Daily Archives: December 3, 2019

Is This Why Bitcoin, Ethereum, Litecoin, And Ripples XRP Suddenly Rocketed Over Thanksgiving? – Forbes

Posted: December 3, 2019 at 12:53 am

Bitcoin, ethereum, litecoin, Ripple's XRP, and bitcoin cash, the top five cryptocurrencies by value (excluding stablecoin tether), leaped over the U.S. Thanksgiving holiday weekend.

The bitcoin price climbed from under $7,000 per bitcoin to almost $8,000 in just two days, with ethereum, litecoin, Ripple's XRP, and bitcoin cash all making similar gains (despite some worrying news from elsewhere in Europe).

The reason for the sudden rally was not immediately clear, however, reports that banks in Germany will be able to sell and store bitcoin and other cryptocurrencies from next year might be behind the latest uptick.

The bitcoin price has struggled to find stable ground over recent months, with bitcoin, ethereum, ... [+] litecoin, Ripple's XRP, and bitcoin cash all bouncing around wildly.

From 2020, German banks can support the sale and custody of bitcoin and other cryptocurrencies, local business newspaper Handelsblatt reported.

Germany's Federal Council passed the law at the end of last week, with the new regulation expected to come into force on January 1 2020.

Today, German banks are not allowed to sell bitcoin and cryptocurrencies and the bill would overhaul the status quo.

The news was welcomed by the local bitcoin and crypto industry, as well as the banking association BdB, which said the new regulation makes it possible for investors to invest in crypto-values via domestic rather than foreign funds, could help prevent money laundering and terrorist financing, and allow "experienced" credit institutions to protect investors.

"Germany is well on its way to becoming a crypto-heaven," Sven Hildebrandt, head of the blockchain and crypto consulting firm DLC, told the newspaper in comments translated through Google. "The German legislator is playing a pioneering role in the regulation of crypto-truths."

Bitcoin's epic 2017 bull run, which saw the bitcoin price surge from under $1,000 per bitcoin at the beginning of the year to almost $20,000 in under 12 months, was largely due to expectations the traditional financial industry was about to wade into crypto.

When banks and financial institutions failed to buy into bitcoin as much as some had hoped the price fell sharply throughout 2018.

Over the last year, institutional money has gradually flowed into bitcoin and cryptocurrency, however, with the price being bolstered this year by interest in bitcoin and crypto from the world's biggest technology companies.

The bitcoin price rallied hard towards the end of last week but has since fallen back somewhat, ... [+] dragging on ethereum, Ripple's XRP, litecoin, and bitcoin cash.

Elsewhere, the bitcoin and cryptocurrency market may have been further boosted by reports Twitter and Square chief executive Jack Dorsey, known to be an advocate of bitcoin, revealed he plans to spend time in Africa next year, where it's thought he will work on some bitcoin-related projects.

Dorsey expects Africa to "define" the future, especially when it comes to bitcoin.

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Bitcoin Isnt Dead But One Day You Will Be – Forbes

Posted: at 12:53 am

Reports of bitcoin's demise may have been exaggerated but everyone who's currently holding bitcoin is going to die one day (probably).

What happens to our digital remnants when we die has been a problem the likes of Facebook and Google have already had to grapple withbut digital currency like bitcoin makes the problem far more pressing.

Now, U.K.-based Coincover, founded just last year, has teamed up with Palo Alto-headquartered bitcoin storage company BitGo to offer bitcoin and cryptocurrency willshoping to solve the problem of what happens to your bitcoin when you die.

Bitcoin has only been around for just over 10 years but it will likely still be around long after ... [+] we're gone.

When access to a bitcoin wallet is gone, the bitcoin is gone forever. Coincover reckons around 4 million bitcoin (worth some $30 billion at current prices) has been lost as a result of people dying without letting their next of kin know how to access it.

And as bitcoin and crypto become more mainstream (eventually), the number of bitcoin being lost forever into the ether is only like to rise.

"As bitcoin becomes more mainstream and its value continues to increase, considering how to manage it as part of an estate planning exercise is becoming increasingly difficult," said David Janczewski, Coincover's cofounder and chief executive, adding that, with bitcoin, "theres no bank manager to ask, and no one can break in for you."

Earlier this year, in perhaps the worst case of posthumously lost bitcoin, the chief executive of Canadian bitcoin and crypto exchange Quadriga, Gerald Cotten, died suddenly while on vacation in India, leaving hundreds of millions of dollars in bitcoin and other cryptocurrencies apparently unrecoverable.

Bitcoin's epic 2017 rally meant many bitcoin holders became overnight millionaires, with many ... [+] worried about what will happen to their bitcoin when they died.

Though Coincover's service does little more than hand out pseudo-wallet keys to people's next of kin, bitcoin and cryptocurrency remains so clunky and tricky to use that most spouses, children, or parents of bitcoin holders would be unable to recover it on their own.

It may be that as crypto and digital asset services improve there won't be a need for this kind of service, but for now those with extensive bitcoin and crypto holdings are understandably worried.

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Here Are The Key Bitcoin Levels To Watch – Forbes

Posted: at 12:53 am

(Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)

After hitting nearly $14,000 in late June, Bitcoin has disappointed investors by falling 50%. Bitcoins price action over the past five months appears to be forming a channel pattern as the cryptocurrency bounces between its downward-sloping support and resistance lines. A decisive, high-volume break above this channel would signal that further gains are likely ahead, while a break below this channel would increase the probability of further downside action. It is also important to keep an eye on the $6,000 support level that has played an important role in the past two years.

Bitcoin Daily Chart

The weekly Bitcoin chart puts the $6,000 support level and the price channel of the past five months into better perspective. If Bitcoin is going to launch another bullish move, the $6,000 support would be an important base to do it from. If Bitcoin breaks below both its price channel and the $6,000 support level, it would increase the probability of further bearish action as the 2019 rally continues to unravel.

Bitcoin Weekly Chart

For now, investors and traders should keep an eye on how Bitcoin acts within its channel and at its critical $6,000 support level.

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Here Are The Key Bitcoin Levels To Watch - Forbes

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What the Crypto Markets Are Saying About the Future of Bitcoin – Coindesk

Posted: at 12:53 am

Oliver von Landsberg-Sadie, CEO of BCB Group, a regulated financial services enterprise for digital assets, said Krugers second scenario, in which scarcity continues to drive prices higher is likely to remain a constant forever. He also said global cryptocurrency adoption was a long way from mainstream adoption but said the markets continue to march on, regardless of price.

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Bitcoin price suddenly surges amid positive predictions – The Independent

Posted: at 12:53 am

Bitcoin has experienced a sudden surge in value after several days of plummeting prices.

The worlds leading cryptocurrency climbed $600 (460) in the space of a few hours to returnabove $7,000, having briefly fallen to its lowest level since May.

The price crashes on Friday and Monday came after market uncertainty surrounding developments in China, which saw a renewed crackdown on illegal exchanges in the country.

Sharing the full story, not just the headlines

Despite the significant dips. some cryptocurrency expertsclaimed that it was the perfect time to invest.

Once again the value of bitcoin has plummeted due to the nature of cryptocurrency, this is not the first, nor will it be the last time this occurs, Peter Wood, CEO of online trading platform CoinBurp, toldThe Independent.

However, new-time investors can be comforted by the fact that its value will most likely rise again, and newcomers to cryptocurrency should see no better opportunity that to invest now.

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

The price of bitcoin is notoriously difficult to predict due to its volatility, which has seen it fluctuate between $3,000 and $20,000 over the last two years.

Its current price of $7,300 is more than double the price it was this time last year, yet less than half the price it was in late 2017.

While nobody really knows what direction the value of any cryptocurrency will head in the near future, past trends display a possible large increase within the next 12 months at least, Mr Wood said.

Some of the more optimistic predictions for bitcoin include venture capitalist Tim Drapers forecast that the cryptocurrency will reach $250,000 by 2023, and cyber security pioneer John McAfees bet that it will reach $1 million by the end of 2020.

A more conservative estimate comes cryptocurrency analyst PlanB, who tweeted on Monday: Call me crazy, but it wouldnt surprise me if bitcoin closes 2019 at $10,000... Opportunities like this [for investors] are rare.

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Bitcoin Cash can go up a thousand times from where it is now: ‘Bitcoin Jesus’ – CNBC

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Bitcoin Cash can go up a thousand times from where it is now: 'Bitcoin Jesus'  CNBC

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Xi sees the future of China in the tech behind bitcoin – South China Morning Post

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Xi sees the future of China in the tech behind bitcoin  South China Morning Post

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Calvin Ayre Increases Investment in Bitcoin SV Ecosystem with Funding for sCrypt Smart Contract Venture – PRNewswire

Posted: at 12:53 am

LONDON, Dec. 2, 2019 /PRNewswire/ -- Recent investments have come thick and fast as the momentum builds (literally) on the BSV blockchain. BSV can now boast consistently more transactions and bigger block sizes than BTC, but don't take our word for it: https://coin.dance/.

Now new venture sCrypt Inc. receives a funding boost which will bring smart contracts to the BSV blockchain: sCrypt is a high-level smart contract language which allows developers to more easily write smart contracts on Bitcoin SV, without having to use the more cumbersome bitcoin Script.

Xiaohui Liu, sCrypt's Founder, commented: "The scaling power of the BSV blockchain makes it the best place to build, in fact, the only place to build. The investment boost means we can now speed up the process of making smart contracts on chain accessible to anybody."

sCrypt is designed to facilitate writing smart contracts running on chain:

In addition to the smart contract language itself, sCrypt intends to build products that make the language easily useable.

The investment comes as a result of sCrypt participating in Bitcoin Association's first ever BSV Venture Pitch Day, held in conjunction with the recent CoinGeek conference in Seoul, South Korea in October 2019. The Bitcoin Association is dedicated to advance the Bitcoin SV business ecosystem, and will hold another Pitch Day before the CoinGeek London conference in February 2020. Interested BSV ventures can apply for a spot here.

SOURCE Bitcoin SV

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Bitcoin Gives the World Democratization of Savings Hedge Fund Exec – Cointelegraph

Posted: at 12:53 am

Bitcoin (BTC) can bring the worlds population out of debt thanks to its ability to allow consumers to save without permission.

That was according to Misir Mahmudov, the author and operations associate at cryptocurrency hedge fund Adaptive Capital, in his latest advocacy of Bitcoin on Nov. 27. Mahmudov is the brother of Murad Mahmudov, the well-known Bitcoin proponent.

Writing on social media, Mahmudov argued saving in BTC permitted anyone to bypass the barriers to traditional methods of saving such as stocks and real estate.

Bitcoin is the democratization of savings, he summarized.

As a result, Mahmudov continued, large numbers of prospective savers would benefit:

Today, you can stack sats & store your wealth in the scarcest asset. The ability to save wealth in bitcoin will bring millions of people out of debt.

According to the latest statistics, the United States national debt alone equals around $70,000 per capita. Global debt is now so large that for every Bitcoin that will ever exist, there is currently $12.1 million of debt.

Bitcoins status as sound money has long seen support from academics such as Mahmudov, with others highlighting its specific benefits over phenomena such as fiat currency.

In particular, Saifedean Ammous, author of the popular book The Bitcoin Standard and formerly a professor at the Lebanese American University, continues to point out that fiat represents the antithesis of saving mentality.

Through issuing money which they can inflate at will, governments and central banks foster a culture of spending and borrowing while demonizing saving.

In what is known as a high-time-preference mentality, consumers who use fiat are taught to spend it, not save it, as its inflationary nature means it will buy less in the future. For Ammous, it is John Maynard Keynes, one of the architects of modern economic policy, who is directly to blame for the damage.

The Bitcoin Standard quotes Keynes infamous soundbite about the long-term impact of his advice: In the long run, we are all dead.

With Bitcoin, a provably scarce form of money with a fixed supply which is impossible to manipulate, the opposite is true for savers.

As Cointelegraph noted, analysts even predict that Bitcoin price models will become less useful in time due to fiat losing its value. Since the U.S. Federal Reserve was established in 1913, the dollar has lost over 96% of its value in real terms.

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How the Upcoming Bitcoin Halving Compares to Previous Cycles – Bitcoin News

Posted: at 12:53 am

For those standing very close to the crypto charts, it might be easy to get discouraged by the gloomy nature of recent markets. However, new comparisons of the current halving cycle to those in the past have emerged and might put some wind back into the sails of traders, hodlers, and cryptocurrency enthusiasts in general.

Also Read: As Halving Interest Grows, Spectators Discuss Miner Hoards and Capitulation

Though crypto prices took a big dip in November, with BTC falling 30% from a high of $9,486 to a bottom of around $6,575, hash rates on both the BTC and BCH chains have held relatively steady as the next block reward halving approaches. Data also points to miners hoarding coins in view of the upcoming subsidy reduction, as the event is generally viewed as price favorable. In combination with these factors, new analysis has emerged which might suggest that in spite of the recent bearish climate, things might be more on track than previously supposed.

The image above aligns the block reward halving points of three cycles (the latter half of pre-halving and the first half of post-halving), with the three cycles anchored at a common line of 100% of the cycle low. The first two cycles which are completed, and the pre-halving phase of the current cycle are displayed. Interestingly, the movements in the latter half cycles appear to follow a similar trend. As creator of the graphic, @Chartsbtc, states on their Twitter post:

Each cycle is 210,000 blocks (~4 years). This chart starts half way through the cycle and goes half way into the next cycle. This is my attempt to show the lows prior to halving and the peaks post halving but keep everything centered around the halving.

The graphic is compelling, and has many hoping for great moves price-wise in 2020 and beyond. Discussing the methodology of creating the graphic further, @Chartsbtc explains why the green price action line does not touch the 100% cycle low level: The low was a intraday price and the chart only plots the closing prices to the nearest 105th block. I wish I actually had prices per block. They further note that viewers should Keep in mind that each cycle peak will likely be lower than the prior one. Even so, should the trend repeat BTC could see a post-halving peak around $80,000. Still, this is all speculation, and other factors must be kept in mind.

With the Bitcoin Core halving estimated to be taking place in mid-May, 2020, and the Bitcoin Cash halving to likely occur a month earlier, speculation of course abounds. Other factors playing into market perception and possibly price, such as proliferating development surrounding the BCH chain, and a trend of businesses dropping BTC as a payment method due to fees and congestion (not to mention an overall shift in attitude in the BTC community from user to mere hodler), could also have unexpected affects. If the projections of the above halving data are correct, however, everyone may be in for an interesting ride in 2020.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, fair use.

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Graham Smith is an American expat living in Japan, and the founder of Voluntary Japanan initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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How the Upcoming Bitcoin Halving Compares to Previous Cycles - Bitcoin News

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