Connect with us

#Bitcoin

Research: Are Bitcoin ATMs Safe?

Published

on

Bitcoin ATMs are a great face for the first time buyer of Bitcoin, up to experienced cypherpunk simply because of their familiar interface.

Bitcoin ATMs allow users to take fiat money out of their cryptocurrencies by selling their cryptocurrencies. Bitcoin ATMs are usually not owned by banks and are connected instead to a Digital Currency Exchange.

Bitcoin ATMs: Anonymous

To use Bitcoin anonymously, you need to take precautions to prevent your true identity from being associated with your transactions and addresses. Buying Bitcoins through an ATM is probably the best way to buy and sell Bitcoins anonymously, but not everyone has an ATM next to them.

Bitcoin ATMs are a great face for the first time buyer of Bitcoin, up to experienced cypherpunk simply because of their familiar interface.

If you are trying to avoid being checked by your bank to buy Bitcoin, a trip to your local Bitcoin ATM can be very convenient. If you are trying to avoid being checked by your bank to buy Bitcoin, a trip to your local Bitcoin ATM can be very convenient. You’ll need cash to Buy bitcoin from your local ATM and nothing is more private than cash.

In Michigan, for example, a transfer permit is not required to operate bitcoin ATMs if the financial transaction does not involve third parties.

 

Bitcoin ATMs Legitimate?

Although many transactions may be legitimate, a government official said that there are concerns about drug traffickers and others who may intentionally arrange the purchase and sale of bitcoin to hide the money earned by illegal transactions through the use of bitcoin ATMs.

Law enforcement officials, including the Internal Revenue Service, are known for tracking transactions on the blockchain, the digital ledger for bitcoin and other cryptocurrencies.

For those who do, you must send Bitcoin from your wallet to the wallet address provided by the Bitcoin ATM. Bitcoin ‘ATMs have recently appeared in online articles that promote the increasing adoption of Bitcoin, but they are mostly limited to large cities.

As Bitcoin is becoming a more common payment method worldwide, We could also see that ATMs are popular with travelers who want to avoid the low rates found in each country’s currency exchange.

 

What is a Bitcoin ATM?

By “Bitcoin ATM” it is supposedly a machine specially designed and dedicated to the purchase and sale of bitcoins.
But under availability, it means access to bitcoin for many people who don’t know digital coins.

People are familiar with trading with cash, so buying bitcoins with cash is a relatively simple process.

Bitcoin ATM manufacturers are working to adjust the flow of operations and make it easier for users so that even children can use them. You can argue that bitcoin ATMs are usually installed in countries with high financial capacity already, and it is true.

 

Safety of Bitcoin ATMs:

But winning hearts and minds is not an easy challenge, especially as bitcoin continues to face the bad press, with the now-bankrupt bitcoin exchange Mt Gox and the now defunct black market Silk Road, which is the most obvious culprit.

Evan Rose, chairman, and CEO of a Bitcoin ATM, which produces Genesis ATMs, emphasized the increased safety features offered by Bitcoin ATMs, such as biometric data, that help them to be safer than traditional cash dispensers.

Now, however, Di Iorio has to price its ATM competitively with other services, such as bitcoin exchanges, such as LocalBitcoins, which allow for more affordable peer – to – peer transactions.

Simply put, Bitcoin is a digital currency that you can use to buy and sell things.
A tenth of a Bitcoin seems so : 0, 10000000 You can buy Bitcoin with as many ( or little ) as You want.

 

Bitcoin ATMs vs LocalBitcoins:

Buying Bitcoin in person through LocalBitcoins is the most common way to purchase Bitcoin without any identifiers on local accounts. Also, Peer-to-peer Bitcoin exchanges are a great way to get bitcoins with cash. But once the money has been deposited in a bank account, the buyer of bitcoin cannot reverse the transaction. If you buy cash from an ATM, you don’t have to worry, because ATMs always send bitcoins directly to your wallet or Bitcoin address.

Convenience stores, for example, deal with cash every day, making them vulnerable to theft, whether it’s thieves or employees who want to take a few dollars out of the registry, Depositing cash into a Bitcoin cash dispenser would remove such a risk by transferring money to a digital currency that is stored in a cash.

#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.