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The so called bitcoin bull Tom Lee sees cryptocurrency market to experience a massive outflow before the cryptocurrency taxes closing. Tom Lee is considered to be an authority on the bitcoin as he is the Managing Partner and the Head of Research at Fundstrat Global Advisors. His views are considered to be quiet solid and authentic about the crypto business.

crypto news

Alongwith the above predictions Tom Lee has also very optimistic views about the crypto currencies specially the bitcoin. According to him the current positive amendments and announcements about the cryptocurrency are the main factors that can undoubtedly act as a catalysts for the growth of bitcoin in the year 2018. He further predicted that at least 3 major publicly-traded corporations would short sure issue their own native digital tokens. And this prediction has been took serious in terms of valid crypto news as three major companies have already announced their efforts within crypto-currencies.

 

There are also clear indications that all the major financial corporations might start moving towards crypto-currencies before Wall Street makes its mind to do so. The Rakuten Coin is a well elaborated example of this progress, it was launched by the Japanese e-commerce company Rakuten. All these are the positive developments in terms of crypto market which are somehow related to the previous predictions made of Tom Lee.

Facts which do not Match Tom Lee’s Prediction

Though some of Lee’s predictions were a real good shot in the past but some of his famous flops in this regard should also be considered. For example the large sell-off in Bitcoin and other cryptocurrencies predicted by him at the start of this year was a total flop. The starting price of Bitcoin this year was above $17,500 which witnessed a rapid downfall to about $6,115 by February 6th. Though prices did recover with a steady pace but it was a shock for most of the investors which ultimately broke their heart.

 

Lee’s next price prediction for Bitcoin stands at $20,000 by June this year. He also gave a target of  $25,000 for the end of 2018. Other famous prediction by Tom Lee included that the famous social media network Facebook and ecommerce platform Amazon will announce its own crypto strategy this year.

Other Examples Cited By Lee

Some other significant examples cited by Lee are as follows:

 

Line, the famous Japanese messaging announced that it is going to launch “Line Financial”. It will be a division allowing users to exchange digital currencies.

Expected use of the blockchain technology by Starbucks. Moreover Mark Zuckerberg also announce in an online post this January that his company would look into cryptocurrencies this year

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Market Hits $478 Billion As Bitcoin Price Surges Over $10,000 Mark

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The cryptocurrency market continues to get recovered as almost every cryptocurrency has seen an upsurge in its price. The price of Bitcoin has headlined the advance and has leaped the $10,000 mark for the very first time since 1st February.

The cryptocurrency market cap has surged above $475 billion, which means that the cryptocurrency market is seeing a speedy recovery since it recently fell to $382 billion.

Bitcoin Price Hits $10,000 Mark:

Bitcoin continued to resist its critics even on Thursday and showed a 6% progress in its price with striking distance of $10,000 for the very first time since the starting of February. But since, the top cryptocurrency has yet been able to break through this barrier and it is now valued at $10,100 which means it has finally surpassed the $10,000 mark. Bitcoin has a market cap of $170 billion at this very moment, which has aided its market share to rise up to 39%.

bitcoin price surge

Ethereum Price Joins Bitcoin:

The price of Ethereum has also joined Bitcoin price surge, even though its recovery is not as speedy as Bitcoin’s. Ethereum is trading at $933 at this time, which represents a 24-hour decline of about 0.20% in its price. This leads Ethereum with a total market cap of $91.5 billion and 19.1% market share.

Altcoins:

Substantially, altcoins accomplished positive development against the dollar. But, these advances were rough, and just a few assets sort of protected the index.

Ripple has seen a decline of 2.24%, which basically halted the fact that Western Union, which is a “money-transfer giant” has confirmed the rumours that trial based on Ripple blockchain is going to include XRP integration.

Bitcoin Cash continues to protect its mark with gains of around about one-half-of-one percent whereas Stellar has seen a decline of 1.89%.

The cryptocurrency which is ranked on number 5th, Litecoin, declined by another 7%, which brings its price to $212 with the market cap of $11.7 billion. It’s one of the closest competitors, Cardano, has also seen a decline by 3.29% however it still holds the sixth position in the rankings.

NEO, which is ranked on number 8th has declined by 1.73% and is priced at $122, with the market cap of $7 billion. There is a 2% decline in the price of EOS, which is valued above $9 at this time whereas, IOTA is here to round out the top 10 with a 1.9% upsurge, which leads its value to $2.10 at this time.

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Bitcoin Is Poised To Hit $100,000 – Says The Predictor Of Q4 Rally

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A Hong Kong merchant who correctly predicted bitcoin value’s dramatic year-end rise trusts that its rally is a long way from being done.

Dave Chapman, managing director of digital currency exchanging firm Octagon Strategy, told that numerous investigators laughed at him when he anticipated the bitcoin cost would dramatically increase in the final quarter and reach $10,000 before the finish of the year.

Main Story:

“I was cited back in August when bitcoin was trading at around $4,000 that we would have a five-figure headline before the current year’s over,” he said. “I think many individuals thought I was insane, many individuals laughed at me, but that is OK.”

 

However, regardless of condescending looks, the bitcoin cost has met — and surpassed — Chapman’s expectation. At the time of writing this article, bitcoin was trading at $16,615, a 20 percent rally boosted by the dispatch of CBOE’s bitcoin futures contracts.

The bears credit this development to a speculative frenzy, and Chapman admits that he is somewhat worried about the market’s current “warmth”. However, he denies that bitcoin’s value is purely from speculation.

 

“Bitcoin permits the quick exchange of significant worth from one individual on the planet to some other individual on the planet, and it does that without a middleman. That is its value,” he said. “If you take a look at bitcoin and its impact financial industry, it’s clearly not that crazy to believe that bitcoin could be a greatly enormous disruptor to finance.”

 

Chapman said that the launch of bitcoin subsidiaries is an indication that digital currency is “growing up,” and he included that he would not be shocked if the bitcoin cost comes to $100,000 before the finish of 2018. Nevertheless, he warned that winding up too focused on digital currency costs will make individuals lose sight of the revolutionary aspects of the crypto technology.

 

“The cost to me is presumably the most uninteresting part about bitcoin. I’m more excited about the applications and more amped up for what this means for individuals who lack access to financial inclusion,” Chapman finished up. “If we concentrate on the cost, we’re forgetting about the bigger picture.”

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Risks involved in Bitcoin Mining

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Risks involved in Bitcoin Mining

Bitcoin mining is a multi-billion industry, but with increasing number of blocks, the difficulty to mine bitcoins is growing as well.

The question that arises is whether one should invest in such phenomena or avoid it.

In this post, we’ll give you a few pointers on what are the risks involved in this particular venture.

Bitcoin Mining

Bitcoin mining risk secures transactions that are recorded in the Bitcoin’s public ledger the blockchain. The blockchain confirms these transactions to the rest of the network while they’re taking place.

Miners

Miners play a vital role in the Bitcoin ecosystem by keeping the Bitcoin community in check. They perform complicated mathematical tasks with specialized mining hardware, in order to mine new bitcoins but bitcoin’s system adds a new block to the blockchain every 10 minutes to ensure the verification and security of unprocessed transactions so that there is no double spending. Miners earn bitcoins investment, as rewards for their effort and often even paid transaction fees by buyers.

Possible risks follow:

  • Susceptible to High Price Volatility:

The main issue that comes with bitcoin mining is the fluctuation of the virtual currency. The cryptocurrency tends to swing over short periods of time. Also, the price depends on the demand and supply, since there are only 21 million Bitcoins available and with two-thirds of it to be already mined, the demand of bitcoins increases with each passing day.

  • Competition due to the introduction of Ethereum:

The reward for mining bitcoins about every four years and its current value is at 12.5 bitcoins, with average block time as 10 minutes. Whereas Ethereum’s block time is 12 seconds. Faster block time means quicker confirmation of transactions. Ethereum reward miners work to earn Ethers, which is a kind of token that fuels the network. You earn 5 ethers given for each block. You can also use it to pay for transaction fee and services on the Ethereum network. Also, Ethereum has over 89,752,192 coins currently existing, unlike Bitcoin, if it reaches its limit, more investors would switch to Ethereum or other cryptocurrencies thus, leading to lesser or no transactions for miners to confirm and earn rewards.

  • The “hard fork” scenario: 

Bitcoin has become so popular that it isn’t able to manage the weight of all the transactions. With the currency growing exponentially along with the number of transactions, the 1MB block size limit is starting to be an issue thus, leading to delays in payment processing. This hard fork is splitting the network into two i.e. Bitcoin Unlimited (BU) and Segregated Witness (SegWit). Miners are in favor of BU as it gives them more control of the BTC network but BTC developers and enthusiasts choose to side with SegWit since they’re not in favor of letting miners be more in control of the network than they already are. The two obviously can’t co-exist side by side so they have to compete for legitimacy and users in order to function.

To conclude, bitcoin mining does have its pros and cons. Surely, as people become more aware of this cryptocurrency they would show more interest but for now, no one can predict the future of it.

Happy mining!

 

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Can Bitcoin be compared to Dot-Com Bubble?

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Many people ask that what actually is bitcoin, an investment or a dot com bubble? Many of us may not have forgotten the dotcom bubble which took place in the 2000.

What is the Dotcom Bubble?

The dot com bubble also known as the dot-com bust was a period that occurred from 1997 to 2001. It was in fact an era when the use of Internet fastly grew in terms of various businesses. At that time a lot of internet-based business companies were founded. Such companies were commonly referred to as dot-coms. Unfortunately, a great number of such companies failed with a total loss of all their assets e.g.; companies like Pets.com and Webvan, were a complete failure facing an ultimate shut down. Some stronger companies had to face a decline in their stocks such as Cisco and Qualcomm. These companies lost a large portion of their market share but somehow survived. Even some companies such as eBay and Amazon.com recovered and later on surpassed their lost stock level.

dot com bubble

Future of Bitcoin according to Morgan Stanley

Morgan Stanley is a famous financial firm providing investment banking, wealth management services and securities etc. Recently the performance graph of Bitcoin was strongly criticized by the senior members of Morgan Stanley, some of them even compared it to the dot-com era.

Sheena Shah, a market strategist from Morgan Stanley presented a research report and, in that report, she showed a lot of disappointment with regard to the future of bitcoin. According to Sheena Shah, there are a number of similarities between the tech-laden dot-com era and the rise in price ratio of Bitcoin. Even an accurate comparison was made with that of Nasdaq which took place in 2000.

Sheena Shah stated that the Bitcoin price weakness had a great resemblance with the Nasdaq in 2000.

Basis of Morgan Stanley’s analysis

The bearish market trends faced by bitcoins during the past few years are the basis of the above-mentioned strategy. Bitcoin has faced four major bearish markets since its debut in 2009. Each of these bearish market trends lasted for an average of five months. During those periods the price of bitcoin dropped from 30% to 90%. All that period was like a worst nightmare for the investors.

Even the worst downfall was of 70% at the end of 2017. According to some analysts, the current bearish market trend could proceed further. No doubt, it will be an alarming situation for the investors of bitcoin and all the the other major forms of cryptocurrency.

Sheena Shah also showed her concern about the trading volume of bitcoins which had a great similarity with that of the Nasdaq.

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5 Things You May Find Confusing About Bitcoin

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5 Things About Bitcoins

Bitcoin is one of the coolest cryptocurrencies out there. It provides complete anonymity and liquidity to the users. The currency first came into circulation in 2009 and has survived numerous attacks since then.

The terms used by the Bitcoin community are quite interesting and can evoke misleading images and ideas in public’s minds. All that mix-up results in skepticism which ultimately stops people from having a clear understanding as to what is Bitcoin and how to use it.

In this article, we have addressed the things that most people find confusing and misleading about Bitcoin. And we hope that it will help eradicate all the doubts in your mind and encourage you to invest in this incredible form of currency.

Common Misconceptions About Bitcoin:

The Currency Comprises of Gold Coins:

The first misconception that people have about Bitcoin is that it comprises of gold coins. And we can’t blame them. Because every time you want to fin bitcoin-related information, the results always exhibit a coin with the letter B and two vertical bars resembling the USD.

To your surprise, Bitcoin has no physical shape and only exists on immensely secured computers in the form of encrypted code. In other words, it’s a virtual currency and all the images you see are false.

You Keep Bitcoins in A Wallet:

When talking about Bitcoin wallet address, most people think that they are physical purses with sections to carry cash. But this is not the case with Bitcoin wallets.

The wallets store coins virtually. There is no physical way to use those wallets which leave the owners with a very few security risks.

In addition, the Bitcoin wallets use encrypted keys for coin protection and only the owner can have access to it – unless he/she decides to publicize the key.

Bitcoin Is Based on a Debit System:

Another misconception about Bitcoin info is that it works on a debit system. Meaning that you can spend the coins you don’t have. However, Bitcoin doesn’t work this way.

The currency uses a system called Unspent Transaction Output.  The system enables the network to work out a user’s balance and authorize a transaction based on the number of coins available.

Miners Dig for Gold Coins:

A process called Bitcoin mining is the primary source of digging coins. However, the mining does not involve men using pickaxes to dig gold. It’s actually a network of computers where miners from around the world connect with each other through mining programs and work on solving mathematical algorithms.

Those who successfully solve the problems are then rewarded with bitcoins.

Bitcoin Is a Currency for Criminals:

The fact that Bitcoin offers complete anonymity often raises doubts in people’s minds that the currency is designed for criminals. Although this feature attracts a large number of criminals, the majority only use it for daily life transactions.

Conclusion:

These are some Bitcoin-related misconceptions among the general public. It’s usually the beginners or people who have never been to the Bitcoin world where the false information originates. If you want to clear doubts, get in touch with an experienced user and do an extensive research on the topic.

Read our article on top 5 myths about Bitcoin.

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