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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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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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Bitcoin Is Nearing $12,000 In South Korea And Japan!!!

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Bitcoin cost has surpassed $12,000 in both South Korea and Japan, two noteworthy bitcoin markets that are responsible for around 74 percent of worldwide bitcoin exchanges.

Bitcoin In South Korea: $12,653

In South Korea, bitcoin is being traded at a premium of over $1,270. Though, not as high as rates provided by ETNs (Exchange Traded Notes) or GTBC (Greyscale Investments), it still significantly expensive to buy bitcoin in South Korea or Japan.

At its peak, bitcoin accomplished an untouched high in South Korea at $12,653, as the worldwide bitcoin cost neared the $11,000 check.

Dealers in South Korea still invest into bitcoin with a high premium despite South Korea being the third biggest bitcoin market because the supply of bitcoin from the local market is low and the demand has increased at an exponential rate in the course of recent months.

Bitcoin In Japan: $11,827

While the premium in Japan isn’t as high as South Korea, it’s still higher than the premium of other countries, such as the US.

At the time of writing, Bitcoin is being exchanged at over $11,500 in Japan, roughly $1,000 higher than that of the worldwide bitcoin normal cost.

As indicated by a few crypto market suppliers including CryptoCompare, the Japanese bitcoin exchange market represents 64 percent of worldwide bitcoin exchanges, almost twice as large as the US. However, the worldwide normal bitcoin cost is often based on the exchange rate in the US, and the cost of bitcoin in Japan is regularly 5 to 8 percent higher than that of the US.

As the biggest bitcoin market, Japan needs to have the highest liquidity and the supply of bitcoin. Subsequently, there should not be a high premium of 5 to 8 percent in the midst of strong rallies, because being the largest market, it should have adequate liquidity and supply to address the developing interest from financial specialists.

For a long time, experts have scrutinized the zero-fee exchanging stages of Japan, and the likelihood of wash or bot trading. It is likely that like China, trading volumes in Japan are swelled, given its high premium rates.

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Cryptocurrency Trends: Are Crypto Prizes another scam?

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Nowadays, everyone is following the cryptocurrency trends, whether it’s the art world or the gaming world. Even some of the app developers have also jumped onto the trend of cryptocurrencies to attract people to their work.

Many gaming companies seem like they have found a technological link to the digital currency, which sets up as a prize for the market, globally. They can benefit from the publicity; however, they can also attract a huge audience with an attractive prize.

crypto prizes

Crypto Prizes in Digital Paintings

Artist Marguerite DeCourcelle hid Bitcoin prizes in digital paintings on literally three occasions for the public to discover them. When the key to the Bitcoin wallet was initially placed into the digital painting by DeCourcelle and her team, the wallet had almost 4.87 Bitcoins, which had the worth about $1,400 at that time.

Gaming Companies Hiding Cryptocurrency

Well, gaming companies are also doing their best to hide cryptocurrency in their games especially for those who get to the end first. Let’s take an example of Montecrypto: The Bitcoin Enigma! This game features a digital world player, solving 24 ‘enigmas’ to claim the last prize of 1 Bitcoin. The developers of this game are anonymous and they wish to remain the same ’til the prize is claimed. Another game is Neon District that is going to be launched soon and just like other crypto prizes games, it will have a crypto prize at the end.

Prizes are very commons especially when it comes to games. But, the attraction of Bitcoin has started to spread to the likes of paintings. So, what’s the appeal of joining a “Bitcoin-based prize” game in which someone can beat you quite easily? Well, the main reason behind it is that Bitcoin media comes with lots of hype and publicity.

Another Scam?

According to DeCourcelle,

DeCourcelle and her team have built up a respectable name in regards to this small, yet growing, aspect of cryptocurrency. But, at the same time, she admits that no matter whether a person or a company offers Bitcoin prizes, or ICOs (Initial Coin Offerings), reputation and trust is supreme.

She stated:

“We’re working on trustless systems that still rely heavily on trusting people based on social merit or reputation-based systems. Most ‘giveaways’ these days do not turn heads. In the old days, you could tweet – “1 Bitcoin for one lucky follower” and include a fancy gif. This doesn’t work anymore.”

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How To Use Tor Browser On iPhone?

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This brief guide teaches you how to use Tor-enabled internet browser on your iPhone device to put a stop to ad services, ISP, or cookies tracking your online activities.

Tor prevents these entities from tracking your use by encrypting the route to your iPhone’s IP address through different servers all across the world. This ultimately makes it virtually impossible for anyone to track your IP address without advanced knowledge or software.

Remember that there are several sites on Tor that do not show up during usual browsing. Some of the sites may contain harmful or illicit content. Visit them at your own discretion.

Steps Involved In Using Tor on iPhone:

  1. Go to App Store
  2. Tap Search
  3. In the search bar, type Tor
  4. Choose a Tor-enabled browser
  5. Tap Get
  6. Tap Install
  7. Open the Application
  8. Tap Connect to Tor
  9. Start browsing

Related: A beginner’s guide to Tor Browser

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What Are Some Top Coins That Can Be Used as An Alternative to Bitcoin?

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An Alternative to Bitcoin

We all know that Bitcoin is the king of digital currencies, and there doesn’t seem to be any other coin that can dethrone it from the top.

Although not similar, many digital currencies can still be used as a perfect alternative to Bitcoin. Some even claim to be technically superior to Bitcoin. Whether it’s true or not is completely another debate. In this article, we have discussed the top five digital currencies that are closest to what Bitcoin offers and can be used as an alternative to the king of cryptocurrency.

Top Alternatives to Bitcoin – Ethereum:

Bitcoin vs Ethereum is the closest battle when it comes to currencies trying to overtake Bitcoin.

Ethereum is a public blockchain software which promises to offer much more than just digital currency. The developers can code the software and power it through the public blockchain.

The users can then sell their processing power and get paid in “ether” – the second largest cryptocurrency by market capitalization after Bitcoin.

Ethereum has a market cap of $1bn USD.

Ripple:

Emerged in 2012, Ripple has become one of the most popular digital currencies to make online transactions anonymously. The paramount aspect of ripple is that it offers instant conversion into several other currencies.

Ripple considers itself a companion of Bitcoin and converts Bitcoin to Ripple and vice versa.

The market cap of ripple is $220m USD, making it the third largest cryptocurrency in the world.

Litecoin:

Litecoin emerged in 2011 and is one of the oldest cryptocurrencies out there. Given below are some highlights of Litecoin:

  • Similar to Bitcoin, Litecoin is decentralized.
  • Litecoin is also generated through solving algorithms, which become more and more difficult over time.
  • A Litecoin block takes just 2.5 minutes, which is much quicker than Bitcoin – where it takes around 10 minutes to generate one block.
  • Due to quick generation, Litecoin supports far more transactions than Bitcoin.
  • The overall cap limit of Litecoin is set at 84 million, which is relatively higher than that of Bitcoin’s (21 million).

The current market cap of Litecoin is about $175 million – making it the 4th largest cryptocurrency in the digital world.

Steem:

With $170 USD market cap, Steem is the 5th largest digital currency. “Steemit” is the largest platform that offers the opportunity to earn Steem. The platform is filled with a huge range of stories.

Since there is no mining process, you can only earn Steem by contributing to “Steemit”, either by writing articles or rating/commenting on other’s articles.

Dash:

The last one on our list is Dash, which, in terms of features is pretty close to Bitcoin software. Here are some unique features of Dash:

  • Advanced privacy. Some even say its privacy features surpass the ones offered by Bitcoin.
  • Whereas Bitcoin transactions can take several minutes, Dash transactions are quick and instant.
  • Low transaction fees.
  • Similar to Bitcoin, Dash is P2P and decentralized

Conclusion:

Although the competition is tough, Bitcoin is leading the race by a fair margin and isn’t going away anytime soon. However, the other currencies are also there to stay and compete, which will surely play a significant role in the evolution of digital currency environment in near future.

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