Lis 20

Bitcoin Public Full Node Count Surpasses 10,000

New data released by Coin Dance this week shows that the number of bitcoin public nodes made a significant jump. The reported 10,094 public nodes places the total number back over 10,000 for the first time since March.


Hard Core

Around 95 percent of the nodes are running Bitcoin Core, a proportion which has remained steady since early 2018. The Bitcore software follows not-so-closely behind, commanding just 2 percent of the nodes — 198 to Core’s 9648.

global currency

Then there are 56 nodes still running Bitcoin UASF, which was developed to counter miners’ reluctance to adopt SegWit back in August 2017. As Bitcoinist reported last month, many in the industry consider that movement as an emphatic victory for users over corporate interests.

After peaking at 1.35k nodes at the time of the proposed fork, UASF nodes quickly dropped off after the success of their mission. The past year has seen numbers falling more steadily to their current level. The movement and consequent hard fork of BTC 00 and BCH, did however spur an impressive increase in node uptake.

Most software iterations are currently losing nodes to Bitcoin Core. One exception to this trend is Bitcoin Knots, which has seen 10 new nodes in the last week.

Lightning Bolt

Meanwhile Lightning Network continues to go from strength to strength, racking up 4000 nodes earlier this month. This caused the main net capacity to reach an all-time high of 118 BTC.

Why Node?

Any user can set up a bitcoin full node, and there are several reasons why you might want to. Apart from the warm and fuzzy feeling you’ll get from knowing you are helping the bitcoin network, that is.

Running a node gives users increased security and privacy, as there is no need to rely on third party service providers. It also gives users a choice in how the network develops, through the software implementation you decide to run. And it isn’t as difficult or expensive as you may think.

What are your thoughts on the jump in Bitcoin nodes? Let us know in the comments below!


Images courtesy of Shutterstock.

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Lis 19

Bitcoin Price Analysis: Will $5k Hold or Are Bulls Being Led to Slaughter?

Bitcoin price (BTC/USD) had a dire week, breaking down last Wednesday from its 2018 consolidation reaching weekly lows of $5200. 


This week started no better with new lows being found after a further selloff at around $5050. Here we take a look at some of the immediate levels trades and investors alike worth paying attention to.

Bitcoin Price: Daily Chart

Bitcoin‘s resilience sustaining prices around $5500, gave up on Monday as the wider trading environment kicked off the week, with markets pushing BTC price 00 down to test $5000.

As the market attempts to adjust to the breakdown, many are trying to work out where the bottom may be. Here we look at a few of the scenarios being contemplated by investors and traders alike.

Weekly Chart

The lows of August – 2015 August 2017 uptrend converges with the lows of the 2018 downtrend around $4400-4800.  There is a distinct lack of historically traded volume between $4800 and $5500, which may explain why the market is currently falling through the current price range with minimal resistance.

Traders may look to this price range for a bounce, marking a 75% discount from December 2017 prices and a psychological level for both buyers and short covering.

A break and close above previous support at $6,100 would signify some confirmation of a longer term bottom.

2015 Bottom

The 2015 bottom was found at the top of the 2012-2013 trend.  If the same is applied to 2019 it again suggests $4800 region may be a significant level of support.

The most bullish scenario that can be presented is that this down move is being induced by a large player tempting sell volume to the market, which was lacking around $6,000, in an attempt to make a large, longer-term buy and hold position.

This kind of trading is known as a fake out trap to run stops and create liquidity to build such a large opposing position, but it really the only hope short-term players have in this market resuming an uptrend.

$3k – A Comparison to 2015

Looking at 2015 the bottom was found resting alongside the 200MA, currently trending towards $3200, which is where the bottom of the volume range currently resides.

This level is where the market last witnessed significant volume, bouncing the market back to $4350 within two weeks.

It is likely that a number of market participants who took profits from above this level, or from those that sold here historically and had to endure the run up to 20k will happily re-enter the market on an 85% retracement

Bitcoin Cash Hashing War

Hashing power has been diverted from the BTC network to provide support to the Bitcoin Cash ‘hash war,’ which goes some way to undermine the network security for Bitcoin.

Game theory in Economics and as applied here, works on the basis that individuals are incentivized with their resources to do what is best for themselves and the group, which in this case would be to mine the more profitable Bitcoin chain, however, there is currently an uneconomical war being conducted meaning that the marginal profitability from mining is being ignored in the quest for dominance over the BCH network.

Its unclear how this war of attrition using SHA 256 resources is directly impacting Bitcoin price, but it would be reasonable to assume that it is not positive to the outsiders looking in and until there is liquidity to dump the opposing chains coins, they will need to use their Bitcoin to provide working capital to cover the marginal cost of production.

The probable outcome is that the losing miners will revert their hash and capital back to the BTC network once a winner has been found.

In Summary, Bitcoin 00 looks likely to continue its downward momentum from here, testing the low volume price ranges, with the closest one closing around $4800, however, the strength of the hands of the Hodlers will be tested.

A large engulfing candle supported by significant volume is the only thing which the bulls want to order from the menu, but where that will occur remains to be seen.

Does Bitcoin price suggest it is now a buyers market? Where is the bottom? Let us know your thoughts in the comments below.


[Disclaimer:  The views expressed in this article are the personal opinion of the author and do not reflect the views of Bitcoinist. The information in the article should not be taken as financial advice.]

To get receive updates for the writer you can follow on Twitter (@filbfilb) and TradingView. Images courtesy of Tradingview, Shutterstock.

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Lis 18

Switzerland Approves First Bitcoin-Cryptocurrency ETF with Ticker $HODL

The Bitcoin ETF $HODL, offered by Amun Crypto, will begin trading on Switzerland’s Six Swiss Exchange beginning next week. The ETF’s earnings will be linked to five different cryptocurrencies.


The ETF is being offered by Amun Crypto, a U.K. based fintech company. It will begin trading on Six Swiss Exchange next week. Six is Switzerland’s chief stock exchange, as well as the fourth largest in Europe.

According to the Financial Times, the ETF “[…] has been designed to track an index based on the movements of five leading cryptocurrencies.”

Roughly half (48%) of the ETF’s assets will be invested in Bitcoin (BTC) 00. The rest will be put towards bitcoin cash, XRP (30%), ethereum, and litecoin.

New Kid On the Block

Financial Times‘ writer Matt Flood notes that the ETF has been crafted in close accordance with the standards expected from traditional exchange-traded funds. This is according Hany Rashwan, Amun’s top executive.

Rashwan describes the aims of the ETF:

The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments

The Times reports that while competitors like CoinShares and Grayscale exist, they differ in legal form, whilst only being linked to one cryptocurrency. Seeding for the ETF will be fostered by Jane Street and Flow Traders, and it will trade using the ticker $HODL.

The Financial Times highlights the ETF’s arrival amid the lowest drop in BTC price 00 in over a year. The ETF is has been particularly the source of much hype in the cryptocurrency space. An exchange-traded fund product is expected to facilitate institutional buying of bitcoin.

Switzerland seems to be perpetually fixed in the crypto news cycle whether its happenings in Crypto Valley or the present ETF. Progress seems to abound.

In October, Bitcoinist reported on Crypto AG’s recently-granted cryptocurrency asset management license. A month earlier, Bitcoinist also wrote on Switzerland’s status as a top global Bitcoin destination.

What are your thoughts on the Bitcoin ETF $HODL? Share your thoughts below!


Images and media courtesy of Shutterstock, Twitter (@boscryptocnn, @MANT121266), YouTube (ThinkCrypto).

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Lis 17

One Cryptocurrency to HODL, Two to FODL (YOYO, BCHABC, BCHSV)

Forks can be beneficial to the cryptocurrency space. This is specifically true when they add desired attributes to underlying cryptocurrencies. In many instances, forks do not bring any benefit but are the result of infighting.


Cryptocurrency Chaos: BCHSV and BCHABC

Cryptocurrencies dealing with infighting and hash wars should be avoided while coins reaching milestones with tiny market caps should be accumulated. Following this logic, both Bitcoin Cash forks should be sold, while the project YOYO deserves major recognition. YOYO is a HODL, while BCHSV and BCHABC are both immediate FODLs.

“BTC is the new stable coin,” was the resounding statement the prior month. Right as the entire cryptocurrency market expected stability from the market leader it lost more than 10 percent in under 48 hours. Many speculated about the reasoning but it seems fairly clear to those who did a little investigating.

Bitcoin Price Analysis: Will Bitcoin Bite Back?

The Bitcoin Cash [BCH] 00 fork sent the market into a tailspin this week. Now that the BCH fork has concluded it seems the same fork that created market panic has demonstrated bullish market signals.

Let’s start with the lovely ticker symbols: BCHSV and BCHABC.

Bitcoin Cash price technical analysis BCH

How can anyone take someone seriously when they claim “BCHABC is the original BTC.” The sentence is almost laughable. When the parties that tore BTC apart were working in tandem to try to be the ‘original BTC’ they had a chance. Albeit a small chance, one that existed. Now having forked their fork, neither Bitcoin maximalist nor novice cryptocurrency trader will believe BCHSV or BCHABC is the “original bitcoin.”

Could either be a possible winner regarding a short-term trade? Sure, however, regarding long-term utility, neither solves a problem BTC 00 has not already resolved, and neither have communities like the original BTC.

With discussions raging regarding a hash war between the two new BCH chains, it seems like neither is the ‘right’ choice in the short term.

To capitalize on the market rebound that is likely to occur from this week’s overcorrection small caps on the largest exchanges should be targeted.

A cryptocurrency that clearly meets most investors guidelines with a tiny market cap on major exchanges is YOYO.

YOYO (YOYOW)

 YOYO, is a clever acronym for “You Own Your Own Words.” YOYOW trades under the ticker symbol YOYO 00. The concept behind YOYO is very simple; you own what you create. The content a user creates deserves to be rewarded.

What makes YOYO a unique acquisition target, especially during this week’s correction are multiple things:

  1. Confirmation speeds of 3 seconds compared to BTC’s 10 minutes.
  2. A throughput of more than 3,000 transactions per second.
  3. The first blockchain authorization login.
  4. Network governance for token holders.
  5. The total circulating supply is equal to the total supply.
    1. This means all coins are in circulation and the team is unlikely to be able to ‘dump’ on the market during major price shifts.
  6. The market cap is under $7.5 million and is traded on multiple Top 5 exchanges.
  7. 2018 Q3: Dapps were integrated.
  8. 2018 Q4: Token Feature Optimization, Authorization Feature, Lockup Feature, and Dividend.
  9. 2019 Q1: Enable Content Rewards.

Finbitex

There are almost 10 reasons that make YOYO a short-term acquisition target as they roll out their content rewards at the beginning of next quarter. Confirmation speeds of just seconds mean your cryptocurrency can be sent anywhere and received before a sentence can be completed. Being able to process 3,000 transactions per second means as a payment for content provider they will be well ahead of the curve.

YOYO intends to be the first blockchain with authorization login. This feature will separate YOYO from the majority of other similar content platforms. Those who hold tokens of any cryptocurrency appreciate being able to help govern the platform, this attribute will be implemented for YOYO imminently.

The market cap of YOYO being under $7.5 million makes it a ripe target for rapid growth as any substantial news or meeting of deadlines will push the market cap exponentially higher.

Despite the bear market, YOYO continued to integrate Dapps while building out their reward and incentive platforms. This quarter has the implementation of many of YOYO’s coin features. This includes their Authorization Feature, Lockup Feature, Dividend, and Governance.

It does not appear that either BCH fork added any value to the cryptocurrency space but instead created a 48-hour correction. Due to their lack of adding real value or utility both BCH forks should be avoided.

YOYO is a project that deserves the attention being diverted to unnecessary forks and market corrections.

Look for YOYO to outperform during any rebound the next few days and through the possible upcoming bull run.

[Disclaimer: This views expressed in this article do not reflect the views of Bitcoinist and should not be taken as financial advice. Also, this is the first time the word FODL has been used (opposite of HODL)**]


To read the Crypto King’s prior articles or to get in contact directly with him, you can on Twitter (@JbtheCryptoKing) or Reddit. The King is the founder of ANON and actively trades cryptocurrencies.

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Lis 16

Ron Paul Survey: Half Would Choose Bitcoin For 10 Year Investment

Most people would choose to invest in Bitcoin over gold, fiat currency, and bonds, according to a survey by Ron Paul which continues on Twitter November 16.


Bitcoin Is Best Future-proof Investment

The former US lawmaker and presidential candidate, well known for his advocacy of the cryptocurrency, has so far yielded responses from over 58,000 people. Almost half of them would want to invest in Bitcoin.

Traditionally much larger than in-person surveys, such as those recently conducted in the UK and Russia which also showed strong popularity for Bitcoin, Twitter polls nonetheless cater to social media’s active cryptocurrency community.

Paul added the proviso that an investment must remain untouched until 2028, suggesting faith among respondents over Bitcoin’s longer-term future has not deflated with this year’s prices.

The survey reads:

A wealthy person gifts you $10,000. You get to choose in which form you’ll accept the gift. But there’s a catch: You must keep the gift in the form that you choose for 10 years without touching it. In which form would you accept the gift?

Bitcoin Criticism Backfires

At press time, 49 percent of 58,131 had voted for Bitcoin 00, followed by 39 percent for gold. Just 2 percent would choose cash US dollars.

Paul’s timing provides a sharp contrast with the cryptocurrency naysayers who continue to pour cold water on the market’s chances in the midst of this week’s fresh price downturn.

A speech by the European Central Bank board member Benoît Cœuré Thursday described Bitcoin as an “extremely clever idea” but added that “sadly, not every clever idea is a good idea.”

In an ironic twist, a Bitcoin analyst’s rebuttal on Twitter garnered more support in the form of likes than the original comment.

At the same time, economist Nouriel Roubini capitalized on BTC/USD’s fall below $5,500, reiterating his belief the pair “belongs” at “zero.”

What do you think about Ron Paul’s Bitcoin survey? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

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Lis 15

Ripple (XRP) Overtakes Ethereum as Second Biggest Crypto By Market Cap

Ripple (XRP) has once again overtaken Ethereum by market cap amid ongoing cryptocurrency market turbulence and bearish sentiment.


Only $100k Separates Ripple and Ethereum

As data from Coinmarketcap confirms, Ripple’s XRP token is now the largest altcoin, losing less than Ethereum in the past 24 hours. As a result, ETH is now in the third-largest cryptocurrency, repeating what has become a pattern in 2018.

As Bitcoinist previously reported, XRP last overtook ETH fairly recently on the back of rumored expansion of the token’s usage.

While not directly affecting Ethereum, the Bitcoin Cash hard fork appeared to hit the asset particularly hard, ETH/USD 00 losing almost 15 percent versus Bitcoin’s 11 percent.

XRP/USD 00 fell 9.2 percent, the difference in market cap between the two altcoins now just $100,000.

No Cause To Celebrate

The short-term success of XRP contrasts with the continued publicity battle Ripple has seen in recent months.

As Ethereum developers forge ahead with major technical developments many have championed, Ripple appears mired in criticism of both its products and senior executives, who have delivered contradictory statements about the company.

In October, CEO Brad Garlinghouse hit back at accusations the network was overly centralized.

“I as the CEO of the company can’t control the XRP ledger. I can’t change a transaction,” he told Cheddar.

“…I think there are a lot of people out there who are waging holy wars, they’re spreading misinformation – and they’re spreading misinformation because they have an economic interest in that.”

Nonetheless, third-party interest in the token remains with news this week surfacing that Japan’s biggest bank wishes to use it as the basis for a cross-border remittance service to Brazil.

Multiple financial institutions are currently considering the concept of Ripple-based remittances, with the company’s xRapid payment network also debuting with XRP as its means of exchange.

What do you think about Ripple overtaking Ethereum? Let us know in the comments below!


Images courtesy of Shutterstock, Bitcoinist archives

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Lis 14

Bitcoin Price Hits 2018 Low Amid Cries of ‘Capitulation’

Bitcoin price finally broke through $6,000 support, falling as low as $5,500 with the price still volatile at press time.


Bitcoin Price Hits 2018 Low

As Bitcoin (BTC) price has flatlined as of late, one could say that it was a welcome sight to have some action and volume. The bad news, however, for those long BTC price was that same $6,000 support that held all year finally broke.

Bitcoin price 00 hit as low as $5,550 USD on Bitstamp amid ongoing volatility. This is the lowest price since October 2017 and a record low for 2018.

The drop-off may have been expected, however. Bitcoinist recently reported on the waning interest from traders amid record low futures volume and money velocity. And despite a string of recent positive news for Bitcoin and cryptocurrency, such as forthcoming on-ramps for Wall Street and increasing profits for businesses, the Bear market seems to be tightening its grip.

Bitcoin price today

Capitulation?

Meanwhile, notable industry figures such as cryptocurrency investor Barry Silbert called the record drop in price “capitulation.” Others also pointed out how the current record low RSI index for BTC/USD charts has historically been a signal for an upswing.

Admittedly, several factors that could potentially reverse the bearish momentum before the end of the year are still in place. However, all eyes will now be on BTC price 00 as the boring flatline period appears to (thankfully?) be over.

Are you long or short Bitcoin price? Where will the bottom be? Share your thoughts below!


Images courtesy of Shutterstock

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Lis 13

Stock Market Slump Could See Bitcoin Price ‘Make New All-Time High’

Cryptocurrency inventor, fund partner and advocate Max Keiser is predicting new all-time Bitcoin price highs as the stock market tumbled again this week.


Bitcoin to ‘New All-Time High’ as Stock Market Slumps

A drop in share prices for both Goldman Sachs and Apple has equated to an approximately 160-point loss for the Dow Jones November 12, leading Keiser to suggest the index could collapse to below the significant 10,000 barrier in future.

“10 (years) of cash transfusions from central banks – masking the globe’s economic death in 2008 – hasn’t worked,” he wrote on Twitter.

“Dow 10,000 here we come. (Bitcoin) will make new (all-time high).”

The Dow last saw 10,000 during the banking crisis a decade ago, having hovered around 25,000 for most of 2018.

Anticipation Of Crypto Awakening Grows

While Keiser like many other well-known commentators has long heralded a return to form for Bitcoin price 00, cryptocurrency markets have yet to signal their bear market is over this year.

As Bitcoinist has frequently reported in recent months, the anticipation of institutional investor money buoying sideways prices continues to run high. Major crypto assets themselves, however, continue to trend slowly downwards.

Big money remains faithful to the optimistic narrative on Bitcoin, however. Last week, billionaire investor Tim Draper took to the stage at Europe’s largest fintech conference Summit 2018 to double down on his prediction the largest cryptocurrency would hit $250,000 per unit by 2023 at the latest.

He was joined by Blockchain wallet CEO Peter Smith and Managing Capital co-founder Garry Tan. While both stopped short of endorsing the quarter-million figure, there appeared to be unanimous agreement that Bitcoin would be worth more in USD terms by this time next year.

“…My prediction for $250,000 by 2022 – maybe 2023 but in that range – is absolutely solid, but I’m not so sure how we’re going to get there,” Draper said.

What do you think about Max Keiser and Tim Draper’s predictions? Let us know in the comments below!


Images courtesy of Shutterstock

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Lis 12

Stellar (XLM) Becomes Top-5 Cryptocurrency Pushing Out EOS

Open source cryptocurrency transfer protocol Stellar’s Lumens (XLM) token has entered the top five cryptocurrencies by market cap the week after its $125 million deal with Blockchain.


Stellar Lumens Beat EOS To Top 5

Data from Coinmarketcap confirms the repositioning, which gives XLM a market cap of $5.15 billion and relegates TRON to eleventh place and edging out EOS from the Top-5.

Stellar (XLM) 00 has seen considerable publicity over the past weeks after executives announced a giveaway campaign with wallet provider Blockchain worth $125 million.

Stellar: Headed Towards $1?

As Bitcoinist reported, the campaign was ostensibly designed to draw attention to cryptocurrency more generally among the wider populace, but XLM immediately profited, bucking the general trend to stave off losses taken by other altcoins since.

“We’ve already shared our thoughts on how Blockchain Airdrops are a great way for crypto creators to drive decentralization and adoption for new networks. We think they’re great for crypto users too,” Blockchain CEO Peter Smith wrote in a blog post about the giveaway, which is open to anyone with a Blockchain wallet.

“…We’re starting with Stellar because its network is built for scalability.”

EOS Battles Publicity Crisis

Stellar has instigated mass XLM giveaways before, a blog post of its own describing the feature as “core” to its “vision and strategy.”

“…The network has grown enough for mass distributions to make sense,” executives wrote.

XLM outmaneuvers EOS to enter the crypto top five, the latter facing fresh controversy this week after it emerged agents had the power to reverse transactions which had already confirmed on its network.

Currently causing furor on social media, the case in question involved an EOS account which had been phished and funds moved without the owner’s permission.

Settling the issue, an EOS ‘arbitrator’ took the decision to simply reverse the transactions, leading to criticism of the protocol’s ethics.

In an interview last month meanwhile, CTO Daniel Larimer dismissed the need for decentralized features in EOS, claiming the concept “isn’t what we’re after.”

What do you think about Stellar reaching the top five cryptocurrencies? Let us know in the comments below!


Images courtesy of Shutterstock

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Lis 11

Bitcoin ATMs Have Spread to 4,000 Locations Globally

Numerous signs of maturity can be noted across the cryptocurrency industry. A growing number of Bitcoin ATMs is making their mark on the world. This month, the number is expected to surpass the 4,000 milestone.


Another Milestone for Bitcoin ATMs

Making cryptocurrency more accessible remains a key priority. Bitcoin ATMs have their role to play in this regard. These machines make it easier to buy bitcoin and altcoins with fiat currencies. Nearly 4,000 of these devices can be accessed on a global scale.

It is a low number compared to bank ATMs, but more devices are brought online every single day. Currently over 6 Bitcoin ATMs come online every single day.

Bitcoin ATMs Spring up Across Utah... ish

In May, Bitcoinist reported on the 3,000 location milestone for Bitcoin ATMs worldwide.

North America is the place to be for accessing Bitcoin ATMs. The continent controls 71.3% of the market at this time. Europe is the somewhat surprising second entrant on the list. Nearly one in four devices can be found in top European cities. Asia, while quite prominent in cryptocurrency trading, only houses 2.56% of all Bitcoin ATMs. Oceania, South America, and Africa are even further down the rankings.

One peculiar trend is how operators are not just focusing on Bitcoin. Over six in ten machines support altcoins in various degrees. Litecoin is the most popular altcoin offering, followed by Ethereum and Bitcoin Cash. Support for Dash, Monero, Dogecoin, and ZCash also appears to be on the rise. Additionally, nearly four in ten Bitcoin ATMs let users both buy and sell cryptocurrency.

Manufacturer Competition Heats up

In the early days of the Bitcoin ATM industry, Lamassu was the most prominent company. That situation has changed over time. Its current market share sits at 10.96%, making it the third-most common manufacturer. Genesis Coin currently maintains a small lead over General Bytes.

Further down the list, names such as BitAccess, Coinsource, Covault, and OrderbobATM are also trying to increase their market position. New producers have also come to market over the years. BitxATM, CoinOutlet, Bitnovo, and DOBI ATM are just some of the up-and-coming manufacturers. This level of competition is another sign of Bitcoin’s maturity. Increasing exposure for cryptocurrency will be a vital aspect of reaching mainstream adoption.

One aspect of Bitcoin ATM services which needs to be improved upon is transaction fees. Buying cryptocurrency remains subject to an average fee of 8.85%. Selling cryptocurrency is slightly cheaper, at a cost of 7.9%. Compared to using normal exchanges, these costs are quite steep. At the same time, the level of convenience is very different. More convenience usually leads to higher premium fees in the financial industry.


Images courtesy of Shutterstock, coinatmradar.com

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