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Is Bitcoin bubble about to burst?

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Expert take on Bitcoin bubble burst.

Let us understand some of the factors that are contributing to the Bitcoin bubble burst

The decentralized Crypto market was initiated in the year 2009. Ever since then the crypto market has been very fluctuating. The fluctuations can span up to thousands of dollars within just a few hours. The Bitcoin market is hence said to be volatile in nature due to the low market capitalization. The traditional stock market trades around trillions of dollars per day but the cryptocurrency market trades only a maximum of billion dollars per day.

The year 2018, is not proving to be very lenient for the cryptocurrencies as many of them are experiencing a bearish trend apart from a handful of them. Even for bitcoin, the market has been very bad with the current price around $6563 fallen to almost one-third of its all-time high of 2017 of about $19,511.

Immediately post its record high, it almost fell to half of the value due to the negative news by the US initiating a regulated feature for the cryptocurrencies. Following which the crypto space experienced a number of subsequent threats by the regulators of various countries like China, South Korea, including India.

The hack of the Japanese Exchange, Coincheck where it lost almost $500 million worth of Bitcoins. Followed by the cryptocurrency ad ban by the popular social media website Facebook. A few weeks after the theft at the cryptocurrency exchange, Coincheck the Japanese authorities raided their offices in order to confiscate their computers and documents as evidence.

The Bitcoin scalability issue is the most popular one and also the amount of electricity required for mining the Bitcoin is increasing at a rapid rate.

The asset manager’s head of global economics and strategy, Stefan Hofrichter is of the opinion that  Bitcoin as an asset as well as a currency has very serious flaws which might be the precise reason for the Bitcoin bubble to burst. He continues to say that Bitcoin does not have any intrinsic value because it is not backed up by any form of asset and hence does not generate any income.

Hofrichter, from a perspective of an environmentalist working for a social cause, even added the fact that the cryptocurrency production requires a huge amount of electricity which is not viable.

However, like much other business analyst and experts, even Hofrichter agrees that the underlying Blockchain Technology has a lot more impact than the cryptocurrency Bitcoin.

Expert take on Bitcoin bubble burst

Many experts even believe that though Bitcoin is presumed to replace Dollar and Euro in just a single day, the value if the cryptocurrency is not actually driven by any strategic worldviews but only by the belief that the crypto enthusiasts have in it.

According to them, all these factors are the signs that the Bitcoin bubble is about to burst. The burst may be triggered by any other hacking attempts or any serious regulations bought into the cryptocurrency market by the financial regulators throughout the world.

According to some of the financial experts at Capital Economics, even if the Bitcoin Bubble bursts and there is a complete breakdown of the cryptocurrency market, the actual financial market would not be affected that much, as the number of investments in the cryptocurrency space is relative less, due to the fact that many institutional investors have not invested in the cryptocurrencies yet.

They even pointed out at the other applications of the blockchain technology apart from the finance and banking sector. They made it very clear that even if the cryptocurrencies failed the blockchain technology will last because it has potential to find its application in various other domains such as in electoral process, Healthcare industry, supply chain management, and many more.

The Chief financial regulator of South Korea,  where almost 15% percent of the daily transactions of the Bitcoin world takes place informed the MPs of Seoul that the government was planning to shut down all the virtual cryptocurrency exchanges. The thought was actually initiated by the Justice Minister of the country. Following which the Financial regulators of  Russia, as well as the Chinese government, have hinted to follow the footsteps of South Korea.

All these incidents cumulatively added up to the reason for the fall of the Bitcoin market. Also, there are a number of inherent flaws that exist in the current Bitcoin blockchain network protocol.

#Bitcoin

Bitcoin Price Weekly Analysis: BTC/USD trying to rebound.

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Bitcoin price bombed by and by close to the $6,600-6,620 resistance. BTC/USD is rectifying lower and it could test the $6,275 and $6,188 supports.

Bitcoin Price Key Focuses

  • Bitcoin price bounced back and moved over the $6,400 level, yet it flopped close $6,600 against the US Dollar.
  • There was a break beneath a noteworthy bullish pattern line with support at $6,460 on the 4-hour chart of the BTC/USD combine (information feed from Kraken).
  • The match stays in a wide range somewhere in the range of $6,000 and $6,600, and it might keep on trading sideways.

Bitcoin price bombed by and by close to the $6,600-6,620 resistance against the US Dollar. BTC/USD is rectifying lower and it could test the $6,275 and $6,188 supports.

Bitcoin Price Range Exchanging

This previous week, there was a pleasant upward move from the $5,900 swing low in bitcoin price against the US Dollar. The BTC/USD combine exchanged over the $6,300 and $6,500 resistance levels. Be that as it may, bitcoin price flopped once more almost a noteworthy resistance at $6,600-6,620. The expressed resistance zone counteracted increases above $6,650 and the 100 basic moving normal (4-hours). Accordingly, bitcoin price declined and moved beneath the $6,500 level.

There was a break underneath the 23.6% Lie retracement level of the last leg from the $5,900 low to $6,653 high. Additionally, there was a break beneath a noteworthy bullish pattern line with support at $6,460 on the 4-hour chart of the BTC/USD match. It has opened the entryways for more misfortunes in the here and now beneath the $6,300 support level. The following essential support is the half Lie retracement level of the last leg from the $5,900 low to $6,653 high at $6,276. Beneath this, Bitcoin price is probably going to break the $6,250 level to test the $6,188-6,200 support zone.

BTCUSD Weekly Price Chart 19 August

BTCUSD Weekly Price Chart 19 August

Taking a gander at the chart, Bitcoin price is by all accounts exchanging a wide scope of $6,000-6,600. Hence, there are odds of the present wave reaching out towards $6,200 and $6,000 before purchasers show up.

Taking a gander at the specialized markers:

4-hours MACD – The MACD for BTC/USD has moved back in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently beneath the 50 level.

Significant Support Level – $6,200

Significant Resistance Level – $6,600

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How to get a Bitcoin Debit card? Explained in three steps.

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Bitcoin Debit card has become very rampant, where users can use it in a similar way they used the traditional debit cards.

Deciphering a Bitcoin Debit card and how to procure one.

Intro

It is certainly not a surprise that the cryptocurrency space has revolutionized, the way the financial economy of the world functions. With Initial coin offerings, cryptocurrency tokens, decentralized applications, smart contracts, lightning networks, side chains, forking, etc are the most important and new cryptocurrency keywords which have been spawned by the development in the cryptocurrency space. Satoshi Nakamoto would never have thought that his simple initiative of an electronic cash system would grow into a billion dollar industry. Let us read about Bitcoin Debit Card and how to get one.

 

Bitcoin Debit card

Nevertheless, many cryptocurrency coins are available in the market and predominantly used for investment and not in the form of currency. Therefore, many initiatives have been undertaken, in order to democratize the usage of cryptocurrencies on a daily basis. One such initiative is the Bitcoin Debit card.  Bitcoin Debit cards have become very rampant, where users can use it in a similar way they used the traditional debit cards. The main goal is to completely radicalize the usage of such Bitcoin Debit cards in order to form a hassle-free form of financial ecosystem. Therefore in order to contribute to the community’s development, let us understand how to get Bitcoin Debit card.

 

Ordering a Bitcoin Debit card has never been that simpler. It is as simple as filling an application form and submitting it to the respective authority, very similar to any other traditional Bank.


Step 1 to buy Bitcoin Debit card

Firstly, all the users need to find a suitable Bitcoin Debit card providers they are usually nothing no one but the traditional Paytm payment gateway service providers which you have initiated to sell Bitcoin Debit cards in order to leverage their business there are many of them available in the market but the most reliable and popular one is the Coinbase’s Swift Bitcoin Debit card. One can avail it in a seamless fashion.

Step 2 of buying Bitcoin Debit cards

The user after selecting the appropriate Bitcoin Debit card provider needs to fill the application form with contains some basic details of the users like complete name, phone number, address, date of birth, and most importantly the Social Security Number.  We must properly provide all the authentic details in order to avoid any further discrepancies in data, which indirectly might lead to the rejection of the Bitcoin Debit card application. One of the main requirement of the Social Security Number is that the banks can easily verify the Know Your Customer regulations in a simplified manner.

 

The third step to buy Bitcoin Debit cards is to make the payment.

The users then need to make the basic pay in order to avail their Bitcoin Debit card. It is worth mentioning at this point, that this payment does not reflect in the Bitcoin Debit card that one receives. The user’s need to exclusively add funds to their Bitcoin Debit card by a number of other methods with which would be discussed, in maybe some other article. Once the payment is done the process is complete and the users receive their Bitcoin Debit card.

Further attributes of Bitcoin Debit cards

The usage and development of Bitcoin Debit card have become very popular since 2015.  It has opened up the cryptocurrency community for new ways to use Bitcoin, in its real format. Although the high volatility and price fluctuations, is resisting the merchants to accept Bitcoin, the crypto space will undoubtedly get mature enough to be used by the merchant stores in a very common manner. However radical steps have been taken in this regard, where any merchant store which accepts VISA credit or debit cards, would automatically be upgraded to accept the Bitcoin Debit cards as they are indirectly powered through VISA itself.

Future

As the cryptocurrency market gains, maturity Bitcoin Would still be in the topmost position, as Bitcoin Debit cards would monopolize Bitcoin over the market. However, with respect to the scalability issues of the Bitcoin blockchain network, the Bitcoin Debit cards might prove to be a bottleneck causing congestion due to more inflow of transactional traffic towards the network.

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#Bitcoin Price Analysis

When will Bitcoin Rise in 2018?

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Bitcoin price at the end of 2017 has led to the industry experts to predict that a similar kind of bullish trend aka bitcoin rise in 2018 again.

 

Understanding conditions which would lead to Bitcoin rise in 2018.

Introduction

Assuming that you are very new to the cryptocurrencies. Let me explain the very basics of the cryptocurrencies, blockchain technology, along with Bitcoin. The cryptocurrencies are nothing but a digital form of currencies which are secured through the Cryptographic principles. The Blockchain technology fuels the cryptocurrencies, as they are based on the Blockchain technology itself. Bitcoin was the very first cryptocurrency put forth before the citizens by an anonymous group of people, who termed themselves as Satoshi Nakamoto. He is also the most controversial figures in the crypto space. Developed in 2009, Bitcoin was not that famous until 2017. When the world experienced an explosion in the Bitcoin prices, it was then that the experts predicted it’s future acceptance.  

 

Bitcoin

Bitcoin is nothing but a peer-to-peer electronic cash system and there is no physical currency available. It can be used to pay for a product or service just like any other currency. Realise it, like using a bank credit card where we actually don’t physically use Money but the balances are simply updated on both the sending and the receiving end. Unlike the conventional fiat currencies, Bitcoin has a fixed market supply of around 21 million coins only, which are made available through a process of complex and Brute Force computations, known as Mining. Solving the Blocks means, adding a block into the network, which results in a reward, to the node undertaking the process, in the form of Bitcoins.

 

Is Bitcoin a Bubble?

The whole cryptocurrency space is considered to be a bubble or a Ponzi scheme by some of the most prominent investors of the current time. therefore, one must need to know why it is considered so. The price fluctuations in Bitcoin is one of the precise reasons for it to be labelled with such terms. The cryptocurrency market is solely driven by the market forces of demand and supply. It is worth mentioning that the cryptocurrencies are not backed by any form of financial asset. In other words, the value of Bitcoin is only due to its widespread acceptance and belief among its users. Hence we observe very high amounts of fluctuations in the Crypto space. However to gain better comparison, the in the traditional stock market there is absolutely no fluctuation of more than 5% in a single day, but in the cryptocurrency market, it is very common for a 10 to 20 % price fluctuations.

 

Will the Bitcoin rise in 2018 again?

In December 2017 Bitcoin had gained a lot of momentum and the cryptocurrency reached pinnacles when the price of the cryptocurrency was hovering around $20,000. This Bitcoin price at the end of 2017 has led to the industry experts and professionals to predict that a similar kind of bullish trend aka bitcoin rise in 2018 again that we would experience by the end of the year.

 

We would witness a Bitcoin rise in 2018 says the predicted who had predicted last year’s boom

Kay Van-Petersen is one of the well-known cryptocurrency market predictors. He had most precisely predicted the Bitcoin rise and falls throughout the year 2017 on a consistent basis. He further predicts a Bitcoin rise in 2018 as well. He clarifies that Bitcoin will touch the $50,000 and the $100,000 mark by the end of 2017. The optimism for Bitcoin rise in 2018 seems to be very similar to the Bitcoin rise of 2017.

 

Practical conditions which might support the Bitcoin rise in 2018

The initiation of Bitcoin futures by two of the most preeminent stock exchanges of Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE), is being pointed to, by some of the industry professionals, as a strong reason for the Bitcoin rise in 2018. They would strongly support the Bitcoin rise in 2018, as they have opened up opportunities for the masses of people who were highly scared of the cryptocurrency’s unregulated state. As the proposal was given a green signal by the Commodity Futures and Trading Commission (CFTC), it is invariably completely regulated in nature. Hence the enthusiasts who had missed the crypto wave last year could join the bandwagon now to make huge amounts of profits in Bitcoin rise in 2018.

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