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Recently, there’ve been many fluctuations in the price of Bitcoin and altcoins. Bitcoin was once traded at $20,000, but the recent slump in the cryptocurrency prices made the top-cryptocurrency to drop to almost $6,000, however, it has now recovered and is now priced above $10,000. Ups and downs in the price of Bitcoin and other cryptocurrencies have been one of the most usual characteristics of the cryptocurrency market trend.

Will All Cryptocurrencies Fail?

Yves Mersch, who’s a member of ECB highlighted, that the wild fluctuations in the price of virtual currencies mean that businesses evaluation could find a large and detrimental break between their accurate and optimum price. There’s another negative prediction for Bitcoin which has come from a well-known investor, Warren Buffet. He says that cryptocurrencies are plunging, plus, he also highlighted, that he’d never invest in any of the cryptocurrencies. According to Buffet, all cryptocurrencies will come to a bad end.

blockchain technology

Many other critics have also listed their opinions on this recent slump in the price of cryptocurrencies, in which most of them predicted a miserable future for all of the cryptocurrencies. But the problem arises when some of the critics firmly condemn the idea of cryptocurrencies and at the same time, they have a soft side for the “blockchain”.

CEO of Netcoins, Michael Vogel doesn’t really share the same views that the recent crash in the price of Bitcoin and other altcoins indicates technology’s failure. He also highlighted, that seeing the growing phase of cryptocurrencies, the current instability should be considered as normal.

According to Vogel, these slumps are a part of “strong-trading” and he even contends that it’s almost impossible to separate cryptocurrencies from Blockchain. He thinks that cryptocurrencies and blockchain are intimately linked to each other, and both these technologies are mainly intended for huge success.

 Analysis:

According to Auxesis Group’s Kumar Gaurav, Bitcoin has got the same value for everyone who are investing in it and also notes, that while this pullback frightened the new-comers or made its sceptics feel inveterate, everyone who is familiar with the Bitcoin’s history knows that it shouldn’t be a surprise at all and such situations always recover quickly.

Cryptocurrency Blockchain Technology:

Cryptocurrency blockchain technology can help in achieving better efficiency, which doesn’t have anything to do with the cryptocurrencies. The Indian Finance Minister recently acknowledged blockchain’s latent that there’s a need of cryptocurrency, however, interests have shifted away from these cryptocurrencies to tokens in the past few years.

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Bitcoin Is About To Go Wild And No One Can Control It – Says The Expert

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According to Massachusetts Secretary of the Commonwealth, William Galvin, Bitcoin is dangerous for investors because it’s subject to manipulation. He issued a warning against the cryptocurrency in December for Massachusetts state just like the one that his office issued in the 80’s against Apple.

Mr Galvin said that Bitcoin is a subject to manipulation because none of us can explain it. Neither any of us can explain precisely when and from where these profits are coming and going. According to Mr Galvin, there’s no question about it, as it’s clearly a bubble. People are investing in it because they believe that they’re going to make lots of money by just investing in this.

bitcoin news today

He also warned that he has seen many bubbles for centuries but this one certainly succeeds. He thinks that by simply adding the word Blockchain to your name, a company entirely dissimilar could go up so it’s clear that’s it’s a wide mania and a bubble.

 

Bitcoin’s highest price was last seen just before the Christmas at $19,000. During the Christmas holidays, the cryptocurrency fell down below $13,000 for four days constantly. Although its value changed back to $16,000 after Christmas, but it has since decreased once again. According to Coindesk, on December 29, bitcoin is now valued at $14,211.86.

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Checking your current balance using any Bitcoin wallet address

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Bitcoin Wallet

A bitcoin wallet is basically a vault for your private keys. After installation, a bitcoin address will be generated, which you can disclose to your friends in order to carry out a transaction. A Bitcoin address is generated at random and is just a sequence of numbers and letters. You can generate a new bitcoin address for each transaction. All of the confirmed transactions are added to the blockchain.

The private key is used to sign the transactions in order to prove that it has come from its rightful wallet owner. Just like a Bitcoin address, it is also a combination of alphanumerics, but this cannot be disclosed to anyone. To know more about Bitcoin wallets, go here.

 

To ensure that your bitcoin address has received the funds or just to view the previous transaction history, you can use the Blockchain explorer.

A Bitcoin Blockchain Explorer is a web tool that lets you view information about blocks, different addresses and details on when transactions have taken place.

All you need to do is paste your address into the search box, and the website will display all the transactions taken place linked with that bitcoin address.

You can even search multiple addresses at once. This will display the transaction history of each of those addresses, as well as the overall balance of bitcoins. You can separately view each transaction’s details- date and time, input, output and miner fee.

bitcoin wallet address

 

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The Dos and Don’ts of Safe Peer-to-Peer Bitcoin Trading

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For some reasons, people are hesitant to buy bitcoins in face-to-face transactions. They are afraid of the risk that comes with it and would rather trust a Bitcoin exchange with their bitcoins. However, every method comes with its own set of dos and don’ts.

This post will outline the various dos and don’ts you must keep in mind while trading bitcoin face-to-face.

 

Carry your device with you

Do not forget to carry your personal device, be it your mobile phone, laptop or tablet when you’re going to the meeting. Make sure that you already have a bitcoin wallet if you’re the buyer. It is best to take your own device so that you can verify the trade on it rather than filling out your personal information on the other party’s device.

 

Do not cancel trade if price of Bitcoin drops

Feedback is everything. Do not try to walk out on a trade when you can negotiate. If the prices have dropped then it is best to try to negotiate on a price that benefits both the parties. When you cancel a trade, it is going to lessen your chances of earning a good feedback early.

 

Decide on a price ahead of time

To avoid any debate on the price later on during the meeting, it is best to agree on a price beforehand. Do not try to get a higher rate out of the seller after the price has been decided, this attitude can cause things to go sour very quickly. If possible, get an escrow service as it guarantees the payment to the seller and the buyer is sure that he will receive the bitcoins before releasing the payment.

 

Don’t expect to get rich overnight

You need to keep track of the rapid price changes taking place while trading. You need to prove that you are a good and reliable buyer/seller in order to gain a better reputation on any exchange platform. Be sure to remain patient when dealing with bitcoins, as nothing comes easily. Do not be fixed onto selling your bitcoins the moment it hits a high note since it is very volatile.

 

If you follow these pointers, then you are sure to develop a good reputation on any exchange platforms and have nothing to fear.

 

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What’s the Big Deal about Bitcoin Cash?

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Early morning on August 1, Bitcoin’s blockchain split – A separate cryptocurrency was created called Bitcoin Cash

The purpose of a fork is that instead of creating an entirely new cryptocurrency that restarts at block 0, it just creates a replica version that shares the same history. This means that all the previous transactions on bitcoin cash’s blockchain are identical to bitcoin core’s blockchain. However, the future transactions and balances are to be completely independent of each other. Basically, everyone who owned bitcoin before the fork now has an equal amount of bitcoin cash as well.

First things first, if you seem to be in control of your own private keys or store your bitcoin in an exchange that credit users’ balance about bitcoin cash, you’re good to go and can access your new cryptocurrency instantly. However, if your coins are withheld in Coinbase, which said that they won’t be distributing bitcoin cash anytime soon, then you may be unfortunate.

This doesn’t mean Coinbase will be keeping your bitcoin cash but just that they believe it to be unimportant and that it won’t be worth anything in the long run. Although, this is susceptible to change if this is proven to be false.


What’s  Bitcoin Cash?

There are thousands of cryptocurrencies present on the market. Some claim to be better and different than bitcoin, while others are just replicas. Bitcoin cash is just another altered digital currency.

To begin with, it was only created prior to the forking of bitcoin View Postcore, but this isn’t rare. Many other cryptocurrencies have also forked from bitcoin before, but none have been as successful as bitcoin cash is at the moment. One of the reasons behind its popularity is the fact that people now have an equal amount of bitcoin cash present and they are referring to it as “free money.” Also, this hard fork was set to coincide with bitcoin core activating a change in its code called BIP 148, which is a Bitcoin Improvement Proposal. After months of negotiation, Segregated Witness was activated which is meant to help bitcoin core scale during transactions.

Related: What is Bitcoin Cash & How to Get it?

What’s it worth?    

At the moment, bitcoin cash is trading for $655.99 per coin, which is pretty great since it’s so new. It is the fourth-largest cryptocurrency by market cap right now.  However, it’s really hard to sell bitcoin cash since most exchanges aren’t accepting deposits yet. Bitcoin users holding bitcoin cash in exchanges that are not supporting trading or outside exchanges are stuck.

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So, what’s next?

Most people are just waiting it out for when bitcoin cash is ready to be sold. If this happens, the price will drop or users might begin to like it and it gains value. The point is, no one can really predict what exactly is about to happen next. We survived the split, just have to make through the after-effects

Related: Bitcoin crosses $52 billion market cap

Image Credits: twitter.com/coinbase, coinmarketcap.com

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