost. It’s typical for Bitcoin to trade at a price marginally different to the normal price.
But inconsistencies aside, what factors determine the price of bitcoins? well, the main factor is supply and demand. The fact that bitcoin is limited in nature leaves the currency mainly at the mercy of supply and demand. When the Bitcoin demand is high, supply drops, and the price goes up and vice versa.
Bitcoin price history is very interesting. In 2009, which was its first year it was just $0.39 per bitcoin. now it is valued at more than $7,000.00 per BTC. Stunning isn’t it.
Here is a Bitcoin value graph giving you an idea of how its price has moved over the years:
Looking at this Bitcoin value graph, it can be easily determined that Bitcoin value has been on a constant rise over the last couple of years, and the trend is expected to continue in the future as well.
In the past decade, Cryptocurrencies have become a revolution in the modern economy and banking system. It acts as an alternative currency which serves as a financial transaction database for the general public and the cryptocurrency which pave the way for this successful revolution is Bitcoin. Bitcoin was the first of its kind and introduced in 2009 and since then it serves as the digital gold standard in the whole cryptocurrency industry. The value of bitcoin has been increasing over the past decade and the value of bitcoin in future estimated to have upgradation after recognizing present rate of increment. The value of bitcoin has increased from 0 to 7300 dollars from its introduction in crypto industry.
Value as a Currency
Bitcoin has emerged as a new world currency over the past decade. It serves as a global way of payment. Usually, the currency system depends upon the country’s economy and a centralized banking system which check the exchange rates of the currency with the global stock exchange. But Bitcoin doesn’t need all. It doesn’t depend upon any banking system.
Nowadays Bitcoin is usually measured or exchanged in terms of American dollars or Japanese yen it means anyone can exchange bitcoin either in dollars or yen depending upon the rate of exchange in the global market which can be high or can be low as zero. The difference between the other currencies which are supported by the banking system and bitcoin is that it doesn’t require any banking structure for its exchange and can be exchanged for dollars and yens depending upon their values.
Value as an Investment
In the field of Finance, the investment is a term which generates a value that describes the sum of future revenues generated. Up till now, bitcoin doesn’t hold any type of present and future revenues so It can say that now Bitcoin as an investment has zero minimal value.
According to the famous businessman, Warren Buffet bitcoin cannot become an investment and it is a mirage. Buffet said the idea which has high inherent value is just a joke in his view and it will have a bad ending.
Bitcoin a New Gold
Sometimes Bitcoin is also referred to as a new gold due to its inability to generates revenues. The assets which don’t generate any revenue such as gold but the gold has minimal value because of the industrial use and the manufacture of industrial goods that has given gold a minimal value despite having no financial assistance. Bitcoin has been compared to gold over the years due to having low financial investment.
Bitcoin as a Ponzi Scheme
Bitcoin also termed as a Ponzi scheme, which is described by the fraud investment in which manager provides fabricated reports and try to lure the new investors into the reports so they invest in their project and generates revenue for the older investors.
The characteristics of Ponzi scheme is:
- Usage of verbal guises
- Encouragement of high return to the new investor that lure them to invest
- Not having solid assets ground
- Minimal withdrawal of money by providing new plans
In the end, it can be said that the Bitcoin has integrated a revolution in the modern currency and banking system and the value of bitcoin has proved its popularity among the people and made it a global way of payment. In the recent, the value of bitcoin in future will increase as the rate of increment in the present time and maybe it will become a new gold or a mode of investment.
Bitcoin Civil War:
A civil war is going to take place in Bitcoin world, it is putting the future of red-hot digital currency in question. Bitcoin is high over 250 percent since last year, but its price has experienced big swings in the past few months. The CEO of BitMex, Arthur Hayes, he thinks the recent instability in the price of Bitcoin reflects the doubt surrounding the outcome of this war, that would decide on 1st of August when crypto-power dealers determine how the technology will structure that influence the currency.
The Main Story:
The current Bitcoin battle relates to the design of digital currency. According to Bitcoin campaigner Paul McNeal, the blockchain network of Bitcoin can only process so much data at a time. In technical language, the blocks which transfer the information in the chain are restricted in their size to 1MB.
McNeal says this was done for the purpose to protect the blockchain network from the hackers and some other cyber security threats. As the number of digital currency users has increased, so it takes more time for transactions to process. According to Morgan Stanley, Bitcoin transaction has made more expensive because of this, which is one of the main reasons that why merchants have not been so active to accept Bitcoin as a form of payment. Consumers have limited places for their Bitcoin to spend and it shows that merchants don’t have a sufficient number of consumers to make it worth, to invest the energy, and the capital to understand and accept.
The Battle Line:
The size issue of blockchain has drawn a battle line between the two main camps. On the one side, you have people which are mostly miners, who think that the size of blocks should increase because it will be economically profitable to do so. The other are those people who want to maintain the size of the blocks, safety, and security of the network.
People who want to maintain the block’s size are the core developers. They maintain the code and also responsible for apply changes when necessary for future innovation, according to McNeal. By this job, they keep the blockchain stable.
The view to increasing size of the blocks more than the current 1MB cap will be a risk to the whole networks. For this purpose, they’ve come up with another solution to the problem called as SegWit. Some core developers are trying to move the activity on Bitcoin blockchain to an external network.
Bloom berg wrote that moving data from the blockchain successfully diminish the inspiration of the miners, people who are basically from China, and the people who have invested millions in huge server farms.
According to McNeal to find a middle ground for all of them, some miners and business executive have created a proposal, called as SegWit2X, that would change the threshold for applying SegWit down to 80 percent and also it allows for a small increment in the size of blocks in the chain to 2MB.
Fundamentals on the both sides of the dispute are in their positions. This may finally lead to a split in Bitcoin world, thereby making more than one Bitcoin currency.
A bogus dark-web website offering hitman services had its information leaked by a hacker known by the name “bRpsd”. The data that was disclosed provide leads to the FBI on their investigation of a man who murdered his wife.
Stephen Carl Allwine, 47, of Cottage Grove, Minnesota, murdered his wife, in November 2016. Allwine tried to stage the murder as a suicide by placing a 9mm pistol next to Amy Allwine’s elbow. Although, the detectives were quick at gathering the electronic evidence- computers etc. and arriving at the conclusion that it was a murder. He was then arrested in late January and charged with second-degree murder based on the forensic interpretation of the evidence.
Hacker turns Hero
In May 2016, a hacker that goes by the name “bRpsd”, violated the database of a questionable website on the dark web, which supposedly offered hitman services.
The site, “Besa Mafia”, requires you to register on the site anonymously. It offers a link between customers and hitmen, where they can decide on a price for murder, ranging from $5000 to $200,000. Whereas, customers that just require having someone beat up or set their car on fire could hire contractors for $500 and $1000.
The data dump was uploaded by the hacker onto a public website which was consisting of user accounts, email addresses and messages between the admin and its clients, “hit” orders and a folder called “victims”, which included additional info on the pawn.
The scam nature of the site was emphasized on, pointing out that it clearly just collected money from its clients.
An independent researcher, Chris Monteiro, also hacked into the site to conclude that the owner(s) of Besa Mafia had made at least 50 bitcoins ($127,500) from the hoax operation.
Arrest of Stephen Carl Allwine
The leaked data from the Besa Mafia database helped the police in investigating the murder of Mrs. Allwine. While analyzing her husband’s devices, the discovered that he had been a frequent visitor of the dark web since 2014. The pseudonym used by Mr. Allwine on the dark web “dogdaygod”, was also linked to his email address, “firstname.lastname@example.org”. Further investigation brought them upon the conversation between Besa Mafia and Allwine, which included a bitcoin address and linked the husband directly to the “dogdaygod” pseudonym.
According to a criminal complaint, the suspect paid between $10,000 to $15,000 to the hitman service to kill his wife. The complaint explains how the hitman was under instructions to shoot Mrs. Allwine at a close range and burn down the house right after.
Although, the Besa Mafia communicator told Allwine that “local police [have] stopped the hitman [from] driving a stolen vehicle and taken [him] to jail prior to the hit,” due to which the service is left incomplete. Sergeant McAlister reported, during that time, “no one was apprehended in Minnesota and western Wisconsin in a stolen vehicle and possession of a gun.”
The hacker’s data breach provided a push to the investigators in the right direction. On March 24, 2017, the Washington County District charged him with first-degree murder.