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Bitcoin Lowest Level Hit Again

Bitcoin has hit its lowest level again this year. Is it the beginning of the end for Bitcoin? I bet that question has been asked many times over in 2018.

Bitcoin gained house-hold name status around Thanksgiving last year. That was the kind of year Bitcoin had in 2017.

Bitcoin’s Lowest Level

But now, Bitcoin is down more than 30% since Thanksgiving 2017.

But that’s not as bad as being down 60% on the year, 18% this week alone, and hitting the lowest level of 2018 today. At the time of writing, BTC is selling for $5,148 and is down nearly 9% on the day.

As is the industry standard, Bitcoin tends to lead the pack; other major cryptocurrencies are down, with Ethereum and Ripple losing over 12% and 4.5% respectively. In fact, this loss is so significant for Ethereum that Ripple has just overtaken it in terms of market cap.

Now Ripple is the second most valuable cryptocurrency in the world. Ethereum is third.

All in a week’s work.

Calm Before the Storm

Bitcoin’s lowest level came unexpectedly—BTC had remained around the $6,400 range for most of October despite the rest of the global markets going through sell-offs.

It was around this time last year when Bitcoin began its epic rise, first topping $10,000 at the end of November and was worth almost $20,000 per coin by Christmas.

The CBOE brought in the first Bitcoin futures trading platform on December 10th, but prices hit their peak the same day the CME began Bitcoin futures trading on December 17th.

The futures market gave investors the ability to bet on the decline of Bitcoin price. It was the ultimate gambling platform—Bitcoin, with a value derived from speculation and nothing tangible, could now make investors even more money by betting on, effectively, market speculation.

>> IDEX Lists Ride Sharing Company RedCab LLC’s REDC Token

Crypto Today

But today paints a different story. This past week has wiped approximately $40 billion off the entire cryptocurrency market capitalization.

According to eToro analyst Mati Greenspan:

“The next logical level of support is at $5,000 but if that doesn’t hold, the next logical support level isn’t until $3,500. With all the falling prices lately, this definitely fits the definition of a buyers market.”

But do you think anyone is expecting Bitcoin to really kick off again? Do you think if you bought in now that the coin might repeat the good old days of 2017?

Something tells me betting on its decline these days makes for an easier prediction.

Featured Image: Depositphotos/© Fotofabrika

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Lack of Decentralization Exposed with Reversed Transaction

Blockchain protocol EOS, run by Block.one, has just become the subject of a new crypto scandal. It all began on November 9th, when a picture emerged on Reddit of a moderator on EOS reversing a transaction that had already been confirmed.

Decentralized?

According to the Reddit user u/auti9003, a reverse transaction occurred without the owner’s permission. The arbitrator, Ben Gates, referred to the blockchain project’s constitution as a basis for his decision. Gates wrote:

“Under the powers afforded to me as arbitrator under article 6 of the Rules of Dispute Resolution, I, Ben Gates, rule that the EOS account in dispute should be returned to the claimant with immediate effect and that the freeze over the assets within the said account is removed.”

Many EOS users weren’t happy with the findings posted on Reddit. One user by the name of ethswagholder said:

“What a pile of garbage is EOS? Why would anyone use this over a bank account and traditional legal system? These guys raised $4BN to recreate the legal system using a token that is neither censorship resistant, nor immutable. Brilliant.”

>> Sherbank CEO: Expects Industrial Blockchain Adoption in Under Two Years

This isn’t the first time EOS’s model of governance has been questioned. Back in early October, allegations were made accusing the platform’s major block producers (BPs) of “collusion” and mutual voting. It was suggested that the main EOS nodes took part in mutual voting, with a handful of payoffs to remain in power of the EOS blockchain.

Daniel Larimer, CTO of Block.one, confirmed the project’s lack of decentralization in an interview last month. Larimer told Colin Talks Crypto:

“Decentralization isn’t what we’re after. What we’re after is anti-censorship and robustness against being shut down.”

Well, that should give you some peace—ha! Larimer still claims EOS is more decentralized than Bitcoin (BTC) and Ethereum (ETH) because it takes 11 BP’s to control the network. For Bitcoin and Ethereum, it would only take around three to four pools.

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Bitcoin and Blockchain | Banks Must Embrace or “Bite the Dust”

With all the constant news about the price of Bitcoin, it’s possible to forget what it was invented for. Cryptocurrency trading plays only a small role in what Bitcoin and blockchain technology can do for our world. Most importantly, they can end the hegemony central banks have on the way we make payments to each other.

Today, there are supposedly thousands of cryptocurrencies available. Many of which seeks to fix the issues central banks have created. However, they don’t all have the same goals. While some may wish to obliterate our current banking system, others simply want to improve it. Banks must find a way to work with these co-operative cryptocurrencies or they will likely face extinction.

The Current Banking System is Too Complicated

In 2015 a global financial literacy test found that 57% of adult Americans are financially illiterate. It’s not surprising then that most people don’t know how complicated it is to transfer money between banks. It’s painstakingly complicated, it’s the reason why payments can take so long – days or even weeks in some circumstances.

When money doesn’t leave a bank, transfers are easy. For example, if two people use the same bank and transfer funds between themselves it’s very straightforward. The bank simply debits the payer funds and credits the receiver.

But when we need to pay someone who uses a different bank this becomes an issue. You would assume that it would work the same way, but unfortunately not. Instead, each bank must have an account with each other to give and receive funds.

To pay someone who belongs to another bank, the funds must first be given to the bank. The bank then takes that money and puts it in their own account in the other bank. Once that money is there, it is transferred to the receiver. This means funds can sometimes be swapped between different hands numerous times before they reach their destination. This entire process becomes even longer when there are large quantities of funds involved.

Blockchain technology can simplify this process, making transactions more direct. Additionally, this also makes transactions cheaper as well.

Blockchain Technology is Ripe for the Globalized World

The old method that is currently in place does not fit in with the world we now live in. Companies are increasingly multinational with offices in many different countries. The process above becomes even more complex when it includes foreign banks. These banks may not have accounts with each other, which might mean a third country may need to be involved.

This is an irrelevant issue for blockchain technology which overcomes this issue. With Bitcoin, overseas transactions can take place at the same speed as domestic transactions.

Funds will be safer

Blockchain technology has also been highlighted as a safer alternative to transferring funds as well.

Decentralized vs. Centralized

One of the key selling points blockchain is that it is decentralized. Centralized networks, such as banks, put themselves at risk because they are easier to hack. Once inside a centralized network, a hacker has access to everything. It only takes one weakness to be manipulated.

By being decentralized, all information is shared amongst everyone all the time. This means that no one is in control of the network. For a hacker to manipulate the information on the network, they would need to control at least 51% of it. This is no easy feat and would require an extremely powerful computer.

Restoring Trust with Transparency

Trust is a major issue for many banks, especially after the 2008 crash. In 2017, a YouGov survey uncovered a number of interesting insights into global trust in banks. While 74% of Americans trust banks, only 37% of Europeans do.

Blockchain technology is also able to restore people’s trust in banks. Most blockchain’s use what is called a distributed ledger. This ledger is used to record every single transaction that takes place and can be viewed by anyone.

With such a powerful tool, banks can be properly regulated. This not only reduces illegal activity, such as money laundering. It also shows clients how their money is being used and transferred.

Cryptocurrencies Working with Banks

Some cryptocurrencies have been designed specifically to work with banks. One of the largest already doing this is Ripple, which is also considered the third largest cryptocurrency. Ripple works by acting as an exchange for money transfer. By doing this, transactions are more direct, much faster and cheaper as well.

Bitcoin’s Position

Bitcoin was designed as an alternative to fiat money. In an ideal world, users would not need to have banks or bank accounts, they would only need bitcoin. This, of course, puts it at odds with the banking world.

Despite the above, it is still possible Bitcoin can integrate with it. Some banks are already doing it and it could ensure their survival. Though, for wide-scale adoption to happen, it is likely Bitcoin will need to be a lot more stable.

Until that point is reached, Bitcoin is prime to be traded. Traders can utilize BitMex signals and Deribit Signals to make the most of it.

Conclusion

Blockchain technology benefits many industries for the better, most of the time making them more efficient. Banking is another industry that urgently needs to be simplified and blockchain looks like the perfect way to do that.

There are several benefits to adopting blockchain technology: banks can simplify transactions between themselves, making the process quicker and cheaper; banking institutions will be impenetrable to hackers, ensuring their client’s funds are safe; banks will be able to increase trust in their clients by utilizing a distributed ledger.

The banking sector will find it tough to accept the changes and some may fight them. This may even result in some banks closing and some new ones opening. It should be considered that different countries may adopt blockchain at a slower rate and may use a different blockchain. But the result will be the same, banks must embrace change or “bite the dust”.

Feaetured Image: depositphotos/ nils.ackermanm.gmail.com

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Bitcoin Hits Lowest Level of the Year Thus Far

Today is a bleak day for cryptocurrencies everywhere as Bitcoin hits the lowest level of the year thus far. Where Bitcoin goes, the rest of the market tends to follow, and indeed, the index shows us all the top-ten coins are experiencing double-digit losses.

Bitcoin Hits Lowest Level of the Year

Currently, Bitcoin is down over 10% and has touched a low of $5,550 a coin. This price is the weakest the coin has been since October 2017 and also puts an end to what was the steadiest period the coin experienced in months. Bitcoin has been trading comfortably around the $6,400 range for the majority of Autumn and volatility was at an all-time low.

The market is placing the blame on tomorrow’s Bitcoin Cash hard fork for the selloff across the exchanges today. As stated, the damage is widespread, and Bitcoin Cash itself is suffering the hardest, with losses just shy of 17%. Ethereum is down -13.5% and Litecoin is down -13.05%, but the entire top-ten are hurting.

Bitcoin Cash Hard Fork

The Bitcoin Cash hard fork will result in a network being split into two different versions of Bitcoin Cash. One upgrade will follow the Roger Ver-favored Bitcoin Cash ABC protocol, and the other will follow Craig Wright’s preferred protocol, the Bitcoin Cash SV.

According to Mati Greenspan of eToro:

“Both Roger and Craig are advocating a different version of Bitcoin Cash […] The end result will most likely be a split in the network resulting in two different versions of Bitcoin Cash when both upgrades go into effect this Thursday.”

>> Japenese Crypto Exchange Coincheck Resumes NEM (XEM) Trade Ten Months Later

Market Drops

The entire cryptocurrency market capitalization dropped by $15 billion USD over 24 hours Wednesday.

And the total market cap of $85 billion is down more than 70% since the start of this year.

This is a far cry from the highs of 2017 when Bitcoin was selling for $19,511 a coin.

What do you think about Bitcoin’s new low?

Featured Image: Depositphotos/© ilixe48

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Bitcoin (BTC) Profits Jump $500,000 in Square Q3 Earnings Report

US financial service company Square (NYSE:SQ) just announced that its Q3 Bitcoin (BTC) revenue jumped up from its previous earnings in Q2. Square detailed its full company earnings in a shareholder letter released yesterday.

Bitcoin (BTC) Revenue Q3 2018

Square released a full digest of its total earning and financial activities. The release was far more colorful and interactive than most public companies’ earnings reports. It included various pie charts, graphs, and diagrams, uncommon in the earnings space.

Earlier this year, the newly public company introduced Bitcoin support in its Square Cash payment app. Compared to Q2, cryptocurrency revenue grew $6 million in Q3.

“Total net revenue was $882 million in the third quarter of 2018, up 51% year over year. This includes $43 million of bitcoin revenue,” the report reads.

Square has been on the rise lately, as its market cap just passed Twitter’s this week. Coincidentally, Jack Dorsey is CEO of both companies. While media interest may be down in cryptocurrency this year, this earnings report shows that there is still interest in the crypto space.

>> A Guide to Understanding Cryptocurrency White Papers

Bitcoin profits remain a niche for Square, and the company only brought in profits of around $500,000 after taking into account Bitcoin purchasing costs. This past October, Square expanded its interaction by open sourcing its cold storage set up and expanding its crypto offerings in new jurisdictions.

Square just recently launched Square Terminal, which allows merchants to take debit and credit card payments. There have been rumors circulating about the possible merchants’ integration with BTC, but there have yet to be any official reports on the matter.

Bitcoin (BTC) Movement

At press time, Bitcoin is currently trading at $6,515.40 a coin, down -0.11%. This week, the original digital currency went on a bit of a bull run and jumped above the $6,500 mark, but now it seems to have slightly corrected.

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