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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 of bitcoin in future

  • 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:

  1. Usage of verbal guises
  2. Encouragement of high return to the new investor that lure them to invest
  3. Not having solid assets ground
  4. 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.

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Crypto Market Crashes At New Year – Bad News For Investors?

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The crypto market encountered an intense drop this Friday and Saturday. Coins were losing value with only three of the main twenty by market capitalization showing a development of more than 10 percent: Cardano, Qtum, and Neo.

Main Story:

Bitcoin also dropped from a Friday high of $15,266 to as low as $12,350 on Saturday. The previous two weeks have been extremely unstable for the first cryptocurrency, as it has accomplished an all-time high of $20,000 on Dec. 17, 2017, just to hold it for a single day and then losing around 32 percent of that value during the following couple of days.

The most recent fall is the continuation of that trend and there seems to be no recovery in sight as of yet.

Ripple, which has quite recently displaced Ethereum as the most elevated altcoin by market capitalization, has comparably dropped by 20 in the past two days. In spite of experiencing a powerful surge this week, it hasn’t been able to evade the “crypto slaughter.”

Luckily for holders of Ethereum, its drop has been less prominent. A tumble from $769 to $685, constituting only 11 percent loss of value, looks substantially more favorable to the performance of Bitcoin and Ripple. Particularly if you think about the slight recovery of 2.22 percent over the last few hours.

Overall, 2017 has been a good year for Ethereum, as it rose from $8 to over $750.

Other cryptocurrencies such as Dash, Monero, Litecoin, Bitcoin Cash, etc. have also suffered major drops over the weekend. However, the year 2017, for the most part, has been positive for the vast majority of cryptos and the crypto-growth in 2018 is expected to continue in the similar fashion.

 

News Credit: cointelegraph

Image: Google images

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Bitfinex: Hong-Kong Based Crypto Exchange Will Not Support Petro

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On 27th March, a public statement was issued by Bitfinex, in which it stated that the platform won’t be supporting the “oil-backed” Petro token, which was launched in February by the Venezuela government.

Bitfinex

Bitfinex is a Hong-Kong based crypto exchange trading as well as currency-storage platform, which was established in 2014 and since then, it’s been the largest platform for Bitcoin.

crypto exchange

Bitfinex Blog Post

On Bitfinex, the statement was posted:

“The government of Venezuela (“GOV”) has recently introduced the Petro token (“PTR”), which purports to be a cryptocurrency backed by oil.”

In this blog post, which was posted on 27th March, the world’s number four crypto-exchange by trade volume (24-hour), clearly explained their decision, stating the fact that recently, the US had banned all of its citizens from buying Petro cryptocurrency, as well as other Venezuelan digital currencies similar to Petro that could be introduced anytime in future. It was written by the exchange that it perceives the coin as it has limited utility.

“We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. In light of the U.S. sanctions and the other clear sanctions risks of dealing in these products, Bitfinex will not list or transact the PTR or other similar digital tokens.”

According to the Bitfinex team, the limitations are not only applicable to the US clients, but also to the consumers of the platform. They are also linked to all of the activities on the platform, like;

  • Deposits
  • Financing
  • Trading
  • Withdrawals

The platform also further added that regardless of location, all of its employees and contractors are also banned from transacting in the Petro. This news from the crypto-exchange Bitfinex follows the latest exploratory work by “Time magazine” that connects the Petro cryptocurrency to the Russian government.

There is a huge bank of indications to advocate that this digital currency issued by Venezuelan is a Russian experiment in sanction dodging. According to Time Magazine, Russia have been considering to use cryptocurrency to dodge the sanctions globally, however, they decided to assess the idea in a state, when there’s very little to lose.

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Deloitte Leader Resigns to Join Blockchain–based Startup

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According to a report, Eric Piscini — a former leader of Global Blockchain and a partner at Deloitte has left the company. Piscini is going to join the blockchain startup, Citizens Reserve in order to transfer supply chain networks to a blockchain.

Blockchain leader

Piscini is the one who helped in building a global blockchain practice. The startup that he is going to join is at its early-stage, and it is currently raising $300 million. This startup is a shared database, which is designed to work on all levels of a supply chain.

New Cryptocurrency — ZERV

A new cryptocurrency, ZERV has been developed within the project, using the ERC20 token. According to a report, the cryptocurrency will be used by the group members for accessing the blockchain — it will allow them to implement virtually instant borderless transactions.

  • The cryptocurrency, ZERV, is also considered as a utility token.
  • It allows users to exchange services within the platforms.
  • This digital currency comprises a third element — it sets it apart from other ECR20 tokens.
  • The reserve assets are intended to fund the token a certain value of $0.01.
  • Reportedly, 100 billion tokens will be issued to the value of $1 billion.

So, let’s enlighten you about the platform — it is based on the public Ethereum blockchain with smart contracts that consist of self-executing code — which could be implemented by using multiple private blockchain solutions. However, the contracts will be limited for a long period of time and it is expected that the transactions of cryptocurrency will be conducted any time soon.

According to Piscini:

“We are building the Ethereum of supply chain… The private blockchain is more for supply chain transactions, and the public blockchain is used for payments. There is a bridge that we created that is kind of our secret sauce.”

Reports also show that 85% of the funds that were involved in the token presale will be utilized in purchasing assets that will sponsor the tokens. Out of the total funds, 30% that were raised after the round gets closed will be issued to the users through a mechanism that is designed to stimulate and encourage the creation of the new supply chain services on its platform. It is expected that the Citizens Reserve will be launched in July 2018, however, Piscini didn’t disclose the names of the related group members, as he said that Citizen Reserve is going to work with three organizations — these organizations are providing software to the defense industry supply chain at this time — in a centralized manner.

The decision of blockchain leader, Piscini, is amid an exodus of top executives from the financial companies and traditional tech to cryptocurrency and blockchain. David Marcus left Facebook and Paypal as he was appointed to the exchange Coinbase – as a board of directors.

The co-founder of Coinbase, Brian Armstrong said, the knowledge of Marcus for both mobile space and payments is the main thing that would help as a guide for the platform to go forward. The CFO of Commonwealth Bank of Australia has also quitted to join Block.one, which is an EOS token developer.

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What Happens With Bitcoin When The Owner Dies?

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An interesting story came out earlier this year when the death of a young Colorado man left his family with the daunting task of sorting out his state. Only for them to discover that their beloved had been investing in bitcoin, a digital currency which cost as low as $13/BTC back in 2013 and recently cruised past the $14,000 mark.

The grieving family was in for a fortune – but only if they could find and access this little crypto treasure.

Bitcoin is a digital currency secured with some unbreakable cryptography, an attribute makes bitcoin a great medium to store wealth. However, there’s one downside to it. When the owner dies, the digital fortune goes off map, rotting behind a piece of code for good. And this is probably the biggest problem for the relatives of those putting resources into this crypto worth about $245,355,661,320 at the time of writing this article.

Bitcoins are stored in a virtual wallet. Every wallet utilizes a string of arbitrary characters called “public key,” visible to anybody, as an address for sending and receiving the digital currency. The “private key” enables the owner to access the wallet’s contents.

In the event that a Bitcoin owner passes away without passing on the private key, his beneficiaries may find his wallet just to realize that they will never access the riches inside. To avoid this, the owner just needs to ensure that somebody gets a duplicate of the private key by recording it or securing it on a hard drive.

But some of these strategies accompany their own particular risks. Suzanne Walsh, a wills and estate attorney with Murtha Cullina, says agents and beneficiaries may fail to perceive a private Bitcoin key for what it is and wind up discarding it.

Putting in a nutshell, the only way for bitcoins to be passed on to someone is if they are listed in a will or the owner discloses the private key to someone they want to have their coins. If neither of the two happens, then bitcoins are susceptible to what attorneys call “probate by truck”— where beneficiaries walk off with the assets by claiming that “he would have wanted me to have it.”

Story credits: fortune.com

 

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Bitcoin market value

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Cryptocurrency enjoys a notable increase in its price. Especially when it crosses the gold and dollar price. It became the center of attention to the media and another financial sector. Recent price of bitcoin is,

Bitcoin market value

We know that bitcoin market value varies from time to time. Its price is not stable. Which factor is contributing in price fluctuation of the bitcoin? How they create a positive or negative impact on the users. In this article, we will discuss the factors creating the strong impression on a price of the bitcoin.

Government rules & regulation

When government regulates the bitcoin, it declares whether bitcoin is legal or illegal. If it is legal by the government, they will guide people on how to use bitcoin.

There is a large group of people who afraid of government regulations. Whereas, the government controls the circulation of digital currency in the country. They are not able to decrease the amount of money but they have the ability to generate more money. Bitcoin store in wallet addresses. In addition, Which is being the cause of rising in the value of bitcoin.

Now, the scenario is that government declare that only they will mine cryptocurrency. And, only government’s currency will legal in the country. Accordingly, we have the situation od currency same as before cryptocurrency. The government will have the authority to mint all money and shut down the system. Furthermore, they can change the code for more currency mining when. There is a lot of scary things like above discussion. That is why people get afraid of these new regulations.

People who are in favor of bitcoin regulation will buy more bitcoin. Whereas, who are afraid of government regulations might start selling of bitcoins in the response to the news like NYDFS BitLicense. That is a factor of government regulation.

Shopper  

When people use bitcoin as a currency. They show to the world that they admire the credibility of the bitcoins. People do transactions including sale and purchase with bitcoin. The companies like Dell, New Egg and much more allow its customer to purchase their products pay in bitcoin. In addition, Xapo introduces a new credit card to spend with bitcoin market. Even though shoppers don’t have the direct influence on price. Indirectly or directly they help to spread bitcoin around the world. Therefore, shopping factor of the bitcoin has offered a large market with no short-term influence.

Mining

All the transactions of bitcoin are because of the bitcoin mining. The network is secure because the more miners, the network will be more secure. Where no one owns the 51% of the network. A 51% attack is only possible in case of one entity own all mining power on a network. Basically, 51% attack is potential panic selling. Which being the factor of bitcoin price decrease in value. Some miners keep saving their bitcoin while other cash it out.

News  

News is the most effective part of any society. People who read news can also have an ability to act on it. For example, if a person has 51% mining power on the network. And, this news spread from a television channel. In addition, the reaction of the people regarding bitcoin value will entirely change. Few of them get panic and sell their bitcoin and other will try to overcome this difficulty. This factor of news provides articles to the public about the fluctuation of bitcoin prices.

Dumping to fit

For example, a business wants to sell a number of bitcoin to pay business expenses. In addition, they don’t want to own the bitcoin. This discarding will tend the bitcoin to depress state. It all depend on the company’s capacity of selling bitcoin. This factor is basically a depression in the bitcoin value.

Selling on exchange

If a person has 1000+ bitcoin and sells them in exchange, a price of the bitcoin decrease automatically.

Buying on exchange   

The number one thing that influences the value of a Bitcoin is how much someone is willing to pay for one Bitcoin, of course. When you place an order on an exchange in order to buy Bitcoin, you decide what is the value of a Bitcoin to you. The more people who are willing to buy Bitcoins, the greater the chance for an increase in the overall value of a Bitcoin. Sellers sell to the highest bid price first, so whoever is the highest bidder at the moment, is the one who decides the value of a Bitcoin at the moment.

The Bitcoin price factor of someone buying Bitcoins on an exchange is always a rise in the value of bitcoin.

Good luck!

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