Connect with us

#Bitcoin

Happy Genesis Block Day, Bitcoin getting stronger: BTC to the moon

Published

on

January 3rd, 2009, the genesis block of bitcoin of bitcoin was launched by Satoshi Nakamoto. In that genesis block was written a very important statement.

January 3rd, 2009, the genesis block of bitcoin of bitcoin was launched by the anonymous founder Satoshi Nakamoto. In that genesis block was written a very important statement about why bitcoin was created and a sign of the times in the failure of monetary policies of central banks and governments. Bitcoin is like rat poison for all the bankers as it is designed to bring the whole system down.

Bitcoin has been declared dead hundreds of times by the media and Bitcoin has survived all kinds of FUD such as Mount Gox, China crackdown and a lot more but bitcoin keeps pressing on which shows the resilience of the community and the network together to continue in the phase of all of these different things happening. No one has been able to stop bitcoin yet and as mentioned Satoshi Nakamoto to this day remains a mystery.

 

Ross Ulbricht:

Ross Ulbricht is still in jail to this day because of his grand crime of hosting a website where people bought and sold substances that could alter their conscience personally and a lot of that was done using. The fact that he is still in jail just screams of the overall injustice of the entire system that we are facing to this day.

 

Bitcoin Forks:

The forkers in the market have gone off and forked bitcoin quite a few times but it seems that Bitcoin or BTC particularly has been decided on at this time by the market. All of the alternative visions of bitcoin particularly bitcoin cash and bitcoin satoshi vision are really struggling especially after their most recent split up. The market is choosing BTC and not Bitcoin Cash or Bitcoin Satoshi Vision.

 

Censorship Resistance

There has been a lot of interesting things happening in the bitcoin space recently. BlockStream‘s satellites, for example, are going to next level censorship, you do not need the internet to connect, you can connect directly by a small dish on your house to the satellites in space. This is a very big development as it helps reach so many people that don’t actually have regular access to the internet. Right now, BlockStream’s satellite covers almost all regions of the world.

 

Lightning Network:

Lightning Network is a second layer scaling solution and it is growing all the time. It has surpassed a 510 bitcoin capacity currently, the number of channels over the last month in December has grown by 26%. There are different companies that are working on these implementations for lightning payments and as such, it is only getting bigger all the time and the technology is only getting better. Lightning will be a serious factor in the future of bitcoin in terms of scalability.

 

Snort Signature

Snort Signatures are digital signatures scheme which at a technical level is going to give bitcoin users a new way to generate cryptographic keys, also increasing bitcoin’s privacy and scalability. So this is a very important thing. It is worked on at the moment, we don’t have that implemented yet but it is coming and when it does come it will be an important part of the technical features of bitcoin.

 

Bitcoin Side Chains:

Bitcoin Side Chains are also very important in terms of expanding the use cases and functionality of the bitcoin mainchain. RootStock, for example, will bring smart contracts to bitcoin. BlockStream’s liquid will help to ease transactions between liquid providers. So a lot of things are happening in terms of making it more usable.

The hashrate is incredibly secure and although we have seen the hashrate decline as the price of bitcoin has gone down but if you compare today’s hashrate with the hashrate a year ago, we see a significant difference. The network is more secure than it has ever been.

 

Actual Access:

In terms of actual access, that’s also growing all the time. We have more and more fiat onramps for people to be able to buy bitcoin. Even though we still have domination of US dollar and Japenese Yen, Exotic currencies are being added. For example, Binance recently debuting in Uganda and letting people invest with the local currency there. We need to see this happening in more countries so we can have more fiat onramps and make it easy for people all around the world to get into crypto. The numbers are stacking up really well for bitcoin.

In terms of brand, the brand has never been stronger for bitcoin. More people know about bitcoin today than ever and that’s something very important to keep in mind. We have had a veritable explosion of bitcoin ATM’s in 2018 making access even easier for people. Paxful is reporting that in 2018 bitcoin sales were up by 20% in Africa which is great considering the bear trend in 2018. Record transactions are happening on Localbitcoins in countries like South America, Colombia, Venezuela, and Peru. People are getting into it and its expanding. That’s a really important thing to see bitcoin expanding to the corners of the world.

 

Proof of Keys Event:

Trace Mayer has organized the Proof of Keys Event. Proof of keys is an event happening today in which you take your crypto off the exchanges especially bitcoin and hold it in a wallet which you control the keys. The idea here is that there may be a lot of exchanges which may not have as much bitcoin as they profess to have. These third-party centralized exchanges have been a real bane to the crypto scene overall. Some of them are good actors but not all of them are. We have so much volume spoofing and all these different things going on that it is incredibly problematic and some of them may not actually have as much bitcoin as they say they have. So Trace Mayer is encouraging everyone to withdraw their bitcoins from the exchanges and put it in a wallet in which they control the private keys. We as a crypto community should always stand up to take a part in these events that are actually very important for the future of bitcoin and to end decentralization.

#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

Published

on

The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

Continue Reading

#Bitcoin

Tom Lee: Bitcoin Bull Market Coming Soon

Published

on

Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

Continue Reading

#Bitcoin

Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

Published

on

The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.