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Taproot Upgrade For BTC Just Took A Major Step Forward

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People who are reading the Bitcoin price news daily tend to focus on price and forget many other things happening in the BTC ecosystem. A great example for that is the Taproot upgrade – a privacy and scalability tweak which could turn out to be one of the largest upgrades for the cryptocurrency to date.

On Tuesday, we saw Pieter Wuille who is a Bitcoin Core contributor and the mind behind the Taproot upgrade, submitting a work-in-progress code change to the GitHub project in what is known as a “pull request” in which he showed that the code is ready for more developer eyes.

“Merging this is obviously conditional on getting community support for the proposal. It’s opened here to demonstrate the code changes that it would imply,” he wrote.

What does this all mean?

Well, submitting a pull request to the code for Bitcoin Core does not mean that the change is official – but is a key step in the making. Many in the Bitcoin community are now excited about the upgrade, but the process has been mostly happening behind closed curtains. Wuille’s recent “pull request” pushes it into the spotlight and signifies that the code is closer to ready.

Several Bitcoin developers have already left review comments on the Taproot upgrade and showed their enthusiasm about the new change. A key part of the proposal is Schorr, a cryptographic signature scheme for proving ownership of coins.

By using Schorr, the Taproot upgrade adds smart contract capabilities to Bitcoin which would strengthen privacy. For instance, the transactions which are open and the close payment channels on the lighting network allow speedier transfers on small amounts and would not look much different from normal transactions.

The cryptonews also show that there is still a lot of work to do and while many scrutinize the code and look for improvements or errors, some developers are debating the best way for the decentralized and global network to adopt the change with as few roadblocks as possible.

Today, BTC is trading above $8,490 and showed that it can still rise to new heights, especially with the 1.50% increase on the day. In the altcoin news and updates, we can see that Bitcoin SV (BSV) is leading the way with 6% gains on the day and a new price of $268.58.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin News

Bitcoin Lightning Solves The Speed Issue But Can’t Escape Fraudsters

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Bitcoin lightning does solve the speed issue that Bitcoin has but according to a new study, the lightning cannot really escape the fraudsters as we are about to read more in the lightning bitcoin news below. Lightning bitcoin has the strong potential to become a popular way of making payments and remittances but somehow people are getting disappointed at this front still. Bitcoin payments just never caught on with the wider masses while the usage of Fiat-based person-to-person payment tools such as Square Cash exploded. The new lightning bitcoin layer sparked the dream of bitcoin being accepted as a medium of exchange and although the Bitcoin lightning solves the speed issue, it was always prickly to use. Some users even choose other lightning applications such as Strike’s Zap that aims to popularize BTC payments by making the lightning more user-friendly. The goal behind Strike is to create a fiat-based payments app such as Venmo but with payments being conducted in Bitcoin. The Hybrid-fiat bitcoin payments app is a great idea but connecting fiat with bitcoin will involve challenges. The bitcoin network is open to everyone and is censorship resistant so it will allow for pseudonymous usage. This feature will cause a lot of issues that regular payment platforms such as Venmo or Square Cash don’t have to worry about. We still need to wait and see whether hybrid-fiat bitcoin platforms will be able to connect with two systems in a form that still is attractive for the mainstream user base. Writing a transaction to bitcoin’s core takes time and it has to be broadcast to the network and confirmed by miners and also a processing fee has to be paid. This fee can get expensive and the users don’t want that plus they will also have to wait. The delays and fees will put off mainstream users so the lightning bitcoin can help the regular people be more comfortable with bitcoin payments in the future. Lightning doesn’t solve the roller coaster problem that Bitcoin has and new users outline this as a major problem why they will never hold Bitcoin again. Strike tries to solve this issue by letting people load funds onto an app but when they make a payment, they will be routed to the recipient via lightning bitcoin.
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Bitcoin News

BTC Price Rebounded But $10,000 Is Still A Major Obstacle

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This Monday, the latest cryptocurrencies news show that all of the tokens in the top 10 are in the red and bleeding. Even though the losses are not that big, the BTC price rebounded and found that the $10,000 level is hard to breach through. Compared to the price action of the previous two weeks, this weekend has been relatively relaxed for Bitcoin traders. On Saturday, we saw the price come as close as $9,990 before pulling back to $9,794 and then meeting the resistance at $9,900. On the 6-hour timeframe, the volume profile visible range (VPVR) shows that the price rejected at the high volume node at $9,883 but at the same time, we can see that the purchasing volume is beginning to outpace the selling volume. The BTC price rebounded and despite its inability to hold above $9,900, it painted higher lows and the price is holding wel above the 20-MA now. In other words, a high volume surge in the Bitcoin news now could easily push the price to the upper Bollinger band arm at $10,126 but Bitcoin would still have some challenges ahead. If the cryptocurrency can hold the $9,850 support and push above $9,883, we could see the price rising to $10,200 as it is currently sandwiched between VPVR nodes at $10,210 and $9,892, accordingly. An earlier analysis by an analyst named Keith Waring explained that $10,000 is not that important level now when considering that a significant resistance at $10,300 awaits. The analyst also noted that even though the BTC price rebounds again, the current setup strengthens the probability of the price retaking the $10,000 mark. Moreover, the CME close at $9,740 on February 21 means traders believing in the CME gap narrative will hold their powder with the expectation of the price revisiting the gap. Meanwhile, the crypto analyst Michael van de Poppe took a more bullish point of view and tweeted the above chart, stating:
“Retest done. As long as this level remains support, I'm expecting continuation towards $11,000 / $11,600.”
https://twitter.com/CryptoMichNL/status/1231579499449503746?s=20 While the BTC price rebounded this weekend, now it continues to push along the descending trend line at $9,989. A break above this trend line would put the price above the VPVR high volume node and closer to the 61.8% Fibonacci retracement. This would also strengthen the possibility of Bitcoin taking out the previous daily high at $10,250.
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Altcoin News

Turkey Is Becoming One Of The Best Locations For Blockchain And Crypto

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The country of Turkey is making huge strides towards becoming one of the best locations for blockchain and cryptocurrency adoption. The latest cryptocurrency news show that this is a nation that has often been seen as a key strategic partner to the world's biggest and most influential countries mainly because of its positioning between east and west. These are some of the reasons why Turkey is becoming the central hub for this nascent industry. What's very interesting is that the country had its inflation levels at 25% as of October 2018, shortly after the US sanctions crippled an already struggling Turkish economy which failed to recover from the 2016 coup attempt. All of this coupled with the low interest rates and an upcoming debt crisis led to a hugely volatile lira which is forcing Turks to look elsewhere to generate profits. A bright ray of opportunity is now presented as Turkey is settling in a prime position to capitalize on its passion and enthusiasm for the technology. In fact, 2020 is set to be the year that catapults the Turkish ambitions onto the global stage. Later this year, reports show that Turkey is expected to launch a digital lira dubbed "Turkcoin" while the Capital Markets Board is set to provide clear regulation of cryptocurrencies, offering a safe and regulated environment to launch and incubate projects. The research made by ING also found that Turkish people are already using and investing in cryptocurrencies more than people from any other country in Europe. The Turks apparently have a strong relationship with cryptocurrencies and an enthusiasm about using them. According to the survey in the blockchain news, Turkey is helping drive the adoption of both cryptocurrencies and their underlying blockchain technology. Turkish people also reported very positively towards cryptocurrencies - even 62% of them are positive about the future use of crypto. This compares to 24% of Brits and 20% of Germans and is double the 31% recorded for the United States citizens' attitude towards this technology. In addition to this, when asked if traditional banks should offer current accounts in crypto, a massive 63% of Turkish people agreed which is three times the number of Brits who felt the same way.  
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Bitcoin News

BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year

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Bitcoin is now worth more in 2020 than any other year it has existed. This fact coupled with historical data suggests that the price of the leading coin will continue climbing for another 19 months. The data uploaded to Twitter by the fund partner James Todaro on February 21 shows that this BTC price bull run may last 1,000 days and in terms of volume-weighted average price, 2020 is the best year ever. https://twitter.com/JamesTodaroMD/status/1230935168715776000 The volume-weighted average is an indicator in the Bitcoin news which calculates the Bitcoin price over a certain period as a ratio on the basis of trading. For 2020, the average for BTC/USD is $9,120 as per Todaro's calculations. This is way higher than even 2017 when the pair reached its current all time high of $20,000. For that year, the volume-weighted average was $6,125. Curiously, this metric produces a higher value for 2018 despite this being the year when Bitcoin spent a lot of time in a near-constant bear market, bottoming out at $3,100. As we can see, 2018's average was $7,657. The BTC price bull run is expected by many who have been in trouble of making gains over the past years. 2019, for instance, was much more successful in terms of spot price but the Bitcoin volume-weighted average was a shade lower than in 2018.
“It strongly suggests that most of the money that moved into bitcoin in previous years would have profited in USD if they held bitcoin to present date,” Todaro commented when evaluating the findings.
Looking ahead, a BTC price bull run may also trigger the altcoin news and alternative currencies to rise. And data from previous bull runs paints an encouraging picture for the next year and a half. When analyzing the Bitcoin bull cycles, the investor and trader known as CryptoKea claimed that their length suggests that BTC will keep growing for around 570 days. Despite the fact that the markets dropped 8% last week, 2020 has been a good year for Bitcoin in terms of strength. Year to date, the BTC price bull run gains have produced 35% profits for investors. https://twitter.com/CryptoKea/status/1230925037026381826
“During the last two #Bitcoin bull cycles, price bottoms and tops fluctuated around halving dates in an almost equal ratio,” CryptoKea explained. “If this relationship were to hold true, we still have more than 570 days of bull market ahead of us, with a cycle top coming in around Sep 2021.”
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