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What’s is a Bitcoin hard fork?

bitcoin hard fork

 

Bitcoin has undergone numerous metamorphoses since its introduction to the public in 2009. These changes have of course aroused various debates in the digital currency circle with recent talks about impeding Bitcoin hard fork taking center stage.

If memory would serve me right, Ethereum, a recently developed digital currency, underwent a hard fork in late 2016 that saw it split into two distinct currencies run on different software with distinct rules. Now of all the changes, the Bitcoin has undergone, this impending Bitcoin hard fork threatens to split the Bitcoin coin into two possible digital currencies.

However, what is a Bitcoin hard fork? According to coinbase.com, “fork” is the possibility of a Bitcoin block chain taking a two-pronged path going forward due to the introduction of new rules or alteration of its network or software that would affect the determination of a valid and invalid transaction. In the case of Bitcoin hard fork, it would entail the introduction of new software with very different set rules. This software, of course, would be incompatible with other previous software. The contention is which rules would be favored and accepted by a majority of users of the network (SeWit or BU).

On the one hand SegWit – Segregated Witness would allow the miners more control of the transactions increasing the block limits whenever necessary and control of the mining fees charged.  On the other hand, BU- Bitcoin Unlimited would make Bitcoin transactions more decentralized with each participant having an input on the charges and changes within the Bitcoin network. Both options appeal to particular parties and present their merits, which make it harder to decide on which path to take.

There is scant know-how related to Bitcoin hard fork, which makes it harder for the digital currency stakeholders and users to decide on which path is most appropriate. This is usually a “hard” decision for the users to make as either decision has its merits. One way to break the impasse is through establishing a threshold of acceptance, which would then help in deciding the path to take if the acceptance rate is reached.  With no clear agreement, it is possible that the Bitcoin would be split into two distinct block chains giving rise to two possible digital currencies.

Bitcoin hard fork is meant to facilitate the rate of transactions, which are hampered by current set rules, and limits while increasing the transaction amounts. However, with a possible split, there is also a chance for the coin to lose half of its value, we can only wait to see the results. It is also worth mentioning, that a lot of bagholders, will be lined up to withdraw their bitcoin to cash.

Bitcoin Price Prediction in 2017

bitcoin prediction in 2017

 

Since the inception of the Bitcoin in the early 2009, it has seen a tremendous increase in price over a relatively shorter period unlike some of its digital currencies competitors. From the lows of a fraction of a dollar to the current price of $1000 plus, the Bitcoin price 2017 is predicted to close at as high as $3000 by end of year. If we take a more recent case of 2016 which apart from the price having been at about $420 at the start of the year, by mid-year it had risen to almost $650. Still, despite being halved, it managed to close the year at almost $970.

Currently, at $1050, Bitcoin price in 2017 has experienced turbulence starting at the highs at about $ 980, getting to the lows of about $846 and highs of $ 1280. With these figures, the Bitcoin price in this year seems to set for newer records. The factors that contribute to this optimism include the following:

  • There is the impending hard fork situation, which is likely to favor SegWit. If this happens then, user base and some transactions are likely to increase. The uptake of Bitcoin as a legit financial instrument and as an acceptable mode of payment has also increased leading to many countries and businesses allowing its use. As evidenced from previous years, these factors are likely to boost the Bitcoin price 2017 to new highs.
  • Businesses trading in Bitcoin have become legit, licensed and open with big companies like IBM, Dell and Microsoft now embracing Bitcoin. This has legitimized the Bitcoin making more people willing and ready to deal and invest in Bitcoin. With higher demand, the price is likely to go higher.
  • Portability, liquidity, and security that Bitcoin provides to investors have also increased the appetite for people to own Bitcoin. This has led to increasing demand that will see prices surge as more and more people take up the Bitcoin, and as a result less people are selling bitcoin for cash now. Countries like China, which has tight financial restrictions and controls on its capital outflows have led to increasing in people who are taking up the Bitcoin as an alternative to hard currency. As these continue, Bitcoin price 2027 is likely to increase.
  • The world financial and economic stability is always uncertain, and since it has pegged to mostly gold whose price keep fluctuating, many investors may opt for digital currencies.  The Recent acceptance of Bitcoin into the mainstream into places like stock purchases with clear regulations has and will lead to higher uptake and legitimization of the Bitcoin, which will eventually raise Bitcoin price 2017.

tags: bitcoin price 2017, sell bitcoin paypal, Bitcoin value

How to trade Bitcoin?

bitcoin trading

 

It is a known fact that the digital era is here. It is affecting our lives, society and economy in every possible way. With everything in the world is becoming more and more digital, it only makes sense that our traditional money is also going digital. Digital currencies are growing every day and trading bitcoins is one of the most seeked way to be updated and have a currency which is more valued than the mighty US Dollar or Euro. While it is far from being a mainstream currency yet, Bitcoin appears to be on the right path.

 

Is it hard to trade bitcoins?

Not really! But just like other kinds of trading, you should always try to buy low and sell high. Before you consider trading though, you should familiarize yourself with Bitcoin, and you will learn many tricks that will eventually help you make good decisions and reduce the risks involved in the trading world.
Proceed with caution, while this currency could be invested and traded, it can also be lost and stolen. This cryptocurrency is generated by a process called mining through scripted applications and computers. You can also obtain it through different ways.
In order for you to be able to receive, send, or trade Bitcoins, you will need a wallet and internet access. This will eliminate the need for a third party to do any transaction.
To have an address you should download bitcoin client or at least a reputable web-based bitcoin wallet just as Blockchain.info.
Blockchain, is one of the most wallets used and it will give you a unique wallet id and password that you need to save so you can do any transactions on your account. For further security, you can also set up a 2FA (Two-factor authentication).
There are many other different wallets you can choose from, such as: Mycelium, Wirex, Xapo, Bitgo, green address, among others.
If you download a bitcoin client, you can have your bitcoins in your hard disk but it is generally safer to save it on an offline-device, so no hacker can access it.
After you have it on your wallet, and if you don’t want to trade it but you want to exchange it for some money use exchangers such as:

Hitbtc.com
LocalBitcoins.com
BTC-e.com
Coinbase.com
CAD interact deposit

This will make you be able to exchange some bitcoins for money. Deposits made in this banking system should take at least 2 days. For faster exchange, we recommend you withdraw Bitcoin to cash using Paypal or Western Union, which should be done within an hour or two.

For more details, please also check out our other article about withdrawing bitcoins to cash.

Bitcoin as a project has established a different vision of a new valuable currency that is free from any control. You can use this for trading stocks, buying items on internet, hiring services on platforms that accept bitcoins, and so much more.
This currency have several advantages if we speak about traditional money trading. Beside the elimination of third parties in business, you also can enjoy very low cost for sending and receiving bitcoins.
If you do any transaction with bitcoins, at least a typical transaction of 500 bytes, it will cost 9,13 cents. Which is way cheaper than any thing out there including PayPal! Transactions with this currency are irreversible and are supposed to be secure. Please, be sure of who is doing business with you. You won’t have to worry about fraud, fraudulent chargebacks, refunding.
If you want to start trading bitcoins or buy some, it is recommended to use coinbase which is one of the safest and easiest ways to buy a bitcoin.
Coinbase stores over 97% of their clients’ funds in offline storages to avoid loss and theft. There are other options but we are just giving some advices to make your trading bitcoins easier.

Buy Real Estate With Bitcoin

buy real estate with bitcoin

 

Pros and Cons of Buying Real Estate with Bitcoin

Bitcoin is a digital currency; it is a decentralized ledger that facilitates digital transactions. It is the first of its kind, a decentralized peer to peer payment that is powered by a strong encryption and network of users and computers with no middlemen or central authority. In the users perspective is like cash for the internet. With bitcoin you can buy things using it or you can choose to accept payment with it. Having been created in 2009 it has expanded it uses having a lot of benefits and has a share of its disadvantages. They are created by people called the miners; they use their computers to come up with complex maths to ensure security for the money.

With its growth the questions for the people in real estate still remains, can you purchase a real house using bitcoin? The answer for many people will depend on the pro and cons of using bitcoin. But it is important to note that many real estate firms are accepting bitcoin as a means of payment. Below are pro and cons of using bitcoin.

Pros

Bitcoin ecosystem is rapidly evolving with additional innovations, service providers, merchant space and users. All this stakeholders can attest to the following advantages. The lack of intermediaries in transactions using bitcoins, such as banks, means no transactions fees incurred. Though there are some little charges from digital wallet companies and other providers. The transactions are anonymous so it is hard to track the person making it secure in one part. The transactions are very secure since bitcoin is based on a very strong encryption. Since it is a decentralized peer to peer network, there are no regulatory authority and government to control bitcoin. It is relatively simple, easy and straight forward to transfer money from person to person even internationally. This makes it easier to buy a real estate using bitcoin from all locations internationally.

Cons of using bitcoin

They are reasons as to why you should not use bitcoin. Which are losses; the traditional financial products have a very strong consumer protection unlike bitcoins. If you lose your money there are no intermediaries to help you track or find them. You end up making loses, if you buy a house and send it to the wrong person or a conman, there is no way of possibly getting it. Secondly, there is lack of applications; bitcoin is mainly known for drugs and gambling making it a concern of how well it can do commercially. You will wonder if it is applied in many fields, hence uncertainties of using it. It is highly volatile and it is not universally accepted despite is growing number of uses. It has a limited scaling in speed of downloading applications and mainly used for financing immoral and illegal activities.

It is a growing platform of virtual money and it would be good to try it in making transactions in real estate but great caution should be taken not to fall into any traps and incur loses that cannot be retrieved.