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Should You Still Invest in Bitcoin in 2018?

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investment in bitcoin in 2018

Bitcoin in 2017

2017, quite remarkably, is being dubbed as the Year of Bitcoin. It hit the $1000 in the beginning of the year and accelerated right upto the $19,000 mark by mid-December, registering an almost 1800% increase in its price. Such a remarkable hit made it to the news headlines almost daily, and coaxed millions of people to look up Bitcoin and consider it as a potential investment for themselves. People have since wanted to know more and more about this digital currency, which resulted in Bitcoin securing the second position in the Google Trends list of the top trending topics for 2017.

Should you invest in Bitcoin in 2018?

More than ever in the history of investments, first time investors are looking at Bitcoins as a source of herculean returns. However, the limited number of Bitcoins available, and its constantly rising prices has brought up the question of whether Bitcoin is still a sound investment for the year of 2018. Before looking at the pros and cons of any form of investment it is vital to understand that the inherent property of any investment is instability – if not all then at least the most bankable ones do. And since Bitcoin is majorly a decentralized platform, it deters traditional investors from being highly excited about investing in it. They regard it as something with mercurial value, deficient of a formal structure, doomed to eventually fall out of the financial world in the coming years.

However, this is also one aspect that intrigues them. Bitcoin is unregulated and is not backed by any financial unit or singular government. Bitcoin users find this a very remarkable feature of this form of virtual currency since they are not levied any high transaction fees, additional fees, conversion rates etc. Not only this, the Blockchain technology on which Bitcoin is developed upon, provides for a public log of all the transactions ever processed, accessible to every user of the Bitcoin community. This open source nature of the Bitcoin platform provides unprecedented clarity in its functioning. The security and speediness of Bitcoin transactions has made it a growing popularity in several big countries.

Investing in Bitcoins in simple terms means buying them and then waiting for its value to appreciate with time in the hope of reaping massive returns. Thus said, people have been investing in it for majorly two purposes – first, to represent it as the future of money and thus do their part in supporting a the idea of a decentralized platform for financial savings and transactions and secondly, to make money.

HODL your Bitcoin

One would hold Bitcoins in their digital wallets in the only hope that one day in the subsequent years they could actually make real world purchases with it. That being said and considering the volatile nature of the Bitcoin’s value presently, one needs to question themselves the nature of their investment. Someone looking to reap benefits in the short term has loads of money making opportunities to explore by understanding the rapidly fluctuating value of Bitcoins, however anyone looking to use Bitcoins as a legal future of payment in the real world needs to decide whether or not the rapid volatile fluctuations would eventually subside and a more stable value of its price be determined.

Owing to the risky nature of a Bitcoin investment, it’s important for any investor to realize that investing more than they are willing to or able to lose would only push them towards depths of high risk situations. It is very important to do your own research about these investments and not blindly take the word of anyone. Understand the technicalities behind the process of not just buying Bitcoins but also those of Bitcoin mining. That being said, anyone looking into Bitcoin mining should understand how expensive the process is and that it is profitable only if done on a large scale. Bitcoin mining calls for a huge investment in the mining hardware in the very first place and requires you to have access to a lot of electricity. There are several cloud mining sites promising to do the work for you but more often than usual these are scams and it is much more wise and cost effective to buy your Bitcoins instead of spending them on mining hardware and/or paying cloud mining sites to do the job for you.

Yes or No?

If the answer to whether or not one should invest in Bitcoins was as simple and binary as a quick yes or no, everyone would be buying it or vice versa. This is in fact a complete process of doing your research, understanding the technology, educating yourself about it, and if one decides to finally make an investment, should always stay up to date with the current trends. Bitcoin is still a relatively new invention in the financial world, however a huge set of points do indicate in the direction of a new era. Like any other traditional investment, one should be in a position to lose everything, however, higher risks are always a steady companion of humongous returns.

#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, BTC going to rise?

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Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

Technical Indicators:

Support Levels: $5200, $5150

Resistance Levels: $5350, $5400, $5500

 

Key Points:

  • Bitcoin price is currently trading well above $5200 support level.
  • BTC is gaining momentum and trying to move over the $5350 resistance zone.
  • A bullish pattern is being formed with support around $5200 on the hourly chart.
  • Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

 

This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.

 

Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.

 

BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.

 

BTCUSD Price Chart 20 April

BTCUSD Price Chart 20 April

 

The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.

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#Bitcoin

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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