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How do Bitcoin transactions work – A Brief Explanation!

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Bitcoin is a cryptocurrency – meaning digital form of cash. Since its inception, Bitcoin has intrigued users for its peer-to-peer technology without any involvement of the bank. The formation of the blockchain here makes the process authentic, and genuine.

To put across simply the buying and selling of the bitcoin happens online with the help of a p2p portal. Here is how it happens!

 

The initial listing!

If a seller to sell bitcoin the seller needs to publish the intention for the nodes to scan the bitcoin network. Here the authenticity of the seller is established as nodes check –

  • Validity of the bitcoin that the seller wants to sell, and

  • If the bitcoin is genuine or has been sold already!

After the scanning has been done, a block is created which attaches to the previous block of transactions done. Thus there is created a network called blockchain. These blocks are unique and cannot be tampered with so the players can play slots without depositing!

The public key and private key!

Every seller or buyer on the bitcoin network has a public key and a private key. Public key is a string of 34 characters made of numbers and letters. This is the official address of the person on the network. This public key holds information like transaction done, balance in the account etc.

The public key has a corresponding private key which is much like a password of 64 characters. Here too the characters include numbers and letters. While these two keys are connected, the private key needs to be kept secured as it provides for a login and authentication for the person to make transactions.

To authenticate a transaction, a public key should be signed with a private key with the help of a computer software or mobile phone. At all times the private key stays a secret to the users. So when someone signs digitally to authenticate the transaction, it’s only the public key that is available to the world. Much clever technology!

The blockchain hash and virtual tampering!

Hash is complex mathematical function related to a blockchain. The hash function is unique and is created when a user publishes intention to sell or buy bitcoin. As and when a change is made in the transaction, a new and unique hash function is created. This set of 64 characters long string of numbers and letters tells the users of the changes and tampering made on any transaction.

Blockchain, therefore, keeps in authenticity of the transactions with the users by each time creating a new hash function for the block – related to the transaction. Virtually it’s a boon as every sort of tampering is easy to catch!

Bitcoin and blockchain world

The trading of bitcoin happens through blockchain procedure which is a full-proof play of technology. You can sit at your desk and check the transactions working live on the network.

Access the primary websites and lay your hands on the most fascinating currency trading system that has ever been developed!

Bitcoin

Bitcoin price prediction: BTC/USD confluence detector shows lack of resistance and support levels

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  • The daily confluence detector shows one healthy support level at $10,075.
  • BTC/USD has gone down from $10,110 to $10,092.

The hourly BTC/USD price chart shows us that the price dropped from $10,130 to $9,815 this Thursday. The bulls then gathered momentum before it picked up to $10,190, meeting resistance. Since then, BTC/USD has been on a continuous downtrend and is currently trending around $10,092.

BTC/USD daily confluence detector

fxsoriginal

The daily confluence detector shows only one prominent resistance and support level. The $10,500 resistance level has the 5-day simple moving average (SMA 5) curve. The $10,075 support level has the 1-month 23.6% Fibonacci retracement level, SMA 10, 1-hour Bollinger band middle curve and 4-hour previous low.

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Bloomberg Says Bitcoin Could be Finding Support at $10,000 as Altcoins Rebound

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Yesterday, Bitcoin (BTC) suddenly slipped. After tapping $11,000 just days earlier, the cryptocurrency cratered, falling under $10,000 as bulls failed to step in.

This move was so dramatic that according to the Bitcoin Fear and Greed Index, this sudden reversal has resulted in a reading of five — the index’s lowest value in its history. This is crazy, especially considering that BTC is trading over 300% higher than its bottom price of $3,150.

Bloomberg Says Bitcoin Could be Finding Support at $10,000 as Altcoins Rebound 1

While the index’s reading may seem entirely arbitrary — just look at the bullish momentum Bitcoin has experienced in the first half of 2019 — the index is backed by data.

The website that hosts the index claims it analyses a fair mix of volatility, market momentum and volume, social media trends, surveys, dominance, and Google Trends to get the gist of how cryptocurrency investors are faring.

Bitcoin Bounces Back

But, the Bitcoin price has managed to bounce back. After remaining under $10,000 for a number of hours, the cryptocurrency managed to reclaim five digits.

Per Bloomberg, the cryptocurrency “appears to be gaining momentum for a push higher”. The analyst recently claimed that as BTC recently dropped “below the lower limit of its GTI Vera Band Indicator, which measures up and down trends”, a spike to the upside may be ahead. The last four times the bottom band was breached, “it managed to quickly rally back into the range”.

According to Mike McGlone, an analyst at Bloomberg Intelligence, Bitcoin is currently setting itself up for a recovery. He explained in a note that its “unique attributes” (likely a reference to its classification as a digital store of value/digital version of gold) and tumult on the macroeconomic stage could help boost the value of Bitcoin. Indeed, many say that if trade wars continue to rage and if central banks continue to enlist unorthodox monetary policy, the need for a form of money that is decentralized, scarce, borderless, and public will only swell.

While McGlone is bullish for the medium term, he told Bloomberg TV in a recent interview that his short and long-term prospects on the cryptocurrency are mixed.

Per previous reports from Ethereum World News, McGlone argued that with there being key support at $8,000 and heavy resistance at $20,000, the cryptocurrency could be stuck in that range “endlessly”. He added that on-chain fundamentals — active addresses, number of daily transactions, fees, and so on and so forth — have begun to taper off like they did to trigger 2018’s bear market.

Altcoins Finally Gain Some Steam

Interestingly, throughout this short-term recovery, altcoins have bounced, actually outperforming Bitcoin for once.

According to CoinMarketCap, Bitcoin dominance has fallen to 68.5% from nearly 70%. Ethereum is up 3.5% on the day, while BTC is up a relatively mere 0.2%. It’s a similar story across the cryptocurrency rankings.

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Bitcoin Vs. Ripple: Amidst the Bearish Trend, The Coins Gave Some Brief Moment of Trading

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There is a close link between the movement of Bitcoin and Ripple. Both of them are strong coins with a dedicated community of users. At present, they are facing some negative sentiments, but this will wash off soon.

Current Statistics (On August 22 at UTC 08:38):

ParametersRipple (XRP)Bitcoin (BTC)
Price (USD)0.26329929.91
ROI4,401.02%7,270.70%
Market Rank3rd1st
Market Cap11,339,553,299 USD178,409,831,940 USD
24-Hour Volume1,033,612,299 USD18,408,249,735 USD
Circulating Supply42,890,708,341 XRP17,890,087 BTC
Price in BTC0.00002654NA

BTC Vs. XRP Price Analysis:

Both Bitcoin and Ripple started on a declining note. In the first hours of the day, Bitcoin price has declined by 6.15% and fell to the level of 10,125.86 USD. Similarly, Ripple declined by 4.15% and landed at $0.2628. After that, the declining trend has slowed a bit, and coins kept fluctuating up and down in the range of around 2%. However, during the early minutes of the second half, on the other day, came yet another dip where BTC price declined by 2.21% and Ethereum by 0.96%.

BTC - XRP Price Prediction

After the second intraday breakdown, the digital coins have shown some strengthening for the next couple of hours. In that period, BTC hiked by 1.75% and XRP by 1.5%. The next plunge that came in around midnight dragged Bitcoin price by 2.91% and took it below $10k mark again. Similarly, XRP declined by 2.02% and landed at the level of 0.26 USD. Lately, the cryptos have been hovering at those levels and showed some bounce back, which helped then to move toward their current position.

BTC vs XRP Prediction & Conclusion:

Making any prediction in this swinging market is a rigorous task. However, for now, Ripple faces immediate resistance at $0.274454 and support at $0.259335. For Bitcoin, the immediate resistance is at 10,636.95 USD and support level at $9,800.93.

The Ripple team has done a recent assessment of the blockchain and assured that they will work toward the narrowing of the skill gap. Further, they added that in order to address the issue, the team would seek the help of experts including academia, governments, and private organizations.

Source.cryptonewsz.

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