Daily Archives: May 2, 2020

How to Get Bitcoins: 6 Tried-and-True Methods

Posted: May 2, 2020 at 7:45 pm

Its a cliche, but, growing up, my Dad always preached about how theres no free lunch in life. If you want something valuable, you need to put in the work to earn it -- or spend money to buy it.

This timeless notion also applies to getting bitcoins. If you want to get a substantial amount of bitcoins fast, you need to spend money buying them. If you want to get a substantial amount of bitcoins for free, you need to spend a lot of time earning them on websites called bitcoin faucets.Expending monetary or mental resources to get bitcoins is a necessity. But some methods of buying and earning bitcoins are more effective than others. Read on to learn the best ways to buy bitcoins and the best ways to earn them for free through bitcoin faucets.

There are two ways you can get bitcoins:

To buy or earn free bitcoins, you first need to download a bitcoin wallet, which is software that allows you to securely send, receive, and store funds in the bitcoin network. There are four types of bitcoin wallets that you can use: mobile, web, desktop, and hardware.

Once you download a wallet, you need to set up an account on a cryptocurrency exchange thats approved by your wallet provider. Cryptocurrency exchanges are market places where sellers trade cryptocurrencies to buyers in exchange for fiat money or other digital currencies.

Most exchanges accept bank transfer or credit card payments, and some even accept Paypal payments. Theyll also charge you a transaction fee for every trade you make. You can choose from hundreds of crypto exchanges, but the most popular and reputable exchanges are Bitfinex, Bitstamp, Coinbase, and Coinmama. Heres a list of more popular crypto exchanges.

If youd rather buy bitcoins in person, you have four options to choose from:

One of the most entertaining and fun ways to earn free bitcoins is by playing mobile or online games. Thats right -- you can play games on your phone or computer and actually get paid in bitcoin.But if these bitcoin faucets want to make money and pay their players, they have to serve a lot of advertisements to their users.

To avoid the ads, you can join a bitcoin casino, where you bet your own money or bitcoin on traditional casino games, sports matches, and lotteries to potentially win a higher payout in bitcoin.

Heres a list of some of the most enjoyable bitcoin games that you can play on your phone.

Another way to earn free bitcoins is by completing tasks on websites. Some companies will pay you in Bitcoin to test their web sites, take their surveys, retweet their posts, and complete other small tasks.

There are also websites that let people offer small bitcoin rewards to the person who can give them the best answer to one of their questions.

You can find odd-jobs that pay you in Bitcoin on BitcoinGet, and you can answer questions for Bitcoin on Bitfortip.

Paying people to play simple games and complete repetitive jobs sounds like a great way attract a lot of users and, in turn, tons of advertisers. But there are hundreds of bitcoin faucets competing for users and advertisers attention, making it hard to stand out from the crowd.

Users also dont rely on faucets as a main source of income, so, a lot of the times, a small bitcoin reward isnt enough to coax them into doing boring tasks during their free time.

To generate more user activity and advertising revenue, bitcoin faucets, like Bitcoin Aliens, knew they needed to find a better way to engage their users. So they decided to pay people to read. Their service, PaidBooks, compensates people in Bitcoin to read classic books like Pride & Prejudice, War of the Worlds, and over 600 other titles on their website. If you love a good book and want to earn free Bitcoin, consider trying it out.

Certain cryptocurrency blogs, news outlets, and forums will pay you in bitcoin to contribute your insights and write for them, if you have a lot of knowledge about the industry.

You can find article writing gigs for crypto blogs and news outlets on job boards like Coinality.

Popular cryptocurrency forums, like Bitcointalk, offer monetization opportunities to their established members -- companies can advertise their product or service in the signature of their posts.

Because advertisers usually want to partner with top-ranked members, and since the forum increases its members rank based off their activity, Bitcointalk makes it nearly impossible for them to spam their way up from the lowest rank of Newbie to the highest rank of Legendary Member. The only way you can increase your rank and earn free bitcoins is by providing a high quantity of high quality posts.

Bitcointalk lists all bitcoin signature campaigns and rates in this overview.

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How to Get Bitcoins: 6 Tried-and-True Methods

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Bitcoin Price Today Live Bitcoin Value – Charts & Market …

Posted: at 7:45 pm

Last year everyone was going bonkers for Bitcoin, and thats no surprise, seeing as how the number one cryptocurrency had an absolutely explosive price performance in 2017. Things have cooled off in 2018 as prices fell significantly, however many are still bullish about Bitcoins long-term potential.

To that end, the scarce, deflationary quality of Bitcoin makes it totally unlike traditional fiat currencies, which are usually prone to inflation and even hyperinflation in the worst of cases. That means as more investments pour into BTC, its price will likely continue to see upward pressure because there will be no supply response.

Think about how when the price of oil surges, more companies begin producing oil, which then increases the supply and acutely deflates the price of oil accordingly.

No similar supply response can never happen with bitcoins. There will never be more than ~21 million, and even contemporary estimations say more than 3 million BTC have been lost for good, making BTC considerably scarcer than many realize.

That means the BTC could potentially shoot up exponentially in future years. But how high?Lets take a look at some of the more prominent projections weve seen thrown around in recent days.

Once renowned for being a prominent Wall Street hedge fund manager, Mike Novogratz has now set his sights on the cryptocurrency space, and hes not turning back. Running the crypto-based Galaxy Investment Partners, Novogratz is betting big on the Bitcoin boom in general as his mid-term BTC price projection suggests.

Bitcoin could be at $40,000 at the end of 2018, Novogratz said. It easily could.

And for Novogratz, theres no confusion as to why that particular price point may end up really materializing. In a November 30th interview on Fox Business, Novogratz unabashedly declared that Bitcoin is going mainstream.

And Novogratz knows what mainstream and institutional looks like; he used to run a Goldman Sachs trading desk in Asia before becoming a hedge fund manager at Fortress. If he thinks the herd is coming, as it were, then we all best pay attention.

Going much more long-term, Novogratz said it was within the realm of possibility that the bitcoin market cap could one day reach the current market cap of gold, which is around a whopping $8 trillion USD.

If this reality were to materialize down the road, that would put each BTC around the $390,000 price point.

Firebrand Bitcoin pundit Max Keiser has never made his love for BTC and its potential a secret.

As such, youll commonly find him on Twitter making new price predictions based on the Bitcoin booms momentum.

For now, hes pegging his short-term bitcoin price target at $15,000. Thats a reasonable figure, to be sure, especially with BTCs parabolic price performance in Q3 and Q4 2017.

Beyond that, though, Keiser has his eye set on the impressive $100,000 BTC price milestone.

Love him or hate him, Adam Back is an OG cypherpunk whos made incalculable contributions to the cryptocurrency space as a whole. Theres a reason Satoshi Nakamoto reached out to Back (and Wei Dai) first in starting up Bitcoin.

In other words, Backs been around the block once or twice. He knows the ecosystem as well as anyone.

And its his opinion that the next major target for the bitcoin price to hit is $100,000, echoing Max Keisers aforementioned prediction.

In a recent tweet, Back even went as far to say that users should be careful selling bitcoin in 2018 because the price could rocket so acutely over the next 12 months that people wouldve made considerably more by just holding.

John McAfee is best known as the creator of the popular McAfee antivirus software. Hes also become a Bitcoin aficionado over the past several months, and he never hesitates to voice his opinions on the cryptocurrency craze accordingly.

And his opinions are exceedingly bullish, to say the least. McAfee was projecting $500,000 BTC in 2020 just a few weeks ago, but he modified his claim to be even more bold as bitcoins market surge has been moving faster than he anticipated.

Now, McAfee thinks $1 million per bitcoin will be reality by the end of 2020. Thats almost an unfathomable possibility at the moment, but maybe we havent seen anything yet. Especially if institutional interest keeps exploding.

But McAfee has even bolder ideas, to be sure. In an even newer Twitter exchange, McAfee explained that he believes the BTC price could reach into the billions one day.

Specifically, the tens of billions as he argues:

Thats certainly the most aggressive price prediction anyones made for BTC yet. But if that insane price materializes, McAfee will end up looking like even more of a madman genius than he already is.

Swedish Pirate Party founder Rick Falkvinge is a big proponent of Bitcoin Cash (BCH), going so far as to sarcastically call himself the CEO of Bitcoin Cash.

But that doesnt mean he doesnt respect the beast that BTC is and could be.

Bitcoin] can easily go to more than $1 million per bitcoin. Falkvinge said during a recent interview. But thats just Falkvinges conservative estimate. Hes actually more bullish than that, asserting that BTC can go as high as $5 million:

If cryptocurrency fulfills its promise, and theres no indication it wouldnt, then the equivalent of one bitcoin needs to be in the $2-5 million dollar range.

The cryptocurrency expert and venture capitalist, Tim Draper, has also given its opinion about the future price of Bitcoin. According to him bitcoin and blockchain technology are one of the best things that happened for businesses.

Mr Draper said in 2014 that Bitcoin could reach $10,000 in just three years, something that happened in 2017, exactly on the date he predicted. When he explained that bitcoin could reach that price ($10,000), the cryptocurrency was traded just at $413 dollars.

At the same time, he said that in the future Bitcoin could keep growing. About that, he is convinced that the cryptocurrency is the future and that the virtual currency market will gain its place among fiat currencies.

Bitcoin is the future currency. Why would I sell the future for the past? Why would I go and grab some weird fiat subject to the will of some governments? he commented during an interview with Bloomberg.

The world market for cryptocurrencies is 6 trillion dollars, and I think that that it will be crypto. And I am really excited about all the extraordinary things that can happen because of crypto and bitcoin.

Cameron Winklevoss is one of the two popular Winklevoss twins. The co-founder of the cryptocurrency exchange Gemini, stated that bitcoin could be worth 40 times its current value.

In order to explain why bitcoin could grow up to 40 times, he compared the cryptocurrency market capitalization with the market cap of gold.

During an interview with CNBC he said:

So if you look at a $100 billion market cap today, now last week it might have been more like 200, so its actually a buying opportunity, we think that theres a potential appreciation of 30 to 40 times because you look at the gold market today, its a $7 trillion market. And so a lot of people are starting to se that, they recognize the store of value properties.

He has also said that due to the fact that bitcoin has a fixed supply, it is still a very underappreciated asset. Indeed, he stated that he and his brother believe that bitcoin disrupts gold.

The Winklevoss twins emphasized that they will not sell their bitcoins even if the price surpasses $380,000 dollars. This is a special number, because if bitcoin reaches this price level, its market capitalization will be equal to golds market valuation.

An important portfolio manager that worked for more than six years in the cryptocurrency world, predicted this year that Bitcoin could reach $50,000 dollars. While speaking at the World Economic Forum in Davos, he brought some calm to the cryptocurrency market. Bitcoin could definitely see $50,000 in 2018.

At the moment of the statement, Bitcoin was traded over $11,000, days later it reached the lowest point in months when it was displayed in cryptocurrency exchanges under $6,000 dollars.

But Mr Singh said that the kind of volatility that bitcoin experienced is not unusual nor unexpected. And thats confirmed when we pay attention to the charts. In the past, Bitcoin suffered important corrections in just a few days.

Mr Singh commented:

If you look at Microsoft of Apple when they went public their stocks were very volatile because the market wasnt mature. There are not so many vendors right now who can accept cryptocurrencies but theres huge adoption on the black market.

Cryptocurrency adoption keeps growing all over the world. In past articles we wrote that enterprises are investing in blockchain technologies and virtual currencies. Businesses all around the world, including small shops and merchants, are adopting bitcoin and other currencies as a means of payment.

If the adoption trend continues, bitcoin could lead the market towards new all time highs. Additionally, payment processors are working with cryptocurrencies trying to spread their benefits.

Lets get really speculative just for the purposes of illustration the growth thats possible in the coming years.

The current market cap of all global stock markets is around $100 trillion USD. Woah, right? Accordingly, lets say that the entire cryptocurrency market one day reaches this $100 trillion cap.

And lets also say that BTC maintains its current position as hovering around a 50 percent share of the entire crypto market (though, of course, theres no reason to believe itll stay at 50 percent forever).

That would put Bitcoin as having around a $50 trillion market cap. At this point, all we need is to divide $50 trillion by the number of bitcoins in existence.

Lets go with 17 million instead of 21 million since many bitcoins have been lost already.

Alas: $50 trillion divided by 17 million = ~$2,941,176. Round up, and thats $3 million per bitcoin.

Now, we cant count our eggs before theyve hatched. Theres still quite the mountain to climb for the crypto market to get even close to hitting $100 trillion. But maybe its possible in 30 or 40 years. Maybe not at all.

Its going to be a wild ride no matter what happens between now and then, that much is for sure.

Bitcoin Price Today Live Bitcoin Value - Charts & Market ...

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Bitcoin Rally Above $9K Stalls as Sellers Push BTC Back to Key Support – Cointelegraph

Posted: at 7:45 pm

Bitcoin (BTC) price briefly broke above $9,000 as bulls appear to be in the process of trying to quietly move the price above the resistance level.

Since Friday trading volume for the top-ranked cryptocurrency on CoinMarketCap had been virtually non-existent as the price traded sideways between $8,750-$8,850 for the majority of the day but the weekend is bound to bring about a stronger directional move.

Crypto market daily price chart. Source: Coin360

As reported by Cointelegraph, the presence of a TD9 on the daily time frame, overbought technical indicators, and decreasing trading volume suggested that Bitcoin price had become overextended and traders believed that the loss of momentum would culminate as a retest of underlying support levels.

Although the TD Sequential has proven to be a fairly reliable indicator of trend changes in Bitcoin price action, the digital asset is known for its tendency to push higher even when indicators like the Stoch RSI and MACD are strongly overbought.

Given that the halving is a mere 9 days away, excited investors could simply be overlooking any bearish signals with the belief that the price will continue higher into the halving.

The move to $9,000 occurred on gradually increasing purchasing volume and a bull cross on the moving average convergence divergence. The MACD histogram has flipped positive as momentum continues above the 0 line but the relative strength index has dropped below 50 on the 1-hour timeframe.

BTC USDT 1-hour chart. Source: TradingView

While the move above $9K is encouraging, it lacks strength and the Chaikin Money Flow oscillator remains below 0, and even though there is an hourly pattern of higher lows the tight candlesticks slightly longer upper shadows show momentum and volume remain weak compared to the rally which occurred earlier this week.

As shown by the volume profile visible range indicator on the 1-hr and 4-hr time frame, Bitcoin price needs to hold above $8,950 as this resistance here has prevented the asset from moving higher for the past 2 days.

BTC USDT weekly chart. Source: TradingView

According to Cointelegraph contributor, Micheal van de Poppe, this weeks 35%+ rally ended right at a key resistance block located at $9,200-$9,500. Van de Poppe explained that:

This whole resistance zone provided support throughout the summer of 2019.

For the short term, traders should keep a close eye on hourly volume and whether or not the price can hold above $8,800. If $8,800 is lost, traders will look for the price to retest recent lows at $8,400 and $7,800.

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Bitcoin Rally Above $9K Stalls as Sellers Push BTC Back to Key Support - Cointelegraph

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US Bitcoin Holders Worry About Chinese Control of the Mining Network – Cointelegraph

Posted: at 7:45 pm

Could China take over the Bitcoin (BTC) ecosystem? Its a very real possibility, and it could happen very quickly because China controls more than half of the worlds Bitcoin mining operations upward of 65% of the computing power to mine Bitcoin. No other country is anywhere near that number. Additionally, according to Genesis Minings recent The State of Crypto Mining 2020 report, 60% of Bitcoin owners have a real concern about that Chinese majority and what it could mean for the stabilization of the cryptocurrency.

And they should be worried. China owning more than half of mining operations could result in a disruption to the system, instability to the Bitcoin blockchain or even a takeover of the entire system. Bitcoin was not built to be a controlled currency.

So, why is Chinas vast mining network a concern? In order to understand the potential threat in Chinas majority control, we need to look at a fundamental attribute of how the Bitcoin ecosystem works: decentralization.

The founder of Bitcoin, Satoshi Nakamoto, had a vision for a currency that wouldnt be subject to a third party such as a bank, but that could be democratically exchanged from individual to individual. The Bitcoin ecosystem works because of the community behind it: the miners who add blocks to the chain and the nodes that scan transactions to make sure they adhere to the Bitcoin protocol. Theres no one entity that governs Bitcoin and thats the point.

Even though Bitcoin has a strongly decentralized network, it could still be threatened. If someone were to control over 50% of the power used in mining operations, they could possibly disrupt the entire system through whats called a 51% attack, or majority attack. A majority control would allow the attacker to alter transactions, double spend Bitcoin for their own gain or even block other miners from mining.

Which is why its concerning that Chinese mines are running 65% of the global hashing power used to mine Bitcoin. Its certainly more than 51%.

It takes a lot of energy to mine Bitcoin, so it would make sense that miners would set up their rigs in places where energy and labor costs are cheap. Because China is a center of international trade, lead times and production costs for almost all goods are lower than in other countries, and this also holds true for mining farms and miners. But while a number of mining farms do run on sustainable resources such as hydroelectric power, many rely on coal to fuel their mining. While coal may be cheaper than other fuels such as gas and oil, its still more expensive than alternative options such as hydroelectric and wind power, and its unsustainable and detrimental to the environment.

Having 65% of the worlds mining located in China is a concern. Even though Chinese mines work independently, the majority of the power is now located in one country. And the fact that the Chinese government has control over all of its industries is also a concern. If the government decides that it wants to take over the Bitcoin ecosystem, it could leverage its power over the countrys mining companies and simply take over a majority of the computing power, executing a 51% attack. Suddenly, the decentralized system would be centralized under one country.

While this could be a very real scenario if all the right pieces fell into place, its probably a long shot. New players in the mining market are increasingly setting up shop in the European Nordic states, Canada and the United States. The running costs there, which include cheaper energy options such as hydroelectric and wind power, along with a lack of government oversight that would let companies plan their strategies freely make those locations attractive for investors looking for a more sustainable opportunity.

Additionally, its unclear what Chinas future will be with Bitcoin. It, along with all cryptocurrency, has been banned in the country for years. Though mining had been allowed to continue, the industry as a whole was on the chopping block last year. Even though the Chinese government suddenly announced at the end of 2019 a commitment to developing blockchain technology and allowed mines to continue to operate, the government still hasnt reversed its ban on cryptocurrency. Even though China could take over Bitcoin, it just might not want to.

Still, Chinas overwhelming number of miners, mining pools and companies is something the Bitcoin community needs to be aware of. At the same time, the community can ensure that decentralization continues within the ecosystem by making sure its keeping its own mining operations diversified. As I mentioned above, were seeing new mining farms cropping up in new geographies, which will continue to distribute resources and mining power across the globe.

Its yet to be seen what the future of Chinese mining will be. But the Bitcoin community, which values transparency and democracy, will work to ensure that it remains open and available to all.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Philip Salter is the head of mining operations at Genesis Mining, the worlds largest cloud crypto mining operation, where he leads the software development, data engineering and research teams. Salter started his career as a software developer for BSI Business Systems Integration AG. Salter is an avid miner and crypto enthusiast based in Germany.

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US Bitcoin Holders Worry About Chinese Control of the Mining Network - Cointelegraph

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Whales and American Buyers Drive Bitcoin Rally – CoinDesk

Posted: at 7:45 pm

Bitcoin was up over 20% year to date Thursday morning.

Data suggests that the recent price rise is being driven by U.S. investors buying bitcoin on spot and derivatives exchanges. Meanwhile, there are now more "whales" swimming in this global sea than since mid-2019. And bitcoin custodial startups are reporting an uptick in users.

You're readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they're significant. You can subscribe to this and all of CoinDesk'snewsletters here.

It's suspected much of this activity is driven by the impending halving event, which for some sober minds, is nothing more than an act of arithmetic. Here's the story:

Top Shelf

American BuyersData indicatesAmerican buyers are fueling bitcoins rally.On U.S. exchanges, spot premiums are showing stronger buy-side pressure relative to other markets. Further, exchanges licensed to offer bitcoin futures to American investors are rallying while their unlicensed competitors are not. Su Zhu, CEO of Three Arrows Capital, said American investors should give us a strong base given that U.S. tax policy means nobody sells spot for small profits.

Call Me Ishmael, Is That A Whale?The number of Bitcoin addresses holding more than 10,000 coins rose tothe highest level since mid-2019.These 111 so-called whales contribute to the bullish narrative surrounding the top crypto by marketcap. Some of these addresses may belong to high-net-worth individuals or groups, who are diversifying into bitcoin amid the ongoing coronavirus pandemic and ahead of the mining reward halving, said Wayne Chen, CEO of Interlapse Technologies.

Custody During COVIDBitcoin wallet startups are reporting anuptick in users and profitsamid the market disruption caused by COVID-19. An event like that [pandemic] makes people think about how they are storing their bitcoin,"Will Cole, Unchaineds chief product officer, said.

Parental HelpIntercontinental Exchange, theparent company to Bakkt, spent close to $300 millionhelping the bitcoin warehouse acquire loyalty rewards provider Bridge2 Solutions. Bakkt announced it would acquire Bridge2 in February, while simultaneously raising a $300 million Series B funding round with participation from Microsoft's M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital and Pantera Capital.

Mining MoneyArgo Blockchain, a bitcoin mining firm listed on the London Stock Exchange, reported an11-fold increase in revenuesfrom the year before. The company attributed its success to cutting off its consumer-facing arm and focusing on mining some 1,330 bitcoin last year.

Validating TopazTop-five mining pool OKEx Pool will trial Ethereum 2.0s new testnet. Collaborating with Prysmatic Labs, the mining pool dedicated to proof-of-work consensus models will become a validator for the experimental proof-of-stake Topaz testnet. (Decrypt)

Static EtherEthereans are hodling. Data firm Glassnodes has found more than 77% the outstanding ETH supply has not moved in six months. (The Block)

Open to OperateSan Francisco-based cryptocurrency exchangeOKCoin is now cleared to operate in Japan,a nation known for its tight licensing requirements. The exchange began the arduous process of applying for regulatory approval in 2017. CoinDesk's Nathan DiCamillo breaks down why they went through the ringer.

Blockchain for UBIA Zurich-based startup has built a proof-of-personhood protocol to disseminate universal basic income (UBI) to the unbanked. Encointer, backed by the Web3 Foundation, plans to distribute a cryptocurrency for use within a designated locality among willing participants. (Decrypt)

Is Bitcoin Boring?Despite the enthusiasm leading into Bitcoins third halving event, expected in less than two weeks, on a technical level nothing really changes. The BlocksMike Orcuttdigs into the cultural significance of this mundane happening, when Bitcoins code automatically splits its mining subsidy.

Class ActionA district court judge has granted preliminary approval to a$25 class-action claimmade against Tezos. Litigants are suing Tezos alleging its initial coin offering violated U.S. securities laws. (Paywalled)

On FireBlockchain startup Fireblocks reported $30 billion in digital asset transfers using its services. Launched less than a year ago, the company will also open new offices in Singapore and Hong Kong. (Forbes)

CoinDesk Live: Lockdown Edition

CoinDesk Live: Lockdown Editioncontinues its popular twice-weekly virtual chats via Zoom and Twitter, giving you a preview of whats to come atConsensus: Distributed,our first fully virtualand fully freebig-tent conference May 11-15.

Register to joinour sixth session Tuesday, May 5, with speakerAmy Davine Kim from the Chamber of Digital Commerceto discuss upcoming guidelines from the Financial Action Task Force, most notably the Travel Rule, hosted by Consensus organizer Aaron Stanley. Zoom participants can ask questions directly to our guests.

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Two of CoinDesks most popular series, NLWs The Breakdown podcast and the Money Reimagined newsletter by Chief Content Officer Michael Casey, come together for a special podcast microseries in the run up to Consensus: Distributed,our first virtual big-tent event May 11-15.

The Breakdown: Money Reimaginedbuilds on themes Casey explores in his newsletter to tell the story of key arenas in the battle for the future of money from the incumbent dollar to China's aspirational DCEP to the insurgent bitcoin in the context of a post-COVID-19 world.

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Danielle Dimartino Booth's Inside PerspectiveAn adviser to the U.S. Federal Reserve through the Great Financial Crisis to 2015 examinesthe largest monetary policy experiment in human historyon the latest episode of The Breakdown.

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Whales and American Buyers Drive Bitcoin Rally - CoinDesk

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Forget The HalvingIs This The Real Reason Bitcoin Suddenly Soared Toward $10,000? – Forbes

Posted: at 7:45 pm

Bitcoin and cryptocurrency investors are gearing up for the long-awaited bitcoin halving this monthwhich will see the number of new bitcoin entering the market cut by half.

The bitcoin price has soared this week and is now a strong contender for 2020's best performing asset, climbing to over $9,000 per bitcoin for the first time since late February.

However, while many traders are betting the bitcoin price will climb as a result of this month's cut to supply, the latest bitcoin bounce may have happened for entirely different reasons.

The bitcoin price has rallied hard since its massive sell-off in March, with many bitcoin investors ... [+] confident the price will continue to rise until a scheduled supple squeeze in May.

Shortly before bitcoin's 20% rally this week, a large transfer of the stablecoin tether was made to bitcoin and cryptocurrency exchange Binance.

Tether is a stablecoin pegged to the U.S. dollar on a one-to-one basis with its creators claiming they keep one U.S. dollar in reserve for every tether token issued.

Tether tokens worth a little over $50 million were transferred to Malta-based Binance early on Wednesday, just hours before bitcoin began its $30 billion pump.

A Twitter bot that records major bitcoin and cryptocurrency trades, called Whale Alert, picked up the transaction.

Over the past month Tether Ltd, which controls the stablecoin tether and shares owners and senior staff with the British Virgin Islands-based bitcoin and cryptocurrency exchange Bitfinex, has ramped up its the number of tether it's creatingminting over $1 billion worth of the stablecoin.

"[On Wednesday we] witnessed extensive buying activity and the high level of scalability and liquidity evident on our platform made us able to seamlessly service all these requests," boasted Bitfinex chief technology officer, Paolo Ardoinowho also serves as the chief technology officer of Tetherin a statement that pointed to major U.S. bitcoin and cryptocurrency exchange Coinbase's unfortunate outage during the sudden bitcoin rally.

The bitcoin suddenly shot higher earlier this week--catching many traders and investors off-guard ... [+] and causing a surge of demand that knocked major U.S. bitcoin and crypto exchange Coinbase offline.

There is currently some 6.3 billion tether tokens in circulation, compared to just 18 million bitcoin.

Last year, it was suggested around half of bitcoin's value between March 2017 and March 2018 was created by trades between bitcoin and tethercasting doubt over whether bitcoin's epic 2017 bull run happened organically.

Many have called for Tether's dollar reserves to be externally audited amid claims tether's dollar peg is "no longer credible.

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Forget The HalvingIs This The Real Reason Bitcoin Suddenly Soared Toward $10,000? - Forbes

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Twitter Accused Of Shadow-Banning Bitcoin And Crypto Accounts – Forbes

Posted: at 7:45 pm

Bitcoin and cryptocurrencies have long struggled to find their place on some of the world's biggest technology platforms.

Twitter, whose chief executive Jack Dorsey has emerged as one of Silicon Valley's biggest bitcoin proponents, is plagued by crypto scamsdespite the likes of Tesla boss Elon Musk raising concerns.

Now, some influential members of the bitcoin and crypto community have complained Twitter has "shadow-banned" them, limiting their reach and impressions.

Twitter chief executive Jack Dorsey has praised bitcoin and cryptocurrencies but has previously ... [+] admitted Twitter needs to improve its algorithm.

"Theyre doing it, people," tech investor and founder of bitcoin and cryptocurrency news and analysis website The Block, Mike Dudas, said. "Crypto Twitter has been shadow-banned. Ive noticed this on my account this week."

Dudas was commenting on a complaint made by crypto developer Anthony Sassano who said: "Any tweets that I post get way less impressions than normal."

"I think [Twitter] limited tweet reach [and] impressions," said Neeraj Agrawal of Washington D.C.-based cryptocurrency policy think tank Coin Center.

"I started using LinkedIn again out of desperation," added partner at blockchain-focused venture capital fund, Castle Island Ventures, Nic Carter.

Twitter has yet to respond to a request for comment.

Twitter, just like most big technology platforms, regularly tinkers with its algorithm and it's possible that in an attempt to crack down on bitcoin and crypto scams, authentic accounts have been targeted.

The reports of shadow-banning come as the bitcoin community gears up to one of the biggest events in its 10-year history.

On May 12, the number of bitcoin rewarded to those that maintain the bitcoin network, known as miners, will be halved for the third time, dropping from 12.5 bitcoin per block to 6.25.

It's unclear how the looming supply squeeze will impact the price of bitcoin, however, many expect bitcoin and crypto trading volume to spike in the run up to May 12with a surge of media attention potentially pushing up the bitcoin price.

This week, the bitcoin price has soared almost 20%, making it one of the best performing assets so far this year.

Meanwhile, Twitter is embroiled in an internal battle that could see it drastically change how it deals with some of its most influential users, including U.S. president Donald Trump.

Earlier this year, Twitter was rocked by news the powerful Wall Street activist investor Elliott Management has bought $1 billion worth of Twitter stock and is working to oust co-founder Jack Dorsey from the company he helped build.

Dorsey, one of the tech world's biggest bitcoin cheerleaders, has spoken highly of bitcoin, crypto and blockchain technologygoing so far as to create a crypto division of his payments company Square to work on bitcoin development full-time.

Dorsey's Twitter bio currently reads, simply: #bitcoin

The bitcoin price has soared this year, boosted by excitement around the looming halving event and ... [+] global efforts to shore up the economy ravaged by coronavirus lockdowns.

Dorsey'sgrowing interest in bitcoin and cryptocurrencies has, however, caused him problems.

Dorsey attracted criticism from Twitter and Square investors last year whenhe promised to spend from three to six months in Africa to explore cryptocurrency opportunities in 2020. He has since cancelled the trip due to the coronavirus pandemic.

Silicon Valley's fraught relationship with bitcoin and cryptocurrencies has deteriorated in recent years as some of the world's biggest technology companies increasingly look toward financial services to bolster advertising revenue.

Toward the end of last year, Google sparked an ongoing war with the bitcoin and cryptocurrency community by removing many bitcoin and cryptocurrency videos from its video-sharing site YouTube in what was branded a "crypto-purge."

YouTube was quick to reverse most of the video removals, claiming they were made in error, however, crypto content has reportedly been targeted by attempts to limit the spread of false information amid the coronavirus pandemic.

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First Mover: Tezos Led Crypto Market With Twice Bitcoin’s Gains in April – CoinDesk

Posted: at 7:45 pm

Bitcoin? Ether? Ripple? Meh. During a month where cryptocurrencies zoomed, the lesser-known Tezos beat them all.

Tezos (XTZ), one of the largest and most prominent among a fast-growing roster of digital coins known as staking tokens, jumped 83% in April, the most among cryptocurrencies with a market value of at least $1 billion, based on data fromMessari.

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Thats more than double the 37% gain for bitcoin (BTC), the largest cryptocurrency by market value, which benefited from speculation that aninflation hedge will come in handyas the Federal Reserve and other central banks inject trillions of dollars of emergency liquidity into the global financial system.

Ether (ETH) rose 62% alongside a surge in growth for U.S. dollar-linked stablecoins built atop the Ethereum blockchain, and as investor interest grew in the white-hot arena of decentralized finance. Ripple'sXRP, a payments token, rose 30%.

Staking tokens give holders the right to weigh in on a blockchains governance similar to the way shareholders vote for a companys board of directors while also giving them the ability to earn a share of newly minted tokens, in the manner of a dividend or bond coupon.

The strong performance of Tezos is likely in part due to increased investor interest in staking-based returns, said Joseph Todaro, managing partner atBlocktown Capital, an investment firm specializing in digital currencies.

Some cryptocurrency exchanges offer staking as a service to make it easier for investors to participate, and Tezos has benefited recently from new listings on the exchanges Bitfinex and Binance. Its been on Coinbase, another exchange, since last year.

Ethereum, whose native token ether is the second-biggest cryptocurrency after bitcoin, plans to upgrade to a staking model in July. Some analysts say ether has generated additional enthusiasm among speculators due to the transition to staking.

Tezos has doubled on a year-to-date basis, despitea bout of volatility along with bitcoin, ether and other tokens earlier this year.

One caveat for traders is that Tezos has a market value of just $2.1 billion, less than 1/70th of bitcoin. So Tezos has the potential for big losses alongside any fast gains, even when compared with the notoriously volatile bitcoin; in March, Tezos tumbled 41% as bitcoin slid 24%.

The price movement of any given crypto asset is partially dependent on current investing narratives, said Todaro.

Tweet of the day

Bitcoin watch

BTC: Price: $8,995 (BPI) | 24-Hr High: $8,9958 | 24-Hr Low: $8,415

Trend: Bitcoin is on the rise, having bounced up from its key average support early Friday.

The original cryptocurrency is trading near $8,995 at press time (updated), representing over 4% gains. Prices defended an ascending 50-hour average support during Asian trading hours.

The average has consistently restricted downside and reversed pullbacks in the recent rally that pushed bitcoin from $6,800 to $9,400. As a result, the immediate bias will remain bullish as long as prices are tradingabove the 50-hour average, which is currently at $8,751.

If the latest bounce from the average support ends up clearing the immediate resistance at $8,913, bitcoin will likely revisit $9,200.

While the hourly chart is reporting bullish conditions, the daily chart studies also show buyer exhaustion. It's possible there could be a break below the 50-hour average support, which would take bitcoin down to $8,500.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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The ‘Great Lockdown’ Is Boosting Demand for Bitcoin Custody Solutions – CoinDesk

Posted: at 7:45 pm

Thanks in part to the uncertainty of the coronavirus crisis and rising bitcoin prices, bitcoin wallet startups have seen a sudden uptick in activity.

For example, over the past two months the Austin, Texas-based bitcoin startup Unchained Capital, with over $50 million in assets under management and $150 million worth of bitcoin transactions processed, garnered several dozen new institutional clients, representing hundreds of individuals. Will Cole, Unchaineds chief product officer, said the custody product Vault saw 340% growth in Q1 2020 as compared to the previous quarter.

Weve seen a big uptick in the creation of Vaults, Cole said. An event like that [pandemic] makes people think about how they are storing their bitcoin.

Unchained is working on a wallet update with new privacy features. It allows users to sort UTXO (unspent transaction output) information, which makes it possible to reveal less information about oneself to an external recipient, even while using a public blockchain.

Unchained adviser Christopher Allen, founder of the not-for-profit benefit corporation Blockchain Commons, said the industry still doesnt have clear terminology that distinguishes the Vault custody solution, where both Unchained and the client have keys to a multisig wallet versus wallets where only the user holds keys. Regardless, there appears to be increased interest in wallets where users hold keys, in some form.

Custody requires keys that are under your control or under collaborative custody with others. But it isn't self-sovereign if they can unilaterally block your recovery, Allen said. There are many other companies and teams involved who all desire to make multisig easier, more standard, and allow you to choose different approaches or implementations knowing that you are not locked into a single solution.

Such setups, like Vaults, make sense for companies and families that want to manage significant funds without a single person being in control of the wallet.

Not alone

These days many of the industrys large wallet businesses appear to be growing, in terms of both profits and users.

For more private options geared toward individual users, ShapeShift CEO Erik Voorhees said there are far more people using his software wallet solution this year. As such ShapeShift, acquired the Israeli wallet startup Portis for an undisclosed amount in April. This decreased the companys compliance risks and solidified its position in the industry's self-custody sector, slightly less lucrative than custodial crypto exchanges yet growing at a comparable rate.

This is the first recession the world has seen since cryptocurrency existed, Voorhees said. We want people to think of ShapeShift as the self-custody interface for all the various crypto services out there.

Like ShapeShift, Ledger CEO Pascal Gauthier, whose startup is scaling up to meet increased demand for hardware wallets, said his wallet will also allow users to do all the complex things you can do with a coin directly through the Ledger Live app.

We do see an increase in downloads of Ledger Live, our hardware wallet companion app, as we are adding more coins, Gauthier said. Nowadays, our main revenue comes from the hardware wallet business. Our revenue model will evolve to one-off revenues, transactional and recurring revenues thanks to additional services.

Revenue models

After several years of operation, many incumbent crypto companies now feel pressure to deliver returns for investors. Its unclear which business models will best suit the crypto economy.

Every day I think about acquisitions for a minute, then decide against it, Gauthier said. Ledger has enough money in the bank, a good business. Theres a question about where this industry is going and what does that mean for the future.

Unchained Capital earns revenue from clients who pay for the multisig Vaults or loan services associated with its open source wallets. The startup relies on subscriptions from a small number of wealthy clients for profits, even if it also serves less-lucrative retail users. On the other hand, ShapeShift profits from in-app referrals to exchanges and other services.

Voorhees said he acquired Portis because the startups tech allows for a familiar login, akin to Facebook Login, but where users need to actually remember their passwords.

Stepping back, Portis was founded in 2018 and attracted the attention of legendary Israeli tech investor Eddy Shalev. The Block reported Portis nearly shut down in Q1 2020, since co-founder Itay Radotzki quit in January and eight employees were subsequently laid off. Portis co-founder Tom Teman said the venture capital climate changed dramatically in 2020, a sentiment echoed by veterans across the industry, that investors are increasingly demanding revenue from the start.

(After publication of this article, Teman told CoinDesk that The Block had it wrong: only four staffers, including Radotzki, were let go, he said.)

Yet, a former Portis competitor, Fortmatic CEO Sean Li, said his user-friendly login startup isnt taking ShapeShifts approach because he doesnt think any business should see themselves as a portal that owns everything in it. As such his revenue model is business-to-business, rather than monetizing user activity. Li estimated nearly 5,000 developers now use Fortmatic for gateways to their various projects, so his early-stage startup is still on track to make more than $500,000 in revenue this year.

This prevents the next Facebook or Google situation where one account is associated with a lot of different applications, compromising user security and privacy, Li said.

On the other hand, Casa CEO Nick Neuman said his subscription-based startup saw an influx of new clients since the beginning of March, with a 50% increase in total bitcoin usage. Like Unchained Capital and other subscription startups above, Casa is primarily focused on bitcoin.

Were definitely seeing increased demand for self-custody since the coronavirus crisis began, Neuman said.

And where there is demand, there is opportunity.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears – newsBTC

Posted: at 7:45 pm

Another week, another round ofCrypto Tidbits. Bitcoin has been one of the best-performing assets in financial markets over the past week, managing to rally as high as $9,500 over 25% higher where it started this week. Altcoins, interestingly, have underperformed the market leader, with Ethereum and XRP both gaining around 10% over the past seven days.

Cryptos strength this week comes as the stock market hasstarted to stagnate in the 2,800-2,900 point range, seemingly playing with the idea of a reversal as the economic outlook remains dismal, with a total of 30 million Americans filing for unemployment over the past month.

Jerome Powell, Chairman of the Federal Reserve, went as far as to say that the U.S. economy is currently in its worst rut in history due to the outbreak of COVID-19. The recovery will not be V-shaped, Powell added, asserting that it may take a while for life to return to pre-virus levels due to the long-lasting effects of the shutdown of the worlds biggest economic powerhouse.

Whatever the case, analysts are still bullish on Bitcoin.

Roch Rosenblum, the co-head of trading at GSR, remarked to Bloomberg that the ongoing BTC rally is predicated on the macroeconomic environment:

This latest run past$8,000is as much about positive macro sentiment as it is about the upcoming halving. Were starting to have a lot more certainty, as more countries begin to share their plans to reopen the economy in May.

Chart from Coin360.io

This optimism was echoed by Zac Prince, a co-founder of crypto startup BlockFi, who said that the current market dynamics are driving a bolstered interest [for] digital currency. These dynamics he was referencing was the Federal Reserves commitment to money printing and the growth in stablecoins.

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Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears - newsBTC

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