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Bitcoin News

Can Bitcoin Come To An End?



Since showing up, Bitcoin was a target of a huge number of attacks and criticism as we have covered extensively in our crypto news reporting. People have been asking themselves whether it is possible to kill bitcoin if we just stopped talking about it, but this is very unlikely to happen.

A Reddit user even created a list of all possible attacks that can eliminate bitcoin and according to him there are three types of attacks:

  • Slowdown the development
  • Slowdown the adoption
  • Reduce the efficiency of the infrastructure

If bans are imposed on using Bitcoin, governments will cause inconvenience to people who own them. But, bitcoin was banned in many countries such as Vietnam, Bolivia, Ecuador and many others but the bans didn’t bring any results. In other countries such as China and South Korea, even a rumor about a ban affected the exchange rate of the cryptocurrencies. Despite the rumors, Bitcoin still remains alive.

Cyber warfare is a type of hacking and illegally manipulating social networks. Bitcoin was a target million of times but it showed excellent resistance and remained still. This is due to the extremely strong security system Bitcoin has and also because of the many decentralized nodes that are in the network.

Another type of attack could be the PR attacks. Popular media and government officials often say that Bitcoin is associated with crime. Media takes these statements and exaggerates the extent of damage that news like these makes.

Despite all the types of attacks out there and the creativity of the people who want to harm bitcoin, killing it would require a lot more effort than this. However, there are several agencies that can significantly impact and damage Bitcoin so we would be foolish to think that Bitcoin is indestructible.

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Bitcoin News

Israeli Court Rules In Favor Of BTC Mining Company Against Igud Bank

Israminers, an Israeli Bitcoin (BTC) mining company sued Bank Igud (the Union Bank of Israel Ltd.) in May 2018 and seems like the Israeli court ruled in favor of the mining company after the bank shut down the company’s accounts over money laundering concerns. The crypto news and business outlet Calcalist reported the developments just yesterday. Israminers faced a lot of problems with cash flow after the bank blocked the company’s deposits after claiming that the deposits are against the terms of the bank. A long appeal process followed and a Tel Aviv district court judge explained that the policy of the bank on cryptocurrency clients is way too broad and should not include automatic rejections. Limor Bibi who is the judge in the case was quoted saying:
 “I believe that the sweeping policy, which does not distinguish between different types of activity, the scope of activity and different types of customers — in the field of digital currencies — is unreasonable.’’
At the same time, Bibi explained that the banks have a right to refuse deposits that originate from cryptocurrency trades.  However, the process continued and the regulatory attitude towards crypto trading showed the impacts on the legacy banking system. As previously reported, multiple banks claimed that they have issues with servicing private investors or small business who trade cryptocurrency. Banks usually have a hostile stance on cryptocurrency but their actions are quite contradictive. For example, The United Kingdom Barclays bank also shut down multiple accounts after developing a relationship with a few crypto exchange giants including Coinbase in order to speed up deposits and withdrawals. The Union Bank, on the other hand, appears that senior executives have benefited a lot from education in the blockchain sector when the local Bit2c startup held a seminar on its projects and developments in November 2018. At the start of March, a committee from Israel’s securities regulator officially issued a paper on recommendations for governing the economy around cryptocurrency which can help the bank to improve their treatment on crypto investments more uniformly in the future. The report noted:
 “The committee recommends considering adjustment of the existing regulation to create more suitable regulatory infrastructure for this trading activity in order to better cope with the risks incurred in this activity.’’
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Bitcoin News CEO: Bitcoin Will Replace Gold As The Leading Commodity CEO Brendan Blumer is one of the people in the crypto community that has high expectations for bitcoin after stating that Bitcoin will replace gold as a store of value and in today’s bitcoin news we find out more about his views. Blumer stated:
 “Over the next two decades, #Bitcoin will replace #gold as the leading commodity to store value.”
According to him, bitcoin is easily transferred because it is an intangible asset. It can be traded in seconds but it does have a limited total supply and it is extremely volatile. The number one cryptocurrency is a great store of value but scarcity limits the utilitarian value of the currency. As we can see, institutions start to weigh in on regulations and controlling bitcoin so they can make some more profits which have led for skyrocketing of the price after traditional investors poured their money into bitcoin. The result brought up to 25 percent of bitcoin loss, people purchasing real estate with bitcoin and institutions selling bitcoin between other major institutions for profit. Gold, on the other hand, is perceived as an experiment just like BTC. There are currently hundreds of billions of dollars worth of gold that are lost and the other half is locked in vaults. London, for example, has more than $200 billion in gold since the precious metal is still the people’s favorite store of value. Both bitcoin and gold can be traded electronically. However, if an economic collapse occurs, holding a golden voucher doesn’t mean that the assets will be yours at the end mainly in the cases of theft, terrorism, and disputes. Owning something on paper is the key issue with centralization since it doesn’t really belong to you until you have in your hands. Cryptocurrency solves this problem by being electronic. If you don’t have access to the internet, you are still the owner of the cryptocurrency. Crypto can be stored on your private key information on paper so you can access it from any other place. Gold, on the other hand, will always be more worth than bitcoin because it is a natural resource whereas Bitcoin is a computer creation. BTC aims to overtake gold as a better functioning store of value but still has a lot to go.
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Altcoin News

MakerDAO Will Focus On Security Tokens For Their New Feature Rather Than BTC

The CEO and founder of MakerDAO Rune Christensen attended MIT Bitcoin Expo where he explained more about the status of Maker DAO’s release. So for that reason, in today’s cryptocurrency news we read more about it. Rune talked about the Dai release having two key features but most importantly the addition of other collateral types. He says:
 “The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”
The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
 “Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”
The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
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Bitcoin News

Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?

2019 seems to be the year when institutions will start massively accepting bitcoin and other cryptocurrencies. But, is really institutional adoption going to do bitcoin any good or will it destroy the cryptocurrency? Let’s find out more in today’s bitcoin news. Institutional adoption is a double-edged sword for all cryptocurrencies. The prices could increase rapidly in the short-term and just as easily deflate. Also, cryptocurrency used to fight against the strong, old roots of the financial elite. Of course, institutional investments usually increase the price of Bitcoin which has a positive effect on the HODLERS since they will get rich fairly quickly. However, the people who just enter into the crypto world and want to buy Bitcoin to begin with, or even those who cannot buy bitcoin right now, will never be able to buy it because the price will likely reach sky-high value so many won’t be able to afford more than just a fraction of the currency. Also, it is very likely that hoarding bitcoin by the institutional investors or those who can afford it totally misses the point for bitcoin as a cryptocurrency and a store of value. Furthermore, if most of the supply of BTC is purchased by institutional investors, this means that the cryptocurrency will become centralized which will eventually centralize the entire crypto space and the same wealthy people who now have the fortunes, will have it again but in crypto. The global financial system will be much endangered. If banks and other large financial corporations buy most of the Bitcoins, they will have almost entire control of the BTC market which can help them easily manipulate the price of the currency at any time. It is also important to consider that if governments get their hands on in the game and purchase a large portion of the supply of bitcoins, they could also freeze the market and make it impossible to make withdrawals without paying high taxes. Bitcoin will eventually become a form of centralized money and will lose its entire point. Of course, this is all a huge ‘’IF’’ analysis so the chances for something big like this to happen exist but are not overwhelming. However, it’s good to have into consideration that anything is possible.
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