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.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“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.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’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.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"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.
Join us on Facebook
- Crypto Venture UpStake is Redefining the Industry with a Proof-of-Burn Stable Coin
- Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
- WordPress Is Launching A Publishing Platform With Blockchain Features
- WWF Australia Launches A Blockchain Supply Tool That Allows Food Tracking
- Binance Prevents Losses By Freezing The Stolen Funds By Cryptopia Hacker
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
United States: Presidential Candidate Tulsi Gabbard Bought Crypto At Peak
Altcoin News4 days ago
Bitcoin Hovers Near $3,700 As Top Altcoins Record A Mix Of Reds And Greens
Ethereum News2 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News4 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News4 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Bitcoin Scams2 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Altcoin News3 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Blockchain News4 days ago
Washington’s Douglas County Wants To Build A Blockchain Innovation Campus