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Bitcoin Predictions: 10 parameters which will determine Bitcoin price in future.

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if you are looking for an easy explanation for Why does Bitcoin fluctuate so much_ 10 Factors affecting Bitcoin price predictions.

Who is the Sailor driving Bitcoin towards an optimistic future?

Factors affecting Bitcoin price predictions

Is Bitcoin a bubble or a pin? Although the question is quite ambitious, there are various reasons that can be cited, to explain the highs and lows of Bitcoin. India emerging popularity of cryptocurrencies which one is asking the question what is Bitcoin what are cryptocurrencies and ultimately what is money. People tend to get quite relevant answers on the internet, but if you are looking for an easy explanation for Why does Bitcoin fluctuate so much? You have landed up at the right place. Is it the People, the team members, or Satoshi Nakamoto himself who is responsible for the ebbs and flows of Bitcoin prices. Let’s find out.

 

1. Bitcoin can be understood easily when it is compared to Gold. Assuming that you all are familiar with gold. Try to break down the attributes of gold. Gold is highly scarce in nature, it is difficult to mine, its value is constantly increasing, the same amount of gold has the exact same value anywhere around the world, huge chunks of good pieces can be broken down into smaller ones. No compare every attribute of gold with Bitcoin. Currently, even Bitcoin is scarce, as the number of users is more and the coins are less, even Bitcoins are difficult to mine, due to the scarcity of Bitcoins its value is high. Therefore, the future price prediction of Bitcoin is undoubtedly positive.

 

2. Bitcoin effectively overthrows the need of all the banks, which were very proud for the services they offered. It was only after the invention of Bitcoin, that people realized that the financial industry can be much more efficient than the fraudulent banks showcase them to be. Bitcoin has become a great alternative for the financial transactions, as the overall process has been brought down to a cheaper scale. Adding up on that is its lightning fast speed, imagine transferring funds from America to India within a matter of minutes. Therefore, the efficiency of Bitcoin is the backbone of its future prediction.

 

3. The Bitcoin prices and also given by a myriad of psychological factors. Investors, in particular, are driven by the market sentiments of the other investors or maybe their peers. The peer pressure is nothing much and everyone in your friend circle has purchased Bitcoin but you haven’t. The subconscious feeling that you get, is nothing but the peer pressure. This is one of the most notable driving force of Bitcoin.

 

4. Incorporation of Bitcoin buy Mini e-commerce companies, also needs to be kept in mind while predicting the Bitcoin prices. The future acceptance of Bitcoin is directly proportional to the amount of Companies accepting Bitcoin. How can you use your Fiat currency, when the accepting side is not even accepting it? Hence, from the now on a lookout for the “Bitcoin payments accepted” while shopping.

 

5. No government can take control of Bitcoin. It’s not like they are not authorized to do so but they inherently can do it. If they are really daring enough to play with the Bitcoin network, then they would be needed, all the supercomputers existing till date. The Bitcoin network is so huge that even if all the supercomputers are combined together, they would not even be capable of controlling half of the Bitcoin network too. In other words, they are very tiny before the massive Bitcoin network. Therefore, regulations do not affect the Bitcoin price prediction.

 

6. As the Blockchain Technology, in general, gains popularity even Bitcoin prices would be affected, as everything is interrelated to each other.

 

7. Even the decisions of various social media platforms with respect to the Crypto domain affects the Bitcoin value. Consider a friend of yours spreading the news of Bitcoin price fall on WhatsApp and Facebook. It is very obvious that some speculations would be fed into the minds of Bitcoin enthusiasts. In a nutshell, self-regulation also must be kept in mind for Bitcoin price prediction.

 

8. The online nature of Bitcoin transactions have bought the entire financial market into the hands of people. You can sit back and relax on your sofas, to buy or sell Bitcoins, within a few taps without undertaking extensive form filling procedures. Convenience is the driving factor here.

 

9. Bitcoin is highly valuable when seen collectively. In other words, what’s the value of using Facebook when you have no friends. Apply the similar analogy to Bitcoin too. Its social connections and engagement by millions of people is its driving force.

 

10. Further developments in the Bitcoin world, would accelerate its acceptance and indirectly the value of Bitcoin. Bitcoin ATMs and ETFs are a most significant model developed for the convenience of users.

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Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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