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What Is Bitcoin And What Does It Do: The #1 Cryptocurrency Explained

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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”.

But even if you don’t mine Bitcoin, you can buy or sell it – typically through the most popular online exchanges such as Coinbase, CEX, and LocalBitcoins.

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.

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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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Altcoin News

Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600

The latest Bitcoin news show that the most dominant cryptocurrency is kind of idle when it comes to fast growth. Over the past few days, it managed to go in the green and in the red with less than 1% movements, holding firmly above the $3,600 mark. Bitcoin has stayed above the $3,600 threshold for some time now, while its highest price point over the past 24 hours was $3,707. Currently, BTC is at $3,637 with a loss of 0.32% overnight. The total market capitalization is down from $122 billion yesterday to $121 billion today - and down by more than $2 billion from the intraweekly high of $123..2 billion. Ripple (XRP) is slightly down as well, trading at $0.32 and falling by one cent compared to yesterday's numbers. Ethereum (ETH) also declined by 0.64% and is still at $122. EOS managed to surge by 0.68% overnight and is now trading at $2.44. While most of the top 10 is green, only EOS (EOS) and Tron (TRX) managed to rise. TRX rose to $0.024 with a 0.94% growth just like EOS and its sub-1% movements. The biggest growth overnight was initiated by Cardano (ADA) and Binance Coin (BNB). While ADA surged by 2.71% to a new price of $0.045, BNB managed to climb to $6.20 rising by 2% overnight. As it is right now, the cryptocurrency market definitely needs some movement on the green side. However, the idle movements can continue as well, proving that another bear market is here.
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Altcoin News

Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation

Over the past day, the crypto market recovered from its previous position and reached $123 billion as Bitcoin also managed to avoid another drop below the $3,600 mark. In the latest crypto news, we take a look at some analysis from multiple crypto technical analysts. Some analysts think that because of the high sell-off intensity in the previous period, there is a strong chance for the price of BTC and other altcoins to drop even further below their support levels in the short-term. Also, they believe that Bitcoin will even decline as low as $3,100 by the end of the bear market before recovering by the end of 2019. Crypto technical analyst Eric Thies said that Bitcoin might start a strong movement upwards by the end of 2019:
 “Similar to 2015, 2019 may be the year of accumulation.’’
Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’
Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
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Altcoin News

Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019

A professor from the University of California, Los Angeles (UCLA), Scott Galloway, believes that crypto will be even worse this year and in our bitcoin news today we find out more about his opinions. Galloway thinks that crypto will struggle even further in the following 12 months because most of the emerging technologies and markets tend to move by cycles. This is why the crypto market seems to be unaffected by the developments in the industry and this is why the value of digital assets moves mostly because of sentiment than by short-term events. Last year, many of the emerging markets such as crypto and virtual reality, had really poor progress and market growth. It is extremely hard for new technologies to go with massive changes since the investors become impatient really easy. However, prior to 2018, all of these technologies had great years which led to their value increases. The professor pointed out:
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’
His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
 “So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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Bitcoin News

Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”

The CIO of Pantera Capital, Joey Krug, is in the latest cryptocurrency news for his recently written thesis in which he states that Bitcoin won't succeed as money. As Krug believes, cash payments are not the primary areas where blockchain technology catalyzes a paradigm shift. According to Krug, Bitcoin may become digital gold - but never succeed as money - mostly because of its volatility and the lack of a dynamic monetary policy for the most dominant cryptocurrency. Krug also stated that the Beam Network has a good chance of tackling the issue of money. The organization is in fact led by him as well as the founder of Bolt, Ryan Breslow, among others. It aims to pursue the original vision of crypto payments.
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.
He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
 
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