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September isn’t even over yet and bitcoin has already shown three different reactions. From starting off with a $5,000 hit, then falling by 40%, and then recovering back to the $4,000 mark by Monday morning.

This post is going to add more light to some of the major bitcoin crashes we’ve experienced regarding bitcoin. In the end, we might be able to come up with possible reasons as to why bitcoin is so volatile and what predictions can be made for it in the future.

April 2013 – The Meltdown:

Back in spring of 2013, Bitcoin experienced a ginormous drop from $233 to $67 overnight. Which is a 71% drop.

The crash took place right after the currency was experiencing a surge of media coverage which drove it to above $200. While the currency had never crossed $15 before 2013, the mainstream led it to a new height, only to watch it fall down to a double-digit again.

Bitcoin Crash in 2013:

The majority of 2013, Bitcoin’s value was around $120. But, the prices boosted ten-fold in the fall and Bitcoin hit a mark of $1,150 in November. Then the prices came tumbling down to lower than $500 by mid-December.

This price chase was actually because many investors were experimenting with bitcoin for the first time. Also, exchanges like Coinbase had a simple user interface which made it easier for users to buy bitcoin.

 

The Mt. Gox Tragedy of 2014:

Once again, Bitcoin was on a roll, making great gains again after the 2013 bubble pop situation when in February, the price fell from $867 to $439. This triggered a slow phase for bitcoin that went on till late 2016.

This crash took place after the operator of Mt. Gox announced the exchange had been hacked. They later revealed that around 850,000 bitcoins were stolen which would be worth around $3.5 billion today. Furthermore, this incident created major doubts about the security of this digital currency and is responsible for the low-lying value of bitcoin the past couple of years.

 

Bitcoin’s Big Break in 2017:

Bitcoin price history: Back in early January, bitcoin crossed the $1000 mark after years and began driving up exponentially. By June, the cryptocurrency had reached $3000 however, it fell right back and landed at $1,869 during mid-July.

With the increase in demand for bitcoin and number of transactions, people began to notice that the digital currency was getting slower. Especially with its developers not being able to agree on how to update the software. This raised the speculations of a possible “fork” to occur which would be producing two different versions of bitcoin. Thus, the market experienced a fall and when the fork took place in August and produced a rival currency, Bitcoin Cash, no long-term harm was made to bitcoin.

The Great China Chill:

Once the market had settled over the fork and activation of SegWit2x, bitcoin had made another massive jump to $5,000 during the beginning of September. Only to plunge back down 37% and dusting off over $30 billion from its total market cap, by September 15. Although, it’s already on the track to recovery as its prices climbed to $4000 three days later.

Well, this can be summed in one word as CHINA. While there were numerous rumors as to how cryptocurrency trading would be banned in China, a response was given soon after as BTCChina, its largest bitcoin exchange, announced that it would be ending trade this month.

 

Lessons Learned from the 5 Crashes:

The last 5 years have included some heart-wrenching falls and drops that confirms how volatile the cryptocurrency is. Regardless of the reason being a major hack or a government crackdown, bitcoin has always managed to bound back. This is assuring for all those tensed bitcoin buyers who are planning to hold onto bitcoin for the long run. Today, the digital currency market is a lot bigger and is proving to stick around so, it appears that bitcoin is very well, a safe bet.

 

Story Credits: fortune.com

Image Credits: dnev.com

 

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“Black Cell” Shuts Down by Hong Kong Securities Regulator

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On 19th March, SFC website posted that the Securities and Futures Commission of Hong Kong has halted the Black Cell Technology’s ICO (Initial Coin Offering) because the offering is constituted as an unregistered CIS (Collective Investment Scheme).

Now the investors of Hong Kong must have to be refunded by the Black Cell for their investments in the tokens. This would support “Krops,” which is a mobile application and a marketplace that lists the agricultural products. At the same time, many warnings have been issued by SFC for companies before, however, today is the very first intervention of shutting down ICO technologies in Hong Kong.

ico technologies

Black Cell to Its Investors

Black Cell promoted the ICO on its website by enlightening their investors that their investment would be considered as funding and will be used for the development of Krops mobile application. Black Cell also told the investors that the token holders would have the rights equivalent to the Black Cell.

In January 2018, a cease-and-desist order was filed by the Philippines SEC (Securities and Exchange Commission) against four different companies that were linked with Krops and Black Cell as well as for offering Krops token in the form of securities.

Why Black Cell was targeted?

Black Cell was specifically targeted because their token provides a return for token holders. That was the move which labelled the token as a potential security. There’s no doubt that their other projects have been more abstruse in their approach but on the other hand, it avoided direct regulatory involvement. Even with the authorities making their approach clear towards ICOs, the question still remains the same that for how long that autonomy will continue.

Jay Clayton Views

The U.S. SEC (Securities and Exchange Commission) is taking a hard line on the ICOs following the securities laws. Jay Clayton, head of SEC has recently noted that all the ICOs that he has seen need to be considered as security and added, that they should be registered with the Securities and Exchange Commission before they are sold to the investors of US.

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RUSSIA TAKES A U-TURN- LEGALIZES BITCOIN

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Back in 2016, Russian institutions had announced that anyone seen trading cryptocurrencies would be jailed. However, a year after, the government declared that Russia will legalize the use of cryptocurrencies.

So Why The Change After a Year?

The reasons lie behind the serious issues Russia’s been attempting to discuss for a while now. Their economy is falling apart since 2014, with their banking sector being affected the most.

The Russian Central Bank has been stressing more anti-corruption campaigns, to address banks that use money-laundering methods to remove capital from the country. With around 100 banks being shut down in the last three years, things aren’t looking so bright for Russia. As told by the Central Bank head, Elvira Nabiullina, the campaign will be continuing for at least 2 more years.

Liquidity Crisis:

The cost of closing down a bank isn’t cheap; this process has cost the Deposit Insurance Agency (DIA), around $50 billion. Along with this, the Central Bank is trying to dodge the liquidity concerns that arise with closing banks. Increased cash shortages are causing social unrest among the regions of Russia.

Corruption is another issue the Russian central authorities are working to reduce. The banks that were shut down were all involved in lending money to companies that carried out no real business activities, giving fake loans to individuals and money laundering.  Unfortunately, their owners are the first to flee when investigators begin to take matters into their hands.

Eliminating Fraud:

Shutting down banks is not enough to eliminate the occurrences of fraud and its impact on their economy. Instead, they must find a solution to stop it from happening in the first place.

To begin with, they can implement new technological applications that allow the government to observe people involved in the system. They’re approaching it enthusiastically due to its complete concealment from the government and unlike traditional currencies, Bitcoins are mined.

One is able to purchase Bitcoins with paper money on any bitcoin exchange portal or banks. These bitcoins can be used to purchase all sorts of goods and services, provided it’s allowed in that country.

Although, governments’ fear the anonymity that comes with cryptocurrencies, as it could help in money laundering. It’s a good news to them that the blockchain system is very transparent and allows tracking of user transactions.

Blockchain:

A blockchain is a distributed public ledger that keeps track of all bitcoin transactions taking place, basically keeping a record of everything.

The three main characters:

  • It consists of no central database or server that can be hacked.
  • Easily accessible by the network members who can view the transactions in real time.
  • It is completely encrypted.

This is another reason why the Russian authorities want to implement this technology to their financial systems. The benefits that come with using blockchain technology include faster processing speed, lower fees, and most importantly increased security. These features have attracted the Russians and they’re now working their way into the digital world.

We’re not aware if the Russians are planning on digitizing their banking sector completely, however they do have plans to adapt to the existing blockchain technology so that they develop a better understanding of the digital world; until banks can develop their own systems.

For now, their aim is to decrease the amount of fraud and corruption circulating throughout the financial sector. By doing this, they would be able to bring down government costs and get back on track.

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Different ways to buy bitcoin

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Buying bitcoin is simple. As simple as signing up for a mobile app. The first step to buying bitcoin is signing up for a bitcoin wallet on sites like blochchain.info by filling up a form with essential details. once you have the wallet, there are different ways through which you can fill it up with bitcoins. Here we are going to fill you in on the 4 most common ways to buying bitcoin.

Buying Locally:

Follow these simple steps to buy bitcoin locally:

  • Find a seller in your area who sell bitcoin for cash
  • Select the desired amount of coins
  • Place the order and receive seller’s account number
  • Deposit your cash in seller’s account
  • Upload the receipt as a proof of trade
  • Receive bitcoins in your wallet

Buy Bitcoin Online:

The best way to buy bitcoin instantly is to buy bitcoin with credit card or debit card. SpectroCoin is one of the reliable coins that accept credit / debit card payments for bitcoins.

But there’s a catch. SpectroCoin only offers $50 worth of bitcoins to its new customers. However, as they grow into reliable customers, the limit is stretched out to $200 and then $500 by the following few days.

Buying With PayPal:

Although PayPal doesn’t facilitate the direct Bitcoin purchase, there is a way around for those looking to buy bitcoin with PayPal:

  • Visit Virvox
  • Deposit money with PayPal to your account
  • Buy SLL on the exchange
  • Buy bitcoins with your SLL
  • Withdraw your bitcoins

These are few of the quickest ways to buy bitcoins. Good luck with your purchase.

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Does Bitcoin Need Regulation? Top German Analyst Says It Does

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At a time when bitcoin surpasses $17,900 and its market cap nears the $300 billion mark, regulations are apparently turning into a popular way for governments to cope with its existence. Recently, A German financial specialist Clemens Fuest expressed there are “solid reasons” to control digital currencies like bitcoin while talking to CNBC.

Main Story:

Fuest, the President of the Ifo Institute for Economic Research, stated that the market shouldn’t be permitted to fly individually, as according to him there’s a case for controllers to investigate bitcoin because of financial security and monitory policy, as well as its use.

Amid a telephone call, the German market analyst brought up that, with the cryptographic money, “payments can be made with almost no supervision” and suggested that this implies the digital currency can be utilized for tax avoidance or illegal activities.

Fuest also added:

“I think there are solid reasons, beyond monetary arrangements, to regulate bitcoin more closely.”

Fuest’s words come at a time in which the stock trade administrator Deutsche Borse is apparently considering whether to make Germany the primary European nation to list Bitcoin Futures Contracts on a regulated platform, and in which regulators are cautioning investors about the potential dangers of putting resources into digital forms of money and ICOs.

A European Central Bank council member Ewald Nowotny recently expressed that national investors and administrators are peering toward digital money regulations. Nowotny’s remarks came when bitcoin was trading at a then untouched high of $8,100 and included that investors must comprehend the item as “it resembles buying shares on stock market… individuals investing in this item can suffer losses and if that happens, they simply need to acknowledge it.”

Fuest isn’t the only analyst that communicated his perspectives on bitcoin. A month ago, Nobel prize-winning financial specialist Joseph Stiglitz stated that bitcoin “should be banned” as, according to him, it “doesn’t serve any socially useful function.” Earlier this month Nobel laureate Robert Shiller anticipated a bitcoin crash, stating that it “won’t go to zero, but will come down.”

However, not everyone is bearish on bitcoin and other cryptographic forms of money. Israel’s Prime Minister, Benjamin Netanyahu, an MIT graduate and former financial expert, recently questioned whether or not bitcoin can crush banks. John McAfee, a cybersecurity pioneer, raised his bitcoin value target for 2020, making it $1 million – and even bet his masculinity on it.

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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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