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Bitcoin is king, ETH is dead, Vitalik Confirms

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Why all altcoins will be zero in the upcoming time but bitcoin will still rise.Understanding the functionalities of Bitcoin which is better than Altcoins.

Why all altcoins will be zero in the upcoming time but bitcoin will still rise.

Understanding the key functionalities of Bitcoin which makes it a better option than the other Altcoins:

 

Introduction

Many cryptocurrencies in the market were developed after Bitcoin due to the scalability as well as security issues which the network experienced due to the high amount of network congestion. Most of the Altcoins stood the test of time and have become some of the most prominently used cryptocurrencies along with Bitcoin. On the other hand, some of them have most of them have just added on to the pile of cryptocurrencies that are absolutely worthless to the society. Therefore there are both types of Altcoins which are predominantly incorporated in the cryptocurrency domain in general. The Altcoins along with Bitcoin have been very fluctuating in the cryptocurrency market in general as it is in its developmental stages. According to experts, this volatility would be eradicated in the future.

 

Bitcoin is dominating

From time immemorial it has been witnessed that the prices of the Altcoins have been fluctuating along with the prices of Bitcoin as Bitcoin is the most dominant cryptocurrency of all times. However, the specific relationship between the pricing of Bitcoins along with other Altcoins has not been deciphered until now. But on a general basis, it is it has been witnessed that the prices of Bitcoins along with the Altcoins go hand in hand and are directly proportional to each other.

In accordance with the most recent cryptocurrency production, the price of Bitcoin will reach up to $40, 000 levels, whereas, the prices of Altcoins will receive a major blow. According to the predictor, the cryptocurrency tokens would not be able to manage the popularity and the risks required in the market and therefore it is witnessed these days that many of the cryptocurrency tokens turn out to be a scam. Specifically, by the end of 2018, 5 or more Altcoins would be exposed as a scam.

 

Let us try to decode the fundamental concepts that make Bitcoin highly valuable and the other Altcoins not:

 

1. The cryptocurrency blockchain platform is the only among 1500 other similar platforms which are absolutely censorship resistant, which means no government authority, by any means, can snatch your Bitcoins from you.  Bitcoin even provides an anonymous and store of value which the other Altcoins fail to provide.

 

2. Bitcoins have proven to provide an anonymous medium of exchange, as the cryptocurrency users can effectively transfer the data without the intervention or resistance of any government or financial institution.

 

3. Bitcoin is very different from all the other Altcoins as it is inflationary proof in nature. This concept of inflationary nature can also be applied to many other Altcoins but due to the other set of Technical complexities, it cannot be compared with Bitcoin.

 

Further Bitcoin endorsements

Also, many cryptocurrency experts have predicted the exponential rise of the Bitcoin price in the near coming future. Some of the experts in the list, include John McAfee, the most famous former computer programmer and currently a cryptocurrency enthusiast. He has predicted the Bitcoin price to reach up to 1 million dollars by the end of 2018 and his arguments are supported by the technical specifications and his last year prediction of $7, 000 was also well surpassed.

Even Tom Lee, a key personality in the Fundstrat, predicts that the value of Bitcoin might reach up to the levels of $25, 000 in the near coming future. In fact, he considers $9, 000 to be a very low level for Bitcoin, as a high number of cryptocurrency buyers would be available. This has never been witnessed in the case of Altcoins. The cryptocurrency believer is looking forward for all the institutional investors, in order to come forward and keep the market capital of Bitcoin in stable condition  

 

Bitcoin is highly reliable than the Altcoins on a long time basis

The price predictions on a long-term basis would be highly reliable as the intermediary fluctuations would not be worth considering in case of Bitcoins and not the Altcoins. It is also estimated that it would become the topmost virtual cryptocurrency in the future. As Bitcoin is considered mostly to be a store of value the prices are high and expected to increase. Some of the other Altcoins such as Ripple are on the verge of extinction as a cryptocurrency itself.

#Bitcoin

Tom Lee: Bitcoin will hit $15000 within next month

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Tom Lee the founder who earlier predicted bitcoin to hit $25000 this year still predicts that bitcoin will surely hit $15000 by the end of this year.

Amidst the cryptocurrency market crash, Tom Lee the founder and CEO of Fundstrat who earlier predicted bitcoin to hit $25000 this year still predicts that bitcoin will surely hit $15000 by the end of this year. Tom Lee stated his bullish prediction in an interview with CNBC.

 

Tom Lee’s Bitcoin Predictions

At the beginning of 2018, when cryptocurrency prices started to fall Tom Lee predicted that bitcoin will hit $25000 by 2018 end. In July this year, Lee restated his prediction to $22000 and again in August this year, he predicted the same $25000 price.

In the interview, Tom Lee remains very confident about his statement about bitcoin reaching to at least $15000 this year. According to Lee, a regulatory clarification would surely increase the price of bitcoin this year. He said that cryptocurrencies with grow as the world will start adopting digital technology.

 

BTCUSD 1 day chart

BTCUSD 1 day chart

 

The price of Bitcoin is currently making improvements and trading at $4674 according to CoinGecko. Bitcoin fell up to $4300 in the last 24 hours. Will Tom Lee’s prediction proves to be true and will bitcoin hit a $15000 mark this year end? What do you think? Tell us in the comments section below.

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Big Whale Alert! 999992 TUSD just transferred to Binance

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Just a few minutes back, one of the big whales just transferred 999,992 TUSD worth $1,023,030 to binance account from bittrex.

The cryptocurrency market is experiencing huge losses from the past few days with all major cryptocurrencies dropping over 10% and bitcoin dropping down from $6400 to $4400 in just a matter of days. In such a situation where most traders and investors are panic selling, big whales are waiting just for the right moment to buy. Technical analyst predicts that the price of bitcoin is expected to see a correction in the upcoming days which would eventually lead to the correction in the prices of other altcoins as well. Just a few minutes back, one of the big whales just transferred 999,992 TUSD worth $1,023,030 to binance account from bittrex. The transaction hash of the TUSD transfer is:

https://etherscan.io/tx/0x42686a6494e5831bcc694685a952b5624798d728c581ecd86382dd91b5ebcd32

In the past 24 hours, the cryptocurrency market has been experiencing huge trading volumes which predict that many traders and investors bought the coins at the current price which is a yearly low for most of the cryptocurrencies.

 

Don’t Panic!

A good trader should always think counterintuitively, that’s how winning is done. Warren Buffet the famous wall street trader has said: “be fearful when others are greedy and be greedy when others are fearful”.

The current market conditions are going to make a lot of people seriously rich. So be patient, be careful and look out for opportunities. The market is a buyer’s delight right now and a sellers nightmare.

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How To Reduce Energy Consumption In The Midst Of Crypto Popularity

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Cryptocurrency and Bitcoin miners can make the switch to cleaner and friendly renewable sources of energy such as solar energy.

How To Reduce Energy Consumption In The Midst Of Crypto Popularity

Electrical energy has become an integral part of everyday modern life. It’s used to power our bulbs and home appliances, trains, and even charge electric vehicles. Globally, its use is rising rapidly as different economies across the globe develop. Therefore, there is a growing need for energy which in turn continually drives the demand for electricity generation. For years now, most of the electricity consumed on a global scale has been generated from three energy sources: fossil fuel, nuclear, and hydro. Renewable energy sources such as photovoltaic (solar power), offer an alternative, albeit small, a share of the world’s electricity. However, our energy sources can have significant environmental impacts.

 

Cryptocurrency Mining, Then Versus Now

Back in the day, 2009 to be precise, Bitcoin mining was nothing more than a lucrative hobby for several crypto enthusiasts. Miners could leverage their CPUs to mine Bitcoin as they were enough. It was possible because the only hardware needed for mining was a simple computer and the number of miners was significantly low. In fact, in the early stages, Hal Finney and Satoshi were the only ones mining BTC through the use of several computers simultaneously. Satoshi mined 1,000,000 Bitcoins in the first week of the project, courtesy of several computers.
At that time, the difficulty of mining was extremely low. However, over time, the problem has shot up drastically courtesy of Bitcoin’s rules and a change in new and advanced mining hardware. At the start, individuals would use CPUs (Central Processing Units) to mine BTC. CPUs represent the electronic circuitry within a computer.

Back in 2009, a miner would generate bitcoins at a rate of 50 per block. Gradually, people made the shift to GPU mining which was comfortable and lucrative to use. Due to this, GPU mining became extremely popular, and in 2011, people started using them. Soon after, the mining difficulty increased, and by June 2011, people began using FPGAs (Field Programmable Gate Arrays). Shortly after that, in 2013, FPGAs gave way to ASICs (Application Specific Integrated Circuits) that have made BTC mining industrious.
Currently, the Bitcoin mining process requires about 73.04 TWh of computational power to solve complex mathematical equations per year. This equates to about 0.33% of the total global electricity consumption. One Bitcoin transaction on average consumes about 916 KWh of electricity that could power about 31 US households. Mining is no longer lucrative for individual miners as setting up needs specialized mining rigs that are expensive to buy and operate.

For instance, it would set a single Bitcoin miner back around $15,861 to mine one bitcoin in the Cook Islands near New Zealand. The cost rises to about $16,209 in the Solomon Islands located near Papua New Guinea. The prices of mining one Bitcoin further rise in Bahrain, Niue, and South Korea with amounts of $16,773, $17,566, and $26,170 respectively.

Mining creates enormous electricity bills through energy consumption and cooling (and that’s on top of the cost of mining equipment and, nowadays, a facility to house your rows and towers of machines). The current BTC network is estimated to be consuming about 2.55 gigawatts (GW) of electricity annually which is enough to power a whole country. For context, the entire state of Ireland consumes an average of 3.1 GW of electricity.

 

Potential Consequence of High Non-Renewable Energy Usage

Greenhouse Gas Emissions

The most well-known impact of increased non-renewable sources usage is the production of greenhouse gases mainly CO2 that is believed by many to contribute to climate change (though much of this is politicized hype). Different types of non-renewable energies produce different levels of greenhouse gases. For example, coal provides the highest amount of CO2 emission. It’s important to note that CO2 is plant food (and plants produce oxygen), is what every breathing creature emits when exhaling, and climate change (formerly Global Cooling, formerly Global Warming) is not agreed upon by scientists to be caused by human activity, as there are a myriad of other, likely much more influential factors, such as solar cycles. It’s also worth noting that climate change has always happened, with warmer and colder periods, and what has been hyped up in the last decade is a tiny percentage of what humanity has witnessed, without industry. Predictions of the world ending disastrously in a few short years if we don’t do something politically have fallen flat.
It is worth noting that the above factor will also depend upon how efficient the engines using these fuels are, and filtering systems to reduce emissions. Modern technology can produce very efficient, low emission engines which use fossil fuels.

 

Token Creation (PoW/PoS/DPoS)

Proof-of-Work (PoW) is a term that’s usually used to denote the kind of concept that the Bitcoin network uses to validate and add transactions to the blockchain. It involves the use of ASICs in mining to solve complex mathematical algorithms otherwise known as PoW problems. Although PoW is excellent against cyber-attacks, it has a major limitation of high electricity consumption. Furthermore, mining rigs require top computing hardware that’s expensive to attain. Some of the projects using the PoW consensus algorithm include Bitcoin, Monero, Ethereum, Ethereum Classic, Bitcoin Cash, Zcash, Litecoin, and DogeCoin. Ethereum is intended to make the change from PoW to PoS via the Casper protocol.

Proof-of-Stake (PoS), on the other hand, is an alternative way of validating transactions or blocks. It was engineered as an alternative to the PoW process that consumes an immense amount of energy. Unlike Proof-of-Work, coins are no longer mined but are forged or minted. Block validation is done by a select group of individuals known as validators. They are chosen depending on the age and amount of stake they hold within the blockchain network. Some of the projects using the PoS algorithm include Dash, QTUM, NEO, NavCoin, Stellar Lumen, Zcoin, and Stratis.

 

Benefits of the PoS system include:

Less expensive hardware is required.

Transaction times are much faster.

It is energy efficient as it doesn’t consume a lot of energy.

Delegated Proof-of-Stake, otherwise known as DPoS, is a new and alternative protocol to both the PoW and PoS consensus algorithms. It’s mostly considered to be the most decentralized consensus model in existence today. This is mostly because every token holder has a degree of influence about what happens in the network. DPoS uses the power of stakeholder approval voting to promote consensus in a fair and democratic manner. Projects using DPoS include Lisk, Ark, Rise, Tezos, OxyCoin, Shift, Lightning BTC, and EOS, among others.

 

Conclusion

Blockchain projects around the world can help reduce energy consumption by taking alternative routes in the cryptocurrency mining process. First, blockchain projects can make the switch from the PoW system to the PoS system which is much cheaper and consumes less energy. Secondly, cryptocurrency miners can make the switch to cleaner and friendly renewable sources of energy such as solar energy. Lastly, blockchain networks can incentivize miners to use renewable energy resources by offering additional rewards for those that utilize them.

 

Guest Post by Pawel Towczzk

My name is Paweł Tomczyk. I’m a technology enthusiast and an early adopter. I’m the contributor in the blockchain ecosystem and various range of funds. I have been specializing in marketing and Fintech for six years. Nowadays, I’m the founder of Cyberius (www.cyberius.com), which specializes in content creation and crowdfunding.

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