Day: November 4, 2017

Want to buy Bjork’s new album? You’ll need a crypto-wallet. Known for embracing all things edgy, musician Bjork has announced that her latest album, Utopia, will be available for purchase only through cryptocurrencies

Highly regarded bitcoin developer and BitGo lead engineer Jameson Lopp created a clone of the global M1 index, a metric used evaluate the money supply of a country, to observe bitcoin’s ranking amongst some of the world’s most widely used and accepted currencies like the US dollar and Japanese yen.

I made a clone of global M1 stats that updates in realtime w/Bitcoin’s market cap. H/T @accerqueira for code snippet https://t.co/ybPQTtPZfI pic.twitter.com/5CzeaA6p3P

— Jameson Lopp (@lopp) November 4, 2017

According to Lopp and the clone of the global M1 index he has created, bitcoin is currently ranked 32nd most valuable currency globally, with a market valuation of over $122 billion. The market cap of bitcoin is larger than many of the national currencies like the Singaporean dollar, Malaysian ringgit, Thai Baht, and Brazilian real.

Bitcoin is Voluntary and an Open System, Rapid Adoption Expected

Bitcoin is still at an early stage in development and mainstream adoption. Institutional and retail investors have just started to invest in bitcoin and acknowledge it as a digital currency, a safe haven asset, and a robust store of value.

Unlike other currencies on the M1 index, bitcoin has a unique monetary system which caps its supply at 21 million bitcoins. Since no more than 21 million bitcoins can be ever be created, as long the demand for the currency continues to increase, the price and the market valuation of bitcoin will only increase in the long-term.

As security and bitcoin expert Andreas Antonopoulos explained at a bitcoin conference, bitcoin is better than fiat money and existing monetary systems because it is voluntary and operates on top of an open peer-to-peer (P2P) protocol. It does not enforce regulations and policies through violence and force. Users, investors, traders, and businesses can choose to use bitcoin, fiat currencies, or even other cryptocurrencies like Ethereum’s Ether, Litecoin, Bitcoin Cash, and Monero.

“To me, Bitcoin represents the choice to use alternatives where otherwise it would be prohibited to use alternatives. Bitcoin is a global currency and Bitcoin is the de facto currency of the internet today. Bitcoin is is the most successful open borderless currency that has ever existed. It is already a reference of value for many of the people at this conference, it has been my source of income for the last three years, almost exclusively, and it is a foundation of my ability to travel around the world and advocate it. I am already using it as my preferred currency for the vast majority of my expenses. I do that voluntarily,” said Antonopoulos.

Bitcoin’s Long-Term Growth

Many analysts and billionaire investors including Mike Novogratz and Fundstrat’s Wall Street strategist Tom Lee have emphasized that bitcoin will likely penetrate the multi-trillion dollar gold market in the long run, rather than competing with fiat currencies and alternative monetary systems.

But, as bitcoin scales like any other technology, there exists no reason for bitcoin to exist and operate as both a currency and a robust store of value like gold.

The post Bitcoin is Already More Valuable Than Many National Currencies Like Malaysian Ringgit appeared first on NEWSBTC.

The Vatican is soon to host an address on how bitcoin and other cryptocurrencies are being used in the modern-day slave trade. To be held today at the Pontifical Academy of Social Sciences (PASS) in the headquarters of the Roman Catholic Church, the talk by Bank of Montreal senior manager Joseph Mari is to provide […]

Key Points

• Bitcoin cash price surged higher this past week and broke $600 against the US Dollar.
• There is a major bullish trend line forming with support at $600 on the 4-hours chart of BCH/USD (data feed from Kraken).
• The pair must remain above the $600 handle if it has to stay in the bullish zone.

Bitcoin cash price rocketed higher towards $700 against the US Dollar. BCH/USD is currently correcting and holding an important support at $600.

Bitcoin Cash Price Support

It was a bullish week for Bitcoin cash price as it climbed above the $500 and $600 levels against the US Dollar. The price even made a nice upside move above $650 to test the $700 handle. However, it failed at $684 and started a downside correction. There was a downside reaction towards below the 23.6% Fib retracement level of the last wave from the $430 low to $684 high.

However, the downside move found support near $585. The 38.2% Fib retracement level of the last wave from the $430 low to $684 high also protected losses. On the downside, there is a major bullish trend line forming with support at $600 on the 4-hours chart of BCH/USD. As long as the pair remains above the trend line support and $600, it is likely to continue moving higher. On the upside, the $650 and $685 levels are resistance levels. However, the most important resistance is near $700.

On the other hand, a break of $600 could ignite a wave towards $550 and the 50% Fib retracement level of the last wave from the $430 low to $684 high. The overall trend is bullish as long as the price is above $600.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slightly in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 60 level.

Major Support Level – $600

Major Resistance Level – $685

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Weekly Analysis – BCH/USD Holding Uptrend Support appeared first on NEWSBTC.

Key Points

• Bitcoin price is gaining pace and will most likely break the $7500 resistance against the US Dollar.
• There is a major bullish trend line forming with support at $7300 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
• The pair is now well supported above the $7300 and $7000 support levels for more gains.

Bitcoin price remains well in the bullish zone above $7000 against the US Dollar. BTC/USD might break $7500 soon and could even test $8000.

Bitcoin Price Remains Buy on Dips

There were monster gains in Bitcoin price as it moved above $6500 and $7000 against the US Dollar. The price gained a lot of pace and buyers succeeded in even breaking the $7200 resistance. A recent high was formed near $7477. Before $7477, there was a swing high formed at $7438 for a downside correction. Sellers pushed the price back towards $7000 and a low was formed at $6945.

Later, the price recovered sharply and moved back above $7200. There was even a close above the 76.4% Fib retracement level of the last drop from the $7438 high to $6945 low. It opened the doors for more gains above $7438. It seems like price would soon break $7500 and test the 1.236 Fib extension of the last drop from the $7438 high to $6945 low at $7555. Above the $7555 level, the next target could be the 1.618 Fib extension of the last drop from the $7438 high to $6945 low around $7700.

If buyers remain in control, there is even a chance of a test of $8000 in the coming days. On the downside, there is a major bullish trend line forming with support at $7300 on the 4-hours chart of BTC/USD, which is also a buy zone.

Looking at the technical indicators:              

4-hours MACD – The MACD is strongly placed in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently near the 70 level.

Major Support Level – $7300

Major Resistance Level – $7550

Charts courtesy – SimpleFX

The post Bitcoin Price Weekly Analysis – BTC/USD Eyes Break of $8000 appeared first on NEWSBTC.

Key Highlights

• ETH price after a decline towards $274 against the US Dollar found support and recovered well.
• There is a crucial bearish trend line forming with resistance at $305 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair has to break the $305 resistance and settle above the 100 SMA (H4) to challenge $340.

Ethereum price is back in the positive zone against the US Dollar and Bitcoin. However, ETH/USD needs to gain momentum above $305 and $310 for more gains.

Ethereum Price Resistance

This past week, we saw a couple of swing moves in ETH price towards $274 against the US Dollar. The price tested a major support area at $274 and started an upside move. The recovery was solid as the price moved above $300 and the 100 simple moving average (H4). However, the upside move was capped by the $305.50 resistance. There is also a crucial bearish trend line forming with resistance at $305 on the 4-hours chart of ETH/USD.

The trend line resistance prevented gains and pushed the price back below $300 and 100 SMA (H4). The price is currently trading near the 23.6% Fib retracement level of the last wave from the $274.65 low to $305.22 high. There is a decent support at $289.00 and the 50% Fib retracement level of the last wave from the $274.65 low to $305.22 high. It must hold losses below $288 in the short term or there is a risk of a downside move towards $280.

On the upside, buyers need to break the trend line resistance and $305 for more gains. The next resistance is at $310 followed by the $325. The most important resistance is at $340 where sellers would appear.

4-hours MACD – The MACD is about to move back in the bullish zone.

4-hours RSI – The RSI is currently just above the 50 level.

Major Support Level – $289

Major Resistance Level – $305

Charts courtesy – SimpleFX

The post Ethereum Price Weekly Analysis – ETH/USD to Break Higher appeared first on NEWSBTC.

Want to pick a winning ICO? Maintain neutrality when assessing a project’s value.

When the elite begin using Bitcoin, mass adoption is a step closer. Elite Manhattan preschools eschew credit cards, accepting Bitcoin instead.

Now that Bitcoin Cash has been around for a while, the first statistics have come to light. An analysis by Chainalysis paints a pretty interesting picture for BCH. Most of the transaction volume comes from now coins. A lot of BCH is spent within six hours of being held. Not an ideal store of value by any means, although that isn’t surprising. Speculation is the driving factor for the current BCH price, that much is rather evident.

There are a lot of different opinions regarding Bitcoin Cash these days. Not everyone is in favor of this altcoin, for obvious reasons. Moreover, its value seems to be even more speculative than that of Bitcoin right now. That is one title no other cryptocurrency would like to have right now.Moreover, people don’t seem to like holding BCH for long. With most new coins being spent within six hours, it is not a store of value by any means. This begs the question as to what Bitcoin Cash is suited for exactly.

Bitcoin Cash is a Speculative Tool

At the same time, the daily transaction volume seems to be going up. There are some spikes and dips, but overall, there is steady growth. A positive development for an emerging altcoin. Chainalytics didn’t indicate what the coins are being spent on, though. Moving funds to and from exchanges appears to be the main purpose right now. This also explains why 70% of BCH have a limited coin age. One in five coins is less than a month old right now. Moreover, 80% of coins spent after the fork was acquired within six hours.

On the mining front, things are a bit different. While miners have been able to abuse the mining difficulty algorithm on demand, most miners tend to keep their coins. Around 45% of coins are still unspent, compared to 33% for Bitcoin. The positive effect is how it is difficult to sell Bitcoin Cash right now. However, if there is not enough demand, none of it really matters. Right now, demand comes from Bithumb, but that volume is drying up pretty quickly.

It is evident Bitcoin Cash still has a lot to prove at this stage. Day traders benefit the most from this altcoin. This will eventually lead to even more volatility, which isn’t necessarily good or bad. New coins brought in circulation will be spent pretty quickly. It will be interesting to see if the upcoming hard fork changes this procedure in any way. Until BCH is used for regular transactions, the majority of the volume relates to trading and mining. How this will affect the BCH price, remains to be determined.

Header image courtesy of Shutterstock

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Any decision made by the Department of Homeland Security will be scrutinized, for obvious reasons. Earlier this week, the agency announced it plans to introduce technology capable of performing facial recognition of foreign nationals wherever people cross the US border by car. It’s an interesting decision, although there is sure to be a lot of negative feedback.

DHS is a fan of Facial Recognition Technology

No one is surprised to learn the Department of Homeland Security wants to keep close tabs on who exits and enters the United States. More specifically, the agency plans to use facial recognition for this purpose, as it aims to introduce this technology near US border crossings for cars. On paper, the agency hopes to ensure that the people who leave the US are the same people who enter it, and vice versa.

Although this technology has not been approved for use just yet, the concept itself isn’t being received too well by privacy advocates right now. The DHS’s Silicon Valley outpost has organized an “Industry Day” for less than two weeks from now, the main objective of which is letting people suggest ways for Customs and Border Protection officers to scan people’s faces. This will not be your run-of-the-mill facial recognition technology either.

More specifically, the DHS is paying special attention to solutions which scan faces regardless of whether subjects are wearing sunglasses or hats. Moreover, it is desired that anyone looking away from the camera will be identifiable regardless. It will be interesting to see what types of solutions will be put forward and whether or not the US government will approve them. Given the agency’s track record in using biometrics for “national security purposes”, it is highly doubtful the concept will be approved without a hassle.

To put this into perspective, DHS has been using biometric technology for its “overstay” reports. Anyone who overstays a visa must be identified and removed from the country as quickly as possible. Using biometric technology makes a lot of sense in that regard, although the DHS has a troubled track record in this area. More specifically, the current reports are incomplete, which leads to far more problems than they were designed to solve. That’s not the best situation by any means.

While it is commendable that the DHS wants to use modern technology to make America safer, the new measures shouldn’t be implemented without a hitch. Biometrics are of keen interest to this agency right now, by the looks of things, even though it remains to be seen how things will play out in this regard. Border checkpoints are a major security risk without proper measures to ensure that people who leave or enter should be there to begin with. Facial recognition technology is a logical choice for this specific purpose.

It remains to be seen if and when this new technology will be implemented exactly. More scrutiny for tourists and border crossers could work out in either a positive or a negative manner, to say the least. Only time will tell whether or not the DHS is on the right track in this regard. Moreover, it remains to be seen which version of facial recognition will be implemented in the end, if any. Privacy advocates will certainly have their opinions regarding this development, which is only to be expected.

It is that time of year again when the Bitcoin transaction fees are on the rise. We have seen this problem occur multiple times already. Right now, the median fee is $4.23, which is ridiculously high. It may even result in a new all-time high. Not the good kind, though, that much is certain. Rest assured this development will spur a lot of new debates in the coming days and weeks.

Bitcoin transaction fees have become a major problem over the past two years. Even the introduction of SegWit doesn’t alleviate these concerns. Then again, a lot of wallets still have to enable default SegWit transactions these days. With the median transaction fee on the rise again, things are looking problematic. Right now the media fee is almost three times higher compared to two weeks ago. This sudden rise is quite worrisome, to say the very least.

Bitcoin Transaction Fees are on the Rise Again

As is always the case, there has to be an explanation. Miners artificially propping up fees by not including transactions is one option. A spam attack against Bitcoin could be another. Neither of these seems to be entirely valid, as there is no abundance of transactions either. These ups and downs on the charts have been visible all year. Nothing seems to be out of the ordinary whatsoever. Nor is the mempool clogged up in any significant manner, either, although things looked a bit worse last night.

Regardless of the reason, the fees are rising. It is a very big problem that makes Bitcoin look less appealing. Spending a few bucks to move Bitcoin isn’t competitive by any means. In fact, it doesn’t even make it more appealing than most altcoins in this regard. Solving this issue will not happen with SegWit2x either. That is, assuming this hard fork will effectively be mined. Given some recent developments, that may or may not be the case in the end.

We can only hope the transaction fees return to normal soon. More importantly, they need to stay low for the foreseeable future. Until every service provider uses SegWit by default, that will not happen. No one knows how long this will take moving forward. We can only make Bitcoin work if everyone gets on the same page at the same time. Right now, that is not happening. With a fractured Bitcoin community, the future looks rather bleak in this regard.

Header image courtesy of Shutterstock

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