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Industry Report: The Halving That Came and Went

Source: bitcoin

Bitcoin Industry Report

The halving comes and goes, Ethereum wants to hard-fork, and the blockchain does income grants. Want to catch up on the latest cryptocurrency news? Take a look at the stories below.

Also read: Industry Report: The Bitcoin Bill That Became Law

BITCOIN HALVING

The halving has officially come and gone, and the results haven’t been as big as we all hoped for.

At mid-day on Saturday, the bitcoin price fell to the $620 range but jumped back to about $645 within a few hours. Despite all the press and predictions that led up to the event, not much seems to have happened. Following the first halving in 2012, however, the price of a single bitcoin increased tenfold within the first few weeks, so further increases towards the end of the month are not entirely out of the question.

The biggest fight is occurring among bitcoin miners, who face a huge drop in business. Miners are doing everything they can to avoid potential downtime, as the block reward — and potentially their revenue — has been cut in half.

Genesis Mining CEO Marco Streng explains:

“The most important thing is to be the most efficient miner. . .When the others drop out, that means that they leave the market and give you a bigger share of the pie.”

ETHEREUM HARDFORK

In response to a recent DAO “hack” that saw millions in Ether funds stolen, Ethereum holders have voted unanimously for what’s known as a “hard-fork,” which will prevent the purported thief from ill-using any of the funds taken.

According to one source, a hard-fork is “a change to the bitcoin protocol that makes previously invalid blocks/transactions valid, and therefore requires all users to upgrade.” Software engineer Nick Johnson explains that the move is designed to garner greater user protection. He also says things may seem slow at first, but few of the changes incorporated should dramatically change user experiences:

“The actual change is fairly trivial – a balance transfer between blocks. All the code around that in order to prevent bad things happening adds a lot of complexity. Not to mention very thorough testing. For instance, making sure that any nodes that fast sync after the fork, sync to the correct chain.”

GRANTCOIN

Blockchain-based currency Grantcoin is now offering unconditional basic income grants to users.

Launched in 2015, Grantcoin was the first digital currency to be distributed and managed by non-profit executives with the intention of supplying funds to “socially responsible businesses.” The first grant distribution took place in early July, where approximately 255 individuals from 17 nations received funds in their personal Grantcoin wallets. A second “hand-out” will occur in late September.

Grantcoin has been labeled “currency with a conscience.” It’s mission statement says:

“We insist that a new currency be equitable: that it shall be issued to all people as a human right, as a universal basic income to be enjoyed by all — to compensate, at least partially, for the accidents of birth and circumstances of fortune that have blessed or condemned different people and regions of the world to wealth or poverty.”

Know of any stories that belong in our regular industry reports? Post your thoughts below!


Images courtesy of Ethereum Blog, Grantcoin.

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Industry Report: The Halving That Came and Went

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Čvn 13

Bitcoin Price Bursts Ahead, Nearing $700 USD

Source: bitcoin

Bull Market Bitcoin Price

As if there were any doubts among fans, Bitcoin has proven to be as innovative and surprising as ever. In what has been a long-awaited moment, the bitcoin price has risen beyond what anyone expected and is hovering at around the $682 mark at press time.

Also read: Counterparty: The Fuel for Bitcoin Price Stability?

Naturally, the next step is to go even further. Many are wondering if $700 isn’t just wishful thinking, anymore. While predictions regarding a further advance may be unclear at this time, bitcoin fanatics everywhere are celebrating like they mean it.

Jose Rodriguez, VP of payments for Mexico-based bitcoin exchange Bitso, explained with enthusiasm:

“Today we had the highest price in MXN since we started operation in April 2014. This is the highest registered price. In 2013, there were still no bitcoin exchanges in Mexico. We believe in the technology and its applications and use cases to bring better financial services for humanity, and not only speculation.”

Bitcoin Price Rises in Midst of Global Instability

As we approach the oncoming Bitcoin halving, it seems that Bitcoin is attempting to prepare itself for when production is cut down. Are more people purchasing bitcoin hoping to stock up before miners reduce their work by half?

The other potential factor contributing to the rise in price could be what’s being called the “Brexit vote.”

The UK is presently pondering whether or not to leave the European Union, and many of its politicians feel that a vacation from the EU could ultimately cause harm to its economy. Some have suggested that Bitcoin is being purchased by Europeans who are fearing the worst.

Regardless of the circumstances, the price of bitcoin is higher than it’s ever been, and many of us couldn’t be happier. As one analyst claims:

“In yet another large single day move, bitcoin price surged from $580 to $650… The popular USD exchanges have mostly achieved the $650 level… There seems to be additional advance in store.”

However, words of caution are still being thrown out to those who will listen, as a downward jolt of the coin’s price is still expected to hit hard within the coming months:

“The bitcoin price… is surging higher as bullish trade easily scales the order books during low liquidity weekend trade. Given the pace of advance, the $680 level may be achieved within the next 24 hours. It seems a futile and often-failed call, but at some point the bitcoin price… can be expected to put in a massive downward price correction. It may occur from the $680 level, so trade long aggressively but with caution.”

Will the bitcoin price hit $700 soon? Post your thoughts and comments below!


Images courtesy of coins-info.com.

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Bitcoin Price Bursts Ahead, Nearing 0 USD

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Čvn 03

Bitcoin Price Finds Stability After Massive Bull Rally

Source: bitcoin

Bitcoin Price

Perhaps last week gave us so much excitement that we needed some time off. In our previous price piece, bitcoin shocked its fans by jumping to the $530 range within a matter of days. Now, we look at bitcoin, and it hasn’t moved. In fact, several days later, Bitcoin is exactly where it was before.

Also read: Bitcoin’s Price Explodes, Is $600 Around the Corner?

Will the Price Stay Flat at $530?

Will the currency continue to rise in the coming days? It’s hard to say, exactly. Bitcoin is certainly on the rise. This past week has shown that, but a pause seems to be occurring in what can be called the Bitcoin assembly line.

As several sites and platforms reiterate, there appear to be three major things influencing the price of bitcoin, all of which we’ve covered in previous segments, so this won’t be news to regular readers.

The first is the halving set to occur next month. There’s not much else to say that hasn’t already been explained. Production on bitcoin is slated to be cut in half beginning in July. There will be fewer transactions, and the value is expected to spike.

The second seems to be interest in Ethereum. This one is really up for grabs; we saw Bitcoin drop before moving back up, and this could also have been due to re-instituted value and interest in Ether, a long-standing Bitcoin rival.

The altcoin was the subject of the largest crowdsale in history, but while some feel that this was the cause for a temporary fall in bitcoin’s status, others claim that it brought about further interest in cryptocurrency altogether, thus garnering more views and causing several to eventually turn their attention towards Bitcoin completely.

This makes sense, in a way. Bitcoin rose nearly $100 USD in just a week, while Ether’s price has remained relatively unchanged, so in the long run, this argument could go either way. Ethereum may have hurt bitcoin for a short time, but it also may have aided it in the end.

The third reason is China; their interest in bitcoin is at an all-time high. As the Wall Street Journal states:

“Huobi and OKCoin, two Chinese exchanges, now collectively account for some 92% of global trading in bitcoin. The surge in bitcoin buying this weekend could be the latest sign of how Chinese investors are moving money between asset classes quickly in search of high returns.”

The simple fact is that China is responsible for the majority of bitcoin trading, and things are slated to stay this way for at least a little while.

There may not be much news to report on the state of bitcoin, but there also isn’t any negative press. The digital currency is staying put and hovering in a solid place, and doing its best to provide and build on what it has already created, so why get in the way of that? This is one time where we need to sit back and enjoy the ride.

Eventually, bitcoin will jump higher and exceed our expectations again, but until that happens, let’s give bitcoin some room before its next big workout.

Do you see bitcoin rising again soon? Post your comments below!


Images courtesy of Entrust Financial Credit Union, bitcoinprice.tech.

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Bitcoin Price Finds Stability After Massive Bull Rally

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Kvě 26

Bitcoin Rises, But What Will Happen in July at the Halving?

Source: bitcoin

Bitcoin halving

Bitcoin is back up! Since our last price piece and Ether’s rise to the top with arguably the largest crowdsale in history, bitcoin has grown by about $9 in price and is getting people excited once again.

Also read: Ether to Blame for Bitcoin’s Decline?

As with all ascensions, bitcoin enthusiasts are coming out of the dark with smiles on their faces and happily telling skeptics, “We told you so.” For a while, it appeared as if Ethereum was going hog the spotlight. A crowdfunding campaign that manages to raise nearly $200 million is certainly something worth noting, but in the end, bitcoin couldn’t be kept down.

How Will Bitcoin Fare Heading Into the Halving?

But how long will it last? As one source states, bitcoin production is scheduled to be cut in half starting in July. Naturally, this is bound to affect the price, but in what way, and by how much?

Some say the sky’s the limit. According to Gil Luria, a Webbush Securities analyst who covers the Bitcoin investment vehicle GBTC:

“There’s always a lot of factors in the price of Bitcoin, but all those things being equal, [the halving] should help the price go up, if for no other reason than of the rule of economics… It’s a function of the intersection of supply and demand, and the halving literally means there will be less [new] supply every day.”

In other words, this could be just the thing bitcoin needs to stay on top for good. After all, a scarce item is likely to hold more value than one that is plentiful or common.

But others aren’t entirely convinced. In fact, one of the big problems expected from the halving is the fact that miners will possibly have to deal with potential drops in profitability.

Miners are responsible for keeping transactions going on the blockchain. Often, these miners receive incentives based on the number of transactions they oversee. With fewer transactions set to take place, you can bet some of those incentives will disappear, which could ultimately lead to a disgruntled work environment among present members of the digital mining sector. Unless the bitcoin price doubles in a short time, bitcoin miners could see quick and massive drops in revenue.

Furthermore, if miners become fed up with the lack of financial security and exit the mining arena permanently, we’re likely to see blockchain security compromised over time. The primary fear is that transaction limits will be hit, leading to lost faith and ultimately, the coin’s final days.

While thoughts are running wild, one thing can be labeled as marginally true, at least for the time being: we don’t know what’s going to happen. Whether bitcoin doubles in price or doesn’t go anywhere at all, there’s no way to predict where digital finance will go. The halving is on its way, and there’s not much we can do to stop it. What we can do, however, is accept the changes that are likely to occur starting mid-July, and do our best to adapt and keep our favorite digital coin (and ourselves) afloat.

What do you foresee happening when the halving takes place? Post your comments below!


Images courtesy of insidebitcoins.com, jefflau.net.

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Bitcoin Rises, But What Will Happen in July at the Halving?

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Dub 25

Bitcoin Price Moves Forward: $457 and Rising

Source: bitcoin

Wall Street Bitcoin Price

Since our previous look at the bitcoin price, everybody’s favorite coin has jumped another $14, bringing it to $457. What has once been described as a stagnant, slow and stuck in the middle entity is now rising faster than it has in quite some time, and digital currency enthusiasts are keeping their fingers crossed and hoping things last this way for quite a while.

Also read: Bitcoin Price Enjoys an Impressive Jump, Will it Endure?

Bitcoin Price on the Rise

Presently, the price of bitcoin is described as “bullish,” meaning it’s enduring a steady rise that investors can sink their teeth into. While speculation is anybody’s game, there are a few possible answers as to why bitcoin is moving forward at such a rapid rate.

We’ve mentioned the fact that positive media and a change in ideals towards bitcoin have certainly helped the currency along the way. As cliché is it may sound, nothing’s going to survive as long as it’s being hit with illicit and negative vibes. There’s no room for anything to step in, take the wheel and start heading into the sunset away from the storm…

But the news of Steam’s upcoming integration with bitcoin may have a lot to do with the sudden rise. Segregated Witness also has a lot of people feeling confident and healthy, and capitalists such as Tim Draper believe that the price will allegedly continue to soar over a two-year period, making bitcoin the hot virtual currency of the ages. Men like Draper think that bitcoin investing is just getting started, and the playing field will soon be the largest in the world of modern finance.

Presently, many eyes also find themselves turning towards China. The country has recently experienced a heavy economic downturn, but China has often been regarded as one of bitcoin’s top users, and now that its monetary system is experiencing a period of temporary failure, many are beginning to invest in alternative methods, bitcoin being a prime staple. Investors in China are still fairly limited, but with time, the number is expected to increase heavily.

Finally, there’s the topic of bitcoin halving. At present, every bitcoin block produces about 25 single bitcoins. They are always kept new to prevent liquidity, but things are expected to change in July of this year when bitcoin blocks will purportedly be reduced to 12.5, making bitcoin harder to get one’s hands on. Obviously, something rare or less common is likely to spike in value, and bitcoin is no exception.

With such a positive future ahead, bitcoin’s primary goals of taking over the financial world and rewriting monetary practices as we know them seem to be taking full force. With increased help, bitcoin can finally slide into home without skinning its knees.

What are your thoughts on the bitcoin price rise? Post your comments below!


 

Images courtesy of Salon.com, Shutterstock

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Bitcoin Price Moves Forward: 7 and Rising

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