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Emil Oldenburg, co-founder of Bitcoin.com, has sold his bitcoin and switched to Bitcoin Cash since he is distrustful about its future, as indicated by Breakit, a Swedish website.

bitcoin.com co founder switches bitcoin cash

Oldenburg said bitcoin is currently the riskiest investment someone can make.

He said bitcoin’s transaction times, fees, and lead times have undermined bitcoin’s value as an investment.

Bitcoin transaction fees have multiplied at regular intervals, and it now takes around 4.5 hours to affirm a transaction. Charges went up to $26 per exchange as of late, according to Ars Technica.

Bitcoin.com has millions of unique visitors each month, as per Similarweb.

Oldenburg said Bitcoin.com’s revenue numbers are expansive, however, he didn’t want to uncover subtle elements. His own particular salary and those of 60 associates in Tokyo have been in bitcoin.

At Stake Liquidity:

Bitcoin’s liquidity is at stake, he said.

Individuals have not perceived bitcoin’s inherent risks since most have just bought it and have not attempted to sell it or make trades with it. When they understand the risks, they will begin selling it.

The bitcoin organize is unusable, he said. The issues happen when exchanges are recorded on the blockchain. There is a predetermined number of exchanges a man can make for each second that depends on the block size that stores the exchanges. This restriction has made bitcoin an illiquid and unusable digital currency.

Misguided Management:

While these issues could be addressed, Oldenburg does not figure they will be because the system is controlled by what he calls “fanatical bitcoin Talibans.”

The authorities running the bitcoin network see bitcoin as computerized gold and a specialized experiment instead of something individuals use.

Bitcoin.com has quit creating services for bitcoin to concentrate on Bitcoin Cash, which split from bitcoin in August and has turned into the second biggest digital currency.

For whatever period of time that the bitcoin network is controlled by the current directors, bitcoin won’t be a money for regular use. Rather, Oldenburg sees the future in Bitcoin Cash.

Bitcoin Cash Has The Support Of Others:

Craig Wright, an Australian businessperson who once claimed to be Satoshi Nakamoto, recently tweeted that 2018 will be the year in which Bitcoin Cash reaches to its full potential, as its limitations will be evacuated and its security will be improved.

Wright called attention to that among what’s coming for the digital currency in 2018 are “secure limit frameworks to make even web wallets secure,” enhanced mixers, and transactions with improved privacy. When asked who’s dealing with these upgrades, and when a public roadmap would be available, Wright answered, “A few. More open soon.”

Roger Ver and Calvin Ayre, two bitcoin cash proponents, have also announced to use their influence to rebrand bitcoin cash as bitcoin.

So, the year 2018 seems to be full of interesting prospects for bitcoin cash. But, will all these predictions regarding BCH come true. We will have to wait and see.

 

Story credits: ccn.com

Image: Google images

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Not sure How to buy Cryptocurrencies?

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Recently, there were reports of banks restricting credit card acquisitions of cryptocurrencies, however, there are still many options available which can be used for buying cryptocurrencies. There’s always a risk in investment and trading move, so, always do your own little research when making a decision.

Coinbase is a well-known interface where you can easily buy crypto with fiat money. Users only have to create an account and verify their identity on Coinbase, then they can easily buy whatever they want with their debit card.

Another sister company of Coinbase is GDAX, which gives users an idea of how these cryptocurrency exchanges are actually working. It describes an instinctive interface with trade history, charting tools and real-time order books. All of these tools ensure traders that they’re getting the most out of their trade.

how to buy cryptocurrencies

Another popular exchange is Bitfinex. Its website claims that it’s the most progressive cryptocurrency trading platform in the world and has many advanced charting tools. Its website has an app, which is available for both iPhone and Android users. It offers three features:

  • Exchange trading
  • Margin trading
  • Margin funding

You can easily find places to buy cryptocurrency with fiat money, however, Robinhood is unique in its zero-fee approach. Their main goal is to provide an easier platform for people to buy cryptocurrency. This trading app lets users buy cryptocurrencies like Bitcoin and Ethereum right from their phone without any trading fee.

Can you buy all cryptocurrencies with fiat money?

At this time, cryptocurrencies that have fiat/crypto-pairs are:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Ripple

Coinbase offers following cryptocurrencies which users can buy with fiat debit cards:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash

Users will have to send their BCH, BTC, ETH, or LTC to an exchange to get involved with other altcoins.

How to buy Bitcoin without involving exchanges?

Nowadays, Bitcoin ATMs are becoming very popular. There are almost 2,393 Bitcoin ATM machines worldwide, and with these machines, users can buy Bitcoin by using fiat currency and can even sell Bitcoin to withdraw fiat money. These devices help traders by not having them to deal with the trading part of crypto and are very much convenient.

Recently, Cointelegraph has partnered up with Simplex and now it offers a convenient way of buying Bitcoin, Ethereum, and Bitcoin Cash. Simplex accepts most credit cards and some debit/prepaid cards as well.

How to buy crypto with Cash?

It’s quite simple to buy Bitcoin with cash. If you know anyone who wants to sell BTC, there are decentralized, p2p sites where you can meet people who are interested in buying Bitcoin. LocalBitcoins is currently working worldwide as an advertising community board and helping its users to agree on a price and so that later, they can meet in person to trade. The exchange process is time-consuming and it’s not much reliable, as it involves strangers. But it’s still very popular and its users have great reviews about it.

Decentralized Exchanges

DEX isn’t very popular but it’s a trust-less AI system that connects traders online. The money goes from the user’s wallet to an escrow in a centralized exchange, and then to the other user in the trade. Funds that are kept in centralized exchanges are stored in wallets, which are owned by the company. User funds are stored in hardware wallets in a DEX, on each user’s computer. This smart contract helps in keeping trust between the users, who are trading the money. Altcoin.io is also working really hard to make a simple interface to exchange crypto quickly and the team became famous back in October after it successfully completed the first-ever BTC-ETH atomic swap.

It’s quite easy to buy cryptocurrencies now, and we’ll probably see some massive improvements this year, for both centralized and decentralized exchanges. The main focus of centralized exchanges will be; usability, scaling and adding new tokens, while decentralized exchanges will focus on getting their product out, involving the present crypto community.

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Bitcoin in 2017

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Bitcoin’s value increases with time. When bitcoin outperformed the U.S dollars by 30 percent. It became the best performing currency in 2017. Here, I’ll discuss some comparison with you, about the bitcoin profitability.

Gold, silver, litecoin, Altcoin vs Bitcoin

The 2017 year is best for bitcoin. This cryptocurrency achieves $5 bln market cap in early April. Gold is a precious metal with an extremely limited supply. Whereas, silver is a precious metal also limited in supply. The historic gold/silver ratio is 16:1, meaning 16 ounces of silver were equal to the 1 ounce of gold. The recent ratio of the gold/silver is 64:1, or 0.015625.

In 2013, Bitcoin price reaches to $1242 per coin. Unfortunately, on the same day, gold’s price was $1240. Whereas, litecoin reaches $48.47 per coin that time. In addition, silver’s price in late 2011, was $49.76 per ounce.

Bitcoin has an extremely limited supply and its mining is in digital form. Whereas, Litecoin is also limited in supply but not as bitcoin. The designed ratio of bitcoin/lite coin was, every 4 litecoin will equal to 1 bitcoin. The recent ratio of BTC/LTC is 80:1, or 0.01239. An abnormal difference of 20%.

Gold/BTC current ratios are similar. But their values cross each other. It is totally insane to compare gold/silver with bitcoin. The reason is, gold and silver have physical worth. Whereas, BTC/LTC both are the digital currencies.

Yes, we can compare BTC with other cryptocurrencies. Here, a question is, what is the future of bitcoin in 2017. Its answer is completely simple. Bitcoin’s future will be bright. Because it crosses the precious metal price.

Bitcoin vs Litecoin

Block time for bitcoin is 10 minutes. Whereas, litecoin’s block time is 2.5 minutes. The recent ratio of BTC/LTC is 80:1, or 0.01239.

There are a number of litecoins available in the market, i.e. 84 million. Whereas, bitcoins will not exceed the limit of 21million.

The other major difference between litecoin is the cheaper option for bitcoin miners while bitcoin mining procedure has some difficulties.

Bitcoin uses the longstanding SHA-256 algorithm, whereas litecoin uses the new algorithm known as Scrypt.

Bitcoin vs Altcoin, Ethereum

There are more than 500 cryptocurrencies. Few of them are known in financial markets, all over the world. 2017 is going well for cryptocurrencies. After the success of the Bitcoin, most of the digital currencies are active in the financial sector of the world.

Most of the altcoins are built upon the same framework. Which provide the cheapest ways of transactions on the internet. while ethereum gives developers the opportunity to create all sorts of applications that carry out their own set of operations.

Conclusion

Many other cryptocurrencies trying to target the bitcoin’s perceived limitations. Unfortunately, bitcoin has maintained its value. From above discussion, we conclude that, its golden chance to invest in the bitcoin world.

Bitcoin in 2017

 

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The Right Time to Buy Bitcoin and Ethereum – Revealed!

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It has been about two months, hedge fund billionaire Michael Novogratz thru a brave announcement, he’d put 10% of his net wealth into cryptocurrencies with Bitcoin and Ethereum. But a very much could happen in a few days like the worth of Bitcoin has more than doubled, and the worth of Ethereum has increased six-fold.

So, around the time digital currencies touched all-time high earlier in June, by hitting the price of Bitcoin to $3000, and the worth of Ethereum breaking $400 these days. Novogratz believed that the recent crypto boom had topped out. He sold a lot of his digital coins.

Image Credits: newsbtc.com

“I sense the market had a great run, and trees don’t raise to the sky,” Novogratz spoke this week, talking at CBInsights’ in New York, “I have a lot fewer coins, they just value more,” Novogratz added.

Some days after setting highest, the price of Bitcoin and Ethereum fall down about 25% in just 24 hours, and Ethereum is still on falling.

Digital Currency dealers have become adapted to their prices aggressively doing push and pull, up and down in waves.  A 30% fall in the Bitcoin worth in May headed its current highest by about two weeks, but the recent downdraft seems more constant. However, the digital currency entrenched in a technology system identified as the blockchain, have individually since improved some of their losses, they have to drive anywhere near to their high.

Now, investment groups are investing in blockchain companies. They think that the digital currencies have peaked for some time, and it can be a while before they come back to the highest level. Novogratz still has a firm stance on cryptocurrencies and their performance in the longer run. The only thing he is waiting for is the right purchase time so he can start from where he left off.

Eventually, Novogratz has faith that there will be a time when stockholders are recovering off getting out of digital currencies entirely, However, it is almost a long way off. Novogratz predicted that “I think that Bitcoin, Blockchain, Ethereum, and ICO revolution is leading us to the single extreme bubble of our lifetime”. No doubt, when that bubble pops, it is possibly a perfect time to buy back in.

Story Credit: fortune.com

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Bitcoin Users Buckle-up! Segregated Witness Will Activate on Bitcoin

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It’s Official!

Looks like Bitcoin’s three-year civil war is finally nearing its end now that SegWit has locked-in. However, it won’t officially lock-in until tomorrow, once the signaling period has ended. The network will transition into a “buffer week” for a few weeks where users and miners will be given the opportunity to upgrade their software. Seemingly, after August 21, SegWit will activate and miners will begin to reject blocks that do not support this change.

Segregated Witness was first proposed in December 2015, by Bitcoin developer Pieter Wuille. SegWit is expected to fit in more number of transactions in each 1MB block thus reducing the congestion on the network. This has been a conflict within the bitcoin community for quite a long time but it appears to be finally resolved.

Also, other communities like Litecoin activated SegWit last spring.

 

News credit: coindesk.com

Image credits: gadgetsnow.com

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