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As we know, PayPal was never ready to bet on bitcoin due to several reasons. PayPal chief executive, Dan Schulman announced last month that PayPal is not focused on the digital currency market. One of the main reasons for this “untrust” was the volatility of cryptocurrency because which made the retailers are not willing to accept it in most parts of the world.

Is Dan Schulman right or wrong?

And that statement was not false at all, we have noted in the past few months that because of the bitcoin fluctuating up and down, even 20 percent over a couple of weeks, very low margin is left behind for the retailers. Thus, they have to lose a good deal of money on every sale and purchase.

While Schulman also stated that though the blockchain technology is something we can trust and count upon, still PayPal has a lot of options to bring some serious innovations in this technology too.

No doubt it is crystal clear that due to certain irregularities, there are a lot of hidden risks associated with the crypto investment. That’s why South Korea has banned bitcoin exchanges. Meanwhile, JPMorgan Chase chief executive Jamie Dimon called bitcoin a “fraud” last year and said he would fire any trader who traded in it.

Peter Thiel’s Point of View

Aside from the above-mentioned point of view shown by Schulman, PayPal co-founder Peter Thiel recently described Bitcoin as

“a hedge against the whole world falling apart”.

He further exclaimed that while he did not foresee Bitcoin replacing traditional currency, yet there is a strong chance that it may replace gold at some stage.

How can Bitcoin Replace Gold?

When asked to explain in detail his point of view, Peter Thiel explained his thoughts that he was not talking about a new payments system, rather it is like bars of solid gold secured in a vault that has no chance to move anywhere, and it is what he called as a sort of hedge against the whole world going falling apart.

When he was told that Bitcoin has traded around $8000 last week as continuous downward pressure from brokers, he replied that there was a probability of up to 80 percent of the world’s first cryptocurrency to become worthless.

Despite all these statements by the experts, gold remains one of the most liquid assets, traded daily in well-established exchanges all around the world. According to the London Bullion Market Association each day, gold worth of billions is traded in London alone. And to be frank, the cryptocurrency market is not quite there yet.

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Bitcoin Hitting High Notes

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Digital Currencies on the Rise

Bitcoin has been on the climb to sky-rocket since the currency split into two a week ago, with its total market value standing at around $55 billion, it seems as there’s no place the cryptocurrency would rather be.

It is now standing at $3260.80 per coin after experiencing it hit $3344 for the first time ever.

 

 

Bitcoin Cash, meanwhile, is back up 28% valued at $271.71 after its drop from $727 on August 2.

Trading platform eToro’s analyst, Mati Greenspan says Bitcoin Cash’s dip and Bitcoin’s surge are likely correlated.

Greenspan wrote in an email on Monday morning: “All that money that seemingly came out of thin air to pump up the value of Bitcash is now being fed right into Bitcoin. Bitcash has fallen from its peak of $12 Billion all the way down below $4 Billion this morning. Bitcash sought to replace the original form of digital money but the miners never embraced it. As it was seen by many as something for nothing, many users are now dumping.”

Related: Buy Bitcoin Online

This is how Bitcoin had performed last year, this proves that we’re now on record-breaking grounds.

 

News and Image Credits: businessinsider.com

 

 

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How To Make A BitCoin Payment Using An Online Wallet Service

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Digital currencies like bitcoin are coming (and it’s a good thing): Juan Llanos at TEDxMidAtlantic

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Is It Possible for the Blockchain Technology to Survive Without Cryptocurrencies?

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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.

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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