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Renowned investor and one of the richest persons on planet Warren Buffett continues his bearish point of view toward bitcoin and other cryptos.

In an interview on CNBC, Buffett was asked about JPMorgan Chase CEO Jamie Dimon’s retreating take on bitcoin, after the latter expressed his regret about calling bitcoin ‘fraud’ a year ago.

Questioned if he too would reconsider his current comments on bitcoin – Buffett called bitcoin an “air bubble” following Dimon’s remarks a year ago – Buffet stated:

“As far as digital forms of money, for the most part, I can almost say with assurance that they will come to a bad ending.”

While predicting the downfall of digital currencies, Buffett went on to assert he’d bet on “each one of the cryptocurrencies” falling over the next five years.”

Furthermore, Buffett stated he wouldn’t take a negative position by exchanging bitcoin future contracts, expressing there’s “no reason” to do as such. “Why on earth should I take a long or short position of something I don’t know anything about?” He jested, confessing to knowing almost nothing about cryptographic forms of money.

“I have 11 schools this coming Friday [and] the inquiries will be on bitcoin, and I won’t know the appropriate answers,” Buffett included, preparing everyone else for more soundbites on digital forms of money this week.

Buffett’s interpretation of digital currencies, particularly bitcoin, is like another long-term bitcoin bear in JPMorgan’s Jamie Dimon. In September 2017, Dimon notoriously said bitcoin was a “cheat”. “It’s worse than tulip bulbs,” Dimon proceeded in the same breath, adding “somebody will get killed.” The Wall Street investor additionally undermined to fire workers involved in crypto money trading, calling them “inept” if they were to do so.

Dimon keeps on being a non-believer, he revealed in comments this week, but went on to state about that ‘fraud’ proclamation: “I regret making them.”

News credit: ccn.com

Image: Google

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Bitcoin vs. Ethereum- 2017 Edition

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There are various warriors out there fighting for the cryptocurrency crown, but the lead runners are Bitcoin and Ethereum and both have serious backing. Due to the increase in competition, it is important for investors to understand the similarities and differences between the two.

Bitcoin vs. Ethereum- 2017 Edition

What is Bitcoin

Bitcoin is the first form of digital currency which was created by Satoshi Nakamoto. Since everything is shown on the public ledger, the blockchain, you can be confident that the transaction is legitimate. Bitcoin offers lower transaction fees than traditional online payment mechanisms and has no interference of banks. Also, it is used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also trading digitally at the moment.

What is Ethereum

Ethereum is meant to be much more than a payment system. It is also based on blockchain technology and was introduced to supplement decentralized applications.

It even features smart contracts and the Ethereum Virtual Machine. Firstly, Ethereum’s smart contracts allow contract negotiation and facilitation using an app which provides a decentralized way to verify and enforce them. It is powered by the Ethereum cryptocurrency Ether, which is held in the Ethereum wallet. Their aim is to provide greater security than normal contracts and bring down the associated cost. Also, the Ethereum Virtual Machine helps to create blockchain applications in a much easier and efficient way, enabling people to run any program.

Bitcoin vs. Ethereum:

In Bitcoin blockchain, miners mine to earn bitcoins and two-thirds of all available bitcoins have already been mined. The reward for mining halves about every four years and it’s current value is at 12.5 bitcoins with average block time as 10 minutes. Due to this block time, Bitcoin is suffering from slow transaction speeds thus, vendors and purchasers are choosing to shift.

On the other hand, Ethereum rewards its miners with ethers, which is a kind of token that fuels the network. You earn 5 ethers given for each block and unlike Bitcoin, Ethereum’s block time is 12 seconds. Ethereum’s GHOST protocol enables quick block time. The faster the block time, the quicker the confirmations. However, there are also more orphaned blocks. Ethereum gives application developers the opportunity to create all sorts of applications that carry out their own set of operations, which have never been seen before. While smart contracts are set up to be unchanging and trustworthy, they are still ultimately a creation of humans who are capable of error.

Another major difference is the supply of Bitcoin, which is exceedingly low, with just 16.24 million left from 21 million. Whereas, Ethereum has over 89,752,192 coins currently existing. This is an advantage for Ethereum since Bitcoin might be left behind due to its low supply.

Furthermore, both Ethereum and bitcoin use different hashing algorithms. While Bitcoin uses SHA-256 algorithm that produces a number in hexadecimal format, Ethereum uses Ethash algorithm.

Here’s a table representing all the differences between Bitcoin and Ethereum:

 

The future of Bitcoin and Ether

As we glance into the future, it’s hard to get a grip on who exactly is going to be on top of the chain. Over the years, Bitcoin has become more and more popular, there has been a steady increase in volume since the beginning of 2017. It now represents a technological breakthrough that has the potential to change the way the world banks. Now standing on $2209, for the first time in history, surpassing even the price of gold.

However, as high as Bitcoin pushes, it is going to drag Ethereum with it as well, which is now trading at $175. While the future of Ether is more uncertain than the future of Bitcoin, the potential gains are also much greater.

Both digital currencies continue to push all-time highs for almost every available metric and show no or very little signs of slowing down.

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Circle Plans to Make $60 Million Expansion in China

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We share content, information, messages and routine life on the internet. Money should also work in the same way as for transfer of information. Secure, worldwide, free, open without any central authority and most importantly, transfer of money with fun. In that case, we have an option chinese circle on vision, that we should be able to exchange values.

The main vision is to connect the world’s largest currency zones. That is why a foundation for this purpose has been established in US and UK. The foundation will transact Euro, Dollar, Pound, and other large currencies to blockchain technology.

Customers in the UK, US, and soon in Europe can soon perform these transactions. They will be able to do transactions in a secure and freeway through Circle’s social payment app.

With the rising of this technology, Circle is going to introduce this technology to its Chinese customers.

The Circle has launched a company in China manufacturing, raising $60 Million from Chinese investors. The company is keen on expanding into world’s second largest economy. Chinese firms including Baidu, CICC Alpha, Everbright Investment, IDG Capital Partners, and Beijing-based tech investment have reportedly made the latest funds.

Allaire says, “We’re not aiming to compete with the domestic market as that would be a suicide mission given the strength of local players like Alipay and WeChat, but we can connect Chinese consumers with the euro zone and dollar markets”.

Strategy in Financing:

IDG Capital Partner, the prolific Beijing-based VC led the $60Million strategic finance.

Along with IDG, Breyer Capital and General Catalyst Partners, we have brought on a powerful syndicate of major strategic partners in China, including Baidu, CICC ALPHA, China Everbright Limited, Wanxiang, and CreditEase.

These strategic partners make it sure that they will create an open, global, and free model of social payments. That will be enabled for the consumer in China, US, UK, and also in Europe.

Circle’s China Unit:

Circle’s China unit works as the local incorporate company. Allaire says,” Circle’s China unit has not launched any product. Whereas, there are already many pending deals with banking partner and legal license to operate.”

In payment process, Circle allows payments to countries in which this technology has not launched yet. Whereas, payments have transferred in Bitcoin within few minutes via blockchain network. Once the process of payment completes, the Bitcoin transfers to the currency. Circle’s aim is to connect China trading consumers with new global means of payments.

People’s Bank of China wants to launch its own digital currency. Basically, they want to decrease the cost of traditional paper money and boost policymakers. That is why they are in support of digital revolutions like Bitcoin.

Allaire finished with: “The company now adds the support for euro-denominated payments in Spain as the first step of a broader euro rollout.”

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Bitcoin market value

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Cryptocurrency enjoys a notable increase in its price. Especially when it crosses the gold and dollar price. It became the center of attention to the media and another financial sector. Recent price of bitcoin is,

Bitcoin market value

We know that bitcoin market value varies from time to time. Its price is not stable. Which factor is contributing in price fluctuation of the bitcoin? How they create a positive or negative impact on the users. In this article, we will discuss the factors creating the strong impression on a price of the bitcoin.

Government rules & regulation

When government regulates the bitcoin, it declares whether bitcoin is legal or illegal. If it is legal by the government, they will guide people on how to use bitcoin.

There is a large group of people who afraid of government regulations. Whereas, the government controls the circulation of digital currency in the country. They are not able to decrease the amount of money but they have the ability to generate more money. Bitcoin store in wallet addresses. In addition, Which is being the cause of rising in the value of bitcoin.

Now, the scenario is that government declare that only they will mine cryptocurrency. And, only government’s currency will legal in the country. Accordingly, we have the situation od currency same as before cryptocurrency. The government will have the authority to mint all money and shut down the system. Furthermore, they can change the code for more currency mining when. There is a lot of scary things like above discussion. That is why people get afraid of these new regulations.

People who are in favor of bitcoin regulation will buy more bitcoin. Whereas, who are afraid of government regulations might start selling of bitcoins in the response to the news like NYDFS BitLicense. That is a factor of government regulation.

Shopper  

When people use bitcoin as a currency. They show to the world that they admire the credibility of the bitcoins. People do transactions including sale and purchase with bitcoin. The companies like Dell, New Egg and much more allow its customer to purchase their products pay in bitcoin. In addition, Xapo introduces a new credit card to spend with bitcoin market. Even though shoppers don’t have the direct influence on price. Indirectly or directly they help to spread bitcoin around the world. Therefore, shopping factor of the bitcoin has offered a large market with no short-term influence.

Mining

All the transactions of bitcoin are because of the bitcoin mining. The network is secure because the more miners, the network will be more secure. Where no one owns the 51% of the network. A 51% attack is only possible in case of one entity own all mining power on a network. Basically, 51% attack is potential panic selling. Which being the factor of bitcoin price decrease in value. Some miners keep saving their bitcoin while other cash it out.

News  

News is the most effective part of any society. People who read news can also have an ability to act on it. For example, if a person has 51% mining power on the network. And, this news spread from a television channel. In addition, the reaction of the people regarding bitcoin value will entirely change. Few of them get panic and sell their bitcoin and other will try to overcome this difficulty. This factor of news provides articles to the public about the fluctuation of bitcoin prices.

Dumping to fit

For example, a business wants to sell a number of bitcoin to pay business expenses. In addition, they don’t want to own the bitcoin. This discarding will tend the bitcoin to depress state. It all depend on the company’s capacity of selling bitcoin. This factor is basically a depression in the bitcoin value.

Selling on exchange

If a person has 1000+ bitcoin and sells them in exchange, a price of the bitcoin decrease automatically.

Buying on exchange   

The number one thing that influences the value of a Bitcoin is how much someone is willing to pay for one Bitcoin, of course. When you place an order on an exchange in order to buy Bitcoin, you decide what is the value of a Bitcoin to you. The more people who are willing to buy Bitcoins, the greater the chance for an increase in the overall value of a Bitcoin. Sellers sell to the highest bid price first, so whoever is the highest bidder at the moment, is the one who decides the value of a Bitcoin at the moment.

The Bitcoin price factor of someone buying Bitcoins on an exchange is always a rise in the value of bitcoin.

Good luck!

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