Category Archives: Bitcoin
Bitcoin is the worlds first virtual digital currency underpinned by a completely decentralized blockchain technology also known as the Distributed Ledger Technology (DLT). Bitcoin was first created in 2009 by an anonymous identity of Satoshi Nakamoto. Bitcoin allows for peer-to-peer transactions and is completely free of any third-party involvement like financial institutions or central banks. The Bitcoins blockchain network maintains a history of all the transactions made and facilitates instant funds transfer with minimal transaction fees required to cover the cost of network operation. The total supply of Bitcoin is fixed at 21 million coins and its smallest fractional unit is called as Satoshi. Each Satoshi is a hundred millionth of a Bitcoin which means 100,000,000 Santoshi = 1 BTC. Bitcoins are generated by a process known as mining which involves solving of complex mathematical algorithms. The miners involved in the mining process look after the Bitcoin network security and validate each transactions taking place on the network. Bitcoin can be exchanged with other digital currencies or fiat currencies. Bitcoin is used as a means of payment by over 100,000 vendors and merchants.
Bitcoin is the worlds first cryptocurrency which works on a completely decentralized network known as the blockchain. The blockchain network consists a link of blocks that are secured using cryptography and record all the transactions. Bitcoin was first presented to the world in 2009 by an anonymous identity known as Satoshi Nakamoto. As Bitcoin works on a decentralized network, it is completely free from the involvement of third-party financial institutions or central banks. The Bitcoin blockchain facilitates instant peer-to-peer transactions at minimum transactions fees required to maintain the network. The total number of Bitcoins is fixed at 21 million with its smallest unit being referred to as Satoshi. Each Satoshi represents a hundred millionth part of Bitcoin which means that 100,000,000 Santoshi = 1 BTC. Additional Bitcoins are generated by a process known as mining. Bitcoins are mined by professional miners solving complex computational equations. For each Bitcoin mined, the miners are rewarded with either more coins or transaction fees. The miners also validate all transactions on the Bitcoin network as well as look after the network security. Bitcoin can be exchanged with fiat currencies or other digital currencies. There are over 100,000 merchants and vendors accepting Bitcoin all over the world.
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Bitcoin price | index, chart and news | WorldCoinIndex
After losing its major upwards momentum roughly ten days ago when Bitcoin failed to break above $5,400, BTC has been able to hold steady above $5,000 and has tepidly clawed its way upwards towards $5,300.
Now, one analyst believes that Bitcoin will incur just enough buying pressure to propel its price up towards $5,800, at which point it will face significant selling pressure that may lead to a large drop.
At the time of writing Bitcoin is trading up marginally at its current price of $5,300, up slightly from its daily lows of $5,230.
Although Bitcoin has been able to post minor gains over the past several days, it is important to note that is strongest confirmed level of resistance currently exists at $5,400, as BTC has failed to make any decisive advances past this level without being swiftly pushed lower.
Despite this, Bitcoin may be currently incurring strength that will allow it to surge up towards $5,800 at which point it will likely find greater levels of selling pressure.
XC, a popular cryptocurrency trader on Twitter, shared his thoughts on Bitcoin in a recent tweet, explaining that he expects BTC to see another scam move up to the upper-$5,700 region, at which point it will be pushed back down.
Seeing weak bearish moves all across the board here, think we get one more scam move up with a harsh peak around 5777, he explained.
One pattern that traders and analysts alike have been closely watching is the golden cross that Bitcoin is currently en route to forming. Previously, this pattern was only hypothetical, but it now appears that BTC will in fact make this formation, which would be highly bullish for the cryptocurrency.
One analyst believes that the formation of this pattern will lead to massive volatility that could either send Bitcoins price surging upwards or reeling downwards depending on whether bulls or bears take this opportunity to strike.
$BTC. Golden cross trajectory now April 24. (Was previously April 25). Should be interesting. Lot of hype that this is the bull run signal. If I were a bear or bull whale, thats when Id strike. Bull whale rides momentum of GC traders. Bear whale destroys their morale, B.Biddies, another popular crypto analyst, explained in a recent tweet.
Assuming that there are not any massive price movements over the next several days that change the timing of the golden cross formation, investors and traders alike should not take the current stability in the crypto markets for granted, as it may not last for very long.
Bitcoin Cash is a cryptocurrency. In mid-2017, a group of developers wanting to increase bitcoin’s block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two. At the time of the fork anyone owning bitcoin was also in possession of the same number of Bitcoin Cash units. The technical difference between Bitcoin Cash and bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than bitcoin, which in theory allows it to process more transactions per second.
On 15 November 2018 Bitcoin Cash split into two cryptocurrencies.
Bitcoin Cash is a cryptocurrency and a payment network. In relation to bitcoin it is characterized variously as a spin-off, a strand, a product of a hard fork, an offshoot, a clone, a second version or an altcoin.
The naming of Bitcoin Cash is contentious; it is sometimes referred to as Bcash.
Rising fees on the bitcoin network contributed to a push by some in the community to create a hard fork to increase the blocksize. This push came to a head in July 2017 when some members of the Bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency. This push by some to increase the block size met a resistance. Since its inception up to July 2017, bitcoin users had maintained a common set of rules for the cryptocurrency. Eventually, a group of bitcoin activists, investors, entrepreneurs, developers and largely China based miners were unhappy with bitcoin’s proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash. The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.
The would-be hard fork with an expanded block size limit was described by hardware manufacturer Bitmain in June 2017 as a “contingency plan” should the Bitcoin community decide to fork; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, the Bitcoin Cash name was proposed by mining pool ViaBTC.
On 1 August 2017 Bitcoin Cash began trading at about $240, while Bitcoin traded at about $2,700.
In 2018 Bitcoin Core developer Cory Fields found a bug in the Bitcoin ABC software that would have allowed an attacker to create a block causing a chain split. Fields notified the development team about it and the bug was fixed.
In November 2018, a hard-fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin ABC and Bitcoin SV. On 15 November 2018 Bitcoin Cash ABC traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.
The split originated from what was described as a “civil war” in two competing bitcoin cash camps. The first camp, led by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap) which would maintain the block size at 32MB. The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for “Bitcoin Satoshi’s Vision,” that would increase the blocksize to 128MB.
The arguments have devolved over three or four years of bitter debate, the principles are real and they are important to preserve, but a lot of the drama has nothing to do with principles anymore. A lot of this debate is now more about hurt feelings. Its about bruised egos. Its about things that were said that cant be unsaid, insults that were exchanged, and personalities and ego.
Andreas Antonopoulos, “The Verge”
There are two factions of bitcoin supporters, that support large blocks or small blocks. The Bitcoin Cash faction favors the use of its currency as a medium of exchange for commerce while the bitcoin supporting faction view Bitcoin’s primary use as that of a store of value. Some bitcoin supporters like to call Bitcoin Cash Bcash, Btrash, or simply, a scam, while Bitcoin Cash advocates insist that their implementation is the pure form of Bitcoin.
Bitcoin Cash trades on digital currency exchanges including Bitstamp, Coinbase, Gemini, Kraken, and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. A few other exchanges use the BCC ticker symbol, though BCC is commonly used for Bitconnect. On 26 March 2018, OKEx removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to “inadequate liquidity”. As of May2018[update], daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.
By November 2017 the value of Bitcoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held Bitcoin selling off the Bitcoin Cash they received at the hard fork. On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018.
As of August 2018, Bitcoin Cash payments are supported by payment service providers such as BitPay, Coinify and GoCoin. The research firm Chainanalysis noted that in May 2018, 17 largest payment processing services such as BitPay, Coinify, and GoCoin processed Bitcoin Cash payments worth of US$3.7 million, down from US$10.5 million processed in March.
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Bitcoin Cash – Wikipedia
Bitcoin is in the last stage of the bear market, the accumulation phase, according to a report from digital assets fund Adamant Capital.
The current sentiment has recovered from capitulation and the blockchain shows us that Bitcoin HODLers are committing for the long-term again. This is confirmed by our drawdown and volatility analyses, the report states.
While lower prices are still possible, Bitcoins fundamentals are gaining momentum. Embraced by Millennials, its ecosystem is developing at rapid clip, both as a decentralised bottom-up disruptive technology, and as an uncorrelated, highly liquid financial asset for institutional portfolios around the world.
The long term risk-reward ratio for Bitcoin is currently the most favourable of any liquid investment in the world. Adamant Capital reckons that it will trade in a range of $3,000 to $6,500 after which we foresee the emergence of a new bull market.
Supported by over 10 years of infrastructure development, we believe the stage is set for mass market adoption in the coming five years. In our assessment, during this phase (its Windows moment) Bitcoin will become widely recognised as a portfolio hedging instrument and reserve asset, and will begin making significant inroads as a payment network, the report concludes.
These sentiments were recently echoed by Nigel Green, Founder and Chief Executive of financial advisory organisation deVere Group.
Im now calling that the market has bottomed and the so-called crypto winter has come to an end, he said.
I believe it will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector.
Last months dramatic jump will attract many investors who have been sitting on the sidelines, he believes. And it will also reignite institutional interest.He added that the crypto space is on the verge of a true global breakout..Adoption is increasing all the time. This is evidenced not only in the financial sector, in which major banks are increasingly looking at blockchain andcrypto,but with big names within the tech and retail sectors too.
There is increasing acceptance that cryptocurrencies are inevitably the future of money, and the environment is now right for a sustained climb in prices.I think we could reasonably see the Bitcoin price hitting $7,000 in the next few months, he concluded.
The post Bitcoin heads for mass market adoption as Millennials get onboard appeared first on Coin Rivet.
Bitcoin forks are defined as changes in the protocol of the Bitcoin network. Forks can also be defined as the situations that occur when two or more blocks have the same block height. A fork, in essence. influences the validity of the rules. Usually there are significant changes associated to hard forks, even though any type of fork usually brings change to the protocol.
Forks are typically conducted in order to add new features to a blockchain or to reverse the effects of hacking or catastrophic bugs. Forks require consensus to be resolved or else a permanent split emerges.
A soft fork is a backward compatible method of upgrading a blockchain. In other words, a soft fork is software upgrade that is backward compatible with previous versions of the software. Soft forks do not require nodes on the network to upgrade to maintain consensus. Thats because all blocks on the soft-forked blockchain follow the old set of consensus rules as well as the new ones.
However, blocks produced by nodes conforming to the old set of consensus rules will violate the new set of consensus rules, and as a result, will likely be made stale by the upgrading mining majority. This is because for a soft fork to work, a majority of miners need to recognise and enforce the new set of consensus rules. If this majority is reached, then the older network will fall into disuse, with the newer blockchain gaining recognition as the true blockchain.
Examples of soft forks are
A hard fork, on the other hand, is a permanent divergence from the previous version of a blockchain. A new set of consensus rules are introduced into the network that is not compatible with the older network. In other words, a hard fork can be thought of as a software upgrade that is not compatible with previous versions of the software. All network participants are required to upgrade to the latest version of the software in order to continue verifying and validating new blocks of transactions.
Under a hard fork, blocks that are confirmed by nodes that are not yet upgraded to the latest version of the protocol software will be invalid. Nodes running the previous version of the software will have to follow the new set of consensus rules in order for their blocks to be valid on the forked network. In the event of a hard fork, if there is still mining support for the minority chain, then two blockchains can continue to exist simultaneously.
Hard forks can usually fall into two subcategories, they can either be a planned hard fork or a contentious hard fork.
The first major Bitcoin hard fork that took place, as we can see above, was Bitcoin Cash. The top-3 hard forks by market size are:
Each hard fork aimed to increase Bitcoins throughput, either by increasing the block-size, or by increasing the block frequency. Other projects like Bitcoin gold and Diamond tried to implement alternative consensus algorithms, GPU based, to further decentralisation of miners.
To find out more about Bitcoin, and all of its variants, make sure you download this definitive guide. It gives you access to Bitcoins price history, information on how to trade it, and methods to acquire this leading cryptocurrency
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Major Bitcoin hard and soft forks. Where are they now?
This article was originally posted on The Bitcoin News – a trusted site covering numerous topics related to Bitcoin since 2012.
Bitcoin is a terrible money for criminals. The assets loose pseudonymity makes it relatively easy to identify someones address and transactions. But its not just criminals that should want privacy. Privacy is important beyond its direct implications.
Fungibility is one of the key properties of sound money. This refers to the property whereby all coins appear identical in an economy and are therefore interchangeable. Without fungibility, its possible to trace coins back to their previous owners. If you happen to have bitcoin that was previously owned by a criminal, then an exchange may refuse to accept your deposit, essentially making it worth less than untainted coins, such as freshly minted coinbase bitcoins.
Bitcoins lack of privacy and fungibility has long been a source of frustration for users and developers. Due to the size of the Bitcoin ecosystem and the slow passage of Bitcoin Improvement Proposals (BIPs), we are still a long way from achieving anything resembling full privacy. However, instead, Bitcoin is making several small strides simultaneously in this direction at different levels. Lets take a look at some of these improvements.
Data analytics companies can tell an awful lot about Bitcoin activity.
The most important, and hardest to implement, form of privacy is at the protocol level. Even more problematic are those protocol changes that obfuscate data such as transactions amounts and addresses on the actual blockchain. Typically, the cryptography required demands a tradeoff in scalability due to the heavy data load of the mechanisms.
Confidential transactions (CTs) completely hides the amounts in transactions, leaving only the sender and receiver addresses visible. The main problem with CTs though is their huge size. If implemented right now and widely used, they would significantly reduce the throughput of Bitcoin. Fortunately, a recent breakthrough, Bulletproofs, allow for CTs to be far more compact and therefore more feasible. Whether the reduction is adequate, though, is another question as throughput would still fall to some extent.
For now, CTs are only in use on side chains. The Liquid sidechain from Blockstream uses CTs to obfuscate transaction amounts and the type of asset being exchanged. Liquid attaches to Bitcoin via a two-way peg. However, its currently only available to exchanges and institutions, not regular users.
MimbleWimble is a fascinating proposal that is already being adopted by two new projects Grin and Beam. Its also being considered by Litecoin.
MimbleWimble is a complete redesign of the Bitcoin blockchain structure. The protocol is able to achieve total blockchain privacy by hiding transaction amounts as well as the sender and receivers. Importantly, it does all this in a scalable manner. MimbleWimble offers a blockchain that can handle similar throughput to Bitcoins current capacity while completely obfuscating the data.
MimbleWimble is groundbreaking in being able to achieve scalable blockchain privacy.
Unfortunately, due to the radical design differences, developers cannot simply add MimbleWimble to the current Bitcoin blockchain. Either they give up the current design of Bitcoin including its scripting functionality or use an auxiliary method such as extension blocks to benefit from MimbleWimbles advantages. Alternatively, similar to CTs, MimbleWimble could be built as a side chain that is then pegged to the original Bitcoin blockchain. This would allow users to transact with total privacy and then return to Bitcoin when they want to.
Regardless of how much privacy exists on the blockchain level, without other precautions, nodes are still vulnerable to being identified. Onlookers and hostile parties can quite easily identify the IP addresses, geolocations, and other metadata should they want to.
Dandelion is a novel approach to achieving network privacy. Currently, transactions propagate through the Bitcoin network by flooding. This means that nodes communicate transactions randomly to any other node it has a connection with. As such, other parties can obtain useful and identifiable data on them through triangulation.
The Dandelion protocol will bring high-level privacy to all Bitcoin nodes.
In Dandelion, however, a node sends its data to just one other node that it has randomly chosen. This node then does the same. The process occurs several times until, after a while, a node sends out the information to the entire network at once. This alternative propagation method makes it all but impossible for onlookers to decipher valuable information about the original node.
Since its release in 2017, Dandelion has had several upgrades and should be part of a future Bitcoin Core release, possibly at some point this year.
While privacy at the blockchain level still leaves a lot wanting for Bitcoin, users will benefit from much stronger fungibility and privacy on layer two protocols such as the Lightning Network.
Lightning uses Sphinx, an onion-routing system, that prevents nodes from knowing both the sender and receiver of payments. As payments route through payment channels, nodes can see them. However, they have no method of determining the source or endpoint of the channel. A node can only see the node one hop in front and one hop behind them in the channel, and they dont know how long the channel is.
Furthermore, no onlooker can link packets flowing through the same channel. The benefit of Sphinx versus other onion-routing systems like Tor is that it precludes any need for exit nodes that can be used by surveillance entities to collect data.
Data is encrypted between all nodes on the Lightning Network.
To this end, privacy-conscious Bitcoin users would be far better using Lightning for payments than on-chain transactions.
Bitcoin Core developers and the Bitcoin research community have been working on several proposals to blur the lines between different types of transactions and smart contracts. Such upgrades will also make it impossible to identify on-chain from off-chain transactions.
Currently, Bitcoin uses an ECDSA signature scheme for creating digital signatures. One problem among others is that ECDSA requires every user in a multisignature transaction to unveil their public key. Schnorr signatures are an alternative scheme that allows for signature aggregation and therefore removes the need for individual participants to expose their respective public keys. Therefore, any multisignature arrangement would protect the identity of individual participants.
MAST (Merkelized Abstract Syntax Trees) is a way to reintroduce more extensive smart contracts into Bitcoin by significantly reducing the amount of data they occupy. More than that, though, it has an important ramification for privacy.
The increased efficiency of MAST means that only executed smart contracts are revealed, reducing the amount of other information that would otherwise be exposed. This, in short, helps to reduce the ability to decipher on-chain from off-chain transactions. However, it is far from perfect.
Taproot and its complimentary upgrade, Graftroot, make up for privacy deficiencies left behind by MAST.
Together, these upgrades make regular and multisignature transactions look completely identical on the blockchain. All in all, as the Lightning Network grows, these changes will increase in their impact, as all Bitcoin transactions, whatever network or layer they operate on, will appear the same.
Privacy and fungibility have been a goal of the Bitcoin community for a long time, so you might be surprised how far the protocol has yet to go. While the network level and second layer protocol privacy features are making huge progress, the underlying blockchain is still a long way from satisfaction.
If Bitcoin is truly to become sound money and a global reserve asset, developers will need to find a comprehensive BIP that guarantees solid fungibility at the blockchain level. Until then, all other upgrades, while helpful, fall short of the end goal.
The post Bitcoins Long Road to Privacy appeared first on CoinCentral.
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ndreas Antonopoulosis an educator and an experienced Bitcoin user; He is recognized as one of the most reliable voices in the Blockchain space. Antonopoulos has written four books in the blockchain space, they are Mastering Bitcoin (2014), Internet of Money Vol 1 (2016) and 2 (2017) and most recently Mastering Ethereum (2018).
In his recent interviewon YouTube channel,Singularity Web, he answered some hard-hitting questions that currently surround Bitcoin. First and most important was,Why Bitcoin?. Since the banking system itself has evolved over more than 50 years to store and send value.
However, according to Andreas,
Only 15% of the human population actually has access to banks Hence, the privildged cannot imagine to need of the system But its there Think about South America People, there are not happy with their economy or Government Countries with inflation problems
Hence, from the perception of a developed nation like the US, it is difficult to understand the immediate need for Bitcoin (BTC) in the world.
The second most striking question that the interviewer put was regarding the blockchain technology vs Bitcoin argument. Various industry leader and even banking institutions have emphasized that Bitcoin will die but blockchain will stay or that Blockchain is the real thing.
To this, Antonopoulos noted that Blockchains are basically secure databases. However,Blockchain alone does not guarantee immutability and trust. Bitcoin provides immutability and trust on the blockchain by addingproof of work(PoW) consensus mechanism.
The most interesting analogy that Andreas presented to the users was:
Bitcoin vs Blockchain is exactly the same as Facebook vs the open internet infrastructure.. People say that we are very excited about open-internet and Facebook is the internet, isnt it? No, its not. He added, Facebook is a centralized, control infrastrucure.. It is a terrible argument for many reasons.
He emphasized on the above argument because while Bitcoin is forging its way to become the worlds most robust, independent digitally secure currency and payment system itlacks in one aspect and i.e., privacy. However, the second layer of Bitcoin with Segregated Witness (Segwit) and Lightning Network (LN) is working towards addressing those issues as well.
Furthermore, he added that:
Bitcoin has continued to work like a Heartbeat.. producing a block every 10 minutes for the past 10 years It provides independence, empowerment, neutrality, borderless operation and open access. He also added that, the fact that it is still there is the real testament to the robustness of the technology.
Hence, midst numerous cryptocurrencies and centralized blockchain projects like theJPM Coin, Ripple, and even forks of Bitcoin like Bitcoin Cash (BCH), Antonopoulos is a staunch believer of the original Bitcoin (BTC). He implores that greed and investment in Blockchain is only the tip of the iceberg, and one must use and experience the technology before giving in to speculation and short-sighted thinking.
From a Bitcoin prediction gone viral to a brush with fate for Ripple and Ethereum, heres a look at some of the stories breaking in the world of crypto.
A theory on how Bitcoin will plot a course back to its all-time high is going viral on Twitter.
The prediction, posted by a crypto trader who goes by the name B.Biddles, uses a popular stock trading indicator called a bump-and-run reversal (BARR), which highlights an accumulation phase followed by a bump to the downside and then a surge toward previous highs.
$BTC. Literally a textbook BARR bottom. Hint: This means bears are fucked. pic.twitter.com/5ZUMGCXMIt
B.Biddles (@thalamu_) April 14, 2019
According to an analysis of the theory from CCN, the BARR points to a potential Bitcoin breakout to $6,800.
Meanwhile, Murad Mahmudov of Adaptive Capital predicts the bear market is not over yet. On Trading View, Mahmudov plotted an incoming BTC rally to about $5,700, where Bitcoin traded for months in mid-2018. After that, Mahmudov believes Bitcoin could then crash to $4,800.
Mahmudov became well-known in the crypto community for outlining his ultimate Bitcoin argument on Anthony Pomplianos Off the Chain podcast. In January, he said Bitcoin may not have found its bottom yet and could still fall as low as $1,700.
Ethereum, Ripple and XRP
A simple twist of fate prevented Ethereum creator Vitalik Buterin from joining Ripples early efforts to create cross-border payment solutions and boost the XRP ecosystem.
On Twitter, Buterin revealed that he applied for an internship at Ripple back in 2013, but was denied a visa because Ripple had only been around for nine months instead of a year, which is the minimum requirement.
Fun fact: I tried to be an intern at Ripple back in the day (mid 2013), but US visa complications having to do with the fact that the company had only existed for 9 months and the minimum was 1 year stopped me.
Vitalik Non-giver of Ether (@VitalikButerin) April 19, 2019
The Litecoin Foundations partnership coordinator Andrew Yang has crafted a series of resources for anyone hoping to become familiar with LTC.
Yang has released a series of guides on The Lite School, including an introduction to Litecoin, understanding wallets and an overview of the technology powering LTC.
The Stellar Development Foundation has announced a number of new hires.
Trons latest overview on the networks decentralized app (DApp) ecosystem is out. According to the report, more than 300 DApps are now running on Tron.
IOHK, the company behind Cardano, has released more than 17 hours of footage from its recent summit in Miami. You can check out the overall agenda and speakers at the summit here.
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Have you ever thought of changing the way you do your transactions and switching to Bitcoin instead of cash and banks? If you have and you are still undecided as to whether you should take the next step and go full digital cryptocurrency on your transactions, looking at the benefits of trading with Bitcoin might help you decide.
A digital marketing agency, for example, will often give their clients the expertise and guidance to succeed in a competitive market and one of the things that they suggest is switching over to using Bitcoin for some of their clients transactions.
Bitcoin doesnt Require Permissions
Contrary to what government officials and media outlets want to make you believe Bitcoin will never collapse or be banned from governments. In fact, chances are that Bitcoin will still be around and going strong while other currencies go through incredible devaluations.
This is because Bitcoin doesnt require permissions from governments, financial institutions, banks, and international organizations in order to be used. The digital cryptocurrency is free to use and has absolutely no borders like other currencies do.
It Will Never Be Seized
It is a well-known fact that money that you keep on a bank account can sometimes be seized for various reasons. For example, a creditor can easily seize your money if he has a judgement against you.
With Bitcoin, this will never happen as Bitcoin can never be seized. Neither a creditor nor anyone else can confiscate your Bitcoin because you own the digital cryptocurrency. That is not the case with money that you have borrowed from a bank which one moment might be at your disposal and the next out of your bank account.
There is a Limited Supply of Bitcoin
One of the reasons why mining for Bitcoin has become more difficult is the fact that Bitcoin has a limited supply. When all bitcoins are created their number will be 21 million and not a coin more. This means that those who have Bitcoin in their possession can be absolutely certain of their value because Bitcoin is very predictable and speculators cannot influence its value. While current currencies suffer from constant devaluation due to the constant printing of new money from central banks, Bitcoin is very scarce.
Fast and Easy to Use
One of the biggest selling points of Bitcoin is the fact that the currency is very easy to use and people who use it can complete their transactions almost instantly. This is because all Bitcoin transactions are peer-to-peer transfers and as Satoshi Nakamoto wrote in his whitepaper this is one of the basic principles of Bitcoin.
Central payment networks such as Visa, PayPal and Mastercard charge their clients certain fees through their banks when they make a transaction. This is not the case with Bitcoin as it does not charge any fees most of the time and when it does they are minimal.
Another beneficial aspect of Bitcoin is the fact that you can be completely anonymous when making a transaction with Bitcoin. If it is used properly, the currency can keep you out of sight of the government as it does not require its users to provide name, email, social security number and other sensitive information.
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Many members of the cryptocurrency community have labeled these claims as fraudulent, and Wright has retaliated by threatening legal action through his legal representatives.
The controversy has gripped the entire cryptocurrency community, including Binance’s CEO Changpeng Zhao, who mentioned the potential risk of delisting Bitcoin SV (BCHSV).
Bitcoin SV price decreased against the background of this piece of news.
In the meantime, Kraken held a Twitter poll asking their followers whether they should delist BSV or not.
Although Bitcoin Cash may directly benefit from Bitcoin SV’s tailspin, analysts still expect it to possibly see further downside in the near-term.
“$BCH This has been one of my biggest winners in the last couple months!”
Some users have suggested that OKEx’s decision to keep listing BSV may have been influenced by the recent announcement of OKEx’s partnership with Jack C. Liu, founder of crypto wallet RelayX, to launch a BSV-based exchange.
“We stand with @binance and CZ’s sentiments”.
Kraken has joined the feud between Craig Wright and the Bitcoin community and made a decision to delist Bitcoin SV.
The official reason of Binance for delisting Bitcoin SV was that it didn’t pass the review. Wright has reportedly announced a $5,000 bounty in BSV for this objective.
The latest cryptocurrency exchange to announce that they would be delisting BSV is Kraken, which recently tweeted that “the people have spoken” adding that they would be delisting Bitcoin SV, marking another significant blow to the embattled cryptocurrency.
Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640-578645].
“In the next thirty days, we will end even close out support for #BSV transactions”.
The people have spoken.
Image courtesy of Twitter, Shutterstock.
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Bitcoin Exchange Binance Confirms Delisting Of Bitcoin SV