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This Week in Cryptocurrency: April 19, 2019

Bitcoin’s So Highhhhh, High Above Me

We’re starting to run out of puns for this consistent market growth. But, we guess that’s a good problem to have. Growing to over $179 billion this week, the entire crypto market moved three and a half percent in the positive direction.

Cryptocurrency Market Stats (4/19/19)

Cryptocurrency Market Stats (4/19/19)

Some of the top gainers this week were Binance Coin (29.61%), Tezos (42.48%), and Basic Attention Token (31.49%). Craig Wright and his clown show caused a 17.33% drop for Bitcoin SV. As for our top three:

Bitcoin moved up a healthy 3.92%.

Ethereum led the way with 4.87% growth.

XRP skimmed a nice 1.16% rise off the top.

Domestic News

Government Blockchain Spending Is Going Up, Up, Up: A report released Thursday by IDC Government Insights predicts that U.S. government blockchain spending will reach $123.5 million by 2022. This figure is substantially more than the $10.7 million that Uncle Sam spent in 2017, over 1,000 percent more if you’re curious.

Additionally, state and local government spending is expected to reach over $48 million by 2022 which would encompass a 1,000 percent increase as well.

Shawn P. McCarthy, IDC Government Insights research director, stated that they believe “asset management, identity management, and smart contracts will be the leading blockchain solutions for government.” He added, “Early spending will focus on supply chain and asset management solutions, while spending in later years will expand to include more identity management and complex financial transactions.”

Yaaang Gaaang: Presidential candidate Andrew Yang added crypto regulation to his platform this week. The democratic nominee outlined plans to bring regulatory clarity to the digital asset space to protect consumers while fostering as much innovation as possible.

Yang took shots at “onerous regulations” like New York’s BitLicense, arguing that they’ve had “a chilling effect on the US digital asset market.” Instead, he thinks we should champion progressive legislation like the Token Taxonomy Act and those of Wyoming.

Yang garnered some notoriety with his plan to implement a Universal Basic Income (UBI) and has appeared on several media outlets such as the Joe Rogan Podcast. His pro-crypto stance may give him another boost in the polls.

People Saying Things

Craig Wright’s Suing Spree: Craig Wright, self-proclaimed Satoshi Nakamoto, other-proclaimed crazy person, started making his rounds with lawsuits this week. Vitalik Buterin, podcaster Peter McCormack, and Twitter personality Hodlonaut all appear to be caught in his crossfire. Wright wants Buterin and McCormack to publicly state that he is Satoshi Nakamoto or face legal repercussions. This circus act led to the delisting of BCHSV from several platforms including Binance, ShapeShift, and Kraken.

McCormack’s response is pure gold:

What’s New at CoinCentral?

IOST: Interview with CEO Jimmy Zhong: We check back in with IOST CEO Jimmy Zhong to see how things have been going since the project’s main net launch.

Crypto Market Trader Convicted of Money Laundering Offenses: California isn’t just for movie stars and tech entrepreneurs. It’s also home to its fair share of money laundering.

Will Bitcoin Ever Replace Fiat?: Ah, Bitcoin vs. Fiat. The battle of the two monetary titans. But who will win out?

Bitcoin Mining Energy Usage: The Good, the Bad and the Future: We take a look at the energy critiques of bitcoin mining and examine why they may soon be a thing of the past.

Cryptocurrency News from Around the World

Ethereum Has a Big Week: A couple of big announcements for Ethereum this week. First, the Enterprise Ethereum Alliance teamed up with Microsoft to form the Token Taxonomy Initiative. The initiative is a technology-neutral project working to standardize tokens across all networks. Members of the initiative include Ethereum, Hyperledger, R3, EY, IBM, Intel, Microsoft, and J.P. Morgan among numerous others.

Also this week, Ernst and Young (EY) announced Nightfall, a protocol to help businesses utilize the Ethereum blockchain. The professional services company will release the code in May under public domain, so anyone can use it without licensing or attribution.

Forbes Unveils the Blockchain 50: On Tuesday, Forbes published Blockchain’s Billion Dollar Babies – a list of 50 billion dollar companies utilizing blockchain technology in some way or another. The three comma club contained many companies that you probably expected like Coinbase, Ripple, and Bitfury. However, there were also some surprises.

Insurance companies State Farm, Allianz SE, and MetLife are implementing tech from Hyperledger, Corda, and Ethereum. And Nestle, as well as CVS Health, are working with IBM Blockchain for their systems.

The post This Week in Cryptocurrency: April 19, 2019 appeared first on CoinCentral.

Source: Coin Central

Five Simple Ways to Increase Your Privacy When Using Cryptocurrency

Five Simple Ways to Increase Your Privacy When Using Cryptocurrency

Cryptocurrency without privacy is pointless. If your coins aren’t fungible, you lose much of the benefits of using cryptocurrency in the first place. Privacy isn’t just won and lost onchain though. In fact, much of the privacy gains to be made when it comes to sending, spending and trading crypto occur offchain, as you go about your business on the web.

Also read: Wasabi’s Privacy-Focused BTC Wallet Aims to Make Bitcoin Fungible Again

The Never-Ending Quest for Privacy

Privacy is like fitness: a way of life rather than a task that can be ticked off. Just as it takes time, perseverance and focus on different muscle groups to build a better body in the gym, strengthening your privacy calls for undertaking regular exercises to stem the flow of doxable information. Every time you perform an action online, you’re hemorrhaging a trove of data. This can be particularly damaging for cryptocurrency users, whose onchain actions will be recorded indefinitely.

When paired with offchain data points such as IP, email address, and cell number, it’s possible for an adversary to build a complete picture of their target. Given the ever-increasing capabilities of three-letter agencies, it’s safe to assume that in the near future, the state will be able to construct a highly detailed picture of the activities of today’s cryptocurrency users.

tl;dr: privacy matters. Here are five ways to up yours.

Use a VPN

There’s an assumption that using a VPN requires a degree of technical knowledge, and is for privacy zealots only. In fact, the majority of VPNs are foolproof and can be up and silently running in a couple of clicks – no manual port reconfiguration necessary. Opera even offers a VPN now in its desktop and Android browsers. “Enhanced online privacy is a right for everyone,” claim Opera. They’re right. A VPN will provide an added layer of privacy when logging into exchanges as well as masking the IP address associated with Bitcoin transaction relays.

Five Simple Ways to Increase Your Privacy When Using Cryptocurrency

Separate Your Regular Email From Your Crypto Email

Creating a separate email account for every cryptocurrency service you need to log into is impractical. You can, though, segment all of your crypto-related emails into a single account. This will yield twin benefits: if your main account is compromised, the hacker will have no information on or access to your crypto activities. Secondly, if you choose a fully encrypted email account such as Tutanota, prying eyes at border control and other government agencies will have no insight into your penchant for trading obscure shitcoins.

Stop Reusing Addresses

More than half of all bitcoin transactions involve addresses that have previously been used. Creating a new bitcoin address is free, instant, and provides an immediate privacy boost. If the wallet or platform you’re using doesn’t allow you to create a new address at will, stop using it. There’s a wealth of competing services out there, and switching to a more privacy-minded alternative can be done in a matter of minutes. Unless you’re transacting solely in privacy coins like monero, or are using an account-based, rather than UTXO-based, system like ethereum, you should aim for a fresh address every time.

Five Simple Ways to Increase Your Privacy When Using Cryptocurrency

Keep Your Keys and Codes Offline

Where do you store the backup 2FA codes for your trading accounts and the private keys to your crypto wallets? Are they written down, split into parts and stashed offline in a series of very safe places? Or are they hidden in plaintext in a folder on your laptop marked “anime”? You’d be surprised how many people go with the latter. Even if you’ve encrypted the folder containing your keys and codes, it’s dangerous to assume it can’t be cracked by a determined attacker since, statistically speaking, you almost certainly recycle passwords – you and 10 million others.

Keeping your private keys offline will protect you in the event of your computer being physically or digitally compromised. Even if you can’t afford a bank vault or strongbox, separating your key into parts and storing it in multiple locations – with duplicates, to ensure redundancy – will work just as well.

Always Be Shuffling

Coin mixers aren’t for the ultra-paranoid and the ultra-shady: they’re for everyone. If more people ran their coins through tumblers before withdrawing them to hardware wallets, bitcoin would become significantly more fungible, and blockchain forensics companies would suffer a major blow. Even if you can’t be motivated to mix your coins for the greater good, do it for your own. Services such as Cashshuffle for BCH make it easier than ever to obfuscate the origin of your coins, while Coinjoin, incorporated into pro-privacy wallets like Wasabi, do the same for BTC.

Five Simple Ways to Increase Your Privacy When Using Cryptocurrency

There’s something extremely comfortable about having a stash of cryptocurrency that can’t be linked to your identity safely stored in a hardware wallet that’s been backed up. It’s the digital equivalent of having a backyard bunker filled with canned goods and ammo in readiness for the apocalypse. Treat yourself to a privacy makeover and see how good it feels.

What other privacy tips do you recommend? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The post Five Simple Ways to Increase Your Privacy When Using Cryptocurrency appeared first on Bitcoin News.

Source: Bitcoinnews.com

Bitcoin is Now Moving 11% Of Venmo’s Yearly Total in One Day

Bitcoin scaling solutions may be getting huge publicity in 2019, but the amount of money the network processes daily could already cause headaches for competitors.


Bitcoin Usage Tramples Venmo

As Morgan Creek Digital co-founder Anthony Pompliano noted on social media April 17, Bitcoin’s ‘on-chain’ transaction volumes grew to $7 billion per day earlier this week.

Those figures came purely from standard transactions, not those done ‘off-chain,’ for example via the Lightning Network.

By contrast, Pompliano notes, some fiat-based networks handle significantly less – and could even lose out to Bitcoin as it advances.

Specifically, PayPal’s Venmo, which offers database-powered instant transactions and near-zero transaction fees, moved $62 billion in value last year.

This means that in one day, Bitcoin achieved 11 percent of the company’s annual volume.

PayPal

“Bitcoin is the killer app,” he summarized, referring to a long-time debate as to whether or not BTC will become the ultimate long-term cryptocurrency phenomenon.

Currently, Bitcoin has a daily transaction total of around 350,000, data from Blockchain.com shows.

Real Adoption

His comments come as Bitcoin price 00 continues to ride high above $5000 this month, a new trend which has sparked increased volumes throughout the cryptocurrency ecosystem.

In March, on-chain transactions reached a level not seen for 15 months, capping a trend which had run in contrast to previously declining prices through 2018.

Regarding Bitcoin’s readiness to usurp fiat incumbent market players, extensive analysis has already made bold claims about a major market shake-up coming as soon as ten years’ time.

As Bitcoinist reported, the figures from software startup DataLight, published earlier in April, characterized Bitcoin as already having the ability to become the world’s foremost payment network.

“Traditional payment systems developed their companies for as many as 60 years prior to becoming industry leaders,” researchers summarized.

They have developed gradually, conquering region after region, unlike Bitcoin, which became available worldwide immediately. In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry.

DataLight nonetheless forecast it would be off-chain solutions – specifically Lightning – which would give Bitcoin the edge in transaction capacity over rivals such as Visa and MasterCard.

Those networks, at present, can handle 65,000 and 40,000 transactions per second respectively.

BTC transaction data further sets it apart from altcoins this month. As Bitcoinist noted, despite Weiss Ratings championing network activity of assets such as Tezos, the actual value represented by those transactions is a fraction of that moved by the Bitcoin network.

Weiss itself appeared to partially acknowledge this fact.

“Of course, not all transactions are qualitatively the same. A $10 million Bitcoin transfer is obviously more important than a simple vote or ‘like’ on Steem,” executives summarized.

In 2018, the Bitcoin network transferred over $3.2 trillion despite an 80 percent drop in price.

What do you think about Bitcoin’s transaction volumes? Let us know in the comments below!


Images via Shutterstock

The post Bitcoin is Now Moving 11% Of Venmo’s Yearly Total in One Day appeared first on Bitcoinist.com.

Source: Bitcoininst

Argentina Central Bank’s Inability to Stop Inflation is Forcing People to Bitcoin

As Argentina’s inflation rate skyrockets to its highest level since 1992, people are increasingly turning to Bitcoin as an alternative.


Inflation in Argentina Surpasses 54 Percent

Argentina’s central bank already tightened monetary policy three times in the last month, and inflation is still accelerating at a rate of nearly 55 percent. Bloomberg notes:

The inflation rate rose to almost 55 percent in March, with consumer prices rising 4.7 percent in the month, exceeding all of the forecasts in a Bloomberg survey of analysts.

The unstable economic environment is driving many traders and investors to focus on Bitcoin. Thus, the volumes of Bitcoin traded in Argentina are reaching all-time highs, the latest data from LocalBitcoins/coin.dance shows.

Argentina’s economy suffers from chronic inflation to such an extent that no monetary measure seems to work. According to the Financial Times,

Argentina is trapped in a vicious circle. Demand of just a few million dollars in an illiquid market can weaken the peso, as has been the case since early March. Exchange rate depreciation leads quickly to increases in inflation, portfolio dollarization, and higher interest rates — now the central bank’s only means of defending the currency.

‘Replace Argentinean Pesos with Bitcoin’

The fact that Bitcoin is inflation-resistant makes it particularly attractive in this environment.
Consequently, many see Bitcoin as a potential alternative. They are advocating, even to the government, greater integration of the cryptocurrency into Argentina’s economy.

Bitcoin has already become integrated into many business activities. For instance, in 37 cities, public transportation users are indirectly using Bitcoin to pay for their rides, while Bitcoin ATMs are becoming more conspicuous in Buenos Aires.

Most relevant, President Mauricio Macri’s administration has already shown interest in Bitcoin and, its underlying technology, blockchain. For example, in March 2019, the government announced a partnership with Binance Labs, the blockchain technology incubator of Bitcoin exchange giant Binance. At the announcement, the government promised to match 1:1 Binance investment.

Moreover, in March 2019, serial investor and Bitcoin proponent Tim Draper recommended that President Macri attract foreign investors by dramatically transforming the country’s economy and replace the Argentinean peso with Bitcoin.

Draper even made a bet with Argentina’s president on the price of Bitcoin,

[I]f the peso is valued more than Bitcoin, I double the investment I am making in the country; and if Bitcoin acquires more value than the peso… that would be a perfect solution because there is no confidence in the currency.

How do you think the integration of Bitcoin into Argentina’s economy could help to minimize inflation? Let us know in the comments below.


Images via LocalBitcoins/coin.dance, Shutterstock

The post Argentina Central Bank’s Inability to Stop Inflation is Forcing People to Bitcoin appeared first on Bitcoinist.com.

Source: Bitcoininst

Will Bitcoin Ever Really Replace Fiat Currency?

Will Bitcoin ever replace fiat? This question has made the rounds on more than just a few online forums, mostly cryptocurrency related, admittedly. The debate is real and the opponents are often programmers versus armchair economists.

Fiat, or government-backed currency, has been a feature of city-states, kingdoms, and countries now for over a thousand years. The battle is a truly epic showdown between the establishment and the relentless advancement of technology.

A comprehensive analysis of the pros and cons of each would probably take weeks to write. Instead, let’s take a look at a few fundamental differences between the two systems and see if any conclusions stand out.

The Inflationary Model

Most fiat-based systems today are built on the back of a potentially infinite money supply. Modern banks use a system known as fractional reserve banking. In this system, banks can lend actual client deposits to other clients up to a certain level. The remainder needs to be kept in the bank as reserves in case a depositor would like to withdraw their cash. The reserve requirement in the US has typically been 10 percent.  Let’s illustrate this idea with a simple example.

Starting from scratch, Joe has $100,000 that he’d prefer not to keep under his mattress, so he deposits it at the bank. The bank lends $90,000 of this to Tim, who uses it to buy out Mary’s small business. Mary also deposits this in the bank for safe keeping. The bank now has $190,000 in deposits. The bank can now lend out 90 percent of Mary’s $90,000 deposit and the process continues.

Fractional reserve banking works well initially to kick-start an economy by providing more loans than could otherwise be provided. It causes a couple of problems, though. If customers lose faith in the banking system, too many may try to withdraw their cash at the same time resulting in a bank run. Then there’s the easy money policy. If too many customers default on their loans there’s the possibility of creating a serious debt crisis similar to what happened in the 2008 financial crisis.

US Debt Clock

The US rapidly approaches a point where not even the interest on the debt can be paid.

The Deflationary Model

21 million coins. The upper cap places Bitcoin on the rare currency list along with gold. There is no built-in mechanism to create debt or inflate the currency supply in such a model. That’s why the fiat to crypto exchange rate is so high. A basic rule of wealth is this: the less of something there is that people want, the more they are willing to pay for it.

That may be good from an investment standpoint, but can a deflationary currency like Bitcoin act as a viable medium of exchange? Leading cryptocurrency exchange Bitmex recently weighed in on the debate and had some interesting things to say. Despite praising its deflationary properties in their report, it went on to state:

“Bitcoin may satisfy a useful niche, that of making both censorship resistant and digital payments, but it’s unlikely to become the main currency in the economy.”

Bitmex notes that those who argue against deflation often look back to the great depression of the 1930s. When the stock market crashed in 1929, people began accumulating gold. The situation became worse when financial institutions started to go under. Civilians hoarded the yellow metal as they lost faith in banks and ultimately the US Dollar itself. Is society seeing a similar situation play out today?

Prosperity comes through circulating a currency, not hoarding it. And this, according to some, brings into question the very philosophy of the Bitcoin HODL. Until people actually perceive there to be a fair value from crypto to fiat, they may not want to spend their Bitcoin.

So to the extent that the experiment [Bitcoin] tells us anything about monetary regimes, it reinforces the case against anything like a new gold standard – because it shows just how vulnerable such a standard would be to money-hoarding, deflation, and depression.

Paul Krugman

Obstacles to Adoption

Bitmex further notes that the irony of all of this debate is that there’s no surefire way to see the effects (either negative or positive) until Bitcoin is actually widely adopted as an alternative.

In the meantime, Bitcoin still has some other issues to worry about. For one, it’s heavily reliant on electrical and internet infrastructure that is often highly centralized. While that is changing, it still poses a threat to places like Venezuela where cryptocurrency is in high demand. Physical, tangible currency is still a lifeline in many parts of the world.

The public’s perception of Bitcoin’s volatility also remains an issue. High percentage swings against Fiat are great for speculators but they generally don’t inspire confidence for day-to-day transactions. Fiat may be flawed, but it’s a flaw that people are comfortable with. Volatility may need to stabilize first before consumers, instead of speculators, are the primary bitcoin users. Fortunately, that volatility has been falling since Bitcoin hit the markets.

Volatility index

The Bitcoin Volatility Index. Source – BuyBitcoinWorldWide

These are just two examples. There are others of course. Money is used in different ways by different people across different cultures. Building a worldwide money that accommodates everyone is no easy feat.

Will Bitcoin Ever Replace Fiat?

That’s kind of like asking back in the ’90s whether the internet would ever replace the fax machine. The answer is so painfully obvious to us now. Yet at the time, highly praised economist Paul Krugman got it completely wrong. If Nobel prize-winners don’t know, there’s surely no way to predict the path of money and cryptocurrency in particular.

The answer will most likely come from some kind of hybrid of the two. Both sides may want to take a chapter or two out of each other’s playbook. There’s plenty of room to learn from the past. As American fiction writer F. Scott Fitzgerald so articulately said:

“The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function.”

One thing’s for sure though, the internet and technology continue to play an integral part in our every-day lives. It’s not inconceivable to think that the children of the next generation will grow up not knowing what Bitcoin or Fiat are. Instead, they may just casually use a superior worldwide monetary system we haven’t even thought of yet.

The post Will Bitcoin Ever Replace Fiat? appeared first on CoinCentral.

Source: Coin Central

Sweden Changed Its Official Currency To Bitcoin (For 30 Minutes)

Hackers convinced Twitter to give them control of the account for Sweden’s ruling political party – then used it to change the country’s official currency to Bitcoin.


Swedish Government: ‘Time To Buy’ Bitcoin

Speaking in an interview with local news outlet Trijo, one of the five hackers involved in the stunt this week said he did it because he thought socialism “was wrong.”

The debacle broke out April 15 when the Social Democrats’ official Twitter page began broadcasting suspicious messages.

Among them was a wish to shun fiat currency altogether and instead make Bitcoin the official currency of Sweden.

We have abolished the Swedish krona and replaced it with Bitcoin,” a now deleted tweet read, telling Swedes it was “time to buy.

‘A Step Ahead Of Tech Support’

The hijack lasted only around 30 minutes before Twitter understood that something was wrong. Nonetheless, the hackers had succeeded in convincing the company’s technical support that they were the rightful owners of the account – in this case, Sweden’s government.

“You understand that hacking is no longer defined by rooting a server to obtain state secrets,” the group member told Trijo.

Hacking these days is about being a step ahead of technical support.

The path to gaining control of the handle had involved changing phone numbers and email addresses, and even submitting fake documentation, which Twitter accepted.

“I simply think socialism is wrong,” the hacker said when questioned about his motivation.

I have always had a ‘strong right’ attitude and think that if you can’t earn your own money then you are just lazy.

Sweden’s Digital Currency Stress

The new financial policy’s Bitcoin angle likely struck a chord with proponents who happened to glimpse the tweet. As Bitcoinist reported, Sweden is set on replacing its dwindling cash supply with a digital version of the krona – one which would constitute a wholly-centralized digital currency.

Cashless society

The aim, proponents say, is to reduce the country’s reliance on the private financial sector. Without a government-issued digital currency, payments in Sweden would almost entirely occur via third party processors.

“If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods. It would be a historical change without precedence,” the deputy governor of the central bank told the World Economic Forum in November.

The private sector’s firm but controversial grip on payments returned to the spotlight this month in nearby United Kingdom, where prosecutors reopened a giant £14 billion ($18.25 billion) lawsuit against MasterCard.

Should it be successful, around 46 million UK residents may be entitled to a payout from the payment processor of around £300 ($390) each.

For Swedish authorities meanwhile, Bitcoin has traditionally constituted a cause for concern. In January, one trader received a tax bill for almost $1 million after the tax department decided to treat his activities as business-related rather than private.

The figure, the trader claimed, amounted to more than 300 percent of his total profits.

What do you think about Sweden’s Bitcoin hack? Let us know in the comments below!


Images via Shutterstock, Twitter

The post Sweden Changed Its Official Currency To Bitcoin (For 30 Minutes) appeared first on Bitcoinist.com.

Source: Bitcoininst

Bitcoin Campaign Launched in Effort To Rebuild Notre Dame

Bitcoin donations have already begun arriving as part of an effort to raise funds for rebuilding the devastated Notre Dame Cathedral in Paris.


Donate To Notre Dame With Bitcoin

As countries and businesses worldwide publicly pledge hundreds of millions of dollars in aid after the world-famous church caught fire April 15, the Bitcoin community is galvanizing its members to contribute.

Ahead of a formal donation scheme, initiatives have already sprung up from local users, including French Bitcoin podcast host Gregory Raymond.

On Twitter Tuesday, Raymond canvassed for support, having set up a Bitcoin donation address which has so far received six transactions since opening this morning.

“President (Emmanuel Macron) has announced a subscription to rebuild (Notre Dame),” he wrote.

Hey bitcoiners, let’s prove to the french authorities Bitcoin can be an amazing way to send funds quickly, without border (sic) and for a good cause[.]

Raymond was referencing Macron’s almost immediate promise to repair the extensive damage, which includes a collapsed roof and spire.

Joining him since are various entities, with French billionaires alone saying they would contribute €350 million to the efforts.

Others were noticeably hands-off in their approach, with Australia’s prime minister coming in for criticism after refusing to support the country’s own donation fund.

“I’m sure that President Macron is able to deal with this as is the Catholic Church and, if individual Australians want to do something, well, it’s a free country – they can do whatever they like,” Scott Morrison said.

Bitcoin Community Rallies Round Again

Bitcoin users are meanwhile no strangers to fundraising rallies, a sense of community spirit already prevailing as the community helps one of its members fight a highly-controversial legal battle this month.

As Bitcoinist reported, Lightning Torch organizer Hodlonaut found himself the victim of a lawsuit threat from self-confessed Satoshi Nakamoto Craig Wright. Wright is claiming Hodlonaut insulted and spread misinformation about him in rejected the idea Wright created Bitcoin on social media.

Bitcoin

The lawsuit appeared to shock many, with Twitter users coming out in a show of solidarity with Hodlonaut and many cryptocurrency exchanges subsequently removing support for Wright’s Bitcoin SV token.

Paris has also stepped up its public awareness of Bitcoin this year, Bitcoinist reporting on cryptic public art projects involving hidden Bitcoin wallets, complete with prize money for the first person to solve piece together the clues.

In January, a nationwide roll-out of Bitcoin purchases via France’s network of tobacco kiosks began despite mixed messages from authorities over their support of the idea.

Will you donate to Notre Dame with Bitcoin? Let us know in the comments below!


Images via Shutterstock

The post Bitcoin Campaign Launched in Effort To Rebuild Notre Dame appeared first on Bitcoinist.com.

Source: Bitcoininst

Market Update and Ripple XRP Price Analysis

The total crypto market cap increased by $5 billion since April 12 and now stands at $176.6. The top ten cryptocurrencies are all in the green for the 24-hour period with ether (ETH), bitcoin cash (BCH), and litecoin (LTC) up by 9.1 percent and 8.6 percent respectively. At the time of writing, bitcoin (BTC) is trading at $5,197, ether at $169, and Ripple’sXRP remains at $0.33.  

Bitcoin was trading in the narrow price corridor between $5,160 to $5,050 during the weekend of April 13 to 14.  The most popular cryptocurrency peaked at $5,313 on April 8 and since then has been on a downtrend. Bulls are still able to hold above the psychological level of $5,000 for the time being. TheBTC/USD pair was flat for the seven-day period.

Ether is also on its way down since it reached a yearly high of $181 on April 8. It dropped to $165 on April 13 after four consecutive days of losses. The ETH/USD was down 3.4 percent for the last seven days.

XRP/USD

The Ripple company token dropped down to $0.329 on April 11 after losing approximately 2.3 percent of its value.

The entire crypto market was in red on that day, but the XRP/USD pair was hit particularly hard during the session. It moved below the 38.20 percent Fibonacci retracement level and was dangerously close to the important support at $0.32…

Continue reading at BTC Manager

Market Caps for Bitcoin and Altcoins Set to Test New Yearly Highs

2019 is looking up for the Bitcoin and cryptocurrency markets, with a new yearly high being put in on Apr 10. 


The total cryptocurrency market capitalization has been on an absolute tear in recent months. Various altcoins — such as DASH (DASH), Zcash (ZEC), and others — saw their valuations spike ahead of Bitcoin’s newsworthy jump to $5000 on Apr 2.

The total market cap for all cryptocurrencies reached over $186B five days ago.

crypto market cap

‘A Sustained Stabilization’

Prices have since cooled off and corrected, but now appear ready to make another leg upwards should buyers take control early this week.

“After the false breakout earlier this week, cryptos took a step down,” eToro’s Mati Greenspan explained, as noted by Forbes. “The fact that we failed to go further up speaks volumes about the current appetite, but it doesn’t necessarily mean it will go lower, as many bears have indicated,” Greenspan added:

In fact, in my view, the most likely scenario is that we now create a new range, or even, hopefully, a sustained stabilization … The market is clearly still excited.

bitcoin price equilibrium

Bitcoin Dominance

Though Greenspan and others have been apt to label the cryptocurrency market’s price action pre-Apr 2 “altseason,” one should note that Bitcoin (BTC) dominance has remained consistent throughout the year.

In fact, Bitcoin dominance only ever dropped below 50 percent once, on Apr 3, when it fell to 49.98 percent.

bitcoin dominance

Bullish on Bitcoin (BTC)

Many analysts have recently come back into the spotlight to share their newly-rekindled bullishness on the cryptocurrency market leader.

Xapo CEO Wences Casares, for example, believes that it would be “irresponsible” for any investor not to have at least a one percent position in bitcoin — citing the idea that the first and foremost cryptocurrency could be more impactful than the Internet.

Noted Bitcoin permabull Tom Lee also claims the sentiment surrounding Bitcoin has turned, while predicting that the cryptocurrency will hit $10,000 by the end of the year.

Even Binance Research has put forth data which may indicate that Bitcoin and brethren have bottomed out.

What do you think of Bitcoin and the cryptocurrency market in April? Do you think we’ve seen the bottom, or are we in for more pain? Let us know your thoughts in the comments below! 


Images courtesy of CoinMarketCap, Shutterstock.

The post Market Caps for Bitcoin and Altcoins Set to Test New Yearly Highs appeared first on Bitcoinist.com.

Source: Bitcoininst

Bitcoin Will Top $10,000 in 2019, Says Fundstrat’s Tom Lee

Given the performance of Bitcoin (BTC) since the start of 2019, especially the major gains realized in April, several analysts say BTC is set for a bullish year.


Bitcoin Winter is Over

According to Tom Lee of Fundstrat Global Advisors, the prolonged bear market of 2018 is now a thing of the past. Lee posits that there is already a significant flip in market sentiment leading to increasing investor appetite for Bitcoin.

Speaking to MarketWatch, The Fundstrat chief analyst opined:

Risk appetite is positive for bitcoin. If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for vol [volatility] that’s building a base case for bitcoin.

Bitcoin 1-year price chart

Lee, known for making BTC price forecasts believes Bitcoin will top $10,000 sometime in 2019. Earlier in April, Lee made the case for Bitcoin’s fair value amounting to about $14,000 based on the present mining cost.

As previously reported by Bitcoinist, Fundstrat analysts say fundamental market forces have shifted to the positive side. This shift effectively forms a tailwind which they expect will push the price of BTC 00 higher in 2019.

Terrible Monetary Policies Will Drive Greater Bitcoin Adoption

For Naeem Aslam of Think Markets U.K., the current monetary policies adopted by central banks the world over are unsustainable. According to the market analyst:

Monetary policy has become a joke. All it did was fuel buybacks and inflate asset prices and as questions grow about how independent the Federal Reserve is and as we see it run out of options, people will turn to digital assets.

Travis Kling of Ikigai Asset Management recently espoused similar views, calling central bank policies more politicized. Thus, more people are choosing to employ Bitcoin as a hedge against the uncertainties of “irresponsible” monetary policies.

Ignorance is the Final Frontier

While several commentators agree that Bitcoin is set for a bullish 2019, there are still important issues that stifle a more broad-based adoption of cryptocurrencies.

Travis Scher, the investment chief at Digital Currency Group says a people need a lot more education to appreciate BTC and cryptocurrencies in general.

For example, a survey by the Russian Public Opinion Research Center showed that while 74 percent of Russians are familiar with BTC, only a handful truly understand how the technology works.

Commenting on the matter, Scher declared:

It’s a matter of education, realistically speaking, the average person on the street doesn’t know much about blockchain technology, but that’s no different from Internet-related stocks in the late ’90s.

Do you think Bitcoin has entered another bullish cycle? Share your thoughts with us in the comments below.


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Source: Bitcoininst