Čvc 10

Price Report: Bitcoin is Dominating Argentina

Source: bitcoin


Another small rise is in the books. Following a drop to $639, the price of bitcoin has jumped up to about $645 at press time.

Also read: Pounds vs Yen: The Battle Over Bitcoin Rages On

At first glance, this appears to be a meaningless rise. Just a few dollars, nothing to scream and shout about, but considering the circumstances surrounding the halving that has now officially taken place, the results are something to celebrate.

The price of bitcoin fell about 5 percent at midday on Saturday, slumping to the $620 range. This drop was only temporary, though, as just a few hours later the price rose by an additional $20, causing everyone to breathe a deep sigh of relief.

Following the first Bitcoin halving about four years ago in 2012, the price of a single coin dramatically increased. We’re likely to witness a similar spike in the coming weeks, granted these results repeat themselves.

“The impact of the halving isn’t based on size, it’s based on marginal profitability,” explains Erik Voorhees of Shapeshift.io.

But some aren’t looking at the halving as an influence at all, believing action in countries like Argentina could lead the digital currency towards a particularly impressive jump. This is where a few unusual situations come in.

Bitcoin Saves the Day in Argentina

In Buenos Aires, the capital city of Argentina, growing “dial-a-ride” service Uber is facing opposition for allegedly operating without permits or tax-identification numbers. Lawsuits from taxi companies are popping up regularly, and credit card companies have blocked Uber payments. Even city officials are taking a stance.

So what’s Uber done? Wanting to stay in business, the ride-sharing service has turned to bitcoin company Xapo, where it has found security in a bitcoin-funded debit card that customers can use to purchase rides. The card is not used locally; rather, transactions occur out of Gibraltar, an area that doesn’t oversee or block Uber payments. Xapo head Anni Rautio says the process of obtaining a card is easy, and the company has already witnessed several customer requests:

“All they have to do is set up their Xapo and receive it at home, and it’s ready to use… This is a very specific situation with a very specific problem and a very specific solution… Since last week, all Uber users in Argentina have been able to use their Xapo bitcoin debit cards to pay for their Uber rides… This is a win for all local Uber users and drivers, and for Uber as a company, as they are able to continue operations in Argentina through Xapo’s debit card.”

So in its fight to garner financial independence for users, it would appear that bitcoin has chalked up another valiant win.

Do you foresee another massive rise? Post your thoughts and comments below!


Images courtesy of Uber, Wikimedia Commons.

The post Price Report: Bitcoin is Dominating Argentina appeared first on Bitcoinist.net.

Price Report: Bitcoin is Dominating Argentina

Čvc 06

The Halving Month Is Here; What Will Happen to the Bitcoin Price?

Source: bitcoin

Bitcoin halving

Another rise in the bitcoin price — since our last price piece, bitcoin has jumped up by about $3, and is hovering around $673 at press time. With the highly-anticipated block reward halving drawing ever-near, this bump might be an indicator for an even larger rally in the coming days.

Also read: Are the Winklevoss Twins Bringing the Bitcoin Price Back Up?

The Halving: What’s Going to Happen?

The halving month has finally arrived, and this could potentially be the first of several jumps in the coming days and weeks. While no one is making any real predictions yet, the fact is that there is no going back. Bitcoin has reached ‘the point of no return,’ and production of the virtual currency is set to be significantly cut.

One plausible action might be to stock up on bitcoins now.

While we’ve witnessed heavy drops in the past, some still believe that bitcoin is the strongest and most stable currency in today’s financial markets, so unless their stashes are already massive, it may be best to take matters into their own hands with what little time they have left. With their savings and earnings all chalked up in the Bitcoin arena, their best-case scenario is to add to their stashes and buy bitcoin now before it surpasses the $700 mark.

But this is merely a suggestion. Some analysts don’t see a $700 bitcoin as a sure thing (one never can in the world of digital currency), and advise Bitcoinists to be careful (as usual) with whatever coins they already possess. One source relays the unpredictability of the ongoing market in full fashion:

“There is no telling what the market will do next. One scenario is that price consolidates into the next wave of advance – and gives us the expected buy signal in the coming days. Another scenario is that decline continues. In the case of the latter, we’d expect to see the price revisit the previous low near $560… If there is an upside, the market should find support at $650 and begin advance toward $755. If $650 breaks, then $560 could be the target.”

The bottom line is that one should invest, but do so carefully. While this may sound like typical advice, we don’t know which way the market will turn presently. With the halving approaching, ready to strike us hard in the chest, the circumstances may be more unpredictable than ever, so investors are advised to look both ways before crossing the street.

Will the bitcoin price rise significantly in the coming week? Post your thoughts and comments below!

Images courtesy of Shutterstock, Crypto-Graphics. 

The post The Halving Month Is Here; What Will Happen to the Bitcoin Price? appeared first on Bitcoinist.net.

The Halving Month Is Here; What Will Happen to the Bitcoin Price?