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According to Tom Lee (co-founder and head of research at Fundstrat Global Advisors), the price of Bitcoin will hit $91,000 by March 2020. This prediction by Lee was based on a chart that shows the performance of Bitcoin after the slumps that it has seen in the past. Even though there’ve been many bitcoin future predictions since its creation, but Tom Lee’s prediction holds an important place in the crypto-world.

bitcoin future predictions

Can this prediction affect Bitcoin’s users?

No doubt, this prediction is going to excite many investors, and especially those who bought this top-cryptocurrency when it had the worth of $20,000.  The whole nation is under the influence of Bitcoin future predictions. A lot of risky things have been done by the people to jump on the Bitcoin bandwagon but unfortunately, this enthusiasm will not lose out on the cryptocurrency market as it has trapped investors in scams as well.

Not so long, a report said that Twitter was about to ban bitcoin advertisements after several credulous victims were caught in the recent scam.  On the other hand, the same thing was done by some other websites, as they also announced a ban on Bitcoin and ICO advertisements.

Following are the websites that are considering a ICO ads and Bitcoin.

  • Facebook
  • Google

How did Tom Lee predict Bitcoin’s price?

To predict the 2020 price of Bitcoin, Lee used an average of the percentage. The chart is based on a logarithmic scale and just because of its basis, as it’s divergent to the traditional linear-based graph, the ups and downs in the price of Bitcoin are not that dissimilar. The price of Bitcoin once fell to $3000 and since then, Lee has been predicting high-prices for this top-cryptocurrency.

Lee stated in July 2017 that the price of Bitcoin would hit the worth of $55,000 by 2022, and in January 2018, Lee said that by the end of this year, the price of Bitcoin would hit the value $25,000.

This year, at the beginning of March, Lee released “Bitcoin Misery Index”, which is defined as a “contrarian index’ and allows investors to understand how depressed Bitcoin holders are at the current price of Bitcoin right now.

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Here are some tips for a successful ICO (Initial Coin Offering)

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According to the latest Initial Coin Offering news, ICO scams have increased scepticism and suspicion in few recent campaigns. This distrust is somehow defensible with plenty of legitimate projects that act as a ‘front’ for fast money-making-schemes. Though, there are still many genuine and reliable initial coin offerings being launched.

ico compaign

How to Treat Your ICO?

  • Before you launch an initial coin offering, you should fulfil certain requirements and standards, including the publication of a whitepaper.
  • The main thing is to identify that your attempt to attract an investment in an ICO must have to be in your own way and through more traditional means.
  • Make sure that you have provided enough information in order to be transparent and reliable. Likewise, it is worth being cognizant that a typical ICO whitepaper has almost 20 pages, however, a prospectus of a stock market investment can be of almost hundreds of pages.

 

Determine the Problem

  • If you can evidently present an issue in a given industry, and clearly explain how you can solve that problem, you will definitely attract contributors.
  • Many companies have claimed that their novelty/solution is firm to change any given industry, as they can be seen in many ICO schedules.
  • On the other hand, winners will be those, who’d offer the finest solution; as well as those who are new to the market.
  • If you want to make sure that whether your proposed ICO is going to attract the potential participants or not, you’ll have to evidently demonstrate the value that you add to your service.

 

Determine Why blockchain is the best solution

  • The solutions provided by the blockchain technology are definitely worth the hype. Though, in your proposed offering, it’s imperative to demonstrate how and why a blockchain-solution is the finest course of the act for the problem that you are attempting to re
  • It is often due to an existing/growing network of contributors that can actually profit from the blockchain network primers as well as tokenization to advance the service/product.
  • It is imperative to have the ability to explain how you will attract people to the network that is created by you and how it will be monetized.

 

Robust Corporate Governance

  • Contributors that are potential to your business will always do a good research on the team and explore the idea behind your company.
  • Ensure to clearly explain the knowledge and involvement you have behind your company as it’s good to prove that your idea was analyzed and developed already.
  • Also, you should form a corporate governance structure that is matched with present structures.

 

Secure Investment

  • There are ways to promote your ICO campaign without using Google and other social media platforms – Google, which has already banned advertisements related to ICOs.
  • Ensure that you are utilizing each and every tool in your clearance to make the exposure.
  • Online presence across cryptocurrency calendar websites, other information portals, and cryptocurrency apps is also quite imperative.

 

  • You can find advisers and agencies that are specializing in ICOs so that they can assist you well, however, pick them wisely before using your budget for extra support.

 

  • Make sure that your diary is full of meet-ups and conferences.

 

  • It is a hard slog to get your name to be known, but still, it is more important that you are ‘far and wide.’

 

  • Inducing a renowned investment entity will also verify the success and failure of the ICO.

Transparency

  • The comfort through which potential contributors can get information about the token sale development and the whitepaper matters a lot, as it demonstrates that you didn’t hide anything.
  • A genuine ICO can be tracked through the token sale address, while a fake ICO will try its best to hide how its sale progress is surging through numerous individual contribution addresses.
  • This doesn’t only disguise how far the live sale of the ICO will go, but also the accurate amount.

If any of these factors are difficult to find, it is a sign that something is wrong and potential participants should look somewhere else.

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Countries That Accept Bitcoin Having Soft/Strict Rules

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Countries that accept bitcoins

There are more than 500 cryptocurrencies in the world, but Bitcoin has dominant worth. In fact, some countries become the hub of this peer-to-peer digital currency. Here, this article is about the story of some countries, which country uses Bitcoin and who accept the Bitcoin and use it in payment transactions.

Countries that say yes to bitcoins

If a country going to introduce Bitcoin technology to its financial sector. Then, it clearly means that country is going toward the revolutionary situation. It would leave a strong impact on its all sectors and also on related countries.

Bitcoin accepted countries:

Canada

Canada becomes a bitcoin-friendly country, which ensures that Bitcoin cryptocurrency is not used for money laundering. Canadian authority makes it sure that transactions of Bitcoin are taken place under complete supervision. Canada revenue agency takes Bitcoin transactions as barter transaction. In addition, income generated from these transactions named business income.

Australia

Australia allows The Australian taxation office considers Bitcoin transaction as barter arrangement. Which means, Bitcoin transaction legally completes its process under specific rules and regulation.

Estonia   

A small nation, accept the Bitcoin digital currency. It has no history of jumping to new technology. whereas, its financial sector show interest to implement on Bitcoin technology.  They are going to use blockchain technology for healthcare, banking services and much more.

Denmark

Denmark is one of the developed countries in the world with living standard and with financial stand as well. Bitcoin will be used in all aspects. Whether in means of exchange or to the alternative to central banking monopoly. Danish bank declares that “Denmark is home to a number of Bitcoin startups and exchanges such as CCEDK, which has been a prolific innovator in the crypto-space with recent releases of Bitcoin “3.0” technology and decentralized exchange.”

Countries with strict rules

In the same way, countries which opposed Bitcoin first. Now, those countries have a dominant part in Bitcoin transactions. They utilize its advantages in their investment. The main reason behind the opposition was the anonymous conduction of transactions between two account holders. it may use in illegal dealings like buying drugs or weapons…

Whereas, in presence of all securities, countries accept the Bitcoin with strict rules. Here are some countries with strict rules.

USA

As the USA is considered as Bitcoin friendly country. Whereas, the government is trying to control Bitcoin transaction process. Same as with its traditional money. Incidentally, Bitcoin is peer-to-peer digital currency and never controlled by anyone or any authority. In that case, USA government generate some rules regarding Bitcoin.

Japan

In the same way, Japanese Financial service agency place regulations to Bitcoin exchanges. According to Motokazu Endo, Attorney of FSA,

“Cryptocurrencies’ prices fluctuate sharply, and they’re highly speculative. Many exchanges have the weak financial basis, and should they go bankrupt, it would be tough to protect creditors’ assets.”

At this point, if Japanese people want to buy bitcoin. Then, they have to pay 8% consumption tax. And this all transaction will be through Yens. Because bitcoins considered as imported goods.

China

In July 2016, China introduces a law named “civil right object” to the public. Chinese can buy and sell goods through Bitcoin under this law.

 

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Crypto-Market Rebounds At $426 Billion, While Major Cryptocurrencies See Another Day in the Red

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Once again, major cryptocurrencies are struggling to maintain their surging momentum secured, on February 26. Bitcoin has dropped below the $10,000 mark again, while Ethereum is still struggling to surge above $900.

In the beginning of this year, bitcoin reached to its all-time low and throughout February, the top-cryptocurrency, which assess its dominance over the worldwide cryptocurrency market, drastically surged to around about 39%, as many cryptocurrencies in the crypto-market followed Bitcoin price trend. Bitcoin has performed a lot better than Ethereum and other major cryptocurrencies in the past month and has increased drastically after falling to $6,100, which makes it extremely volatile.

After the slump in January, experts were anticipating that the price of bitcoin would start to recover to its previous levels by the end of February. However, the top-cryptocurrency has sustained to move in between $9,000 – $11,000. Multiple traders have shown their concerns on this short-term performance of bitcoin, mainly because it has low volume.

CEO of Blockstream (blockchain development company) and a bitcoin expert, Adam Back, highlighted that while technical analysis is showing volatile future for bitcoin, the technical advances and fundamentals are pointing toward a positive future for bitcoin.

The largest cryptocurrency trading platform and bitcoin wallet platform, Coinbase, has announced the incorporation of Segregated Witness this week, which is basically a transaction flexibility and ascending solution, along with transaction batching, ensuing the implementation of SegWit by Bitfinex, which is another top cryptocurrency exchange.

The Coinbase team specified on 23rd February, that SegWit has been already turned out to 25% of customers, which surpasses more than 3 million users. He also highlighted the ability of “second-layer scaling solutions” such as; Lightning alNetwork. Coinbase wrote, that the latest technologies that require SegWit, like the Lightning Network, have the ability to drastically upsurge the utility of Bitcoin as a payment network and profit its customers. Coinbase currently has a keen full-time software engineer, who’s working on an open source contribution to the Lightning Network.

Back also mentioned Lightning, SegWit, and further capable privacy solutions as “Bulletproofs”, which are being dynamically developed by the developers of bitcoin in its open source community. While the whole cryptocurrency market is highly volatile in its upside and downside, its price trend will not precisely depict the extent of developments and upsurge in the user activity of most important cryptocurrencies like Bitcoin and Ethereum.

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Person Loses Over $300,000 Due to Simple Mistakes

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An ether wallet had received hundreds of thousands of dollars around two weeks ago. Unfortunately, those funds were later hacked form different wallets due to the negligence on the user’s end. If only a few security measures had been taken, some of those funds could actually be protected from the hacker.

How it happened

Maximum of funds were stolen from a user holding 973 ethers. What caused this hack was the fact that the user had a rooted android phone. Rooted Android phones are similar to jailbroken iPhones, which means that new applications can be installed but they have no security assurance that the apps are not malicious. That being said, such an app must have been installed on to the device providing the hacker access to your phone. On gaining access to the device, the hacker used an exploit to retrieve the backup phrase to Jaxx wallets. This exploit has not been fixed since Jaxx is a hot wallet, which means that coins are kept here for frequent use and not storage.

 

Ways to increase the security of your funds

Crypto security experts have provided a few tips on how you can maintain the security of your wallets and funds.

  1. Do not use public Wi-Fi even after using VPN.
  2. Be sure to turn on 2-FA for all your user accounts, with google authenticator.
  3. Do not store your private key unencrypted.
  4. Never access your funds from a rooted device.
  5. Do not install applications on your device that are not trustworthy.
  6. Keep a look out for phishing scams. Your private key should only be known by you.
  7. Bookmark your sites. Some fake sites are known to have URLs similar to the actual portals and could steal your personal info.
  8. If you possess a large sum of funds, split it amongst separate wallets to ensure that not all your money could be lost due to some blunder.
  9. Cold wallets are to be preferred over hot wallets and exchange wallets for storage.

 

Story Credits: coinidol.com

Image Credits: coinjournal.com

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Bitfinex: Hong-Kong Based Crypto Exchange Will Not Support Petro

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On 27th March, a public statement was issued by Bitfinex, in which it stated that the platform won’t be supporting the “oil-backed” Petro token, which was launched in February by the Venezuela government.

Bitfinex

Bitfinex is a Hong-Kong based crypto exchange trading as well as currency-storage platform, which was established in 2014 and since then, it’s been the largest platform for Bitcoin.

crypto exchange

Bitfinex Blog Post

On Bitfinex, the statement was posted:

“The government of Venezuela (“GOV”) has recently introduced the Petro token (“PTR”), which purports to be a cryptocurrency backed by oil.”

In this blog post, which was posted on 27th March, the world’s number four crypto-exchange by trade volume (24-hour), clearly explained their decision, stating the fact that recently, the US had banned all of its citizens from buying Petro cryptocurrency, as well as other Venezuelan digital currencies similar to Petro that could be introduced anytime in future. It was written by the exchange that it perceives the coin as it has limited utility.

“We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. In light of the U.S. sanctions and the other clear sanctions risks of dealing in these products, Bitfinex will not list or transact the PTR or other similar digital tokens.”

According to the Bitfinex team, the limitations are not only applicable to the US clients, but also to the consumers of the platform. They are also linked to all of the activities on the platform, like;

  • Deposits
  • Financing
  • Trading
  • Withdrawals

The platform also further added that regardless of location, all of its employees and contractors are also banned from transacting in the Petro. This news from the crypto-exchange Bitfinex follows the latest exploratory work by “Time magazine” that connects the Petro cryptocurrency to the Russian government.

There is a huge bank of indications to advocate that this digital currency issued by Venezuelan is a Russian experiment in sanction dodging. According to Time Magazine, Russia have been considering to use cryptocurrency to dodge the sanctions globally, however, they decided to assess the idea in a state, when there’s very little to lose.

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