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Everyone has turned skeptical on how to scale the bitcoin cryptocurrency since the chances of a “hard fork” have arisen within the market.

Bitcoin seems to be in a crisis and everyone in their community is suffering along with it.

Virtual currency Bitcoin

Stakeholders and developers stuck in a heated argument over “hard fork”

What is the issue?

Basically, Bitcoin is so well-known that it isn’t able to handle the weight of all the transactions. Transactions are processed in “blocks” that include complicated cryptography to verify and set. But, with the currency growing exponentially and the number of transactions increasing, the 1MB size limit of the block that is built into the system is becoming an issue, causing delays in processing transactions. Thus, purchases would take a long time to confirm.

The time taken for a virtual currency bitcoin transaction has been gradually increasing. The median currently sits at 13 minutes.

What are the alternatives?

The split is leading to two possible solutions: “Bitcoin Unlimited” and “Segregated Witness”. They obviously can’t exist together, they’re software updates to the bitcoin network that would change how it works. This “hard fork” would split the chain of transactions in two, producing another chain splitting from the original one.

 

BU vs SegWit

Starting off with Bitcoin Unlimited, you must understand the concept of bitcoin mining. Miners sift through and verify transactions using computers in order to get rewarded with newly issued bitcoins. Professional miners with computers having specialized hardware do the majority of the mining by performing mathematical tasks.

Miners are in favor of BU because it would give them control over the Bitcoin network.They would be able to increase the block size when required and effectively give them control to set the transaction fees.

On the other hand, to keep the cryptocurrency more decentralized rather than giving additional work to miners, bitcoin developers, and enthusiasts are in favor of SegWit.

SegWit would double the transactions per second capacity of bitcoin by juggling the makeup of transactions, stripping out some details such as signatures. It would also add some extra functionality, including possibly moving some transactions off-chain in a way that might not benefit the miners. This solution would keep control over the network dispersed (decentralized).

Although, SegWit is just a temporary solution. It only doubles the network’s bandwidth, while BU allows miners to vote to increase the capacity when required with no upper limit.

Who’s the winner?

It is possible that bitcoin value will fork and then the two opposing currency will co-exist and compete for users and legitimacy. It is up to the users to choose sides and it isn’t simple to predict the future of the BTC world.

What does this mean for the value of bitcoin?

Bitcoin is hitting high records currently and if the fork conflict’s solved in a timely and satisfactory manner, it would make the market even more powerful.

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Is Investing in Bitcoin a Good Option or a Bad Option?

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Is Investing in Bitcoin a Good Option

Over the past few months, Bitcoin investment has seen a steady rise in its value. At the time of writing, one bitcoin is worth $1157.27 USD. This incredible value appreciation has grabbed the attention of many people. Also, with the media and government paying attention to the virtual currencies, the number of people looking to start their Bitcoin venture has gone off the charts.

Another reason as to why digital currency is gaining so much popularity is its worldwide acceptance as a form of payment at retails, corporations and large business organizations.

Moreover, it has made transactions quicker, safer and cheap as compared to the transactions involving fiat currency.

With all this being said, one question pops up into the mind: “should you make Bitcoin investment or not?”

The goal of this article is to provide you detailed insight on this question. So, let’s get started.

Should You Invest in Bitcoin or Not?

How to invest in Bitcoin?

Before asking “should you invest in Bitcoin or not?” you would need to know that there are two different ways through which you can invest in Bitcoin:

  • Buying Bitcoin and holding on until the value appreciates
  • Mining

The first one is quite simple. You go to a Bitcoin exchange, buy bitcoins and hope for the value to go high.

Mining, on the other hand, is a little tricky because when a transaction takes place, it goes straight to get verified by miners over the network. The verification process involves some complex algorithms. However, once the transaction is verified, the miners receive freshly mined BTC as a reward.

One of the biggest risks involved in Bitcoin mining is that the currency has no inherent value, is relatively new and has a price which is highly volatile.

Despite the risk, plenty of private companies and organizations are investing a colossal amount of money in BTC. Moreover, the currency is being accepted as a form of payment throughout the world, which indicates that it’s only going to increase in usage and the likelihood of it dropping back to zero is extremely low.

Another risk involved in Bitcoin mining is the difficulty. In earlier days, the difficulty level was not so high and people could easily mine new blocks through their PCs and regular laptops.

However, the difficulty has now gone to the next level with more people joining mining pools.

Since the max that bitcoins will ever reach is 21 million, the closer you get to the number, the harder it becomes to mine the coins, hence the lesser rewards.

If a miner wants to make money through Bitcoin mining, he must invest big in high-tech mining equipment. Even then, profits are not guaranteed.

Apart from these two, there is a safe third option. If you can create some complex algorithms/graphic cards through some cheap equipment, then you can expect higher profits. However, a large majority of people don’t have the sufficient skill set to succeed through this option.

So, What’s the Advice?

Keep yourself updated with the market trends, browse through Bitcoin forums and do some research regarding costs before taking a dive into the BTC world. Following these rules would increase your chances of success by over 100%. Good luck with your venture.

Tags: BTC investment sites.

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Cryptocurrency News: Putin’s Endorsement Gives a Boost to Ethereum

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As investors look for a safe place to store their assets, Ethereum – the second largest cryptocurrency after Bitcoin – is getting a boost, thanks to Putin’s endorsement of the currency.

The Main Story:

Ethereum continues to skyrocket after the Singapore government and the Russian president Vladimir Putin publicly showed their support to the currency. The latest Monday morning saw the currency trading at $407.10, a record rise of more than 5000% since the start of 2017, where Ethereum was trading at just $7.98.

The Russian president and Vitalik Buterin ­– founder of Ethereum – recently had a meeting during St. Petersburg International Economic Forum. According to some experts, the occurrence of this meeting suggests that Russia is willing to open its doors to using cryptocurrency in an attempt to make their economy less dependent on oil and gas.

“The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” said Putin at the forum.

The recent shift in Putin’s stance has had an immediate impact as the Russian entities such as the State Development Bank VEB, have agreed to use Ethereum.

Meanwhile, the government of Singapore has also released a report about their recent attempts of using Ethereum blockchain and creating their own digital currency.

Japan is also issuing new rules about making Ethereum a valid form of payment. Some major companies such as Microsoft and Toyota have shown their support for Ethereum too.

In conclusion, Ethereum is getting support from all across the globe and is likely to experience even more boost in the coming days. So, if you are looking for a safe digital investment option, Ethereum is the way to go.

Story Credits: vanityfair.com

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Litcoin Price Drops by 4% as LitePay’s debit card launch Delays

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The price of Litecoin has seen a decline after LitePay’s debit card launch, which was scrubbed at the last minute and delayed indefinitely.

Litecoin Price Drops By 4%:

The cryptocurrency market has sustained to shake off the crash that it has experienced this weekend, and most of the large-cap cryptocurrencies have seen strong gains against the US dollar.

The cryptocurrency market index has increased by almost 7%, while Litecoin has seen a decline in its price by almost 4%. At this very moment, the price of Litecoin is $212, which shows that this cryptocurrency has seen a single-day decline of 4% and has the market cap of $11.7 billion. The huge chunk of Litecoin trading volume is focused on OKEx, which accounts for more than 31% of all LTC volume. Especially, KRW pairs, which frequently spike on altcoin recovery, contain a comparatively small amount of Litecoin trading at this time.

litecoin price drops

The current decline in the price of Litecoin appears to be related to the planned launch of LitePay (fintech startup), which was planned to take place on 26th February, but was partially postponed at the last minute and delayed indeterminately.

According to a report, LitePay is intended to offer a solution based on LTC payments that will make it quite simple for traders to accept Litecoin. This service will also issue a debit card, which will be LTC-funded, letting the users to circuitously spend their coins at almost any business.

The statement that LitePay would be launched on 26th February, led to a momentous Litecoin price rally. Though, the company also sent an email to its users just ahead of the planned launch, notifying them that an essential factor of the firm’s business model which is the “LTC-funded debit card” had been postponed indeterminately due to the antagonistic activities by card issuers towards crypto communities.

It is also said by LitPay, that it will open trader’s registration as planned, however, the indeterminate delay on the debit card service of it, caught lots of users by unexpectedly and have likely contributed to the bad performance of Litcoin today.

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It’s bitcoin era, Sweden incorporates and Iran investment firm using the bitcoin

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investment firm using the bitcoin

It’s a kind of breaking news that Sweden going to use bitcoin accounts. For that purpose, the government allows the sweden blockchain startup. Which directly means they opposed the traditional bank accounts. They pay their attention and prove their liquidity and incorporate domestically with the Swedish Companies registration office.

The idea of introducing an investment vehicle by the founder of Brave New World Investment to the companies traded on Tehran stock exchange. Six banks of Sweden rejects this idea.

Brave New World Investments might be considered as a violator of US approvals against Iran. Madeleine Idvardsson told to CoinDesk “we examined whether it would be possible to use bitcoin as non-cash property. Whereas, we found that it would be possible”.

For the company registration in Sweden by using bitcoin, incorporates have to sign a statement from an auditor. The property value must be less or not higher than the actual company’s value. The signed statement must describe the accounting principles for how the property’s value determined.

Bitcoin

As Johansson says” we want to invest in Iran. In good, hard-working companies and individuals.” accordingly, they are ready to invest in Iran without any difficulty. Two identical accounts were programmed bitcoin wallet addresses as subtitle account on 27 January.

therefore, accounts keep overlooking on transactions. Now, accounts are empty but reserves for further transactions.

World of Bitcoin and other cryptocurrencies will use for investment purpose in Iran. where they will be converted and invest in traded companies on Tehran stock exchange.

Liquefying climate

US and UE signs a comprehensive plan in Iran for peace development. EU keep going with an agreement but in the US, something going changes in response to missile tests. US president Donald Trump considered this tests as a threat and moved to tighten US sanctions on Iran. Iranian resolution of 1979 changes the world’s history again and sections against the country increase not only in daily routine but also highly create the effect on business with the nation.

With all of these negativities, Johnson feels that climate will be change soon. He clearly commits that the work will be obedient with both countries sections positions. He also added one thing that they are working crystal clear, they have the fair and proper setup of working. We have the proper system of an audit to make sure that we don’t allow money laundering.

Bitcoin world

It’s clear that Johnson’s firm is going to help Iranian companies to overcome the different obstacle by using bitcoin and other cryptocurrencies. As describe by Johnson that Brave New Company Investments was unable to get an account in Sweden due to violation and agreement issues. This is clear that bitcoin will not face any obstacle. bitcoin face already some restrictions and other are waiting for.

Johnson says, “sanctions create a strong impact. Both, on economically and in the humanitarian sense. They will totally cut from the international banking community”.

Johnson can easy elaborate that sweeten companies entered in the bitcoin world. whereas, they are unable to obtain bank accounts, buying anything, providing services in bitcoin and other cryptocurrencies.

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