Something, which facilitates the people in their lives, automatically will have some values. Whether it is in goods or in services. Therefore, Bitcoin’s uses and its benefits are the reason behind its value. Bitcoin community is active as other social networks. In addition, the main reason behind its increasing worth is the limited supply of bitcoins. Whereas, the government is unable to trace and tax. Bitcoins are in limited quantity. Accordingly, the price of bitcoin in this year is 50x. which is seriously an insane swing of any currency.
Currency needs some qualities
There are some qualities which should be in any currency. These qualities make the money more powerful.
Actually, money/currency should be limited in supply. As economics proves that demand will increase with limited supply. Similarly, with the bitcoin, the total supply of 21 million coins increases its demand. In the result, its values increase day by day. Today’s value of bitcoin is $2251 as of May 23rd 2017.
The utility of any currency or object plays an important role in the determination of its value. In the result, higher demand enhances the higher price.
As currency/money always use in the transaction process, or in exchange meanings. Accordingly, If money has an ability of easily transferable then it will use by a large number of people. Moreo, if it has not, then money/currency’s demand will be low. Accordingly, Bitcoin’s transfer availability is in more than 100 financial sectors.
Everyone in the world has an authority to keeps his/her transactions private. Whereas, People like the process, which provides them such kind of privacy for their transactions. However, Bitcoin provides such type of process to its users.
Here is some discussion about how bitcoin value.
Bitcoin technology has worth for solving the long-standing two general problems. Clever solution for transactions of digital spending is achieved by the self-organizing and time-base record. The blockchain populate the bitcoin network, is well known public ledger.
There is not central server to control or shut down the bitcoin protocol. Censorship resistance of bitcoin is critical. Clearly, means there is no one to control the usage of bitcoin. Censorship resistance to digital currency and its payment system makes the bitcoin an irreversible disruptive technology.
In the field of computer science, Satoshi Nakamoto’s innovations are milestones. Even so, with no limitation, bitcoin become the number one exchange and payment network. Each bitcoin users are responsible for his/her bitcoin’ security. Most of the people like the anonymous behavior of transactions are one the reason of bitcoin’s fame.
To the solution of double-spending, Bitcoin’s explicit design features offer users additional value:
- Bitcoin’s payment method
- Secure storage and transmission of user’s data
- Blockchain (decentralize public transaction ledger)
- Contract mechanism
Secure way for transactions
In addition, bitcoin user’s wallet generates the public keys. Therefore, no one is allowing to step-in transaction’s process.
Bitcoin is peer-to-peer decentralize network. However, nodes are distributing to decentralize the whole network. Whereas, Bitcoin is designed to seek the nodes. In short, the greater decentralization the healthier the network.
Above all are few aspects, that makes the bitcoin valuable. So, take time and make the decision with bitcoin world.
Tags: current bitcoin value, Bitcoin’s success factors.
Thanks to Bitcoin and all the related cryptocurrencies, blockchain startups no more a mystery. All those who are somehow related to the crypto market know that the blockchain technology is infact a decentralized technology that keeps the record of digital transaction and has so far its use been specific for the crypto transactions. To be more precise and accurate we can state that a global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. Blockchain is considered to be invincible because it can continuously replicate itself on multiple computers and databases.
So far Blockchain had been used in case of cryptocurrency transactions only but with the passage of time its use expanded for example in determining identity of digital assets, smart contracts, digital voting and distributed storage etc. Porsche can be considered a pioneer who for the first time decided to utilize Blockchain technology in car manufacturing. Let us see how they did it.
First Use of Blockchain in Automobile industry
With the help of Berlin-based XAIN, Porsche has become the very first automobile manufacturer to successfully test blockchain in its cars. Blockchain technology based digital processes are both secure and super fast than anything that has come before. Test which was carried by the manufacturer of Porsche included locking and unlocking of the vehicle via an app, access authorisations and encrypted data logging. It is a part of further planning to improve autonomous driving functions of Porsche with the help of Blockchain technology.
What is the Plan of Audi?
For the time being Audi is planning to use Blockchain technology for its physical and financial distribution processing. In short Audi is just making an innovative effort to make its global supply chain more transparent and foolproof. For this purpose the car manufacturer also released a Proof-of-Concept (PoC) of its Blockchain system last year. As a result of positive feedback the manufacturer has now decided to advance the project beyond the PoC stage.
Moreover, the management of Audi is further researching on Blockchain in order to improve the process of data transfer and make it more safe and effective.
Interest Shown by other Car Manufacturers
Like Porsche other German car manufacturers such as BMW and Mercedes have also hit the news with announcements of their interest and expected experiments with Blockchain technology. According to authentic reports, BMW is planning to expand its portfolio by partnering with a Blockchain startup. Mercedes Benz has even took a step forward and has announced that it may issue its own cryptocurrency by the name of MobiCoin. According to the initial announcements Mobican will be used to reward drivers for their environmentally cautious driving.
13 July 2017, It pays to be the Bitcoin sign guy. Don’t believe? Look up the new data released by Blockchain.
Yesterday, Bitcoin world was humming during congressional committee by Federal Reserve chair Janet Yellen. Where the image of sign speedily gets viral in few hours, yet the attendee with his partner was eventually asked to leave by a staffer.
After his arrival, it emerged that the solitary is a friend of cryptocurrency broker who tweets under the knob CryptoEthan. He also posted a picture, soon he will recognize as Bitcoin Sign Guy. In addition, he will have the complete authority to share Bitcoin and hold the now-infamous sign as well.
Although, his gathered address is 6.32570673 BTC, with the amount under $15,000 at the existing price. whereas, it holds the transaction with 556 number according to blockchain.info. That was small in scale with a 1BTC contribution.
Later on, that photo was deleted at Bitcoin Sign Guy’s request. This viral activity drove numerous scams tries with photoshopped versions of the original picture.
Story Cerdit: Coindesk
Some famous names in the financial or economic industry are buying Bitcoin which is a good sign for Bitcoin.
Bill Miller is one of the renowned names in Bitcoin community. According to Forbes report on Tuesday, Bill put 1% of his net wealth into Bitcoin in the year 2014. The report reveals that the cryptocurrency is one of the top properties in Miller’s $120 million hedge fund.
Showing its image of volatility, Bitcoin fell in January 2014 from a peak of $1023. According to CoinDesk, on October 2014, it was just around $287. That’s the reason which puts the return of Miller’s Bitcoin anywhere from 126% to 707% – based on the price of Bitcoin which was $2315 on Wednesday.
The other name is Josh Brown – Chief Executive of Ritholtz Wealth Management and a CNBC contributor. In a blog post on Tuesday, Josh stated that he used Coinbase to purchase Bitcoin by a “Small Amount of Money”.
He said I think I have been through proper seasoning at this point. In case it does not drop this year after the fork, the developers argue that this could split Bitcoin. He revealed that it is going to drive mainstream among financial pros. Brown said: My main thing is, this would not go away”.
If a greater number of developers don’t favor an upgrade system for the Bitcoin, the cryptocurrency may split on 1st of August. However, a majority of Bitcoin miners have started to show their support.
Lastly, the announcements of this week follow the Standpoint Research’s Ronnie Moas. Ronnie Moas purchased a small amount of Bitcoin and thinks that it could hit $5,000 within a year.
Two merchants, Brian Stutland of Equity Armor Investments and Path Trading Partners’ Bob Iaccino are least concerned about the tripling of Bitcoin’s price against gold and claim gold to still be a better bet.
While gold was exchanging at $1,280, Bitcoin has soared 240 percent this year to a high of $3,288 on Wednesday. However, Stutland and Iaccino trust gold is a superior wager than Bitcoin from technical and fundamental perspectives.
“When you look at gold over the past couple of months, [it has] tracked very well [relative] to the cryptocurrency,” Stutland told CNBC’s “Futures Now.” “If you price adjust and volatility adjust, I think gold still has a little bit of catching up to do.”
Iaccino believes that bitcoin’s popularity is undeniable yet it’s still highly unstable and could easily be replaced by another cryptocurrency.
“Bitcoin, right now, is the most popular [cryptocurrency] and it is the most valuable one,” he said. “But I don’t see it as a store of value because any [other cryptocurrency platform] could come out with a slightly better technology and completely replace Bitcoin.”
Moreover, on Wednesday, gold rose more than 1 percent, being one of the biggest safety trades during times of possible chaos. Bitcoin, on the other hand, fell back to the previous gains shown this week as it drops by 3 percent.
News credits: cnbc.com
image credits: cnbc.com