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Summary

Bitcoin has become the world’s most popular digital currency, which had driven its value to incredible new heights. Here we have outlined a few reasons as to what lead the cryptocurrency to these altitudes.

Despicable Performance:

2017 has turned out to be quite a year for Bitcoin. The network recently went through a fork situation and came back with a bang. Bitcoin discussions seem to have taken over every town now, with everyone from Economist to Forbes covering it on a daily basis. Can we just remember that the year isn’t even over yet and Bitcoin has already made so many major stories!

Generally, Bitcoin is gradually climbing up and there have been predictions for even higher marks in the future. Ever wonder how something that was initially linked to the darknet could possibly change the future of transactions and payment systems?

Bitcoin has been in the industry for around 10 years, and just like everything else it started from the bottom and gradually rose to popularity. Starting off with a gradual increase from 2012 all the way through 2016, following a much more dramatic gush that is still continuing right now. What seems to play a role all these years, is longevity.

An overview of bitcoin’s price trend was shown in a tweet made by a cryptocurrency researcher known as “Jack Sparrow”.

Bitcoin was created in 2009 and it took around 7 years for it to reach a $2000 mark. Although, that same increase from $2000 to $4000 took just a little over 3 months.

Related:

Bitcoin hitting $3260 two weeks after split

Bitcoin Sky-rockets above $4000 

Growing Confidence:

The reason behind these high notes is the bitcoin investment trusts of various major institutions. Firms like Goldman Sachs, Fidelity Investments, and J.P. Morgan are now doing business with digital currencies. Countries like Japan, China, and Australia have legalized the use of the cryptocurrencies in their economy as well and that has been known to drive the digital currency to great new heights.

Due to the support shown by large organizations, smaller businesses along with individual financial investors have gained confidence in the cryptocurrency.

Moreover, the growing popularity of bitcoin has led to several institutions in the financial, as well as educational sectors to utilize the blockchain network for their own benefits. This, in turn, has given the cryptocurrency a boost as well.

We are not sure yet if we’re floating towards a future that is completely digitalized but, we do know that Bitcoin has several hurdles to overcome before it can completely alter our community. Nonetheless, these digital currencies are definitely on the rise.

 

Story Credits: futurism.com

Image Credits: bitnovosti.com

 

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One thought on “Why Bitcoin Rose More than $1000 in the Last Two Months

  1. Great blog! Is your theme custom made or did
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Bitcoin Goes 15% Up In Value – Ethereum Follows

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Bitcoin jumped on Thursday to its maximum price in just about four weeks as cryptocurrency developers appeared to come more rapidly to an agreement which would prevent the cryptocurrency from splitting.

According to CoinDesk, Bitcoin has gone high more than 15% to $2675.67 which is its maximum level since June 25. As of July 20, the cryptocurrency traded near $2648. It is high about 4% for July and more than 170% higher for the year.

Bitcoin Performance Chart of Three Months:

Image Source: CoinDesk

 

Developers should have to settle on “activating an upgrade” which is known as SegWit (Segregated Witness) by 1st of August in order to prevent the cryptocurrency from splitting or forking. According to GDAX exchange of Coinbase, if the currency split, it might pause the trading of Bitcoin.

According to Ari Paul, the chief information officer of Block Tower Capital, Bitcoin is assembling largely because the activation probability of SegWit is increasing as more miners signaling that they will activate it. There is no need to agree all the miners, but at least 80% should agree.

As the prices are going higher, the interest is also increasing in the cryptocurrency world from Wall Street. Forbes stated on Tuesday that Bitcoin is the main asset of the investor Bill Miller’s hedge fund.

Rise in Ethereum Price:

The TradingView charts of Coinbase data shows that Ethereum also jumped more than 18%, to nearly $230, which is its highest since Tuesday. Ethereum rushed below $200 over the weekend.

This rise in Ethereum came as the hackers stole over $30 million in Ethereum from wallets because of security flaws. Earlier in the week, hackers stole over $7 million by hacking the initial coin offering for CoinDash.

Story Source: CNBC.com

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How to Set Up a Bitcoin Mining Rig w/ BITMAIN ANTMINER U2 & CGMiner

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Bitcoin vs Litecoin – Which One is Better?

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The hype of cryptocurrencies has increased dramatically over the past few years. Especially after the introduction of Bitcoin, back in 2009.

Bitcoin is the most popular cryptocurrency. The currency has ruled the crypto world undisputedly for many years. Even now, Bitcoin sits on top of the crypto pile. However, it is not the only king in the jungle anymore. The leading cryptocurrency is now facing a growing competition from other cryptocurrencies, Litecoin being one of the closest rivals of Bitcoin.

In this article, we have discussed the major differences between Bitcoin and Litecoin. Hopefully, you will be able to get a good idea about both the cryptocurrencies after reading this.

Litecoin:

Litecoin is one of the many names that received a lot of positive responses from the market.  It was launched in 2011 by its creator Charles Gee – with the aim of becoming the “silver” to Bitcoin’s “gold”. Like Bitcoin, Litecoin is also generated by mining. The motivation behind its creation was to improve upon Bitcoin.

Bitcoin:

In 2009, Satoshi Nakamoto launched Bitcoin as the world’s first cryptocurrency. It has no central authority and anyone can access it from anywhere. Bitcoins are ‘mined’, using computing power in a global network and are used to buy things electronically.

Bitcoin vs Litecoin

What is The Difference Between Bitcoin and Litecoin?

There isn’t just one, but many differences between Bitcoin and Litecoin. The major differences are as follows:

  • There are more litecoins available in the market, i.e. 84 million than bitcoins as Bitcoin will never exceed the limit of 21 million.
  • Due to the limit of bitcoins available, it is of much higher value as compared to Litecoin.
  • Litecoin has a much faster speed of transaction; only 2.5 minutes, unlike Bitcoin which takes around 10 minutes right now.
  • Both employ different algorithms, Bitcoin uses the longstanding SHA-256 algorithm, unlike Litecoin which makes use of a new algorithm known as Scrypt.
  • Another major difference is that Litecoin is a cheaper option for miners than Bitcoin. The former only requires a normal computer and an internet connection to begin mining, whereas the latter requires maximum computing power which is out-of-reach for an everyday user.
  • Bitcoin is relatively slow in confirming transactions, while Litecoin accepts a higher number of transactions due to its higher volume of blocks.

So, What to Choose – Bitcoin or Litecoin?

We know that both the cryptocurrencies have their own set of pros and cons. They even have several resemblances. No doubt, they are both accepted very positively all across the globe. However, the final choice is yours.

Good Luck!

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European Union Official Says Blockchain is “Going Mainstream”

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According to the latest blockchain news 2018, the vice president of a European Commission has officially asked the EU nations to commit to blockchain-technology; which, according to him, is going mainstream. The vice president of the European Commission said this in a speech on “digitization,” and highlighted the blockchain technology as an area that EU nations must be committing to. European Commission vice-president, Andrus Ansip highlighted blockchain technology amid the parts where Europe is top-positioned and is playing a leading role along with AI (Artificial Intelligence).

EU Blockchain

EU’s Opening Remarks

The official offered the “opening remarks” of the annual ‘Digital Day’ of European Union, which was initially held in Brussels this year, where Ansip stated:

“I would like to see EU countries make a similar commitment (as with AI) to blockchain technologies – now moving out of the lab and going mainstream. As with AI: we should make the most of this new opportunity to innovate.”

In order to achieve their aim, the European Commission’s official called on national governments as well as private sectors to subsidize the cause and stated the EU’s own “public purse only goes so far”, demonstrating almost 1% of the yearly-wealth produced by economies of EU and added, that they need a hard crash.

The remarks were quite noteworthy as they came up just within weeks, earlier in the month of February, when EU launched its own “Blockchain Observatory.” The EU blockchain establishment was first announced by the EC last year and was a response to an European Parliament mandate to reinforce the technical proficiency of EU in innovative technologies.

European Blockchain Partnership

According to the European Commission, it will be investing €300 million in projects that are linked to the use of blockchain technology directly. The EU also unveiled that it is placing the groundwork which is required to create a “European Blockchain Partnership” for promoting interoperable-infrastructures, amid EU nations, to boost and stand-in trusted digital services. In the meantime, the officials of EC previously hinted that they’d be presenting a regulatory framework for cryptocurrencies.

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A look inside America’s largest Bitcoin mining operation

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Dave Carlson, who owns America’s largest bitcoin mining operation could be mining as much as $8 million worth of bitcoin every month. However, Dave dismisses this figure as ‘exaggeration’ and ‘fake news’ created by media.

With the mainstream media proceeding to paint bitcoin mining operation as modern age gold rush, Carlson’s story has been of particular interest, regardless of whether it hasn’t generally been put in the correct context.

To be fair, though, evaluations of his potential earnings don’t appear to be far-fetched when you consider he went from driving a $300 Honda to directing the largest bitcoin mining operation in America in simply under a year, and that bitcoin mining is still broadly misunderstood.

All things considered, when the facts are examined, his business is no less impressive.

Tags: Bitcoin videos, bitcoin mining

To get to the truth of his story, CoinDesk addressed Carlson about the increased attention his Washington-based bitcoin mining operation (he refused to disclose the location) is getting, how he assembled the organization and how it earned $8m a month when bitcoin costs were close to their peak.

“I used to spend long hours configuring servers, assembling rigs, and connecting cables. I now have a technical team that covers assembly, deployment, facilities, optimization, and management. I invest the greater part of my energy dealing with the bigger issues the organization faces in regards to future development and operations.” said Carlson to sum up his business growth.

 

Credits: CoinDesk.com

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