19 July 2017, A passionate digital currency backer says that Bitcoin is going to hit $500,000 during the next three years.
According to him, Bitcoin’s potential is not a joke, and that he is ready to take any bet to the contrary.
People were quick to respond:
One might think that McAfee is on the extreme end, but he is not the only one manifesting this much optimism for Bitcoin. Tom Lee – one of Wall Street’s biggest equity bears – also believes that Bitcoin is the new gold with a potential worth of $55,000 by 2022.
“One of the drivers is crypto-currencies are cannibalizing demand for gold GCQ7, -0.20%”, Lee wrote in a report. “Based on our model, we estimate that Bitcoin’s value per unit could be $20,000 to $55,000 by 2022 — hence, investors need to identify strategies to leverage this potential rise in crypto-currencies.”
That’s a major jump from $2530. Lee considers Bitcoin as a Gold, and the reason for this is the ever-increasing value and high demand of Bitcoin. Lee added, “Bitcoin supply will grow even slower than gold.” And, “Hence, the scarcity of Bitcoin is becoming increasingly attractive relative to Gold.” Lee also wrote, “This is a game changer, enhancing the legitimacy of the currency and likely accelerating the substitution for gold.”
Today’s value of Bitcoin is $2303.28, which reached $3018 on June 11, 2017. However, the drop is just being touted as temporary, and Bitcoin is expected to pick up the pace again in the coming days.
Story Credits: MarketWatch
Owning Bitcoin is the new cool! Those who own Bitcoin have 125% more chance of stealing your girl! Had you bought Bitcoin a couple years ago, you’d be a millionaire by now! This and many other things you’ll get to hear during a Bitcoin discussion. Despite all its cool features, Bitcoin is not a currency that comes from heaven and has its pros and cons.
In this post, we are going to discuss three reasons to buy and three reasons not buy Bitcoin investment.
Get, set, go!
3 Reasons To Buy Bitcoin:
Increased Attention From Major Investors:
Ever since Bitcoin was created, its biggest boosters have been computer geeks. However, the trend is starting to shift as the major investors and financial industry has turned its eye to Bitcoin. A growing number of investors and entrepreneurs have recently joined Bitcoin as they consider it a legitimate asset class such as commodities, bonds, and stocks.
The Number Of Bitcoins Is Limited:
Bitcoin is limited. Yes, it is not your traditional currency which exists in billions or trillions – it’s limited in nature and only 21 million of it will ever come into this world. This is the very reason why Bitcoin is so valuable and has a single BTC being traded at $3456.00 at the time of writing. To your surprise, it’s expected to go even higher.
Some Term Bitcoin As The New Gold:
Those who own and invest in gold do so because it’s an asset whose price is not determined by government. Regardless of the fact that a country is ravaged by war or its improvident national bank keeps on printing excessive cash, the value of gold will remain. Bitcoin has a whole lot of similar qualities. It exists on a decentralized computer network that rises above national fringes, and there is no Federal Reserve-like authority that can downgrade it.
3 Reasons Not Buy Bitcoin:
Core Users Of Bitcoin Are Still Fringe Figures:
Because of obstacles like high transaction fees, slow transaction confirmation, and restrictions on payments through credit/debit cards, Bitcoin’s primary use remains what it has always been: buying drugs and other illicit activities.
The ordinary consumer is still not using it as a payment method, and this is the main reason why Bitcoin is far too less useful than gold in the real world.
Bitcoin Is Highly Volatile:
Bitcoin is highly volatile and has experienced some spectacular crashes over the years. In 2013, for instance, the currency went on to hit $1100 only to fall back to $700 a few months later, and then to $200 in 2015.
While Bitcoin is currently over $3000/BTC, there is no guarantee that it won’t tumble back t0 $2000 or below.
Bitcoin Only Exists On Computers:
This may sound obvious but, Bitcoin is the most intangible form of money in the history of money. It’s basically just a piece of code stored somewhere on the internet and there is no authority in the world you can ask to honor it.
It’s really important for you to understand the fact that social media is going to take a dramatic shift, it doesn’t matter whether you’re a social media marketer, providing services to your business or a business owner, who uses social media to interact with his customers.
Blockchain technology Impact on Social Media Marketing
Blockchain technology is unsettling many businesses, and social media is one of them as it is likely to feel the consequences of blockchain commotion first. There are many companies that used to build and promote their brands on social platforms like; Facebook and Twitter. Such companies are soon going to comprehend that all that investment of time may have been nothing. As blockchain technology alters the platforms, customers and businesses usage, including how they network, social media marketing is soon going to experience a disruption that it has never gone through before.
Do you want to get yourself ready for the future of blockchain-enabled social media marketing? If you do, here are the five trends you must have to follow:
An increasing interest can be seen in verified online identities. Business owners are gradually in quest of customer outreach platforms where they can upsurge their marketing return on investment “ROI,” as an immense bot glitch on social media platforms including; Facebook and Twitter is observed. Plus, those business owners who do not wish to endure the market hooked on the black hole of social media and fake ad impressions find it very appealing when they are able to get along with customers who’ve had their identities validated through blockchain technology and smart contracts.
While the verified identities will affect blockchain-enabled social media future, similar verified marketplaces of concurring people and companies will be also affected. If we talk about the marketplaces, they are already mounting to deal with the certain requirements and this will remain the same as blockchain technology is becoming “mainstream,” making business owners comprehend and realize its ability. The capability of marketing of a verified group of people and firms that you are interested in and what you’re retailing can actually lessen your marketing efforts though it increases your return on investment of time.
Cryptocurrencies and Blockchain-Enabled Social Media Networking
If blockchain-enabled social media networking and cryptocurrencies are combined together, you can see another tempting instance of the future of the social platform. If decentralized platforms become common, social media users will be provided with an opportunity to choose the platforms and on which platform to network. The users will be attracted to the platform because of the ability to make small amounts of cryptocurrencies for the pursuits and the aids to platform development will get rewarded. Just take a moment and think about the time you spend on social networking sites at this time (including Facebook and Twitter) and envision if every post that you’ve made helped you in earning a small amount of the leading cryptocurrency Bitcoin, since the future of crypto-enabled social media is certainly enticing.
Blockchain and Cryptocurrency Collectibles
Cryptocurrency and blockchain technology collectibles are likewise swaying the social media future. The interest in the crypto-collectible area is significant, with some first movers like CryptoKitties, which has raised millions of dollars in just investor funding. Even though some might see the crypto-collectibles as nought and consider it just a mobile game, the fact is that some of these crypto-collectible firms propose eventually to their games into the platforms such as Android or iOS. When the whole sub-markets are made on top of the crypto-collectible game, the enticement of these inventions becomes unambiguous.
Blockchain and Smart contracts
Blockchain technology and smart contracts are also going to have an impact on the span of counterfeit content. The social media networks of today are getting swamped with everything –from counterfeit news to spam bots. If we talk about the social media networks of the future, the content dispersal won’t depend on validated information and the perceptible spread of information. The capability to block content as well as its suppliers is also an appealing opportunity for brand manufacturers.
In short, we can say that Blockchain-enabled social media is going to have a dramatic effect on famous platforms such as:
Many social media marketers are already exploring the blockchain landscape to become the initial adopters of new social networking opportunities. As soon as you completely understand the capability of blockchain-enabled social media marketing, you can easily adapt your current business approaches to put up with this new certainty.
June 15, 2017, The US defense official Department declares that the US should endorse its investment in blockchain-based solutions. Eric Rosenbach says that government security agencies and private sector business should cooperate in cloud-based security, blockchain-enabled transactions, and quantum computing.
According to his remarks, “As I mentioned, reducing the benefits that adversaries derive from cyber and information operations is a key aspect of bolstering our deterrence posture,”
He performs his duties as secretary of the army of US between 2017 and 2017. He also served as chief staff of the defense department. Whereas, not the single one who told about investing in the blockchain.
One of the largest US defense contracts Lockheed Martin announces last month that it is integrating blockchain operation as a part of cybersecurity enterprise.
Department of the homeland security and government-backed national science foundation will spend millions of dollars in this area.
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.
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.
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.