Renowned investor and one of the richest persons on planet Warren Buffett continues his bearish point of view toward bitcoin and other cryptos.
In an interview on CNBC, Buffett was asked about JPMorgan Chase CEO Jamie Dimon’s retreating take on bitcoin, after the latter expressed his regret about calling bitcoin ‘fraud’ a year ago.
Questioned if he too would reconsider his current comments on bitcoin – Buffett called bitcoin an “air bubble” following Dimon’s remarks a year ago – Buffet stated:
“As far as digital forms of money, for the most part, I can almost say with assurance that they will come to a bad ending.”
While predicting the downfall of digital currencies, Buffett went on to assert he’d bet on “each one of the cryptocurrencies” falling over the next five years.”
Furthermore, Buffett stated he wouldn’t take a negative position by exchanging bitcoin future contracts, expressing there’s “no reason” to do as such. “Why on earth should I take a long or short position of something I don’t know anything about?” He jested, confessing to knowing almost nothing about cryptographic forms of money.
“I have 11 schools this coming Friday [and] the inquiries will be on bitcoin, and I won’t know the appropriate answers,” Buffett included, preparing everyone else for more soundbites on digital forms of money this week.
Buffett’s interpretation of digital currencies, particularly bitcoin, is like another long-term bitcoin bear in JPMorgan’s Jamie Dimon. In September 2017, Dimon notoriously said bitcoin was a “cheat”. “It’s worse than tulip bulbs,” Dimon proceeded in the same breath, adding “somebody will get killed.” The Wall Street investor additionally undermined to fire workers involved in crypto money trading, calling them “inept” if they were to do so.
Dimon keeps on being a non-believer, he revealed in comments this week, but went on to state about that ‘fraud’ proclamation: “I regret making them.”
News credit: ccn.com
If you have learned about basics of the bitcoin, the next is to buy bitcoin. But the question is how? How can I buy the bitcoin?
I am here to tell you about how you can buy the bitcoins. You can buy bitcoin from exchanges or directly from people via marketplaces. whereas, we will discuss online buying of bitcoin. So, let’s start.
Buy bitcoin with a credit card
Here, we will have the example of 247 exchange. To buy online bitcoin, you have to focus on the procedure. Whereas, exchange policies may vary from site to site. So, let’s start with the first step.
- This is a common thing that when you are going to sell or buy something. You need some verifications. Same with buying bitcoin. First, you have to create an order by filling a form name buy cryptocurrency. You need to pay attention to all the section of the form. And, try to avoid to enter the bogus material. Otherwise, your order will be canceled by the site automatically. After completion of the form, you will become a registered user automatically by clicking “make the order”.
- After clicking “make the order”, you have to pass some verification test. This test will not use up a lot of your time. Whereas, a test will be held by AML-program depending on your verification and amount ordered. Here, you need to confirm your identity, address, and phone number. In extraordinary cases, you have to submit additional documents. Accordingly, you need to submit your address, your card if issuing bank don’t have a 3D technology. After few minutes of your identification, you will be able to enjoy our services.
- After getting the approval from a site, you will receive an e-mail. Log into your personal account, check the details of on order page. While you check your order details, verify each detail. Because you enter the wrong account number you’ll lose your money.
In addition, if you are not satisfied your amount in order and want to change it. You have to put another order with your desired amount. And just leave a message on your order page. Another thing is, you have to pay from your own credit card.
- The last and final step is, read the rules and policies of the site and click the “I agree”.
Within few minutes, an amount will be deducted from your account and you will receive your desired bitcoin.
Buying large amounts of bitcoin
To buy the large amount of bitcoin you have to follow these simple steps.
- Find a bitcoin exchange, a majority use Spectro coin or Kraken.
- Make payments in U.S dollars or Euro to buy bitcoin. After register, yourself to the exchange.
- When you get bitcoin, transfer it to your wallet.
- Finally, get bitcoin debit card for easy spending.
That’s all. You buy your bitcoin easily.
What makes for the best bitcoin
When you are finding the best bitcoin, you need to consider some factors. Which may vary from person to person. In addition, these factors directly create an impact on buying and selling of the bitcoin. Some of the factors are given below;
While comparing bitcoin exchange’s price with bitcoin price index you’ll get best exchange rate.
You need an exchange who accept your bitcoin payment method. Whereas, different exchanges offer their services at different rates. For example, exchanges often charge a fee of 3-10%.
You want to buy bitcoin. Unfortunately, it is not a simple and easy challenge. And especially, when you are going to buy bitcoin in large amount. you need to research all the exchanges and figure out the verification level and delivery speed. Otherwise, you’ll get coin after a week, which you need right now.
Coinbase can sell $1000 bitcoin on daily basis to its regular users. Whereas, for fully verified users can buy up to $50,000 daily. limits. Which is vary from exchange to exchange. In addition, each exchange offers FAQ to guide about the verification levels.
Buying bitcoin in replacement of the cash is the most convenient and safe way to buy bitcoin. Doesn’t matter this buying will be through the p2p exchange like local bitcoins or at bitcoin ATM. But exchanges also accept the credit or bank transfer.
Above all discussion is about how to buy Bitcoin online. So, be aware of scams, and buy bitcoin freely and safely.
According to some financial observers the future of cryptocurrency hedge fund could face a harsh and violent transformation during 2018. It has also been predicted that 10 percent of these hedge funds could shutdown during the next few months. Even Bloomberg reported recently that the continuous decrease in the prices of cryptocurrency assets have played a critical role in the slowdown of hedge funds. This prediction seems to be true as far as the ratio of crypto hedge funds opening is concerned which decreased continuously during the current year as compared to their launch rate in 2017 which was over 170. The situation has totally changed now as during the first three months of 2018 only 20 new players showed their existence on the scenario and shutting down of previous funds also continues.
Reasons For This Downfall
According to latest hedge fund news the main reason for all this downfall can be the significant reduction in price of cryptocurrency this year, this decrease in price of automatically affected the relative hedge funds resulting in losses and closings of their doors for 2018. The ultimate decrease in price of Bitcoin and other cryptocurrencies has not been good for the health of hedge fund business. Regulatory uncertainty has also played its role in all this scenario.
Alpha Protocol is one of the recently closed funds which directly cited “potential regulatory and market risks” as main reasons for its decision to refund deposits. A statement was issued by its co-founder that new capital rate had slowed down and it was getting difficult to survive even for a high profile fund like Alpha Protocol.
Which Crypto Funds Were Affected Most?
Among those companies which had to freeze their operations, Crowd Crypto Fund and Alpha Protocol are on the top of the list. It has been reported that a total of 9 hedge funds revolving around cryptocurrency were shut down since December 2017. In addition to the shutdown of various funds, some of the investors have reverted to their previous investment plans which proved to be more secure than the crypto based hedge funds.
Alongwith unsure market health, regulatory uncertainty was also responsible for this downfall. Rumours have been circulating that the US Securities and Exchange Commission is fully prepared to check approximately 100 hedge funds in the near future while there are still more than 200 active hedge funds in operation.
Whatever the reason may be, all that discussion means that the cryptocurrency hedge fund business must evolve itself in order to compete with the regulatory uncertainty lying ahead.
Now a day, bitcoin is at the top of the cryptocurrency’s list. Accordingly, bitcoin gained fame only in 9 years, read on to find out more about what bitcoin is worth today.
According to the first investor in Snapchat Jeremy Liew and Peter Smith co-founder of the blockchain, Bitcoin is not going to leave its strength. They estimated that the Bitcoin will hit $500,000 by the year of 2030.
All the settlements of the bitcoin move from country to country. World Bank shows the gross product data of last 15 years is 0.76%. Foreigner sends money back to their home. According to the Peter and Liew’s reviews, they found the expensive alternative in form of the Bitcoin. In that scenario, we can say that with the awareness of the bitcoin, its percentage of the settlement also increases day by day.
According to the both, bitcoin popularity increases in US, UK and in developing countries. They said, at the consuming and investment level, bitcoin liquidity, its uncertainty, easy ways of transfer making it more flexible and impressive. This is the huge possibility that bitcoin’s market outperformance will make the bitcoin a strong competitor.
Peter and Liew said that next years will the time of smartphones. Because noncash transactions will move from 15% to 30%. right now, penetration of the smartphone is 63% which may increase to 78% (63+15), or 93% (63+30). And, this is the expectation that users of the mobile will expand to 1 billion by 2020. GSMA reported that 90% users of this technology are from developing countries. In addition, this makes the easy approach to everything. Everyone has the bank in his pocket, which provide an enhancement to the bitcoin. Accordingly, 50% of the all noncash transactions could be accounted by the bitcoin.
Basic model drivers are as follow;
- bitcoin price in 2017 is $2809.77
- bitcoin supply by 2030 will be 20 million
- 2030’s value and the user of the bitcoin will up to $500,000 and 400 million. Whereas, a value is calculated by taking $10 million market cap and dividing it by 20 million bitcoins (amount of fixed supply of Bitcoin).
- Market cap of Bitcoin 2030 year is calculated by multiplying the number of the bitcoin holder with its average value.
- market cap of the bitcoin is $16.4 billion, means each user contain $2,515 worth of bitcoin. Accordingly, it will be increased to the $ 25,000.
- Bitcoin users increase from 120,000 to 6.5 million in 2017. It could be the beginning, means growth would be 400 million in 2030.
Smith and Liew views
These above are the rough estimation for the year of 2030. Now a day, China plays and important role in bitcoin technology. which means bitcoin is nearly 100% responsible for trading in bitcoin. However, three well-reputed exchanges announce the fee of 0.2% fee on each transaction.
According to the Smith, Bitcoin is at its beginning stage. He says, “The SEC’s ruling wasn’t a surprise to us,”. In addition, he gets that sort of approval. He includes, bitcoin is too much easy to use, whether it is buying or selling process. And, also getting mature in assets sense. We will examine the development of the bitcoin.
Countries are still at the strife stage. As bitcoin didn’t get regulatory approval in the US. Whereas, in Japan, cryptocurrency is legal payment.
Tags: bitcoin settlement
Ethereum hit another milestone on Thursday after its price went above $1,000, the highest it has ever gone in the history of world’s third largest cryptocurrency.
Just four days into the new year and January has already been a remarkable month for the crypto market. During this brief period, the combined value of altcoin market tops has swelled by more than $140 billion, and altcoins now represent more than two-third of the crypto market cap. Recently, Ripple became the first altcoin to accomplish a $100 billion market cap, and Ethereum now seems ready to add its name to this prestigious list.
Like most digital forms of money, Ethereum has been on an extended rally since the start of December, when it was estimated at $428. Through the span of the month, the Ethereum value ascended by 76 percent and it finished the year at $752.
Despite dropping behind Ripple in its race to capturing the second spot for the most valuable crypto, Ethereum expanded its rally into 2018, getting through both $800 and $900 earlier in the week. This Thursday, Ethereum cost accomplished a notable high, ripping past the $1,000 for the first time in its history.
Ethereum now has a market cap of $98.1 billion, bringing it a yard closer to becoming the third digital money to accomplish a $100 billion market cap.
Despite the fact that Ethereum has yet to hit $1,000 on most Western exchanges, South Korean merchants have taken the cost of ether up to $1,322, enabling its worldwide average to stretch out into the four-digit region. Currently, a majority of ETH exchanging is focused on Binance, which represents more than 20 percent of daily ETH volume.
Traders Are Optimistic About Casper Alpha Release:
Despite the fact that Ethereum’s walk past $1,000 happened against the backdrop of a more extensive altcoin surge, at least a part of its development is likely due to the declaration that the Casper consensus algorithm had entered alpha testing, finish with a public Testnet, preparing for the system to change from evidence of-work (PoW) to verification of-stake (PoS).
Though Casper is a long way from production release, the way that it has entered alpha testing is bullish at the Ethereum cost. Ethereum’s engineers trust Casper will convey a large group of benefits to the Ethereum network, not the slightest of which is the ability to significantly decrease its inflation rate.
This will be conceivable on the grounds that PoS requires far less power than PoW, boosting system members to approve exchanges for lower rewards than the current ones distributed to miners.
The reduced inflation will make singular cash units more significant and, after some time, conceivably enable the system to achieve a deflationary state in which fewer coins enter the course than those lost or destroyed.
Story credit: ccn.com
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