Tag: Bitcoin investing

  • Bitcoin rose and hit One-Year High

    Bitcoin rose and hit One-Year High

    2 min read

    Bitcoin rose and hit over $9,000.  This is its highest since May 2018.

    This new high is perhaps caused by Facebook’s reveals to launch its crypto. Such an event added more optimism and confidence about the future of cryptocurrencies in general because it showed that digital money is going to be adopted by big companies.

    The biggest cryptocurrency climbed as much as 9.4%. Other crypto coins also rose: Litecoin for 4.4% and Ethereum for 4%.

    Cryptocurrencies price chart

    Let’s stay with Bitcoin.

    Bitcoin rose more than 130% in 2019  and has almost doubled in value. How did it happen?

    The big companies like Facebook expanded or revealed that have plans, to their offering of cryptocurrency services.

    It seems that Facebook’s plan to launch a digital currency is pushing people toward Bitcoin.

    June 18th is tomorrow ( the date that Facebook planned to reveal more details about new digital asset) and we will have full public information. Previously, Facebook announced the plan to release a white paper for “Libra” or “Globalcoin”. This should be on June 18th as they said.

    FOMO effect

    Jeremy Allaire, the chief executive of Circle, tweeted the launch of Libra (whitepaper) will be a “massive inflection point in the global adoption of cryptocurrency.”

    This entrepreneur said that by June 21st, he  expects for Bitcoin to be valued at $10,000, “marking [the] start of Crypto Summer.”

    Yes, $10,000 is a fine number, but many see it as a pivotal level for the Bitcoin price.

    When Bitcoin rose to this level, and that time isn’t so far, FOMO will favor the crypto market.

    Bitcoin chart

    If you can recall the time when BTC went over $4,500 you know what we are talking about. This means that the price of Bitcoin and other cryptos will go higher, more above $10,000 and they will do it very fast.

    For proponents, this is great news and event worth waiting for. There are so many emotions in the game. Just try to read everything on Twitter. Bitcoiners will be glad to see the opponents frustrated and to see FOMO from those who celebrated when BTC dropped about 90 %.

    What will they feel about those who believed that Bitcoin is dead forever?

    The Wall Street analysts stated that once $10,000 is broken trough, there will be a “fast and furious” progress to $20,000. Taking that new value as the new position, it looks more obvious that Bitcoin can double the price in the following several months.

    The price of $40,000 sounds pretty good, don’t you think?

    Some have a different opinion

    However, there are some that deny this pleasant emotion about Libra and bright influence on Bitcoin.

    Peter Schiff, investor, and libertarian-leaning economist speculated that Facebook’s Libra project will be “bad news” for Bitcoin.

    This famous cryptocurrency critic, who claims that BTC has no intrinsic value and thus is not better than hard gold (Schiff is a prominent gold investor), calculates that Libra will be much stabler, cheaper, and more easy-to-use than Bitcoin.

    And yes, that is exactly what Facebook promised about Libra,

    low fees, fast transfer and a level of stability not seen with Bitcoin.

    Behind this promise is the idea that the new cryptocurrency will be secured with traditional currencies and other ‘steady’ assets.

    The bottom line

    All is math. Bitcoin was $2,634 on June 16, 2017. Say you bought some BTC at that time. Now, you have an almost tripled return after 2 years. Bad investment? Never dare to say that. Sudden and fast ups and downs, yes. That’s the nature of Bitcoin and any other cryptocurrency.

    And speaking about Bitcoin’s future, as Nelson Mandela said: “It always seems impossible until is done.”

    risk disclosure

  • What With Bitcoin After DEATH

    What With Bitcoin After DEATH

    1 min read

    Bitcoin after death

    Bitcoin after death! A bizarre topic, I know, I know, but shit can happen. Yeah? And no, of course, I don’t mean “death” of bitcoin, but miners and owners. I would like to ask you something.

    If something is virtual, can it be inherited after someone’s death? You know, it isn’t lol, that is a serious question.

    And unfortunately, it’s already happened.

    Bitcoin after death

    It happened to the family of a young man who died in his early 30th’s.

    A family of young men, Matthew Moody from California found themselves facing this problem. Namely, Matthew was one of the early miners of the cryptocurrency, or rather bitcoin. Then, when mining didn’t need special equipment, a dozen graphics cards and their own power plant in the basement. Time of crypto – pioneers.

    But Matthew died five years ago, and he also left behind the bitcoins. Nobody pays attention to it but as the value of bitcoins grew, his family wanted to take over them. And then there was a problem in front of them. There was no lawyer who can give them advice or help because inheriting bitcoins was a totally new area.

    Cryptocurrencies were an unknown area.

    The question is can the bitcoins be inherited?

    Matthew’s father tried to determine how much bitcoin left his son behind, but without the key to accessing a virtual wallet, it seemed like a mission impossible. The problem is that there is no rule to regulate what is happening with bitcoin (or any other virtual currency) after the death of the owner.

    Unlike them, the classic money deposited in the bank can be reached even after the death of the owner if you prove that you are a heir.

    In the case of bitcoin, there is no centralized body (which is the main advantage at the same time) that would solve such problems, and even the classic legal bodies actually do not know what and how to solve this problem. 

    The issue on legislation -What With Bitcoin After the death

    This will be one of the issues that legislators will have to deal with if they want to regulate crypts and their use in the future. Desiring that such bitcoins do not end up on garbage, stock exchanges dealing with the trade of cryptocurrencies are considering introducing the security mechanisms. They would be activated after the death of account owners, which would simultaneously allow the heirs to reach those cryptos.

    Some of the biggest brokers like CoinBase (and they are maybe unique), have established a kind of custodial service that keeps the user’s private keys. The same ones without which it is impossible to access the user account or wallet. 

    If something happens to the owner, those asks the successor for proof of death and inheritance in order to transfer funds to his heirs.

    But users are those who will ultimately have to take into account and include the inheritance of cryptos into their wills. Or at least notify family members that they own crypto and where it is stored.

    The point is, do not forget your cryptos and leave them out of your will. I mean, it’s smart to do this if you love your family.

    Including with the key, of course.

    You would like to read HOW TO MONETIZE BITCOIN