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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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Bitcoin Crash Reasons: Once Again as The Bitcoin Drops Below $9,000

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Most of the cryptocurrencies in the cryptocurrency market have fallen by more than 16% and the market has experienced another major correction as the bitcoin price has dropped by 14%.

The price of Bitcoin has dropped below $9,000 and is currently trading at $8,704. Many investors are now wondering about the bitcoin crash reasons.

The major cryptocurrencies like Bitcoin Cash, Stellar, Ripple and Cardano have also dropped by 12-16%. Analysts have shown their concern towards Ripple because it fell below the $1 mark for the second time in two weeks.

Bitcoin Crash Reasons

For many bitcoin investors, the mark of $10,000 is a psychological threshold. Similarly, the $1 mark indicates the same threshold for XRP or Ripple investors. We can clearly see that Ripple’s price has recovered after dropping below $1, whereas the XRP’s price has fallen below $1 twice within the past 2 weeks.

Other cryptocurrencies are also struggling to show signs of short-term recovery. Cardano and Bitcoin Cash have remained constant for weeks and have continued to maintain their positions as the 4th and 5th most valued cryptocurrencies in the market. In the past week, these two cryptocurrencies have dropped significantly, while the other cryptocurrencies have moved in the same trend. Over the last 24 hours, many major cryptocurrencies have suffered losses and also, there’s been a decline in the value of many virtual currencies.

The whole cryptocurrency market has fallen by almost $120 billion and the previous month had been a slump for the cryptocurrency market. Even after the major corrections, the market usually records gains in the mid-term, often on a monthly basis but based on the momentum indicators, daily trading volume, and overall interest, it looks dubious that we’d see a rise in the cryptocurrency market by a large margin in the short-term.

Well, it is a feasible period for many newcomers to enter the cryptocurrency market, but on the other hand, it is not actually the best time to invest in the market. Investment in the market would be an option if it shows some signs of recovery in the short-term, but at this time, the most important thing is to expand the assets and minimize the risks.

What Triggered the Crash?

We’ve seen that the cryptocurrency market was hit with a series of developments and negative news. Even some regions are still struggling to recover from trading ban FUD that was started by the government of South Korean and now, the Indian government.

The cryptocurrency market was typically composed of casula investors and speculators, who’ve been keeping their eyes on the short-term profits. However, the speculators left the market after the slump in the price of most cryptocurrencies. So apparently, the market needs to struggle in order to recover.

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Everything you need to know about Segregated Witness

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I have been noticing on many online bitcoin districts that various users are unable to understand the concept of Segregated Witness. This post will clear up any doubts, uncertainties, and myths regarding SegWit.

So, what happens in SegWit?

SegWit is short for Segregated Witness and it’s a proposal presented by the developers of Bitcoin Core. Originally it was aimed to solve the transaction malleability, which is a well-known weak spot in the Bitcoin system. The idea behind SegWit is that the signatures in a transaction, also known as the “witness data” are skipped when calculating the transaction id.

Basically, SegWit will update the 1MB size block limit to 4-million unit block weight limit. This counts serialized
witness data and one unit and core block data as four units. This is an entirely new transaction format, meaning the block size is increased. SegWit counts each byte in a witness as 0.25 bytes towards the 1MB block limit, thus the maximum size of a block becomes just under 4MB.

It’s not that the data gets smaller, it’s just counted in a way that allows for the block limit to be increased.

The short/easy version

In simple words, signature related data is removed from bitcoin transactions, causing them to appear smaller in size. Also, making the block size smaller, further, allowing more transactions to take place.

 

Clearing up myths and rumors

Myth: SegWit as a soft fork is much more dangerous than a hard fork

A soft fork ensures that the backward and forward compatibility is under control. Also, when a soft fork is set up, old versions of Bitcoin software will be able to function without any faults. On the other hand, a hard fork requires every Bitcoin user to update to the new software to support the consensus rules. Any user that fails to upgrade to the new software might be under the risk of getting thrown off the Bitcoin network.

 

Myth: SegWit is more complicated than a super simple hard fork

Similar to a hard fork, SegWit proposes the same idea of increasing the block size limit. No doubt, it is pretty complex and introduces several changes, but it is a relatively simple conceptual change. Basically, SegWit ignores the signatures when calculating the transactions, but as a soft fork, some additional changes must be made to make SegWit transactions compatible with non-segwit nodes. These changes then have side effects which can be beneficial to Bitcoin. It also contains more functionality than a hard fork increasing the block size limit. The hard fork to increase the block size limit also appears simple, but additional changes need to be made to support the deployment and to solve the quadratic hashing issue with transactions.

 

Myth: Miners who don’t upgrade to segwit will be forcefully told to quit the bitcoin network

This is false since SegWit will be deployed using the BIP9 versionbits which uses a 95% threshold. A miner would not run into any trouble, as long as he follows certain rules. However, if he fails to follow these rules, he could end up with transactions including witnesses but he wouldn’t be having the witnesses nor the witness root hash in the Coinbase. This would be an invalid block that would be in the orphan pool.

 

What are the benefits of SegWit?

Besides the obvious benefit of having to increase the capacity, there are several other benefits that come with the introduction of SegWit. Some of those benefits are:

  • Node performance is tested based on how weighting data
  • Signature covers value
  • Linear scaling of sighash operations
  • MultiSig gets more security
  • Script versioning
  • Increased security to almost-full-nodes

Why hasn’t SegWit been activated yet?

If there is not enough support shown, it might result in a contentious fork. That means a part of the network switches to the new client while some remain to use the older version. This leads to two sets of cryptocurrencies with different rules, co-existing and competing for users and legitimacy.

In order to avoid such a situation, the developers of SegWit have programmed a specific rule in the software proclaiming that it will only activate once it reaches the 95% mark.

Currently, the support is hovering around 32-33%. 

Everything you need to know about Segregated Witness

 

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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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What we Learnt from 5 Major Bitcoin Crashes

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September isn’t even over yet and bitcoin has already shown three different reactions. From starting off with a $5,000 hit, then falling by 40%, and then recovering back to the $4,000 mark by Monday morning.

This post is going to add more light to some of the major bitcoin crashes we’ve experienced regarding bitcoin. In the end, we might be able to come up with possible reasons as to why bitcoin is so volatile and what predictions can be made for it in the future.

April 2013 – The Meltdown:

Back in spring of 2013, Bitcoin experienced a ginormous drop from $233 to $67 overnight. Which is a 71% drop.

The crash took place right after the currency was experiencing a surge of media coverage which drove it to above $200. While the currency had never crossed $15 before 2013, the mainstream led it to a new height, only to watch it fall down to a double-digit again.

Bitcoin Crash in 2013:

The majority of 2013, Bitcoin’s value was around $120. But, the prices boosted ten-fold in the fall and Bitcoin hit a mark of $1,150 in November. Then the prices came tumbling down to lower than $500 by mid-December.

This price chase was actually because many investors were experimenting with bitcoin for the first time. Also, exchanges like Coinbase had a simple user interface which made it easier for users to buy bitcoin.

 

The Mt. Gox Tragedy of 2014:

Once again, Bitcoin was on a roll, making great gains again after the 2013 bubble pop situation when in February, the price fell from $867 to $439. This triggered a slow phase for bitcoin that went on till late 2016.

This crash took place after the operator of Mt. Gox announced the exchange had been hacked. They later revealed that around 850,000 bitcoins were stolen which would be worth around $3.5 billion today. Furthermore, this incident created major doubts about the security of this digital currency and is responsible for the low-lying value of bitcoin the past couple of years.

 

Bitcoin’s Big Break in 2017:

Bitcoin price history: Back in early January, bitcoin crossed the $1000 mark after years and began driving up exponentially. By June, the cryptocurrency had reached $3000 however, it fell right back and landed at $1,869 during mid-July.

With the increase in demand for bitcoin and number of transactions, people began to notice that the digital currency was getting slower. Especially with its developers not being able to agree on how to update the software. This raised the speculations of a possible “fork” to occur which would be producing two different versions of bitcoin. Thus, the market experienced a fall and when the fork took place in August and produced a rival currency, Bitcoin Cash, no long-term harm was made to bitcoin.

The Great China Chill:

Once the market had settled over the fork and activation of SegWit2x, bitcoin had made another massive jump to $5,000 during the beginning of September. Only to plunge back down 37% and dusting off over $30 billion from its total market cap, by September 15. Although, it’s already on the track to recovery as its prices climbed to $4000 three days later.

Well, this can be summed in one word as CHINA. While there were numerous rumors as to how cryptocurrency trading would be banned in China, a response was given soon after as BTCChina, its largest bitcoin exchange, announced that it would be ending trade this month.

 

Lessons Learned from the 5 Crashes:

The last 5 years have included some heart-wrenching falls and drops that confirms how volatile the cryptocurrency is. Regardless of the reason being a major hack or a government crackdown, bitcoin has always managed to bound back. This is assuring for all those tensed bitcoin buyers who are planning to hold onto bitcoin for the long run. Today, the digital currency market is a lot bigger and is proving to stick around so, it appears that bitcoin is very well, a safe bet.

 

Story Credits: fortune.com

Image Credits: dnev.com

 

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Bitcoin Is Worth More Than Gold – But Way Behind In Stability

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Ever since its creation, Bitcoin has had its ups and downs in terms of both survival and price stability. However, as of late, the currency has been on the rocket-ship ride; going past $4000 mark for the first time last week.

Some investors view Bitcoin as something which can be compared to gold, and rightly so. Because just like gold, Bitcoin is not governed by any government or a central authority. One of the advantages of Bitcoin’s autonomy is that it makes Bitcoin insulated to any financial or economic crisis in a country. On the other hand, the fiat of that country can’t really cope with the crisis and more often tends to take a nosedive.

In fact, Bitcoin can benefit from the uncertainty and crisis, just like gold does. A recent example is Donald Trump winning presidential elections as both gold and Bitcoin surged 3% and 4% respectively in the aftermath.

Some investors are also relating the latest spike in Bitcoin to the potential war between North Korea and USA over NK’s nuclear problem.

Regardless of all the similarities, there is still one noteworthy difference between gold and Bitcoin: Gold is substantially more stable and the graph below shows it all:

The graph comprises of the data taken from Onvista and Coindesk. So, if you are looking to make a safe investment, Gold is still the way to go.

News Credit: BusinessInsider

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