With Bitcoin rising in value and crossing the $8,000 mark recently, there are many people asking themselves what is Bitcoin and what does it do. Today, we are giving you a full explanation of the leading cryptocurrency.
To begin with, the best way to describe what is Bitcoin is as a digital currency that lets you buy clothes, groceries and anything else – just as you would with any other local currency. However, Bitcoin is digital which means that you cannot store it in your pocket or put it in your wallet. Instead, you need to use a digital wallet to store your Bitcoin.
When it comes to Bitcoin’s structure, the leading cryptocurrency is divorced from any governments or central banks. In other words, it is decentralized and organized through a network known as the blockchain, which is an online ledger that keeps a secure record of each transaction in one place. This means that anytime someone buys or sells bitcoin, the swap gets logged in the ledger.
With no one controlling these blocks, Bitcoin is fully independent. Anyone can use it on any computer or device that has a Bitcoin wallet – which you can only get if you buy bitcoins.
Since it is open, decentralized and flexible, Bitcoin is quicker, cheaper and more reliable than any form of payment. On top of this, it is the only form of money that can be theoretically “mined”.
In the end, the best thing about buying Bitcoins is the fact that their price is constantly on the rise. For example, if you bought 3 Bitcoins at a price of $100 in 2012 ($300 total), now you would have $24,000. No one knows how Bitcoin will perform in the future – but from what we have seen so far- experts believe that it could rise to $20,000 for 1 BTC. For that manner, Bitcoin is also seen as a form of an investment nowadays.
We hope that we answered your ‘what is Bitcoin’ question and helped you decide whether you want to have this cryptocurrency or not.
Wells Fargo Claims It Won’t Allow Customers To Purchase Bitcoin
“Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”As noted in the best cryptocurrency news sites, Wells Fargo banned the purchase of Bitcoin and other crypto assets by using the bank’s credit cards. The company’s spokesperson stated:
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”When Wells Fargo claimed that Bitcoin is risky and volatile, they didn’t look back to the 2008 financial crisis when all of the markets collapsed. As a result, millions lost their homes and jobs and an economic disaster started around the world. The bank was the contributor to one of the world’s largest financial crises but it did receive about 25 billion USD of Emergency Economic Stabilization Act funds and as CBS put it:
“Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds – the biggest amount awarded in a single shot: $25 billion tax dollars.”
Did Donald Trump Make Bitcoin A 2020 Election Issue?
"Possibly the largest bull signal for [bitcoin] ever," said Jeremy Allaireo Twitter, the head of the Bitcoin/crypto exchange and payments group, Jeremy Allaire. "Crypto now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency."The Bitcoin and cryptocurrency community is also asking themselves “did Trump increase the hope in Bitcoin” as they are ready to embrace a new bull run by the most dominant cryptocurrency. Many people took Trump’s tweets as an endorsement of Bitcoin and the underlying blockchain technology.
"Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago," Coinbase chief executive Brian Armstrong tweeted in the latest altcoin news. "'First they ignore you, then they laugh at you, then they fight you, then you win.' We just made it to step three y'all."Again, did Donald Trump push the BTC price higher? The market is not sure about that - but there are many market watchers who think that there will be a positive boost from Trump giving Bitcoin and crypto airtime.
"Even though Donald says he's not a fan of bitcoin, the fact that he's mentioning it at all is hugely bullish for the entire crypto market," wrote Mati Greenspan, senior market analyst at eToro.Now that Trump has made Bitcoin a valid issue, there is nothing stopping the major cryptocurrency from pushing forward and becoming a bigger part of many campaigns
BTC Trader Hints At $16,000 BTC Price Prediction In July
“The Inverse Head and Shoulders serves the purpose of deflating this rally with a sharp pull back and consolidation before the Channel Up slowly pushes it to a new peak. We are currently completing the Inverse Head and Shoulders pattern and at the same time having already started trading within the Channel Up.”As you can see, the inverse head and shoulder pattern is what the BTC trader hints at as a signal that could predict downtrend reversals. During this pattern, the price of Bitcoin will fall to a trough and after that rise again. Then, it will fall to a trough that is deeper than the previous one before initiating a new bull run. Finally, the BTC trader hints that after the last trough, the price of Bitcoin will head higher - and he estimates that breaking above $12,400 meant that the bullish trend has been restored. The trading platform’s analysis also points out that the current Bitcoin bull cycle is stronger than the last one - which is why the cryptocurrency’s next rally will take it to a peak of $16,000 within this month, according to him. TradingShot is known as one of the several technical analysts who predicted that higher Bitcoin prices are on the way. The other analysts featured on many best cryptocurrency news sites include Josh Rager, who last month said that we are just a fourth into the current Bitcoin bull cycle until the next peak arrives. He also added that the cryptocurrency could eventually hit $60,000 by the end of the current bull cycle. The BTC trader hints at a potential Bitcoin rally, everyone is expecting bigger traction in the Bitcoin and altcoin news, too
Coinbase CEO Claims Trump’s Bitcoin Tweets Are An Achievement
“Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. ‘First they ignore you, then they laugh at you, then they fight you, then you win.’ We just made it step 3 y'all,” he tweeted.The Coinbase CEO claims also that the buoyant mood among Bitcoiners. However, there were other people who also thanked Trump for the free publicity which in turn triggered a surge in interest as documented by Google Trends. The president is wrong in his opinion also became a major topic and a talking point on social media.
“Congratulations BTC community — the president of the United States feels we are worthy of a tweet now,” cryptocurrency entrepreneur, Simon Dixon, added. “Bitcoin has outperformed USD by 23,440,508% since it started being priced in USD.”The host of RT and a regular Bitcoin bull, Max Keiser, was on par with the Coinbase CEO and his comments. Keiser said that Trump’s words are an “early nomination for the most bullish tweet of the year.” Despite the stable price performance of Bitcoin since the tweets, the possibility of a ‘Trump pump’ occurring for Bitcoin was also a topic that gained traction among analysts. The Bitcoin and altcoin news show that the market is in a stable yet ‘on mute
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