Connect with us

Bitcoin

Before The Money: Bitcoin Early Adopters Reveal What Brought Them In So Early

Published

on

Bitcoin has been around for more than a decade now. However, it’s safe to say that it gained mass attention at the end of 2017, following its unparalleled price increase to $20,000.

In any case, the cryptocurrency has its fair share of proponents and early adopters – people who have been involved with it far before the events of 2017. Bitcoin brings forward quite a lot of benefits, especially when compared to traditional fiat currencies, and it’s nothing short of intriguing to find out what is it that got the attention of those early adopters.

The question was taken to social media, and the answers are both versatile and exciting.

#1 It’s a Form of Protest Against The Existing Monetary Status Quo

Bitcoin’s whitepaper, which was published over 11 years ago, describes it as a peer-to-peer electronic cash system.

Protesters
Protesters. Source: Pixabay

As such, a lot of people look at it as a form of protest against the existing financial system and policy. For example, the user CryptoHour said that he got involved in Bitcoin 7 years ago because the banks “took everything” he owned during the global economic meltdown in 2008.

“Dodgy mortgage advisors got us to use our house for more houses. Blacklisted as such, and looking for an alternative. The alternative, Bitcoin – beyond my dreams to bounce back.”

Indeed, Bitcoin does come with a lot of advantages when stacked against fiat currencies and banking policies. For once, its underlying protocol predefines everything that’s associated with it and, as such, users know in advance what’s the supply going to be, when are new coins going to be minted, what’s the inflation rate, and so forth. More importantly, these metrics can’t be amended by a central authority, which is the case of fiat currencies governed by different countries. Bitcoin’s trustless nature eliminates the need to put faith in a centralized entity and brings forward the notion “don’t trust, verify.”

Interestingly enough, this is the notion that the majority of the users tend to share.

#2 Turning Energy Into Wealth On Your Own

One of the more interesting answers different from financial freedom came from Krzystof Gibadlo, who said that Proof of Work was his first research on how to turn energy into wealth on his own.

Proof of Work is the consensus algorithm that governs Bitcoin’s blockchain. Miners are required to conduct a certain amount of work to validate the transactions on Bitcoin’s network, put them in a block, and add it to the blockchain. This work requires electricity and, hence, people can convert energy into wealth entirely on their own.

Of course, it’s questionable if running your mining facility is going to be very profitable because larger organizations tend to be more profitable, but the notion is nevertheless true.

#3 The Rampant Volatility

The cryptocurrency market is perhaps amongst the most volatile ones out there. In the past few days ago, Bitcoin lost a substantial chunk of its value, dragging the entire market with it.

While regulators see volatility as a negative thing, a lot of people are here because of it. Substantial price swings allow for immense profits, which are otherwise impossible within traditional markets.

Use ekdromoi says that “calm seas never made a skillful sailor.” It’s worth noting, however, that trading cryptocurrencies could be particularly risky because of said volatility. There are a lot of different exchanges that allow for highly leveraged trades, and it’s essential to be very careful.

#4 When Lambo?

The Laughing Man provided one of the funniest answers of the question – he just posted a gif of a Lamborghini cruising down the lane.

Lamborghini Cars. Source: Pixabay

“When Lambo?” has become somewhat of a popular question within the cryptocurrency community. Back in 2017, when Bitcoin reached $20,000, a lot of people who had bought in years ago, made a lot of money. Naturally, a lot of them were relatively young and spent their riches on fast cars. That’s why Lamborghini became associated with Bitcoin, and people ask this question when they want to know when will Bitcoin surge again.

Money is what a lot of people are here for. The upside potential is huge, as we already saw. Bitcoin has marked triple-digit increases a lot of times during the years, and some are straightforward enough to say that they are here for the money.Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.

Source: cryptopotato

Click to comment

Bitcoin

If Bitcoin Price Closes Under $7,400, Strong Drop Could Follow; Here’s Why

Published

on

Bitcoin has finally started to show some signs of weakness after stagnating above $7,500 for days on end, recently dipping under the key support in and around $7,400. As of the time of writing this, the cryptocurrency is trading for $7,350 on many major exchanges, posting a 2% loss in the past 24 hours.

While a 2% loss doesn’t seem decisively bearish, a leading analyst has said that a loss of the $7,400 price level, which currently doubles as the 100-period simple moving average for the four-hour chart, could imply that a strong drop in the Bitcoin price is coming. Here’s why.

Bitcoin Needs to Hold $7,400?

Nunya Bizniz, a popular cryptocurrency trader, recently noted that the 100-period simple moving average for Bitcoin has been a level of utmost importance over the past few months. He wrote that “For the past handful of months, a close above or below the 100ma has been indicative of continuation.”

Indeed, as Bizniz illustrated in the chart above, a price cross below the level always preceded massive price drops of anywhere from 10% to 20%, save for one occasion where only a 3% drop ensued.

Right now, BTC looks poised to break below that moving average, with bulls failing to keep up with bears. Should historical price action be of any current relevance, a close under $7,400 in around 30 minutes’ time (from the time of this article’s publishing) will show that the leading cryptocurrency could plunge by 10%, or maybe even more.

$7,400 is also important because it was the place where Bitcoin bottomed late in October, prior to the 40% jump to $10,500. As the below analyst pointed out in the tweet seen below, his bullish bias will break if BTC manages to close under $7,400.

While the short-term outlook for Bitcoin may be about to flip bearish again, some say that the medium to long-term directionality for the cryptocurrency remains in bullish territory.

Adaptive Capital partner Willy Woo recently noted that on-chain momentum, which the popular analyst has long claimed is correlated with Bitcoin’s macro price trends, is “crossing into bullish” territory after a multi-month downturn.

With this in mind, he asserted that the “bottom is most likely in,” meaning that any move lower than the $6,500 plunge “will be just a wick in the macro view.” He added that the unnamed indicator also implies that cryptocurrency investors will start to front-run the impending “halving,” the block reward reduction that will be taking place in May 2020.


News Source

Continue Reading

Bitcoin

Bitcoin Price At $100,000 By December 2021: Anthony Pompliano

Published

on

  • Pompliano, the co-founder of Morgan Creek Capital, spoke about Bitcoin prices, the upcoming halving, volatility and so on.
  • He believes that Bitcoin prices will witness a lot of volatility in the next two years.

Anthony “Pomp” Pompliano, co-founder and managing partner at the venture capital fund Morgan Creek Capital, spoke to CryptoPotato on cryptocurrencies. The crypto community has been arguing about the “blockchain, not Bitcoin” narrative for a while now. This can particularly be noticed in China, where the government supports the development of blockchain-based technologies but outlaws the usage, storage, or trade of cryptocurrencies.

Pompliano said that the game-changer here is time. He added:

I think that everyone comes into the industry and they usually do it through Bitcoin. They hear about it, start looking at it, and then there’s the evolution.They go and check enterprise blockchain, check out tokenized securities, DeFi, but pretty much everyone comes back to Bitcoin. Now, that journey may take six months, 12 months, or 18 months, but I think the best thing for Bitcoin is time.

It takes time for people to get familiar with it, to start using it, to understand why it’s crucial. I think that’s going to happen at the government level, the private level, and the institutional level. So it’s just the time needed for people to get more familiar with it.

Notably, many financial and governmental institutions are welcoming blockchain-based technologies. Recently, Agustin Carstens, the General Manager of the Bank of International Settlements (BIS), suggested central banks embrace digital money. 

Pompliano said:

A great use case for blockchain is triple-entry accounting. Single-entry accounting was replaced by double-entry accounting. It’s pretty much true of all transactions and accounting for the last hundreds if not thousands of years. 

In that sense, I think the invention of triple-entry accounting is going to be huge for human development, and blockchain is a great way to do that in an automated fashion. We just announced that we led a series C funding for a company called Figure Technologies.

In that system, basically, what happens is, they created a digital mortgage, and the way that they transact with other people on Wall Street is through a decentralized settlement system. It’s triple-entry accounting that’s presiding over those transactions, so you don’t have a centralized party to do transactions.

Bitcoin halving is one of the most anticipated events in 2020. This is the event that will slash by half the miner’s rewards for adding blocks to the network. Several crypto enthusiasts expect the halving to have a significant impact on Bitcoin’s price since the supply of newly minted BTC will reduce. According to basic economic principles, when the supply of an asset is reduced while the demand remains the same or increases, its prices will surge. 

Pompliano believes the same and he added:

The halving will be a big moment for Bitcoin. I don’t think that the price will shoot up the day after it, but I do think that from the day we are right now, we will see Bitcoin’s price at $100,000 by December 2021.

With respect to the current price action, Pompliano anticipates a lot of volatility:

I think that we are now in a bull market that will extend to around two years. In that period, I think Bitcoin’s price will see a lot of volatility with days spiking up 10-12% as well as 30% crashes. Generally, though, it will continue to trend upwards.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

Continue Reading

Bitcoin

Bitcoin Technical Analysis: BTC/USD looks like it could break lower again

Published

on

  • There has been a fresh wave of selling in BTC/USD today.
  • There was some volume kicking in on the sell-side as the hourly trendline broke.

BTC/USD Hourly Chart

Looking at the 1-hour BTC/USD chart below you can see the trendline has broken and been retested. 

Overall this is a rejection pattern and could indicate that the price is heading lower.

Now 7,428.50 is the low that needs to be taken out for the bears to assert their dominance.

The volume pressure looks clearly like the sell-side are winning the battle at present.

On the topside the main resistance holds at 7,933.40 and we are pretty far from there at present.

Bitcoin technical analysis

Additional Levels

BTC/USD

OVERVIEW
Today last price7426.57
Today Daily Change-95.13
Today Daily Change % -1.26
Today daily open7521.7
TRENDS
Daily SMA207453.27
Daily SMA508200.62
Daily SMA1008741.52
Daily SMA2009381.18
LEVELS
Previous Daily High7576.77
Previous Daily Low7390.42
Previous Weekly High7770.78
Previous Weekly Low7082.55
Previous Monthly High9580.19
Previous Monthly Low6526.82
Daily Fibonacci 38.2%7505.58
Daily Fibonacci 61.8%7461.61
Daily Pivot Point S17415.83
Daily Pivot Point S27309.95
Daily Pivot Point S37229.48
Daily Pivot Point R17602.17
Daily Pivot Point R27682.64
Daily Pivot Point R37788.52

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

Continue Reading
Open

Close