We all know how disappointed you are with the current bitcoin situation. We have been stuck in the bear market for long however, some experts say that we are to expect a bitcoin rise. The situation might just turn bullish. So to lift up your mood we have ten facts that are bound to cheer you up.
Satoshi Nakamoto who?
It’s good to be reminded that Bitcoin’s founder is still unknown. Nobody has been able to guess his/her identity. The only thing we have is the name, Satoshi Nakamoto, otherwise, we are still unaware of who he is, what he does, are they even a he? Or a single entity? Nobody knows! Doesn’t this curious little case blow your mind from time to time?
One of the first transaction
May 22 was the day when one of the first transactions were made and it will be remembered as Pizza day. Everyone in the community knows that Laszlo Hanyecsz’s purchased two pizzas from Papa Johns of worth 10,000 Bitcoins. Back then this much was around $40.
Bitcoin has a limit
This one might be new for many and it’s true. Bitcoin has a limit. There will never be more than 21 million Bitcoins in the world and as of now, 17 million have been mined and we are left with 4 million only. After it has reached its limit, producing new coins will not be possible.
Yeap, it’s a thing. Crypto-friendly countries exist and to name a few Malta, China, India, Georgia are the ones trying to achieve the maximum level of comfortability towards cryptocurrencies.
Countries are adapting to it and the even US, for that matter, is working on creating cryptocurrency taxes. Doesn’t all of this make you happy??
10% of Bitcoin is used for crime
So according to DEA, contrary to most belief, only 10% of bitcoin has been used in criminal activity. This myth was busted by a special agent from the US Drug Enforcement Agency.
Honey Badger is Bitcoin’s unofficial mascot
Honey Badger’s are known for being tough. They can withstand terrible injuries, bee attacks, and bites from poisonous creatures. Thus this animal seems like a perfect fit as Bitcoin, too, has survived many attacks over the past years.
We have more digital wallets than banks
The battle of banks against cryptocurrency wasn’t enough, now they have to fight against digital wallets as well!
Bitcoin is the father of all cryptocurrencies
Bitcoin is the most successful cryptocurrency and AFTER its success, people gave birth to their own currencies. Bitcoin paved the way for many altcoins. Currently, there are 1900 tokens backed up with amazing projects.
Bitcoin is a heating system
If you have seen a Bitcoin miner, you’d know how hot it is. Mining rigs eat electricity and the consumed energy is returned in the form of heat. People all over the world use mining farms to heat their houses, greenhouses and other heat-depended places. Bitcoin is a heating system for the future.
Bitcoin is a popular choice among millennials
Cryptocurrencies are the millennial choice. After the 2008 economic collapse, millennials were tired of how things had turned out and the advent of Bitcoin is what gave them hope. They are investing in bitcoin and altcoins as they better understand the technology as opposed to baby boomers. Which is good news.
Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019
Cryptocurrency Bitcoin (BTC/USD) is trading at 3587. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend for Bitcoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.
Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019
As part of the Bitcoin exchange rate forecast, the test level of 3820 is expected. Where should we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 2700. The conservative area for selling Bitcoin is located near the upper border of the Bollinger Bands indicator at the level of 3850.
Cancellation of the option to continue the decline in Bitcoin will be the breakdown of the area of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of 4250. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.
Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019 implies a test level of 3820. Further, it is expected to continue falling to the area below the level of 2700. The conservative area for selling Bitcoin is located area of 3850. Canceling the option of falling cryptocurrency will break the level of 4250. In this case, we should expect continued growth.
BTCUSD Analysis: Bitcoin still trading in a bearish consolidation [Video]
Any upside moves are classified as corrective ahead of what could be the next downside extension and bearish continuation. It would take a break back above 4,380 at a minimum to take the immediate pressure off the downside. Next critical support comes in the form of the July and September 2017 lows, around 2,000 and 2,975 respectively.
In this analysis, we take a look at Bitcoin each day, highlighting all of the need to knows for anyone looking to extract up to date information about major levels and relevant trends, both short term and longer-term. The analysis is designed for the trader, investor and even those simply holding the crypto asset, looking for an idea of where they may want to consider making that next conversion.
The cryptocurrency update is new each day and is presented with an added layer of animation, in an effort to make the analysis as engaging as possible, while also communicating the message with respect to key trends and levels in an easy to understand, seamless manner with great value add to all.
Are Central Bank Digital Currencies (CBDCs) Net Positive Or Negative For Bitcoin And Crypto Assets?
Central Bank Digital Currencies (CBDCs) have been analyzed by several banking institutions around the world, specifically by several central banks in different countries. However, they are different than virtual currencies such as Bitcoin (BTC). How would the issuance of CBDCs affect Bitcoin and the whole crypto market?
There are some important differences between Bitcoin and CBDCs. For example, Bitcoin is permissionless, decentralized and censorship-resistant while CBDCs are permission, centralized and censorable. Thus, they are almost contrary to Bitcoin. While the most popular cryptocurrency provides freedom to users, CBDCs allow governments to have larger control over their populations.
A few days ago, the popular investment bank JP Morgan unveiled a stablecoin called JPM Coin that would be used to make transfers between customers in just a few seconds. Although JP Morgan’s CEO Jamie Dimon has been against virtual currencies, it seems that the bank will be using blockchain technology to power their virtual currency.
There were several individuals in the market claiming that the new JP Morgan digital coin killed Bitcoin, or at least, it is going to kill the most popular cryptocurrency in the market. However, it is important to understand that these coins will never be similar and work in a completely different way. CBDCs and stablecoins issued by financial institutions such as JP Morgan work in a centralized and controlled way.
Indeed, these new digital assets do not seem to present a threat to cryptocurrencies such as Bitcoin. SWIFT could be affected by these new coins. SWIFT is the mainstream and most popular system to perform cross-border payments. This system has proven to be slow and costly for many financial institutions and banks all over the world. Indeed, Ripple’s services could also be affected by the growth of new CBDCs.
CBDCs legitimize that virtual currencies are the future of money. Because of this, it might be possible for Bitcoin to distance itself from drugs and criminals. At the same time, with CBDCs individuals will discover that there are several advantages of using digital assets.
Individuals will clearly have their funds frozen at any moment using CBDCs if the financial institution regulating the asset decides so. Moreover, their accounts can be suspended and users would not be able to use these funds anymore.
There are some crypto experts that believe that CBDCs could be very harmful to societies. For example, China is currently trying to control its population with new surveillance systems related to how individuals use their funds.
Crypto fiat (i.e. government controlled permissioned cryptocurrencies) will be the biggest battleground globally for human rights over the next decade. China is leading the way, many other countries, including some big western democracies, will follow. https://t.co/8BqfmBJ2mP
— Ari Paul (@AriDavidPaul) February 13, 2019
With CBDCs, people will realize that there is no more freedom and that the government is ultimately controlling everything. This is why Bitcoin could grow as a safe haven where users can feel free to use their funds as they want without being controlled by governments.
That does not mean that Bitcoin will be used to perform illegal things. It means that users will protect their privacy and what they do with their funds.