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Will Bitcoin Bulls ever take charge again?

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When Bitcoin is soaring, it demonstrates the rollercoaster propelling upward, and when Bitcoin is crashing, it is seen bearing a close vertical drop.

A Stunning History of Bitcoin’s High points and low points

A standout amongst the most well known memes on the cryptocurrency subreddit r/bitcoin, apparently the biggest centralization of Bitcoin aficionados on the web, delineates a toon coin riding a thrill ride with its hands waving fiercely noticeable all around. On days when Bitcoin is soaring in price, the image demonstrates the rollercoaster propelling straight upward, and on days when Bitcoin is crashing, the amusing copy is seen bearing a close vertical drop. This double sided web joke has went with almost every critical development in Bitcoin’s price lately and is telling in its recurrence.

Bitcoin's High points and low points

Bitcoin is interminably rising and falling in relative fiat esteem, and even mid 2018’s 70% decline isn’t surprising, nor is it the most noticeably bad at any point saw. Indeed, even in the midst of the most sickening of freefalls, experienced traders remain courageous, on the grounds that they’ve been there previously. Holding through a correction is just about a transitional experience for cryptocurrency investors, and the gathering’s most experienced veterans have persevered through more than what’s coming to them throughout the years.

June 2011

The beginning of Bitcoin were its ‘Wild West‘— a period when not very many exchanges made exchanging conceivable, and when just the most courageous of the overcome dunked their toes in. Such conditions were everything except kept from liquidity, thus when the price started rising from around $0.95, the slope and the accompanying drop were a portion of the steepest at any point recorded.

BTCUSD Price Chart mid 2011

BTCUSD Price Chart Mid 2011

In mid-June 2011, Bitcoin’s price come to as high as $32.00 per coin before tumbling the distance to $2.00 in November. At a 94% decline, this crash still keeps up its record and holds excruciating recollections for early investors, however the individuals who held solid are currently checking their fortunate stars (and wads of bills). Thinking back, this twofold digit unequaled high appears to be low, yet one must recollect that there was a small amount of the present volume and intrigue. Bitcoin was as yet a to a great extent obscure idea try, and nobody had any sign of its future. In like manner, $32 appeared like a decent time to take benefit, particularly after such a spike, and different traders started to surrender.

January 2012

The second critical crash happened a very long time after Bitcoin bottomed out at $2.00 per coin. In spite of the fact that the price had dramatically increased from lows before the finish of 2011, the market was as yet dreadful, as it had viewed the cryptocurrency tumble from $32.00 just as of late.

BTCUSD Price Chart 2011 End - 2012 Beginning

BTCUSD Price Chart 2011 End – 2012 Beginning

Beginning the year at a hopeful $4.50, Bitcoin expanded in January to over $7.00. Be that as it may, plunge purchasers today should look to this time and observe, as it embodies a vital reality: Bitcoin isn’t ensured to achieve its past untouched high before redressing afresh. From around $7.40, it took an unnerving 49% decline to only $3.80 in late January, shaking out a few investors who had held through November’s failure.

April 2013

The period between mid 2012 and 2013 was uneventful. Bitcoin picked up consistently and started 2013 at a price of around $13.00, coming to as high as $17.00 in 2012. Mid 2013 was a bullish stage for the cryptocurrency, as it pushed past its unequaled high of $32.00, achieving $49.00 before a one-day minor correction back to $33.00.

BTCUSD Price Chart 2012 - 2013

BTCUSD Price Chart 2012 – 2013

Numerous new exchanges and traders, notwithstanding extended media scope helped Bitcoin recuperate rapidly, and it put on gains at a hot pace until April, where bulls at long last abdicated at a price of $260.00, breaking admirably into the triple digits. A blackout at the then most famous exchange, Mt. Gox, was likewise credited as driving force for the decline. Benefit bringing transformed into an all out freefall down to $40.00, for an aggregate loss of 83%.

November 2013

Known as the greatest and most excellent of Bitcoin crashes, it’s nothing unexpected that the scandalous 87% decline occurred in November 2013. As the most recent development to $20,000.00 demonstrated, Bitcoin bull runs tend to turn into a craze late in the year. The same number of anticipated, November to January 2014 is a close identical representation of the most recent four months, with an enormous convergence of new traders and media consideration helping bitcoin achieve inconceivable highs.

BTCUSD Price Chart 2014 - 2015

BTCUSD Price Chart 2014 – 2015

In late 2013, the price was nearing $1,200.00—a mentally critical price that helped the resulting rot keep going for quite a long time. With an aggregate of 411 days in correction, helped to a limited extent by the epic implosion of Mt. Gox and deletion of nearly $500 million, the post-November low was just come to in January 2015 at about $150.00.

November 2017

Five years on the dab after Bitcoin’s four-figure make a big appearance, the lord cryptocurrency soar past the five-figure stamp at $10,000.00 and drove the distance to $20,000.00 before losing steam. The two years’ earlier would turn out to be a portion of the best chances to purchase, and even the individuals who bought bitcoin at the year’s opening price of $750.00 picked up essentially.

BTCUSD Price Chart 2016 - 2018

BTCUSD Price Chart 2016 – 2018

In December, a little correction down to $14,000.00 wasn’t sufficient to stop energy, which rapidly took it back to $17,000.00 before separating. Worries about Bitcoin’s manageability, particularly with a plenty of noteworthy elective arrangements being discharged, just made the selloff more extraordinary. Support rose close $5,900.00—the mid-to-late 2017 level when the cryptocurrency evaluating started showing a close exponential ascent. An aggregate decline of more than 70% could go lower, if 2013 is anything to pass by, yet markets are hopeful for 2018.

Looking Forward

On the off chance that anything, this long history of rehashed blast and bust is a hopeful flag. When Bitcoin entered the features, it never left, and it keeps on snowballing in notoriety with retail investors and media consideration the more it remains important. All through administrative weights, technical challenges, and numerous a larger number of corrections than the ones featured over, the cryptocurrency has stayed at the front line of the Blockchain upset.

Bitcoin’s destiny is fixing to more than its adherents, in any case, and the multi-year battle that happened post-2013 exhibits that the way back upwards isn’t in every case straight. With its whales making waves at whatever point they like, miners scanning for different approaches to benefit, and another prospects market, Bitcoin’s viewpoint remains anything besides straightforward after Yesterday’s sudden market crash.

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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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