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How To Explain Bitcoin To Your Friends & Family …

Introduction:EVERYnew technological development throughout mankinds recorded history has been met initially with derision, protest, incarceration, torture, death, and sometimes war. From the Catholic Churchs restraint of Galileo, who insisted that Copernicus was correct in his assertion that the sun was the center of the solar system, rather than the Earth as center, as was the position of the church at the time, to the invention of the printing press, which facilitated the French Revolution due to its ability to improve communication exponentially, to the personal computer, to Bitcoin, virtual reality, artificial intelligence, driverless electric vehicles, etc., technology advancement has always intimidated mankind when first introduced. Bitcoin is no exception.

Taking it to its logical conclusion, the adoption of Bitcoin as a store of value and a means of exchange will literally destroy the existing banking and financial system as we know it. It is inevitable. Nothing can stop Bitcoin. All current assets owned by people across the globe will become worthless. This will include assets owned by all levels of government, including, social security funds, and any other type of retirement fund. It makes no difference if the asset is measured in Dollars, Euros Yen, or Renminbi, the value of all current forms of assets will disappear, literally overnight.

So there will be world anarchy, well retreat to the dark ages, everyone will be poor, and well have to subsist off the land, or die. Right? Wrong. There will exist a fairly large group of Bitcoin Billionaires and Trillionaires, so called whales, in all the currently existing advanced economies of the world. These people will control all the power because they control Bitcoin.

There will be a meeting of these people. It will be like Bretton Woods all over again, but instead of politicians and bankers attending, it will be Bitcoin Billionaires and Trillionaires. They will declare a New World Order. Under the Bitcoin New World Order, a percentage of all Bitcoin in the world will be taxed at some agreed upon amount sufficient to replace the capital of every private individual, institution, and government around the globe with an amount equivalent to the pre-Bitcoin changeover. All countries will receive Bitcoin in an amount equivalent to local currency and people will continue to work as they do now.

I further predict this event will transpire within the next five years when the use of bitcoin by individuals and organizations becomes so widespread that local currencies will become unnecessary. The event will be similar to what is happening right now with the Petrodollar. China has declared it will begin using its currency rather than Dollars to buy its oil needs. Potentially, this could lead to China becoming the dominant world power in buying and trading of crude oil. It is currently the largest buyer of crude, which, coincidentally, is the largest traded commodity by Dollar volume.

I also predict that this event will cause all the worlds central bankers to establish their own form of bitcoin but that attempt will fail because Bitcoin by then will already be established as the gold standard, so to speak.

If one reads, listens to, or watches the news, one will hear repeatedly that Bitcoin is a scam, that it will go bust, it will be put out of business by competing banks cybercurrencies, or that governments will stop it, etc. However, I happen to believe Bitcoin will prevail over all obstacles and I therefore boldly

(or perhaps stupidly), predict its future. In a remark attributed to Mark Twain, Predictions are hard, especially about the future.

On August 18, 2008, the domain name bitcoin.org was registered. In November that year, a link to a paper authored bySatoshi NakamototitledBitcoin: A Peer-to-Peer Electronic Cash Systemwas posted to a cryptography mailing list. Nakamoto implemented the bitcoin software asopen sourcecodeand released it in January 2009. The identity of Nakamoto remains unknown.

In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as thegenesis block, for a reward of 50 bitcoins.

The name Satoshi Nakamoto is shrouded in mystery. Its not known if it is a single person, a group of people or just a made up name. Whatever it is, its certainly prescient!

The potential, but real, threat of Bitcoin and the blockchain to the established financial order and to powerful financial elites, recently caused Jamie Dimon, CEO of J.P. Morgan, one of the worlds largest banks, to state that Bitcoinis afraud.

But the man speaks with forked tongue. Its a known fact that every bank in the world is frantically analyzing the blockchain upon which Bitcoin and over 1500 other cryptocurrencies are based because it willand is alreadychanging the fundamental workings of the global financial system. This new technology threatens the well-being and very existence of every financial powerhouse and its beneficiaries because it brings a truly distributed, democratic process to the functioning of money as a system for the storage and exchange of value. However, only those who believe in Bitcoin will come out whole on the other side.

Dimon speaks from his position at the very top of the established financial and political power base. He speaks not to the point that Bitcoin is a fraud, but rather from outright fear of the ability of this new technology to literally destroy that system he represents. Without a shadow of doubt, heFULLYcomprehends Bitcoins and the blockchains threat to the current financial system. Fifty to a hundred years from now, his statement will be seen as akin to those made during the advent of the automobile.

Bitcoin is fundamentally no different than our current global system of finance. Each country has its own form of currency which serves as a measure of value and means of exchange. Bitcoin, however, does not belong to any country. It belongs to its owners in a fully distributed manner.

All forms of money currently in existence in advanced economies are fiat, meaning they are backed by nothing. Until 1971 the U.S. dollar was backed by gold. As a result, the government could never print more money than the amount of gold stored in its vaults. This gold backing of the dollar also served to limit the amount of dollars that could be printed or coins minted. Thus the value of money could never decrease below the value of gold. Now the dollars backing exists only in the confidence and belief of people that money serves as a store of value and a means of exchange. Once people lose that confidence and belief, they will panic and there will be runs on banks as people seek to withdraw their money from their bank. This is exactly what happened in the U.S. before the Great Depression and also more recently in Cyprus.

In 1971, President Nixon removed gold as the backing behind the dollar. Since then, the price of dollars has been allowed to float freely like any other commodity on trading exchanges throughout the world. Each countrys central bank creates its money out of thin air by entering additional digital numbers in their computer ledgers. This so-called money printing has been proven time and time again throughout history to end in financial disaster. It is happening now, as we speak, in Zimbabwe and Venezuela.

Today, banks operate under what is known as the fractional reserve system. The U.S, Government requires that every bank hold in its vaults at least $50 million or $5% of its capital base. A simplified explanation of how the fractional reserve system works is that people deposit money into their bank and the bank is required to keep only 5% of that money in its vaults available for withdrawal by its owners. The bank is in the business of earning profits, so it turns around and loans 95% of its deposits to others in the form of loans or it may invest in financial instruments, such as government bonds, which pay a percentage of interest.

We must ask ourselves what the word value truly and fundamentally means. The fundamental value each individual offers in todays global society is the ability to work if one is in the working age group. For that value we are paid a wage in the currency of the country in which we reside.

Again, Bitcoin is fundamentally no different. However one key difference is in the type of work that is performed to create value. The work that will be completed by Bitcoin to create value will not be physical or mental. Instead the work that will be performed and is currently performed isdigitalandvirtual.

This digital and virtual work is made possible by a technology named the blockchain. The blockchain is a computer algorithm, akin to a mathematical puzzle, but infinitely more complex. The numbers in the algorithm (actually the ones and zeros of the program), stretch to an unimaginable length, nearing infinity. Each time an algorithm puzzle is solved, a new Bitcoin is produced

Furthermore, Bitcoin is limited in quantity to 20,000,000 Bitcoins, the maximum amount that will ever be produced. No central bank will be able to create more Bitcoin and thus inflate the currency. Bitcoins value will never be diminished because there are too many of them, the way there are too many dollars, Marks, or Zimbabwe Dollars, which ultimately leads to destructive inflation as in countries like Weimar Germany, Venezuela, and Zimbabwe.

The making, or mining, of Bitcoin is horrendously expensive, requiring vast networks of the most powerful computer servers to work incessantly, creating a Bitcoin approximately every ten minutes. Furthermore the servers create so much heat in their operation that they must be cooled at high expense to a point they can operate at their peak efficiency. This mining will continue until the maximum amount of 20,000,000 Bitcoin is reached. Each Bitcoin miner is free to keep or sell the Bitcoin they create.

The blockchain is a virtual ledger designed to track each and every Bitcoin as well as the creation and exchange of Bitcoin. The blockchain can be used in other digital applications as well, such as globalsupply chains,and financial transactions. The blockchain bookkeeping ledger is now virtual rather than residing on a computer or in a physical book into which accounting entries are made. Under all currently known technologies, the blockchain can never be hacked or compromised in any way, but that will undoubtedly change much sooner than most expect.

The virtual ledger is, in fact, a digital chain recording each transaction. This prevents any single transaction from ever being duplicated or changed, thus it provides security along with anonymity. This latter point presents a legitimate concern held by critics due to the fact Bitcoin can be used for illicit purposes without anyone knowing the better. At this point, there is no known antidote. But one could also argue that such activity takes place under the current system of currencies and there is no means to prevent it. However, it seems well within the realm of reason to expect that a virtual solution will indeed be found

In addition to the above mentioned concerns, investors say Bitcoin is nothing but the latest speculative investment, going all the way back to the Dutch Tulip Mania. They expect that a crash in price is inevitable. That will likely happen and, in fact, has already happened. No investment goes straight up, there are always up and down cycles.

Many believe another type of cryptocurrencies will replace Bitcoin, but there are no evident advantages to other cryptocurrencies under currently envisioned scenarios,

Another valid concern has recently been expressed, that 1000 people hold 40% of existing Bitcoin, socalled whales.. This concentration of power may allow those with evil intent to corner the market and control price. This very point confirms one point made in my prediction above, except that I would hope those whales would have honorable intentions to help mankind in a massively positive way.

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How To Explain Bitcoin To Your Friends & Family …

Bitcoin’s Path to Retake $20,000 Could Be Slow and Painful …

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By CCN: John McAfee continues to trumpet a bitcoin price that will hit $1 million by the end of the decade. He isnt even afraid of betting his manhood on the same. Nonetheless, crypto bears keep coming back to spoil the party. One such doubter is UBS analyst Kevin Dennean.

According to Forbes, Dennean recently wrote:

Were struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.

Dennean went on to add that crypto-bull contingents should consider what happens after the bubblenot every bubble that bursts recovers the old highs.

The analyst believes that just like other asset classes, the BTC price faces a slow and painful path to recovery. He likened the bitcoin price bubble to the 1929 Dow Jones collapse, suggesting he thinks it might take slightly more than two decades for the cryptocurrency to reach its highs of $20,000.

Thats a bold prediction to make considering the BTC price has rallied this year and now sits at approximately $5,300.

The bitcoin price vs. other asset bubbles. | Source: Business Insider, FactSet, CoinMarketCap and UBS

John McAfee recently reminded his followers that bitcoin is not a stock.

Come on people!!! Its time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You cant apply stock paradigms or formulas and expect answers! pic.twitter.com/KM6qVX204R

John McAfee (@officialmcafee) April 15, 2019

Thats why it is futile to value the cryptocurrency in the same way as stocks.

Bitcoin is not a stock. At its heart, bitcoin is a digital currency independent of any centralization. Its designed to make peer-to-peer payments. So the mechanics of bitcoin prices are completely different than that of a stock, which is why Denneans throwback to the Dow Jones crash isnt an apples-to-apples comparison.

Bitcoin prices could keep soaring because both technicals and fundamentals are intact.

Bitcoins two-week moving average convergence divergence (MACD) indicates a positive trend for the cryptocurrency for the first time since May 2015. As it turns out, the bitcoin price has not tested its lows for 123 days and could be gearing up for a sustained rally.

On the fundamental side, rising demand could fuel more gains. Of course, McAfees prediction for $1 million BTC by 2020 seems like a huge stretch, but perhaps in the long run.

Wences Casares, a director at PayPal, is of the opinion that bitcoins success as a decentralized currency will be the key to its growth. The lack of developed financial systems in certain economies could lead to an increase in the number of people holding bitcoin.

Bitcoin is a big hit in African nations as it is turning out to be the preferred means of sending and receiving payments abroad in place of the U.S. dollar.

Critics sometimes miss the point that bitcoin is not a stock but rather a digital currency whose aim is to enable peer-to-peer payments independent of any central authority. Thats why analysts should never value it using the mechanics of stock valuation or else they might have to eat their words and will look foolish in the long run.

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Bitcoin’s Path to Retake $20,000 Could Be Slow and Painful …

Cryptocurrency Bear Market Waning, Going Through Accumulation …

The cryptocurrency bear market is winding down and is in its final stage, the accumulation phase, according to a report from digital assets fund Adamant Capital published on April 18.

Per the report, the accumulation phase is expected to bring bitcoin (BTC) to trade in the corridor between $3,000 and $6,500 until the new bull market gains ground. The researchers suggest that bitcoin whales are currently accumulating the leading cryptocurrency which echoes the bear market from 2014 to 2015.

The analysis reportedly showed that most retail traders have left the current market, while agnostic traders and long-term investors have become dominant. That reportedly fits BTC volatility lows analysis, wherein recent bitcoin 60 day volatility slumped below 5% a level not seen since late 2016. The report further explains:

During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.

Millenials are also one of the key drivers of the cryptocurrency market growth, the report says, as 92% of this generation does not trust banks and the majority of bitcoin buyers are also millennials. The researchers forecast that bitcoin will see mass adoption in the coming five years, as well as become widely recognized as a portfolio hedging instrument and reserve asset.

As previously reported, research by blockchain-focused company Clovr revealed that cryptocurrency investing is most popular among millennials earning from $75,000 to $99,999 annually. Millenials are reportedly almost twice as likely as any other generation to invest in digital currencies, with 43 percent of men and 23 percent of women investing in crypto.

Another poll by crypto finance company Circle showed that 25 percent of millennials said they are interested in purchasing digital currencies over the next 12 months, which sets them apart from other generations by more than 10 percent.

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Cryptocurrency Bear Market Waning, Going Through Accumulation …

What is Bitcoin? The Complete WIRED Guide | WIRED

Bitcoin is a digital currency. Like other currencies, you can use it to buy things from merchants that accept it, such as Overstock.com, or, as is more often the case, hold on to it in hopes that it will increase in value. Unlike traditional currencies, which rely on governments and central banks, no single entity controls bitcoin. Rather, it is supervised by a worldwide network of volunteers who maintain computers running specialized software. As long as people run bitcoin software, the currency will keep working, because everything needed to keep it working is stored in a distributed ledger called the blockchain. And even though it’s all digital, bitcoin is scarce.

Its most wild-eyed proponents believe bitcoin’s decentralized, cryptographic approach to currency can yield a host of benefits: limiting central bankers ability to damage economies by printing too much money; eliminating credit-card fraud; bringing the unbanked masses into the modern economy; giving people in unstable economies a safe place to park their money; and making it cheap and easy to transfer funds. But bitcoin has yet to realize these goals, and critics argue it may never live up to the hype.

When you send or receive bitcoin, your bitcoin software, referred to as a wallet, records the transaction in the blockchain. The blockchain is maintained by, and distributed across, the roughly 200,000 computers running bitcoin software. If someone tries to alter the ledger to make it look like they have more bitcoin than theyre supposed to, the tampering will be apparent because it won’t match the other copies of the blockchain.

People who commit the computing resources to processing bitcoin transactions are paid in bitcoin, but only if the computers they operate are first to complete complex cryptographic puzzles in a process called “mining. New bitcoins are created automatically by the software and awarded to the winners of the race to solve these puzzles. As of February 2018, that award is 12.5 bitcoins. By design, only 21 million bitcoins will ever be created. Those who process transactions can also collect fees; the fees are optional and set by the person who initiates a transaction. The larger the fee, the faster the transaction will likely be completed. This system keeps bitcoin scarce while rewarding people for investing in the infrastructure required to keep a global payment-processing system running. But the mining process comes with a big catch: It uses an enormous amount of electricity.

Bitcoin is attracting more and more investors. In 2018, Goldman Sachs revealed that it plans to open a bitcoin trading unit, and the New York Stock Exchange is reportedly considering a bitcoin trading platform as well. But adoption of the cryptocurrency has been hobbled by a series of scandals, high-tech heists, and disputes over the software’s design, all of which illustrate why financial regulations were created in the first place. The bitcoin community has solved some mind-boggling technological problems. But making bitcoin a true replacement for, or even adjunct to, the global financial system requires more than just great tech.

On Halloween 2008, someone using the name Satoshi Nakamoto sent an email to a crytography mailing list with a link to an academic paper about peer-to-peer currency. It didn’t make much of a splash. Nakamoto was unknown in cryptography circles, and other cryptographers had proposed similar schemes before. Two months later, however, Nakamoto announced the first release of bitcoin software, proving it was more than just an idea. Anyone could download the software and start using it. And people did.

In the early days, bitcoin was used almost exclusively by cryptography geeks. A bitcoin sold for less than a penny. But the idea slowly caught on. Bitcoin emerged in the aftermath of the 2008 financial crisis when some peopleespecially free-market libertariansworried the Federal Reserve’s attempts to increase the money supply would lead to runaway inflation.

Nakamoto disappeared from the internet before bitcoin attracted much mainstream attention. He handed control of the project to an early contributor named Gavin Andresen in December 2010 and quit posting to the public bitcoin forum. To this day, Nakamotos identity remains a mystery.

Before Satoshi disappeared, he handed control of bitcoin’s source code to one of the project’s earliest contributors, a Princeton alum and former 3D-graphics-software programmer based in Massachusetts named Gavin Andresen. Many have speculated that Andresen was Satoshi all along, but Andresen has repeatedly denied it.

One of the first attempts at identifying Satoshi was published in the New Yorker in 2011, In 2011when journalist Joshua Davis suggested that an Irish cryptographer named Michael Clear had the right mathematical and programming chops to build bitcoin. Clear denied being Satoshi and no other evidence has emerged to support the theory.

The most high-profile attempt at unmasking Satoshi came in March 2014, when a Newsweek cover story identified retired engineer Dorian Satoshi Nakamoto. Reporters swarmed Nakamoto’s Temple City, California, home, but he soon explained that the article was based on a misunderstanding. Nakamoto, whose writing style is completely different from that of bitcoin’s creator, had apparently confirmed to the magazine that hed been involved in bitcoin. But he later said he was unfamiliar with bitcoin and thought Newsweek was asking him about work he’d done for the US government decades prior.

Hal Finney, who died in August 2014, was the second bitcoin user after Satoshi himself, having received the first test transmission of the currency. He also happened to live just a few blocks from Dorian Nakamoto. But Finney convinced then-Forbes reporter and current WIRED reporter Andy Greenberg that he wasn’t Satoshiand that Finney’s proximity to Dorian Nakamoto was just a bizarre coincidenceby sharing a series of email exchanges he had with bitcoin’s creator in 2009.

Another common theory is that Satoshi is Nick Szabo, a cryptographer who created a bitcoin predecessor called Bit Gold, thanks in part to a widely cited linguistic analysis conducted by researchers at Aston University in Birmingham, England. Like all but one other person on this list, Szabo denies that he is Satoshi.

In December 2015, WIRED reported that Australian academic Craig Steven Wright either created Bitcoin, or he is a brilliant hoaxer who desperately wanted the world to believe that he had. At one point, Wright even persuaded Andresen, who wrote that he was “convinced beyond a reasonable doubt” that Wright was Satoshi. But as skepticism mounted, Wright eventually gave up trying to prove that he was in fact the inventor of bitcoin.

The value of a bitcoin first hit $1 shortly after this transition, in February 2011. Then the price jumped to $29.60 in June 2011 after a Gawker story about the now-defunct black-market site Silk Road, where users could use bitcoin to pay for illegal drugs. But the price fell again after Mt. Gox, the most popular site at the time for buying bitcoin with traditional currency and storing them online, was hacked and temporarily went offline.

The price fluctuated over the next few years, soaring after a financial crisis in Cyprus in 2013, and sinking after Mt. Gox went bankrupt in 2014. But the overall trajectory was up. By January 2017, bitcoin was trading at nearly $1,000. The price soared in 2017, reaching an all-time high of nearly $20,000 in December. The reasons for this rally are unclear, but it seems to have been driven by a mixture of wild speculation and regulatory changes (the US approved trading bitcoin futures on major exchanges in December). Prices dropped back below $10,000 in early 2018, but remain well above the early-2017 prices.

Bitcoins price surged last year despite discord among its adherents over the currency’s future. Many prominent members of the bitcoin community, including Andresen, who handed control of the software to Dutch coder Wladimir van der Laan in 2014, believe bitcoin transactions are too slow and too expensive. Although transaction fees are optional, failing to include a high enough fee could mean your transaction wont be processed for hours or days. In December 2017, transaction fees averaged $20 to $30, according to the site BitInfoCharts. That makes bitcoin impractical for many daily transactions, such as buying lunch.

Developers have proposed technical solutions for this problem. But the plan favored by Andresen and company would require bitcoin users to switch to a new version of the software, and so far miners have been reluctant to do so. That’s led to the creation of several alternate versions of the bitcoin software, known as “hard forks,” each competing to lure both miners and users away from official version. Some, like Bitcoin Cash, have attracted miners and investors, but none is close to displacing the original. Meanwhile, many other “cryptocurrencies” have emerged, borrowing heavily from the core ideas behind bitcoin but with many differences (see The WIRED Guide to Blockchain).

The future of bitcoin depends on three major questions. First, whether any of the hard forks or the hundreds of competing cryptocurrencies will supplant it, and, if so, when. Second, whether the sky-high valuations can last. And third, whether bitcoins will ever be used as currency for day-to-day transactions. The answer to the third question hinges in large part on the first two.

One thing holding bitcoin back as a currency is the expense and time lag involved in processing transactions. Emin Gun Sirer, a professor and cryptography researcher at Cornell University, estimates that the bitcoin network typically processes a little more than three transactions per second. By comparison, the Visa credit-card network processes around 3,674 transactions per second. Worse, bitcoin transaction confirmations can take hours or even days.

There were few places to spend bitcoin during its early years, before the black markets that made the currency famous emerged. The first time someone actually used bitcoin to buy something is widely considered to have been May 22, 2010. Programmer Laszlo Hanyecz paid 10,000 bitcoin (worth around $41 at the time) to have two pizzas delivered to his house. Those 10,000 bitcoin are worth millions now. I dont feel bad about it, Hanyecz told WIRED in 2011, when the coins would have sold for $272,329. The pizza was really good.

In addition to the hard forks of bitcoin, there are now countless alternative cryptocurrencies, sometimes called alt-coins, that aim to solve some of bitcoins shortcomings. Litecoin, for example, is designed to process transactions more quickly than bitcoin, while Monero focuses on creating a more private alternative. None trade for as much as bitcoin, but several sell for hundreds of dollars.

If one of the bitcoin variants or alternatives can solve its main problems, and win over users and miners, that currency would become much more suitable for day-to-day use. It’s also possible that the developers behind the official version of bitcoin will find a way to make the network cheaper and faster while maintaining compatibility with old versions of the software. The maintainers of the original bitcoin software platform are working on a solution called the Lightning Network that would shift many transactions to private channels, to boost speed and reduce costs. Bitcoin wallets and exchanges are starting to adopt the system, but it’s still too early to judge its success.

And then there’s the environmental impact. Critics argue that mining bitcoin is an enormous waste of electricity because they don’t have any intrinsic value.

Even if the technical issues of cost and performance are solved, there’s still the question of volatility. Businesses and consumers can exchange dollars for goods and services with the confidence that those dollars will be worth the same amount in three weeks when the rent is due. But bitcoin has proven far more volatile than most other assets, according to a study conducted by the bitcoin wallet company Coinbase. For example, On November 29, bitcoin surged from just under $10,000 to well over $11,000 before sinking back to about where it started the day.

The founders of Coinbase have argued that derivative markets could help users cope with the volatility by allowing participants to essentially buy insurance that pays out if the price of bitcoin drops. That might not reduce the volatility, but it might reduce the risk of accepting bitcoin as payment. In 2017, US regulators cleared the Chicago Mercantile Exchange and the Chicago Board Options Futures Exchange, the worlds largest derivatives exchanges, to offer bitcoin futures. Yet again, it’s too early to tell if it will make bitcoin more acceptable to retailers.

Bitcoin has come an enormous way since its origins as a paper by a pseudonymous author. But it still has a long way to go to fulfill its creators dream.

-How To Be a Bitcoin Thought LeaderStill confused? Just want to fake your way through a bitcoin conversation at a cocktail party? Our guide will have you dropping buzzwords with the best of ’em in no time.

-Where Could Bitcoin Succeed as a Currency? In a Failed StateVenezuela launched its own controversial digital currency called the “petro” in 2018. But its citizens are starting to adopt bitcoin instead. That makes sense because high inflation and widespread distrust in the government make Venezuela an ideal place for cryptocurrencies.

The Rise and Fall of Silk Road, part 1 and part 2Bitcoin isnt always, or even primarily, used for shady purposes. But the online, illegal drug marketplace Silk Road is what put it on the map.

The Inside Story of Mt. Gox, Bitcoin’s $460 Million DisasterMt. Goxs bankruptcy caused the first major bitcoin crash and served as a hard reminder that banks are regulated and insured for a reason. This is the Mt. Gox story, from its beginnings as a planned Magic: The Gathering card-trading site to its emergence as the biggest bitcoin trading platform to its downfall.

I Forgot My PIN: An Epic Tale of Losing $30,000 in BitcoinMark Frauenfelder forgot the PIN for his digital bitcoin wallet. The story of recovering his $30,000 worth of cryptocurrency illustrates both the perils of a decentralized network where no one can reset your passwords.

This guide was last updated on May 8, 2018.

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What is Bitcoin? The Complete WIRED Guide | WIRED

Bitcoin Price Today – Live Bitcoin Value – Charts & Market …

Last year everyone was going bonkers for Bitcoin, and thats no surprise, seeing as how the number one cryptocurrency had an absolutely explosive price performance in 2017. Things have cooled off in 2018 as prices fell significantly, however many are still bullish about Bitcoins long-term potential.

To that end, the scarce, deflationary quality of Bitcoin makes it totally unlike traditional fiat currencies, which are usually prone to inflation and even hyperinflation in the worst of cases. That means as more investments pour into BTC, its price will likely continue to see upward pressure because there will be no supply response.

Think about how when the price of oil surges, more companies begin producing oil, which then increases the supply and acutely deflates the price of oil accordingly.

No similar supply response can never happen with bitcoins. There will never be more than ~21 million, and even contemporary estimations say more than 3 million BTC have been lost for good, making BTC considerably scarcer than many realize.

That means the BTC could potentially shoot up exponentially in future years. But how high?Lets take a look at some of the more prominent projections weve seen thrown around in recent days.

Once renowned for being a prominent Wall Street hedge fund manager, Mike Novogratz has now set his sights on the cryptocurrency space, and hes not turning back. Running the crypto-based Galaxy Investment Partners, Novogratz is betting big on the Bitcoin boom in general as his mid-term BTC price projection suggests.

Bitcoin could be at $40,000 at the end of 2018, Novogratz said. It easily could.

And for Novogratz, theres no confusion as to why that particular price point may end up really materializing. In a November 30th interview on Fox Business, Novogratz unabashedly declared that Bitcoin is going mainstream.

And Novogratz knows what mainstream and institutional looks like; he used to run a Goldman Sachs trading desk in Asia before becoming a hedge fund manager at Fortress. If he thinks the herd is coming, as it were, then we all best pay attention.

Going much more long-term, Novogratz said it was within the realm of possibility that the bitcoin market cap could one day reach the current market cap of gold, which is around a whopping $8 trillion USD.

If this reality were to materialize down the road, that would put each BTC around the $390,000 price point.

Firebrand Bitcoin pundit Max Keiser has never made his love for BTC and its potential a secret.

As such, youll commonly find him on Twitter making new price predictions based on the Bitcoin booms momentum.

For now, hes pegging his short-term bitcoin price target at $15,000. Thats a reasonable figure, to be sure, especially with BTCs parabolic price performance in Q3 and Q4 2017.

Beyond that, though, Keiser has his eye set on the impressive $100,000 BTC price milestone.

Love him or hate him, Adam Back is an OG cypherpunk whos made incalculable contributions to the cryptocurrency space as a whole. Theres a reason Satoshi Nakamoto reached out to Back (and Wei Dai) first in starting up Bitcoin.

In other words, Backs been around the block once or twice. He knows the ecosystem as well as anyone.

And its his opinion that the next major target for the bitcoin price to hit is $100,000, echoing Max Keisers aforementioned prediction.

In a recent tweet, Back even went as far to say that users should be careful selling bitcoin in 2018 because the price could rocket so acutely over the next 12 months that people wouldve made considerably more by just holding.

John McAfee is best known as the creator of the popular McAfee antivirus software. Hes also become a Bitcoin aficionado over the past several months, and he never hesitates to voice his opinions on the cryptocurrency craze accordingly.

And his opinions are exceedingly bullish, to say the least. McAfee was projecting $500,000 BTC in 2020 just a few weeks ago, but he modified his claim to be even more bold as bitcoins market surge has been moving faster than he anticipated.

Now, McAfee thinks $1 million per bitcoin will be reality by the end of 2020. Thats almost an unfathomable possibility at the moment, but maybe we havent seen anything yet. Especially if institutional interest keeps exploding.

But McAfee has even bolder ideas, to be sure. In an even newer Twitter exchange, McAfee explained that he believes the BTC price could reach into the billions one day.

Specifically, the tens of billions as he argues:

Thats certainly the most aggressive price prediction anyones made for BTC yet. But if that insane price materializes, McAfee will end up looking like even more of a madman genius than he already is.

Swedish Pirate Party founder Rick Falkvinge is a big proponent of Bitcoin Cash (BCH), going so far as to sarcastically call himself the CEO of Bitcoin Cash.

But that doesnt mean he doesnt respect the beast that BTC is and could be.

Bitcoin] can easily go to more than $1 million per bitcoin. Falkvinge said during a recent interview. But thats just Falkvinges conservative estimate. Hes actually more bullish than that, asserting that BTC can go as high as $5 million:

If cryptocurrency fulfills its promise, and theres no indication it wouldnt, then the equivalent of one bitcoin needs to be in the $2-5 million dollar range.

The cryptocurrency expert and venture capitalist, Tim Draper, has also given its opinion about the future price of Bitcoin. According to him bitcoin and blockchain technology are one of the best things that happened for businesses.

Mr Draper said in 2014 that Bitcoin could reach $10,000 in just three years, something that happened in 2017, exactly on the date he predicted. When he explained that bitcoin could reach that price ($10,000), the cryptocurrency was traded just at $413 dollars.

At the same time, he said that in the future Bitcoin could keep growing. About that, he is convinced that the cryptocurrency is the future and that the virtual currency market will gain its place among fiat currencies.

Bitcoin is the future currency. Why would I sell the future for the past? Why would I go and grab some weird fiat subject to the will of some governments? he commented during an interview with Bloomberg.

The world market for cryptocurrencies is 6 trillion dollars, and I think that that it will be crypto. And I am really excited about all the extraordinary things that can happen because of crypto and bitcoin.

Cameron Winklevoss is one of the two popular Winklevoss twins. The co-founder of the cryptocurrency exchange Gemini, stated that bitcoin could be worth 40 times its current value.

In order to explain why bitcoin could grow up to 40 times, he compared the cryptocurrency market capitalization with the market cap of gold.

During an interview with CNBC he said:

So if you look at a $100 billion market cap today, now last week it might have been more like 200, so its actually a buying opportunity, we think that theres a potential appreciation of 30 to 40 times because you look at the gold market today, its a $7 trillion market. And so a lot of people are starting to se that, they recognize the store of value properties.

He has also said that due to the fact that bitcoin has a fixed supply, it is still a very underappreciated asset. Indeed, he stated that he and his brother believe that bitcoin disrupts gold.

The Winklevoss twins emphasized that they will not sell their bitcoins even if the price surpasses $380,000 dollars. This is a special number, because if bitcoin reaches this price level, its market capitalization will be equal to golds market valuation.

An important portfolio manager that worked for more than six years in the cryptocurrency world, predicted this year that Bitcoin could reach $50,000 dollars. While speaking at the World Economic Forum in Davos, he brought some calm to the cryptocurrency market. Bitcoin could definitely see $50,000 in 2018.

At the moment of the statement, Bitcoin was traded over $11,000, days later it reached the lowest point in months when it was displayed in cryptocurrency exchanges under $6,000 dollars.

But Mr Singh said that the kind of volatility that bitcoin experienced is not unusual nor unexpected. And thats confirmed when we pay attention to the charts. In the past, Bitcoin suffered important corrections in just a few days.

Mr Singh commented:

If you look at Microsoft of Apple when they went public their stocks were very volatile because the market wasnt mature. There are not so many vendors right now who can accept cryptocurrencies but theres huge adoption on the black market.

Cryptocurrency adoption keeps growing all over the world. In past articles we wrote that enterprises are investing in blockchain technologies and virtual currencies. Businesses all around the world, including small shops and merchants, are adopting bitcoin and other currencies as a means of payment.

If the adoption trend continues, bitcoin could lead the market towards new all time highs. Additionally, payment processors are working with cryptocurrencies trying to spread their benefits.

Lets get really speculative just for the purposes of illustration the growth thats possible in the coming years.

The current market cap of all global stock markets is around $100 trillion USD. Woah, right? Accordingly, lets say that the entire cryptocurrency market one day reaches this $100 trillion cap.

And lets also say that BTC maintains its current position as hovering around a 50 percent share of the entire crypto market (though, of course, theres no reason to believe itll stay at 50 percent forever).

That would put Bitcoin as having around a $50 trillion market cap. At this point, all we need is to divide $50 trillion by the number of bitcoins in existence.

Lets go with 17 million instead of 21 million since many bitcoins have been lost already.

Alas: $50 trillion divided by 17 million = ~$2,941,176. Round up, and thats $3 million per bitcoin.

Now, we cant count our eggs before theyve hatched. Theres still quite the mountain to climb for the crypto market to get even close to hitting $100 trillion. But maybe its possible in 30 or 40 years. Maybe not at all.

Its going to be a wild ride no matter what happens between now and then, that much is for sure.

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Bitcoin Price Today – Live Bitcoin Value – Charts & Market …

Suite of Crypto Services to Leverage Nasdaq Framework …

Nasdaq and Bcause have announced that a suite of new cryptocurrency services will be offered via the Nasdaq Financial Framework. These services include crypto mining and custody solutions, as well as spot and derivatives trading. They are expected to attract a broad range of users including a new breed of investors wanting to participate in the growing cryptocurrency marketplace.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

Nasdaq Inc. and Bcause Llc announced on Wednesday that a suite of crypto services will leverage Nasdaqs technology, elaborating:

Bcauses markets will operate on Nasdaqs matching engine, clearing and market surveillance technology via the Nasdaq Financial Framework platform.

The Nasdaq Financial Framework consists of a single operational core that ties together the deep portfolio of Nasdaqs proven business functionality across the trade lifecycle, in an open framework, the company detailed.

Launched last year with a mining facility in Virginia Beach, Virginia, Bcause is building what it calls a full-stack cryptocurrency ecosystem which it also claims to be the worlds first. According to the announcement, the services to be offered via Nasdaqs framework are all parts of the digital currency value chain, from a custody solution to the mining facility in Virginia Beach, to spot trading for digital assets, to a futures market and derivatives clearinghouse. The technology is expected to go live in the first half of this year with the launch of the Bcause spot cryptocurrency market.

In addition, Bcause revealed that it has filed with the U.S. Commodity Futures Trading Commission (CFTC) to become a designated contract market (DCM) and to establish a derivative clearing organization (DCO). The CFTC website describes that DCMs may list for trading futures or option contracts based on any underlying commodity, index or instrument.

Wednesdays announcement further states:

Once derivatives trading and clearing officially commence, Bcause will be the only venue to serve as a one-stop shop for all parts of the digital currency value chain: from the state-of-the-art digital mining facility launched in February 2018, to spot trading for digital assets, to a futures market and derivatives clearinghouse which are pending regulatory approval.

Nasdaq explained that its market technology is already being used by broker-dealers, exchanges, clearinghouses, central securities depositories and regulators in over 50 countries. In February, the bourse began tracking the prices of BTC and ETH with real-time price data.

Nasdaq also offers a digital asset surveillance technology, which it believes will help Bcause monitor its markets for manipulative activities and misconduct to benefit the security of the crypto spot and derivatives markets.

I fully expect that our markets will attract a broad range of users, Bcause CEO Fred Grede expressed, from those who are already quite active in the financial markets and familiar with Nasdaq technology, to a new breed of investors wanting to participate in the growing cryptocurrency marketplace. Paul McKeown, Nasdaqs Senior VP and Head of Marketplace Operators and New Markets, Market Technology, commented:

By leveraging the Nasdaq Financial Framework, Bcause will have the scalability and modular functionality to introduce new micro-services and expand its business offerings to meet industry demands and the evolution of the digital assets economy.

What do you think of this new suite of crypto services leveraging Nasdaqs technology? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Suite of Crypto Services to Leverage Nasdaq Framework …

Bitcoin | Definition, Mining, & Facts | Britannica.com

Bitcoin, digital currency created by an anonymous computer programmer or group of programmers known as Satoshi Nakamoto in 2009. Owners of Bitcoins can use various Web sites to trade them for physical currencies, such as U.S. dollars or euros, or can exchange them for goods and services from a number of vendors.

Nakamoto was concerned that traditional currencies were too reliant on the trustworthiness of banks to work properly. Nakamoto proposed a digital currency, Bitcoin, that could serve as a medium of exchange without relying on any financial institutions or governments. The proposal was made in October 2008 in a paper published on the Bitcoin Web site, which had been founded in August 2008.

Bitcoin relies on public-key cryptography, in which users have a public key that is available for everyone to see and a private key known only to their computers. In a Bitcoin transaction, users receiving Bitcoins send their public keys to users transferring the Bitcoins. Users transferring the coins sign with their private keys, and the transaction is then transmitted over the Bitcoin network. So that no Bitcoin can be spent more than once at the same time, the time and amount of each transaction is recorded in a ledger file that exists at each node of the network. The identities of the users remain relatively anonymous, but everyone can see that certain Bitcoins were transferred. Transactions are put together in groups called blocks. The blocks are organized in a chronological sequence called the blockchain. Blocks are added to the chain using a mathematical process that makes it extremely difficult for an individual user to hijack the blockchain. The blockchain technology that underpins Bitcoin has attracted considerable attention, even from skeptics of Bitcoin, as a basis for allowing trustworthy record-keeping and commerce without a central authority.

New Bitcoins are created by users running the Bitcoin client on their computers. The client mines Bitcoins by running a program that solves a difficult mathematical problem in a file called a block received by all users on the Bitcoin network. The difficulty of the problem is adjusted so that, no matter how many people are mining Bitcoins, the problem is solved, on average, six times an hour. When a user solves the problem in a block, that user receives a certain number of Bitcoins. The elaborate procedure for mining Bitcoins ensures that their supply is restricted and grows at a steadily decreasing rate. About every four years, the number of Bitcoins in a block, which began at 50, is halved, and the number of maximum allowable Bitcoins is slightly less than 21 million. As of late 2017 there were almost 17 million Bitcoins, and it is estimated that the maximum number will be reached around 2140.

Because the algorithm that produces Bitcoins makes them at a near-constant rate, early miners of Bitcoins obtained them more often than later miners because the network was small. The premium that early users received and Nakamotos silence after 2011 led to criticism of Bitcoin as a Ponzi scheme, with Nakamoto benefiting as one of the first users. (An analysis of the first 36,289 mined blocks showed that one miner, believed to be Nakamoto, had accumulated over 1 million Bitcoins. However, as of 2017, those Bitcoins, then valued at $10 billion, remained unspent.) Defenders of Bitcoin claim that early users should receive some return for investing in an unproven technology.

The value of Bitcoins relative to physical currencies fluctuated wildly in the years following its introduction. In August 2010 one Bitcoin was worth $0.05 (U.S.). Beginning in May 2011, the Bitcoin increased sharply in value, reaching a peak of about $30 that June, but by the end of the year the value of a Bitcoin had collapsed to less than $3. However, Bitcoin began to attract the attention of mainstream investors, and its value climbed to a high of over $1,100 in December 2013. Some companies even began building computers optimized for Bitcoin mining.

With the marked increase in value, Bitcoin became a target for hackers, who could steal Bitcoins through such means as obtaining a users private key or stealing the digital wallet (a computer file recording a Bitcoin balance). The most spectacular theft was revealed in February 2014 when Mt. Gox, which had been the worlds third largest Bitcoin exchange, declared bankruptcy because of the theft of about 650,000 Bitcoins, then valued at about $380 million.

In 2017 the value of Bitcoins rose sharply from around $1,200 in April to more than $10,000 in November. The sharp rise in Bitcoins value encouraged more intensive mining. It was estimated in late 2017 that Bitcoin mining consumed 0.14 percent of the worlds electricity production.

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Bitcoin | Definition, Mining, & Facts | Britannica.com

News – Bitcoin News – Page 952

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.td_block_template_15 .td-block-title-wrap .td-wrapper-pulldown-filter, .td-theme-wrap .td_block_template_15 .td-block-title-wrap .td-wrapper-pulldown-filter i, .td-theme-wrap .td_block_template_16 .td-block-title > *, .td-theme-wrap .td_block_template_17 .td-block-title > * { color:𶐎 } .td-header-wrap .td-header-top-menu-full, .td-header-wrap .top-header-menu .sub-menu { background-color:&#f9f9f9; } .td-header-style-8 .td-header-top-menu-full { background-color: transparent; } .td-header-style-8 .td-header-top-menu-full .td-header-top-menu { background-color:&#f9f9f9; padding-left: 15px; padding-right: 15px; } .td-header-wrap .td-header-top-menu-full .td-header-top-menu, .td-header-wrap .td-header-top-menu-full { border-bottom: none; } .td-header-top-menu, .td-header-top-menu a, .td-header-wrap .td-header-top-menu-full .td-header-top-menu, .td-header-wrap .td-header-top-menu-full a, .td-header-style-8 .td-header-top-menu, .td-header-style-8 .td-header-top-menu a { color:f2f2f; } .top-header-menu .current-menu-item > a, .top-header-menu .current-menu-ancestor > a, .top-header-menu .current-category-ancestor > a, .top-header-menu li a:hover { color:◘ } .td-header-wrap .td-header-sp-top-widget .td-icon-font { color:f2f2f; } .td-header-wrap .td-header-sp-top-widget i.td-icon-font:hover { color:◘ } .td-header-wrap .td-header-menu-wrap-full, .sf-menu > .current-menu-ancestor > a, .sf-menu > .current-category-ancestor > a, .td-header-menu-wrap.td-affix, .td-header-style-3 .td-header-main-menu, .td-header-style-3 .td-affix .td-header-main-menu, .td-header-style-4 .td-header-main-menu, .td-header-style-4 .td-affix .td-header-main-menu, .td-header-style-8 .td-header-menu-wrap.td-affix, .td-header-style-8 .td-header-top-menu-full {background-color:񉾶 } .td-boxed-layout .td-header-style-3 .td-header-menu-wrap, .td-boxed-layout .td-header-style-4 .td-header-menu-wrap, .td-header-style-3 .td_stretch_content .td-header-menu-wrap, .td-header-style-4 .td_stretch_content .td-header-menu-wrap { background-color: #303030 !important; } @media (min-width: 1019px) { .td-header-style-1 .td-header-sp-recs, .td-header-style-1 .td-header-sp-logo { margin-bottom: 28px; } } @media (min-width: 768px) and (max-width: 1018px) { .td-header-style-1 .td-header-sp-recs, .td-header-style-1 .td-header-sp-logo { margin-bottom: 14px; } } .td-header-style-7 .td-header-top-menu { border-bottom: none; } .sf-menu > .current-menu-item > a:after, .sf-menu > .current-menu-ancestor > a:after, .sf-menu > .current-category-ancestor > a:after, .sf-menu > li:hover > a:after, .sf-menu > .sfHover > a:after, .td_block_mega_menu .td-next-prev-wrap a:hover, .td-mega-span .td-post-category:hover, .td-header-wrap .black-menu .sf-menu > li > a:hover, .td-header-wrap .black-menu .sf-menu > .current-menu-ancestor > a, .td-header-wrap .black-menu .sf-menu > .sfHover > a, .header-search-wrap .td-drop-down-search:after, .header-search-wrap .td-drop-down-search .btn:hover, .td-header-wrap .black-menu .sf-menu > .current-menu-item > a, .td-header-wrap .black-menu .sf-menu > .current-menu-ancestor > a, .td-header-wrap .black-menu .sf-menu > .current-category-ancestor > a { background-color:丠 } .td_block_mega_menu .td-next-prev-wrap a:hover { border-color:丠 } .header-search-wrap .td-drop-down-search:before { border-color: transparent transparent #020000 transparent; } .td_mega_menu_sub_cats .cur-sub-cat, .td_mod_mega_menu:hover .entry-title a, .td-theme-wrap .sf-menu ul .td-menu-item > a:hover, .td-theme-wrap .sf-menu ul .sfHover > a, .td-theme-wrap .sf-menu ul .current-menu-ancestor > a, .td-theme-wrap .sf-menu ul .current-category-ancestor > a, .td-theme-wrap .sf-menu ul .current-menu-item > a { color:丠 } .td-header-wrap .td-header-menu-wrap .sf-menu > li > a, .td-header-wrap .header-search-wrap .td-icon-search { color:&#efefef; } .td-theme-wrap .sf-menu .td-normal-menu .td-menu-item > a:hover, .td-theme-wrap .sf-menu .td-normal-menu .sfHover > a, .td-theme-wrap .sf-menu .td-normal-menu .current-menu-ancestor > a, .td-theme-wrap .sf-menu .td-normal-menu .current-category-ancestor > a, .td-theme-wrap .sf-menu .td-normal-menu .current-menu-item > a { color:◘ } .td-menu-background:before, .td-search-background:before { background: rgba(250,185,21,0.7); background: -moz-linear-gradient(top, rgba(250,185,21,0.7) 0%, #000000 100%); background: -webkit-gradient(left top, left bottom, color-stop(0%, rgba(250,185,21,0.7)), color-stop(100%, #000000)); background: -webkit-linear-gradient(top, rgba(250,185,21,0.7) 0%, #000000 100%); background: -o-linear-gradient(top, rgba(250,185,21,0.7) 0%, @mobileu_gradient_two_mob 100%); background: -ms-linear-gradient(top, rgba(250,185,21,0.7) 0%, #000000 100%); background: linear-gradient(to bottom, rgba(250,185,21,0.7) 0%, #000000 100%); filter: progid:DXImageTransform.Microsoft.gradient( startColorstr=’rgba(250,185,21,0.7)’, endColorstr=’#000000′, GradientType=0 ); } .td-mobile-content .current-menu-item > a, .td-mobile-content .current-menu-ancestor > a, .td-mobile-content .current-category-ancestor > a, #td-mobile-nav .td-menu-login-section a:hover, #td-mobile-nav .td-register-section a:hover, #td-mobile-nav .td-menu-socials-wrap a:hover i, .td-search-close a:hover i { color:&#fab915; } .td-footer-wrapper::before { background-size: cover; } .td-footer-wrapper::before { background-position: center center; } .td-footer-wrapper::before { opacity: 0.6; } .top-header-menu > li > a, .td-weather-top-widget .td-weather-now .td-big-degrees, .td-weather-top-widget .td-weather-header .td-weather-city, .td-header-sp-top-menu .td_data_time { line-height:27px; } ul.sf-menu > .td-menu-item > a { font-size:15px;line-height:36px;font-weight:normal;text-transform:none; } .block-title > span, .block-title > a, .widgettitle, .td-trending-now-title, .wpb_tabs li a, .vc_tta-container .vc_tta-color-grey.vc_tta-tabs-position-top.vc_tta-style-classic .vc_tta-tabs-container .vc_tta-tab > a, .td-theme-wrap .td-related-title a, .woocommerce div.product .woocommerce-tabs ul.tabs li a, .woocommerce .product .products h2:not(.woocommerce-loop-product__title), .td-theme-wrap .td-block-title { font-size:15px;line-height:20px;text-transform:uppercase; } .td-theme-wrap .td-subcat-filter, .td-theme-wrap .td-subcat-filter .td-subcat-dropdown, .td-theme-wrap .td-block-title-wrap .td-wrapper-pulldown-filter .td-pulldown-filter-display-option, .td-theme-wrap .td-pulldown-category { line-height: 20px; } .td_block_template_1 .block-title > * { padding-bottom: 0; padding-top: 0; } .td-big-grid-meta .td-post-category, .td_module_wrap .td-post-category, .td-module-image .td-post-category { font-size:16px;line-height:28px; } .td-subcat-filter .td-subcat-dropdown a, .td-subcat-filter .td-subcat-list a, .td-subcat-filter .td-subcat-dropdown span { font-size:20px; } .td-excerpt { font-size:20px;line-height:26px; } .td_module_4 .td-module-title { font-size:32px;line-height:35px; } .td_module_6 .td-module-title 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News – Bitcoin News – Page 952

Bitcoin | Bitcoin Price | Bitcoin News | BTC | Info.Binance.com

Bitcoin is one of many cryptocurrencies currently finding its way across the world of business and finance, Bitcoin is a cryptocurrency and was thought of as Internet money in its early beginnings. Unlike fiat currencies Bitcoin is considered a decentralized currency that means that a network of users control and verify transactions instead of a central authority like a bank or a government.Bitcoin still works like real money one person pays another person for goods and services however once Bitcoin is exchanged, the record of the transaction is publicly recorded onto a ledger known as a blockchain, which other Bitcoin users known as miners verify the transactions in the blockchain via Proof of Work. After a certain amount of transactions have been verified by a miner, they will receive newly minted bitcoins for their work and thus new bitcoins will be added into circulation, while the number of bitcoins in circulations are now in the multi-millions range, the maximum amount of bitcoins that can ever be created is capped at 21 million. The creation rate is automatically halved every few years as more bitcoins are added into circulation, whilst this system is modeled after gold, mining difficulty is always increasing and makes finding new bitcoins more rare as the number of available bitcoins reaches the 21 million cap.As bitcoin has matured as a cryptocurrency there has been more companies warming to the idea of using various bitcoin exchange facilities to gain exposure to the volatile bitcoin price while a few websites such as reddit WordPress and overstock have begun accepting bitcoins, most major retailers have yet to take the plunge into the cryptoverse whils other pioneers have decided to create their own bitcoin forks and have listed new projects on other cryptocurrency exchanges.

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Bitcoin | Bitcoin Price | Bitcoin News | BTC | Info.Binance.com

Bitcoin Technical Analysis – FXStreet

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Bitcoin Technical Analysis – FXStreet