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May 2018

Bitcoin Soars Above $9K Mark with Strong Momentum

by
Bitcoin

Bitcoin

The cryptocurrency market might have had a horrid time over the past few weeks, but things have changed this week. Much of the reversal in fortunes is possibly tied to the upcoming Bitcoin halvening event.

Why the Sudden Jump?

The world’s biggest cryptocurrency by market cap has been in the doldrums due to the coronavirus-induced market crash over the past weeks, but now it seems to be on course to reach its previous levels. This morning, Bitcoin gained 1.9% to hit $9,099 a token, and that is a strong start, considering the fact that it gained 15% yesterday.

Any major rally in Bitcoin is generally followed by a rally in other cryptocurrencies as well, which is exactly what happened today. Other major cryptocurrencies like Bitcoin Cash and Litecoin recorded gains for the third consecutive day. Over the past few weeks, the price action in the crypto sphere has been in lockstep with other asset classes that are classified as risky. However, the situation has changed dramatically this week. Crypto experts suggest that the rally in Bitcoin is possibly linked to the halvening event that is going to take place this May.

A halvening indicates the slashing of rewards by 50% for Bitcoin miners, and when that happens, it usually results in a lower supply of BTC tokens in circulation. Many analysts are pondering whether the cryptocurrency is going to experience a crash at this time. As a matter of fact, it is important to point out that in the past, the cryptocurrency has shown significant bearish price action on the day of the halvening.

>> Ethereum Soars Over 125% Since March: What to Expect Now?

That being said, it is also necessary to point out that it is very difficult to predict whether BTC is going to rise or fall on the day of the halvening event. However, it should be kept in mind that months after the previous two halvening events, Bitcoin went on strong rallies.

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Ethereum’s Hard Fork is Scheduled for Tomorrow

by
Ethereum

Ethereum

2019 has been a bit of a rollercoaster ride for those in the crypto sphere, and one thing that is on the mind of many is the upcoming Ethereum fork in January. As everyone knows, a hard fork is one of the most crucial events in the lifetime of any cryptocurrency, and when it happens to be the world’s second-biggest cryptocurrency, then there is going to be a lot of anticipation.

Key Details

The reason behind choosing to do a hard fork on January 1 is a bit ignominious for the people behind the network.

The whole thing has its basis in the Istanbul fork, which took place a few weeks earlier. At the time, the team of developers who had been responsible for the whole operation had forgotten to close the difficulty creep. The hard fork is being done on January 1 since it is a well-known fact that New Year’s Day is a relatively quiet period when it comes to crypto trading activities. That being said, it should be noted that this is still a significant event for all those who are invested in Ethereum.

However, the developers will need to update a whole node in order to complete the fork, and that might require them to stay up all night. Such a job may not be everyone’s cup of tea on New Year’s Day, and hence, it remains to be seen if the network can complete the whole operation without any glitches.

>> Libra Has ‘Failed’ in Its Current Form Says Swiss Finance Minister

If there is even the smallest of errors, then the hard fork will go into a tailspin, and it would be very difficult for Ethereum to recover. It is quite clear that people who are invested in the crypto token are going to watch the event closely.

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Bitcoin is All Grown Up and the Future is Bright

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Bitcoin

Bitcoin

Currency has had a fruitful and largely charmed life, and watching it come into its crypto own is heart-warming indeed. 

Currency as we know it has been evolving throughout our lifetimes. Along the same timeline and gently curving slope that it has evolved along since the advent of currency. From bartering and trading for goods, to exchanging precious metals, gems, and even spices for something else. Notes and coins are still, in the larger sense of currency, a fairly novel addition, but even those have seen their heyday and are entering into their twilight years. In fact, it’s estimated that almost 92% of the world’s money exists in a digital format today.

So, money has evolved. Come up from the muck of cumbersome goods and awkward items, to become easily transportable bills and coins, only now to blossom into a near digital enterprise. Surely, this may come as a surprise to some, particularly when seeing so many who balk at the thought of a cashless society—because reasonably, we’re already there. We live in a world where money is largely represented by a series of numbers, zero’s and one’s jumbled elegantly into bank balances and portfolio pages. Anyone who frequents Bitvavo, or any other crypto exchange, can tell you that despite them not holding a bitcoin in their hand, they know it exists. They’re sure it has value. Largely because they are capable of trading it. Turning it into other numbers—like those representing fiat. Or exchanging it for tangible goods and services.

Understanding Money 

Nearly all money as we understand it, not just digital currencies, is purely representative of an idea. A dollar has value because you’re told it does. Because you can exchange it for things that you want. But that piece of specialized paper has no more, or no less, worth than the $1 in your bank account. One can be held, the other can be seen on a screen, but both can be traded for something else. Both have equal value.

Bank notes and coins haven’t been “worth” anything since the 1970’s, when the last real ties to gold-backed currency were cut. Now, the inherent value of what you find under your couch cushions is merely that which the state tells you it’s worth. And digital economies representing global demand tell the state what it’s worth. Despite all of us being familiar with money, how to use it, and its assigned value, we seem to be willfully ignorant of the fact that the actual value of that bill is the same as the actual value of a non-existent bitcoin. It’s almost arbitrary, based on nothing more than an idea.

But it’s those ideas that make both money, and bitcoin, worth having. The shared agreement between a wide community of people that, if I give you a bitcoin, you’ll give me something in return that I need or want. Similarly, if I give you a dollar, hopefully the same will happen.

Decentralizing Its Adolescence

What sets bitcoin and other cryptocurrencies apart from being just another form of money is that they are decentralized. They are the next step in the inevitable evolution of finance. What it means when it’s said that bitcoin is “decentralized” is that there is no central authority that grants us permission to have bitcoin. No one entity that decides it’s value, how to use it, or when to ‘print’ it. Bitcoin is owned, operated, and maintained by the entire bitcoin community, making it a fully democratized form of currency.

Because of this, bitcoin is protected against many of the things that make traditional currencies less than ideal. You cannot create more bitcoin. Governments can essentially just print money any time they need it. Like when the economy gets hit hard and stimulus is required. This practice is called quantitative easing (QE), and while it’s not quite as simple as “just printing money,” that’s mostly what it boils down to. QE is a slippery slope, however. Print too much, and the market becomes saturated, devaluing the agreed upon worth of the asset. This can also cause a problem called hyperinflation. When there is too much money in circulation, it can cause the prices of goods and services to skyrocket, requiring even more money to obtain them.

With bitcoin, there is a finite amount of it in existence, and that amount is released slowly over time, making it impossible to saturate the market in such a way. The value of bitcoin is somewhat predictable. By looking at the number of bitcoins in circulation, and weighing that against public demand, you can get a good idea of what bitcoin is worth. This is a system called artificial scarcity. Assets like gold and natural diamonds base their values off of this system. 

A Freer Future

But bitcoin is just one (and by far the most popular) form of cryptocurrency. Realistically, if cryptocurrencies and decentralized digital currencies are embraced in the future, there’s no limit to what their values could represent. Instead of creating worth based on demand, we could reasonably have a system of tokenized tradable assets. Which means that digital tokens (like bitcoin) could be used to represent anything—from a carton of eggs to a roof being built. Each of these assets could then be equally represented based on their individual demand, created a global currency that is representative of a genuine barter system.

This effectively cuts out the ability for shady monetary practices to exist. No more leveraging interest rates, no more speculation, or insider trading, or short selling. No more rampant and unnecessary wealth accumulation. Just a genuine exchange of goods and services as and when they are needed. However, we may never actually see that system, or it may be quite a long way off. Regardless, money has evolved into the age of bitcoin and we’re thrilled for the future.

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Facebook Wasting No Time Developing Recently Announced Libra Coin

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Libra coin

Libra coin

Last week, the world received highly anticipated news. After the story circulated through the media ranks for months, Facebook finally confirmed it. Yes, the social media giant has moved into the crypto market, rolling out a cryptocurrency called the Libra coin. While a new venture for the company, Facebook is wasting no time jumping in.

Here’s the latest happening with Facebook and the Libra coin.

Facebook’s Libra Coin Needs Data Engineers

This week, Facebook posted a job description indicating that it’s looking for a data engineer to work at Calibra wallet, which is an app in development for the Libra coin. Of course, this is not the first time Facebook has ventured out looking for new Calibra employes. Two days after unveiling the Libra coin, Facebook posted that it’s looking for a finance program manager for Calibra wallet.

Now, this news is significant for two reasons. In these job descriptions, Facebook hints at future plans for the Libra coin, the Calibra wallet, as well as its involvement in the banking and financial services industry.

“The wallet will be the delivery vehicle for many financial services starting with personal payments, but expanding to online and offline commerce and eventually lending and personal financial management.”

>> Bitcoin Price Crosses the $11K Mark for the First Time Since March 2018

The initial news of the Libra coin is significant as well, considering it has reignited the public’s interest in the industry, sending the Bitcoin price past $11,000 for the first time since March of last year. It has also sent FB stock into the green. At the time of writing, FB stock is trading at $192.96, which puts it up 0.96%.

Takeaway

What do you think about Facebook’s Libra coin? Were you surprised by last week’s revealing? Did you think the company would be moving as fast with the cryptocurrency as it appears to be from these job postings?

Let us know your thoughts in the comments below!

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