Tag: bitcoin

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 is Now Worth More Than Gold

bitcoin is worth more than gold
The point we always thought will come to has finally arrived. Bitcoin now is worth more than gold. Its new goal of $1,268 has made it more valuable than an ounce of gold. Although it is attributed to a down on the price of gold plus an up in the Bitcoin price, this crypto currency has experienced quite an increase in price in the last year, since it has gone up more than 100%
The crypto currency has finally reached a new mark where anything in the legal world can compete with it. As the currency started to gain popularity, so did its price started a constant escalation adding more and more value to the crypto currency.

The current currency market is starting to trust more and more their finances with this digital option. This wasn’t the case years ago, but now, given the fact that violating Bitcoin security could cost a lot more than the currency itself, which makes having these coins much more attractive.
In addition, the current state of politics in the world is making easier to choose to exchange any other currency you might have for this secure coin. It has only gone up since the news told about the Brexit outcome and the Trump victory in the US but more recently, restrictions in countries like China, Yemen, and Venezuela have made it surge its value.

Even though Bitcoin has not proven itself as a currency that can reach higher popularity outside the digital world, more and more businesses are taking chances online by accepting it as the newcomer it is. Now, at the light of this news, Bitcoin is starting to cement itself as a trustable, able to spread form of money.

What is expected of this currency shortly is yet to be determined but one thing is sure, its rise can only mean that it could make itself as a trustable form of savings believing that it could stay in the status it has today.
If this digital coin only rises to new heights, there are many things to be expected from it. Investment isn’t going to decrease for this new form of money, and more people see its advantages.

Why is bitcoin very volatile?

bitcoin is volatile
Bitcoin is an innovative payment network which was invented by satoshi nakamoto. It is also an advanced cryptocurrency in today’s market. However, there are some studies show that bitcoin is so volatile. Based on the currency method, the price fluctuation is more volatile than any other currencies such as USD, GBP, AUD, JPY, etc. Aside from that, bitcoin is generally an asset class and it is not yet accepted around the world.
Many investors are afraid to invest their money in bitcoin currency because of the following reasons. Firstly, the prices or exchange of bitcoins are unpredictable and still volatile. Second, the bitcoin is vulnerable for breaches or other scam sites and lastly, the foreign bitcoin exchange has high inflation in the market. There is nothing wrong with bitcoin. It is just the process on how we can manipulate and prove it to the market itself. I think that bitcoin has a capacity to change the world of currency.

The main reason is that we are very meticulous and we don’t know how to understand the essence of bitcoin in the past. Therefore, the consequences are very high. As time goes by, the variety of opportunities will do exist and many people will prefer to convert their money to bitcoin. Bitcoins are created because I think it will make an impact to the foreign currencies. If you are not yet convinced then, read the following reasons why is bitcoin volatile?

4 reasons why bitcoin is volatile:

The adoption rate is really bad – There are some reports that the bankruptcy is one of the major issues in the U.S. That’s why they rejected the use of bitcoins in the market.
Little option value compared to other currencies – Many investors are afraid to invest more due to the floating status of their money in the bitcoin bank.
The demand of bitcoin is very high – Many people are buying bitcoins as their money. According to the statistics, bitcoin has been widely used in the market in the past 2 years and it’s still increasing by the end of 2030.
The market for bitcoin is very small and thinly traded assets – The supply of bitcoins are limited and unpredictable and also many inexperienced traders are not knowledgeable in bitcoin which they tend to panic.

We all know that bitcoin is not yet accepted globally. However, it should be noted that the main problem is the volatility of it. Considering the fact that many investors are afraid to try and invest to the cryptocurrency of bitcoin. Aside from that, the market falls every month so that the prices are fluctuating. We have to be mindful that our economy is continuously rising and there are a lot of inventions that will make our life easier.

So, there is nothing wrong with that, as long as we are responsible with our innovations. Moreover, bitcoin is fast pacing and the productivity of its market is spontaneously growing. Meanwhile, it is more of an analysis on how we can adopt the currency of bitcoin and the sudden exchange of bitcoin will increase in the future. For those of you that have BTC and are just too scared to hold it, then we suggest you withdraw Bitcoin to cash.

Bitcoin: Cons and Pros

pros cons of bitcoin

 

Many people are probably hearing of bitcoins for the first time, or few of the ones that have heard of it, do not know what it is all about. Nevertheless, a brief introduction is that Bitcoin is a digital currency. Bitcoin currency is universal. Therefore, merchants do not have to bother about exchange rates when making purchases with bitcoin.

Many people are going into the bitcoin mining industry, and some still want to, but are confused whether it is worth it. In this article, we will be discussing the advantages and disadvantages of Bitcoin. This will not in any way make decisions for the confused ones but will help ease their decision-making. It will help outline the two sides of the coin, but they will be left to weigh them and decide.

 

Disadvantages of Bitcoin

 

1. Lack of understanding: Many people do not seem to understand how the Bitcoin works and the lack of awareness are not making it easy. Unlike the physical currencies, only a few companies accept bitcoins. In addition, the bitcoin market is somehow confusing, and most people sell and buy bitcoins blindly without knowing its present market worth.

2. Fluctuations in prices: The prices of Bitcoins fluctuate every minute due to its volatility. To use bitcoins, sellers have to be kept up to date on the current price always in order not to cut their profit. Buyers also need to be kept up to date in order not to buy at a high price than its worth.

3. The era of development: Bitcoins are still in its phase of development and requires some more features to increase its effectiveness. It is not as developed as the real currencies. Therefore, it is a close but not a total substitute for it.

4. Darkweb association: Most people mistakenly associate Bitcoins with criminals and fraud, especially after the US government raided the Silkroad markets back in 2013. This really hurts the reputation of this amazing coin and the technology behind it. Many users, investors, traders and businesses use Bitcoin for very legitimate reasons that have nothing to do with anything illegal.

 

Advantages of Bitcoins

 

1. Fewer charges: Banks have been known to extort their customers with various charges while claiming to protect customer’s money. With bitcoins, there are close to null charges during trades.

2. Currency is universal: You do not have to worry about exchange rates when making transactions with bitcoins. It is a universal currency.

3. Saves time: If you are the type of person that hates long time-wasting bank queues and ATM queues, then bitcoin is for you. Bitcoin transactions usually takes only few minutes from the point the user initiate the transfer, which is extremely speedy. You do not have to go to any bank for transactions because the internet is your bank.

4. Privacy: Users can send and receive payments from all over the world without having to give up sensitive information that are usually required by most financial institutions, such as Full Name, DOB, Social Security Number…etc

 

In conclusion, just like every other thing, bitcoins have its advantages and disadvantages. So only you, the user, will decide if Bitcoin is for you.

How to withdraw Bitcoins to Cash

withdraw bitcoin to usd

 

Did you happen to have some Bitcoins accumulated over the years, and you now think it is the right time to sell them and turn them into real cash? It is not surprising that many people have saved Bitcoins since it was way cheaper few years ago, and now that the Bitcoin price is surging, it is a no-brainer for these people to seek ways to withdraw their Bitcoins into cash and spend it on things, such as paying for bills, buying electronics, properties, cars…etc, that would be otherwise difficult to purchase with BTC.

Bitcoin is the digital currency of the future, but it will be in several years till it becomes mainstream or accepted at retail stores, gas stations or restaurants. But till then, the only way to spend those coins is by first converting them to USD, Euro, GBP or other real world currencies. We usually get lots of questions from our readers, such as: “How to withdraw Bitcoins to Cash?” or “How to trade Bitcoin for USD?” If you are in the same situation, then continue reading.

Back in 2011, a bitcoin could barely buy you a slice of pizza, and now the price has multiplied by hundreds that can yield you serious cash. In order to save you lots of time searching on the internet, we already have done the research for you. So let’s cut the chase, and show you the top 5 exchangers where you can sell bitcoins for cash.

 

 5 Best Bitcoin to Cash Exchangers:

Check out our 5 top picks for the websites where you can sell bitcoins for cash:

 

1- CashBitcoins.net:  this website gives customers the ability to quickly sell Bitcoins and receive Cash in return. Unlike many other exchangers, you can withdraw Bitcoins into real money without having to provide any documents or personal details; thus, making it very anonymous. No sign up is required for customers to initiate the trade. Moreover, at only 5%, the fee to exchange your Bitcoins is among the lowest in the industry, which is very hard to beat. You will have the option to withdraw Bitcoins into cash, using the following payment methods: Paypal, Western Union, Moneygram and Bank transfer. Customers can cash in up to 25 Bitcoins per each transaction. No matter how you look at it, it is one of the best deals out there that you cannot ignore!

 

Our Rating: 4.5/5

withdraw bitcoin to cash

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2- LocalBitcoins.com: Is a recognized name when it comes to bitcoin trading. This is a peer to peer trading platform, which facilitates acquiring or selling Bitcoins for cash. Both buyers and sellers will be required to provide passport scan to prove their identity. LocalBitcoin.com is a major player when it comes to buying and selling Bitcoins. You can also meet people that are interested to buy or sell BTC locally, which is a nice touch. Cash deposit, Reloadit, Moneypak, Western Union, Moneygram, Paypal are some methods that can be used to receive the payment for your Bitcoins.

 

Our Rating: 4/5

sell bitcoins for cash

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3- Coinbase.com: It was founded in 2013, and it is among the best Bitcoin online exchangers. Their rates are good, but they only offer payment via Bank transfer, which can take a few days to process. Also, customers will be required to provide documents along with Social security number for verifications, which can be quite a turn off for many people.

 

Our Rating: 4/5

exchange bitcoin to paypal

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4- BTC-e: This one can be really difficult to use, due to the fact that customer are asked to provide documents prior to trading, such as bank statements, passport and/or driver’s license. This process can take really long. So if you are in a rush to sell your Bitcoin for cash, then we don’t recommend this one. But the moment your account is verified, you will enjoy many benefits such as trading BTC for Cash or other cryptocurrencies such as LTC, ETH, DSH and NMC.

 

Our Rating: 3.5/5

how to sell bitcoins

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5- E-Bay: You might be surprised to see ebay making it on this list. But the fact of the matter is that it is used by many traders to sell their Bitcoins. This, however, does come with some serious risks that can leave you with no coins if something bad is to happen. For example, if someone uses a hacked/stolen Paypal account to purchase Bitcoins from you on ebay, then the real account holder opens a dispute for unauthorized transaction, chances are you will lose the dispute, add that to the fact that Bitcoin transactions are irreversible. To protect yourself against this, you can greatly limit the amount of Bitcoins you can sell for each individual, and avoid dealing with brand new users.

 

Our Rating: 3/5

how to withdraw bitcoins