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The price of Bitcoin climbed above $3,500 and at the moment it is standing a little above $4,200. While some people are doubtful towards this gradual increase in value, Veteran trader masterluc says otherwise. He’s made a prediction that Bitcoin will be worth $15,000 by the end of 2017.  He claims that this bull run will continue into 2019 where the price will top out anywhere in between $40,000 and $110,000.

Masterluc is said to have a history of being right in his predictions, and many experts agree that the rise will continue for a while longer, which could have some major consequences for paper money.

Bitcoin recently celebrated its market cap crossing over $50 billion as it tripled the price of gold. Predicting the future of the digital currency is not an easy task especially when its reign shows no sign of ending.

 

News Credits: futurism.com

Image Credits: bloomberg.com

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One thought on “Famous Bitcoin Trader Claims the Currency Will Hit $15,000 in 2017.

  1. I must thank you for the efforts you’ve put in penning this site. I’m hoping to see the same high-grade blog posts from you in the future as well. In fact, your creative writing abilities has encouraged me to get my very own website now 😉

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Crypto Exchange EtherDelta Gets Hacked – Loses Coins Worth Millions

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A renowned crypto exchange EtherDelta got its DNS server breached by an attacker on Wednesday, allowing the hacker to redirect millions of users to a malicious website.

The announcement of the hacking was made in a series of tweets where EtherDelta warned users that a hacker had temporarily hacked their DNS server and was redirecting users to a malicious version of the site.

Being a decentralized exchange, EtherData comes under the control of Smart Contracts, meaning that it doesn’t provide the third-party control of user funds. However, the exchange does allow users to import private keys to the exchange itself.

As a result of this attack, the hacker was able to steal private keys from users who unwittingly imported their private keys into the imposter website.

The data obtained has revealed that the hacker stole around 308 ether – worth around $250,000 at the time of writing.

EtherDelta said that clients who got to the exchange using either MetaMask or a hardware wallet are “totally sheltered” from the phishing attack. The organization included that funds from clients who never imported their key on the malicious site “should be safe,” but brokers might need to consider moving their assets to another wallet address as a safety effort — and reconsider their choice to import their private keys directly into a site.

The Risks Associated With Crypto Exchanges:

The attack came days after South Korean exchange Youbit revealed that it lost 17 percent of its assets as the aftereffect of a hack — the second the organization had faced this year — compelling its administrator, Yaipan, to declare bankruptcy.

Like Youbit, EtherDelta was a small exchange. CoinMarketCap reports that it processed just around $7 million of volume during the previous 24 hours, a figure that is, to some degree, lower-than-normal because of the breach. However, the exchange was well known among ERC20 token merchants, as it was one of the first exchanges to support tokens derived from lower profile ICOs (Initial Coin Offerings).

Neither of these hacks will prompt a huge disturbance in the worldwide digital currency markets, but each exhibits the risks related to using crypto exchanges.

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Online Bitcoin Wallets

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Bitcoin wallets or digital wallets are the wallets that require a web browser in order to run, just like websites out there. It’s safe to say that they are pretty much similar to a website.

Surprisingly, the web wallet options are thin compared to the iPhone or Android options.

Right now, there are two Bitcoin wallets worth using. The most reliable online bitcoin wallet is Green Address.

GreenAddress:

To get a Bitcoin wallet that provided protection against cyber-attacks, GreenAddress is the way to go. GreenAddress takes cyber-attacks seriously and provides your coins protection against these attacks.

GreenAddress is a “multi-signature” Bitcoin online wallet. This implies GreenAddress shares control of your Bitcoin with you. While other online wallets are prone to cyber-attacks, GreenAddress gives genuine two-factor validation keeping your coins protected in your wallet.

Spectro Coin:

SpectroCoin is London-based bitcoin wallet, exchange, debit card and merchant solution provider. It serves customers in more than 150+ nations. Right now, it encourages more than 20 types of deposits and withdrawals including bank exchanges, credit/debit cards, and cash deposits to name a few. It also gives bitcoin wallet addresses to iOS, Android and Windows Phone users.

These two are the safest online bitcoin wallets. Although these wallets provide all sorts of security, the ultimate protection comes down to the wallet owner. The best wallet security is the protection of its private key. As long as the key is unshared, chances of your coins getting stolen are very slim.

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Bitcoin Developing Countries – Top 8 Countries Growing In Bitcoin

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Countries around the world noticed the surge in the price of Bitcoin in 2016. Few countries’ made reforms in the financial market sector and grew faster than others. A large number of Bitcoin exchanges provides the growing data of these countries. In this article, we will read about the top bitcoin developing countries.

Japan: 

After China, Japan is the second highest Bitcoin trading market. Additionally, due to Bitflyer’s zero-fee campaigns yen beat the US dollar in May. According to the well-known platform Bravenewcoin’s data, the exchange has 50% share of Bitcoin market in Japan. This trading volume increases from 1845 to 97,815 Bitcoin on daily basis, a 53-fold gain.

Venezuela:

Venezuela has the money supply problems but Bitcoin demand is still increasing in the country. SurBitcoin is a top and the well-reputed company of the Venezuela but denies to publish its volume data.

Though, country’s trading volume can be examined through LocalBitcoins. Only 22 bitcoins were traded in the first week of the year. However, during the following couple of months, the volume went up to 373 bitcoins before settling down at 223 Bitcoin at the time of writing. The overall trading volume grew by 913% this year.

Indonesia:

Indonesian Bitcoin trading is a fifth top rated market in the volume. It observed a huge spike in trade during June. Quoine  – a Singapore based exchange with 90% of current trade in rupiah was trading at 3,344 Bitcoins at the time of writing, with a volume of 51,500 in June.

South Korea:

Koreans have the option to buy Bitcoin from convenience stores. The networks of these convenience stores use an exchange called Korbit. The exchange hosts over 70% of the Korean won Bitcoin trading volume. Korbit’s volume was 583 bitcoins/day at the start of this year. However, at the time of writing, it has reached 3,168 bitcoins – showcasing a growth of 443%.

Colombia:

Colombia also shows the signs of life on LocalBitcoins by trading 26 bitcoins for a week up to 122 most recently.

Malaysia:

Malaysia’s Bitcoin trading market jumped from 150 to 542 bitcoins on LocalBitcoin last week. A humungous growth of 261 percent. The Bitcoin experts indicate that this major shift is possibly due to the introduction of a new exchange ‘Xbit Asia’ to the market this year.

Russia:

Rubles is the seventh most traded currency for the bitcoins. A well-reputed exchange shows the 121% growth by raising its volume to 5,983. The digital currency is facing different circumstance regarding legalization in the country this year. However, the new Bitcoin startups hold the 50% volume of trade on LocalBitcoin.

Australia:

At the start of this year, the departure of ‘igot exchange’ – a major Bitcoin exchange in the country – the market dropped from 3,850 bitcoins/day to 500 Bitcoin/day. However, the arrival of a new exchange called ACX has restored the market. Currently, the daily trading volume of Bitcoin is over 12,000BTC/day.

These are the major countries using bitcoin making more opportunities for crypto adoption. So, next time someone asks which country uses bitcoin, just link them to this particular article.

Tags: which country uses bitcoin, which country use bitcoin currency, bitcoin developing countries

Chart and image credits: cryptocurrency.com

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Bitcoin could hit $500,000 by 2030

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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.

Bitcoin-based settlement

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.

Uncertainty  

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.

Mobile saturation

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.

Goodluck!

 

Tags: bitcoin settlement

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Bitcoin Escrow Service – Multisignature

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An escrow service provides safer transactions especially since bitcoin transactions are irreversible. It holds the buyer’s coins in escrow and releases them after the satisfaction of both the parties. Escrow protects sellers from fraudulent buyers and likewise, buyers are protected if the seller turns out to be a scammer and doesn’t deliver the goods.

bitcoin escrow service

Bitcoin Multisig

Multisig aka Multi-signature is a technology that takes care of bitcoin wallet address. The basic principle is very simple: more than one person must sign the transaction in order for it to be valid. Bitcoin has a built-in feature that lets you choose as many signatures as you like, and then choose how many signatures in total must be provided for a valid transaction.

Use Bitcoin Multisig for Escrow

How to Use Multisig to Escrow Bitcoin?

The most common use of Multisig would have to be bitcoin multi-sig escrow. Multi-sig escrow provides consumer protection without the need of a central escrow provider to hold the coins on your behalf. Instead, an address is created which requires ‘2 of 3’ signatures from the buyer, seller and a third person who provides arbitration in case there is any disagreement. This address holds the payment until the product or service is delivered, and then can be used to pay the seller or refund the buyer.

Multisig can strongly benefit both individuals and organizations in improving security, establishing access controls, and enabling the delegation of partial trust. The additional signature proves that the transaction process is complete when both parties are aware that the terms of the transaction have met.

Bitcoin Escrow- Specialized Services

There are some specific platforms present for providing bitcoin escrow service to bitcoin users.  When you use one of these services, you are able to choose a third-party arbitrator from a list. If this list isn’t available in the event of a disagreement, they will act as a mediator.

  • Bitrated – Costumers choose from a list of independent arbitrators registered on a platform. After confirmation, the buyer secures bitcoins into a multi-signature address and the payment is secure until two of the participants agree to release them.
  • Escrow My Bits – This Bitcoin escrow service charges 1% escrow fees which provides possible dispute resolution. Storing your funds in a secure 2 of 3 multi-signature transactions where they hold one key.
  • StrongCoin- It’s an online wallet with built-in escrow with 1% fee on bitcoin cryptography. Use this service to buy items as they are able to offer escrow where no single party holds bitcoins. They hold one vote and to release the coins, you require two votes.

While in escrow, coins cannot be stolen unless two of the users also sign the transaction. This is much more secure and is highly recommended for anyone dealing with a large number of bitcoins.

Bitcoin Escrow Service

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