Five Reasons Why Bitcoin-is Here-to Stay

Five Reasons Why Bitcoin-is Here-to Stay

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A major issue hindering Bitcoin is uncertainty about its future. The debate is over whether Bitcoin will be a successful long run innovation or fizzle out like so many prior innovations. It is possible to make a relatively accurate prediction about the future of Bitcoin by analyzing five factors successfully used by technology adoption experts for decades: relative advantage, compatibility with other innovations, experience through trialability, complexity and observability. These factors, derived from the classic work of innovation diffusion theorist Everett Rogers, when combined with features unique to Bitcoin, suggest that Bitcoin is here to stay.. Relative advantage Relative advantage in the field of innovation is defined as the improvements of a product as compared to its predecessors. Improvements include, but are not limited to, economic or social advantages measured in time, convenience, satisfaction or monetary benefits. Specific examples could be better service, consolidation of multiple functions into one tool, empowerment of users, improved interface, increased productivity, reduced user effort, saving money, saving space or storage and saving time. A major advantage Bitcoin has over other payment systems is that Bitcoin has a decentralized ledger. A decentralized ledger means that a single party is no longer in control of the records of previous transactions. …

Explosive Price Surge: $100 Bitcoin Bought in 2010 Now Worth $75 Mln

Explosive Price Surge: $100 Bitcoin Bought in 2010 Now Worth $75 Mln

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Earlier this week, CNBC, one of the few mainstream media outlets that have been offering extensive coverage on Bitcoin over the past few months, revealed that $100 worth of Bitcoin purchased in 2010 is now worth $75 mln. In a relatively short span of seven years, Bitcoin price surged from around $0.003 to a staggering $2,389. That is a 796,000x return as an investment. In fact, today, on May 24, Bitcoin price hit a new all-time high at $2,392 and is continuously demonstrating a rising demand from both casual and institutional investors. Bitcoin price hits new all-time high again for the second time this week at $2,392. Important to note, China made a strong comeback. — Joseph Young (@iamjosephyoung) May 24, 2017 The majority of mainstream media analysts suggest that Bitcoin price is completely speculative in the sense that investors are purchasing Bitcoin solely expecting a massive return in value. However, as Coingreed previously reported, prominent investors including founder Mike Maloney are encouraging investors to hold Bitcoin as a mandatory asset to hedge against inevitable global economic uncertainty and financial instability, not just as a large return investment. Bitcoin as digital currency and digital cash On the contrary, …

Bitcoin Price New All-Time High at $1,442, Bitfury Executive Predicts $5,000

Bitcoin Price New All-Time High at $1,442, Bitfury Executive Predicts $5,000

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Bitcoin price achieved its new all-time high yet again earlier this morning at $1,442. The average trading value of Bitcoin was similar throughout the Japanese and US Bitcoin exchange markets, at $1,430. “The SEC is concerned about how most of the markets [for Bitcoin] has traded outside of the US with no regulatory oversight. As of this point, I don’t think the SEC would approve the ETF. What would change my mind is if the ETF or SEC only traded Bitcoin on regulated exchanges,” said Kelly. Since then, Bitcoin price increased by another five percent. Although Bitcoin price has declined slightly upon reaching its new all-time high, over the past 24 hours, Bitcoin price demonstrated a 7.3 percent increase and it is currently averaged at $1,437. Many analysts including Bitfury Group executive vice chairman George Kikvadze, attributed the recent surge in Bitcoin price to the explosive growth of the Japanese Bitcoin exchange market and the activation of SegWit on Litecoin. Kikvadze writes: Japan; new btc apps and inst. investors driving price twrds $1500; if we activate well-tested; no risk scaling #segwit – easily at $5000 — George Kikvadze (@BitfuryGeorge) May 1, 2017 The Japanese government’s legalization of Bitcoin and the elimination … Identifies Illegal Activity on Blockchains, Willing to Work With Law Enforcement

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Blockchain analytical tools and services are both a blessing and a curse, according to Bitcoin industry experts. The Bitcoin community is divided into two camps: those who embrace the transparent aspect of the blockchain and financial transactions, and those who want to use anonymizing services to cover their tracks. Unmasking Bitcoin transactions could throw a monkey wrench into the plans of that second category of users, and aims to do exactly that. – Identifying and Locating Criminal Activity The business model associated with the service is noble and honorable, as the company wants to eliminate any criminal activity associated with virtual currencies. Achieving that goal will not be easy, yet is confident in their ability to monitor multiple blockchains and detect any discrepancies or strange behavior. But that is not all, as SABR will also integrate data from public and proprietary sources. All of this is made possible thanks to the company’s unique and strategic partnerships in the digital currency world, which provide SABR with information that would otherwise be inaccessible. Collaboration with law enforcement to track down illicit Bitcoin users will be a major step forward towards legitimizing digital currency. Gathering all of this …

Our Mixing Services Compounding Bitcoin’s PR Problem?

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Many people are drawn to Bitcoin and virtual currencies for the illusion of being able to move funds around in an anonymous way. However, with the blockchain acting as a transparent ledger, there is no such thing as anonymity in the Bitcoin space. Unless Bitcoin users actively use mixing and anonymizing services, that is. But do these services harm Bitcoin’s public image, or are they beneficial to the ecosystem?   Bitcoin Mixers and Anonymizing Services: Even More PR Problems The transparency associated with Bitcoin and other virtual currencies is something companies are more than happy to embrace. Accounting becomes a lot easier, and there is no way to hide any illegal activity on the blockchain. Plus, there is still a certain level of pseudonymity, as all Bitcoin users are identified through a wallet address, without publicly exposing any personal information. Despite all of these positive features, Bitcoin still has a public relations problem, as most people see the virtual currency as a safe haven for money laundering, fraud, and illegal trading. Such a train of thought is quite odd, as Bitcoin is not anonymous and is one of the worst possible options to launder money. Additionally, there is no chance …

Bitcoin Companies Are Compounding the Bitcoin Hoarding Problem

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Bitcoin hoarding has been dubbed as one of the “major problems” hampering the adoption growth of this disruptive digital currency. While there are over 14 million bitcoins in circulation at the time of publication, only a fraction of that amount is changing hands on a regular basis. As a result, there are a lot of coins not moving to different owners, leading to various addresses “hoarding” bitcoins. Also read: New Economy Movement Focuses on Equal Opportunities Consumers not Incentivized to Spend Bitcoin One of the more common reasons for the Bitcoin hoarding problems can be blamed on lack of incentives for consumers to spend Bitcoin. While merchants are reaping the benefits from paying lower transactions fees on Bitcoin transactions, the everyday consumer is still paying the same amount for goods and services, rather than receiving a discount. On top of that, the number of merchants accepting Bitcoin payments is still fairly low, despite that number increasing over time. Despite there being lower transactions fees for merchants, as well as the option to has Bitcoin transactions converted to fiat currency and receiving the money in their bank account the next business day, most people are still wary of Bitcoin. At this time, …