Tag: bitcoin

All bitcoin related articles are found here. Educative, informative and written clearly.

  • Bitcoin price – is it going to stay that low?

    Bitcoin price – is it going to stay that low?

    1 min read

    Bitcoin price

    Bitcoin price may jump or drop. I don’t know. Who knows? Anyone who knows has to get up and say the answer loud and clear. Is Bitcoin going to stay that low? Gosh!

    There are millions of predictions about this, but they’re often predicated on fake analysis, tricky intuition and genuine nonsense. Right now there are thousands of analysts investigate data asking themselves that question via many other questions that might help them.

    Bitcoin price in July 2017 was $ 2500, the expected price for July 2018 should be in the range of $6000–15000, this means it won’t go below the last year price.

    Here are some causes of why it’s difficult to predict:

    * there’s practically no information on the demographics of Bitcoin buyers. They have a different stratum of experience or they are reacting emotionally to their money fluctuations.

    * Negative news around Bitcoin can investors spiteful, primarily if journalists and financial analysts quote disinformation as their motive for drawing a conclusion.

    But there’s a handful of reasons why it might go up. Keep in your mind any of these events can happen randomly: More investors could start accepting Bitcoin as payment, another cryptocurrency could overtake Bitcoin, a sharp price decrease for almost any amount, a sharp price increase for almost any amount.

    Bitcoin price can jump or drop

    Last week, Bitcoin slipped to its lowest level since November, under $6,000. Traders attributed that to CME futures contracts expiring and generally, clouded interest from new buyers. The world’s biggest and first cryptocurrency has struggled from that lack of enthusiasm, and prices have dropped, according to CoinDesk, 52 percent since January.

    You should read THIS too: Why you should not invest in bitcoin under any circumstances

    So, what is the prediction of how Bitcoin will go?

    It is always good to look into other appropriate factors, not only history and numbers, and ask the question on what is holding Bitcoin back at the moment.

    There are increasingly positive voices coming out in favor of Bitcoin. Question is will it actually increase in value significantly until the end of this year or whether it will remain around these levels. Other cryptocurrencies have been consistently rising in the past couple of weeks. That’s why many of the enthusiasts are actually predicting higher peaks as well as newer peaks for the cryptocurrencies.

    Does it mean that  Bitcoin price can be worth more than $100k in 2018?

    Well, Tim Draper predicted Bitcoin would be $250,000 by 2022. When asked during an April Bitcoin debate how the digital currency compared to his early investments in Tesla, Hotmail, and Skype, Draper said Bitcoin will be “bigger than all of those combined” and “bigger than the internet.”

    But, it looks this year will not be a particularly good year for Bitcoin holders. It’s value having fallen for $13,400 at the beginning of January. Just two weeks before that, it was worth more than $19,200.

    Probably, yes. That is the answer to the question will Bitcoin rise in July 2018. And the contrary answer to the question ”is it going to stay that low” is NO. Though it is hard to say by how much Bitcoin is going to boost.
    What do you think? Share with us your opinion.

    Risk Disclosure (read carefully!)

  • India’s Top Court Refused To Lift Ban On Cryptocurrency Exchanges

    India’s Top Court Refused To Lift Ban On Cryptocurrency Exchanges

    1 min read

    India’s Top Court Refused To Lift Ban On Cryptocurrency Exchanges

    India’s top court has refused to grant any interim relief to cryptocurrency exchanges against the Reserve Bank of India’s (RBI) crackdown on them.

    The RBI had directed all banks to wind up within three months any existing banking relationships with virtual currency exchanges and traders, was the decision on April 05. The ban kicks in from July 06.

    In May, India’s top court had set the next date for the hearing of the case on July 20, two weeks after the ban would come into force. But the Internet and Mobile Association of India (IAMAI), which counts bitcoin exchanges as its members, subsequently approached the court for an early hearing, which took placed on July 03.

    India’s Top Court Refused to lift

    “This a win for the RBI and a big blow to virtual currency exchanges and traders. In our earlier request to the RBI as well, we had asked it to extend the deadline by a month after the July 20 hearing,” said Rashmi Deshpande, associate partner at Khaitan & Co.

    Khaitan & Co is a law firm representing Kali Digital Eco-Systems, an Indian exchange planning to begin operations later this year.

    “However, now that the ban will continue, the banking route for the exchanges and its users will be completely choked,” Deshpande added.

    On May 17, during the previous hearing, the apex court had asked these exchanges to submit their representation against the central bank. The firms had engaged with the RBI during the last week of May and early June.

    “We had submitted a detailed presentation that could have given RBI a clearer picture of what is blockchain, how the exchanges work, etc. But we hadn’t heard back from them yet,” said Nischal Shetty, founder, and CEO of WazirX, another Indian cryptocurrency exchange that has challenged the ban. “Today, the (India’s) supreme court has also directed the RBI to respond to those representations made by the firms in the next seven days.”

    Focus on Bitcoin and Blockchain

    India’s Top Court Refused To Lift Ban On Cryptocurrency Exchanges

    The Narendra Modi government is in the final stages of finalizing the draft regulation on bitcoin and other currencies, according to a senior government official. That’s why despite India’s top court upholding the ban, the exchanges are hopeful.

    “We have prepared a draft (on virtual currencies) that entails what parts of these businesses should be banned and what should be preserved. This should be discussed by the first week of July and we should wrap this up within in the first fortnight of July,”  said Subhash Chandra Garg, secretary in the department of economic affairs, who is heading a committee on cryptocurrency regulation, told television news channel ET last month.

    What to say?

    All eyes are on the government and the next supreme court hearing on July 20. We will see. The truth is only one: crypto is spreading and nothing can stop that!

    Share it further!

    Risk Disclosure (read carefully!)

  • The Dangers of Emotional Trading And How to Avoid That

    The Dangers of Emotional Trading And How to Avoid That

    2 min read


    Trading is less a business and more psychology from which your success or vice versa on Forex market depends. Even if you have decided to switch to systematic trading, this does not diminish completely the dangers of emotional trading and emotional pressure when you are deciding a trade.

    Often, Forex traders have the belief that only a complete absence of emotions can help during trading. Still, fear, uncertainty, greed, hope, faith, regret, and happiness inevitably follow the process of trade and may cause the dangers of emotional trading.

    Combating emotions at the moment when your feelings overwhelm, means ignoring the sixth sense, intuition, and finally insight. And what happens? You have brain fog!

    Why? It is known that emotions also transmit the flow of information to us. We are guided by this information, we behave under their influence. But this is given to us to control our emotions and to replace one’s feelings with others.

    There are many ways to control emotions and avoid the dangers of emotional trading:

    First, it is possible to change your emotions by concentrating on another object. As a rule, this method is very effective. The thing that attracts our attention becomes real for us. You can consider the suffering of losses, or vice versa, examine the possibility of making a profit.

    Second, by changing your views and beliefs you can change your emotions. Every belief we gain over our lives is, in a way, a filter for us, which is affecting the knowledge of all information. All points of view accumulated throughout life have an impact on the interpretations we receive in our mind.

    Finally, the third way to change your emotions is by modifying physiology. Change in breathing, mimics, body position, color and speed of our voice, all this has a direct impact on the emotional part of not only Forex traders, but any person.

    Concentrate attention to avoid the dangers of emotional trading

    The concentration of attention is one of the most important components of our emotional state. The fact that you are focused on the Forex trading process becomes not only the subject of reality but also the acceptance of the facts. All activities influence the interpretation of events and therefore affect our emotions. All this guides our behavior, and decisions get an emotional connotation. In this case, it is necessary to define the priorities: what are you waiting for? Do you think about the possibility of losing? Or expect a profit?

    Those who see only losses are likely to hesitate to invest in the market for too long and may even miss the transaction. But once they decide to enter the market, they quickly earn profits. Trading is an attempt to balance the contradictions. The trader should focus on profit and loss and try to balance them. The trader should focus on the likelihood of his/her methods and information provided by the market because they are the only ones that are correct and reliable.

    Physiology and the dangers of emotional trading

    It has been proven that our body manages our emotions and that emotions influence our thoughts. The easiest and most effective way to change your emotional state is to change your physiology – speed, and depth of breathing, voice or even your pose.

    Pay attention to your attitude, how you sit, breathe, and whether the muscles of your face, shoulder, or whole-body tense. If you feel sick, you should sit more comfortable. Fully simple physiological manipulation can be an effective way of controlling your feelings.

    Control your emotions, this will definitely make you a more successful trader!

    Understanding Fear

    When a trader gets bad news about a certain stock or the general market, it’s normal for the trader to get apprehensive. But at the same time, you must be clever, you must avoid the dangers of emotional trading.
    The dangers of emotional trading
    You need to understand what fear is: a natural reaction to what they perceive as a threat. In the case of traders, to their profit or money-making potential. Quantifying the fear might help. But you as a trader should consider pondering what you are afraid of, and why you are afraid of it.

    Yeah, I know! This is not easy, and you need practice, but it’s necessary for the health of an investor’s portfolio.

    Greed Is Worst Enemy

    “Pigs get slaughtered.” is an old saying on Wall Street.

    This means that greedy investors are hanging on to winning positions too long, trying to get every last tick. Greed can be devastating to returns. A trader with greed always runs the risk of getting whipsawed or blown out of a position.

    Greed is often based on an instinct to try to do better, to try to get just a little more.

    The first instruction is: A trader should develop a trading plan based upon rational business decisions, not emotional caprice or potentially dangerous instincts. A good trader should have trading rules and plans.

    Why are trading rules and plans so important?

    Before traders feel the emotional or psychological crunch, they need to create trading rules. That will keep your heads in the right place. You should lay out guidelines based on your risk-reward tolerance for when you will enter a trade and exit it, whether through a profit target or stop loss. The emotion is not part of the equation. It would be also wise to consider setting limits on the amount you are willing to win or lose in a day. If the profit target is hit, you can take the money and run. But if losing trades hit a predetermined limit, you can roll your tent and go home, preventing further losses.

    Every single trader should be able to read a balance sheet or a chart. But there is a psychological component to trading that shouldn’t be overlooked. You have to know how fear and greed can impact trading. That’s why you should exercise discipline, and develop trading rules and plans. Never forget that part of trading.

    If you have any experience with this, let us know. Share it all.

    Risk Disclosure (read carefully!)

  • Binary Options – Everything You Wanted To Know About, But You Hesitated To Ask

    Binary Options – Everything You Wanted To Know About, But You Hesitated To Ask

    2 min read

    Binary options are very risky. Nowadays, the investment market is very unpredictable. People simply don’t know where to invest. They are a lot insecure for a number of reasons: the unstable industry and the crisis in which currency is currently. What do most people want? They want to make money quickly and easily, and the real question is it at all possible? How many times have you heard that a neighbor’s son lost all his money in a casino or that your colleague from school sells a house because he is a gambling addict? What if I tell you that there is another way to make money, to provide money to you and your loved ones? I’m not talking about investment strategies where you need big start-up capital and where you need to wait for years to make a profit.

    Who would refuse the opportunity to make ”easy money”?

    Well, there is no such thing called ”easy money” but there is something we can call ”fast money”. If you believe in it and you have guts to take the risk.

    Many are willing to say that these are binary options and I would like to tell a few things about them to you.
    So, let’s go!

    First of all – What are BINARY OPTIONS?

    About 10 years ago, the Chicago Board Options Exchange allowed private traders to use a wide range of instruments. Initially, binary options were only available to large US and European stock market traders. In the early days, the initial capital was very large. In economic terms, binary options are a trading platform where the trader or his authorized representative makes predictions about the direction of the value of different assets.

    Binary options, which are also known as digital options, have recently become one of the most popular trading tools. Each option is associated with a certain margin, i.e. stock, index, currency pair, or price of the primary product. The profit or loss of each option is determined by the fluctuations in the prices of the product or currency it is linked to.

    Binary options have a predetermined, let me say, lifetime, which can be: an hour, 15 minutes, or only 60 seconds from the time of purchase. The difference in the price of goods between the time of entry and exit will determine whether the trade is successful or not.

    Binary options profit

    Binary options can offer some of the highest returns on trade among existing financial instruments. High profitability means that even one successful trade can help you significantly increase your initial investment. This also helps protect your capital. The greater the profitability of each individual trade – the greater the odds of making a profit in a series of trade.

    But, you should always bear in your mind that trade profitability is proportional to the level of risk.

    LEARN HOW TO TRADE

    How to learn to trade binary options? This question is posed by all new traders. To understand how to successfully trade binary options, make money on them regularly and feel the satisfaction of working on financial markets, you will need some time and effort.

    To start making money on binary options, you need to find a broker.

    Our advice is: Read on this topic a lot, watch the snapshots, practice on a demo account.

    You can find all necessary information on how to trade binary options on most trading platforms. Select value, expiration time, the direction of the movement and go!
    Binary options are questionable.
    Start with the simplest binary option “above / below“, with the most popular values – EUR / USD, oil, shares of Apple or Facebook. In fact, they are Up/Down option which can go by a few different names: High/Low, Above/Below, and Over/Under. It is the simplest and most common type of binary option.

    If you choose a good broker, the support team will always help you 24/7. A good broker provides suitable methods for downloading money to allow you to quickly run a download request. A free demo account and training for beginners can help newcomers to learn quickly how to make money.

    Remember our advice. Before you start trading, carefully examine and validate the theory in practice. You can do this only with the demo account.

    It looks easy. But you must be very, very careful.

    The legitimacy of binary options

    First of all, the legitimacy of the operation is questionable, and it may operate in a slack regulatory jurisdiction. You don’t want it. Many trading sites are based in exotic island locations, so you have little legal recourse.
    Second, even if it is legit and works in a well-regulated environment the chances to let acquiring fabulous wealth, are slim. Chances of you losing your money are enormous. These risks are spelled out in small print on the site, but they are intentionally understated.

    Because of what I’m going to tell you now, I expect calls and comments: Traders Paradise, you can not write about us like that.

    But I do not care. I have to express my opinion based on my experience with them.
    binary options
    I’m warning you about the unregistered Binary Options companies with their sleazy sales pitches that offer a 100% win rate system.
    True is that some brokers may offer legit ways to trade Binary Options but be vigilant. On the internet, you can find plenty of testimonies of cheated people.

    Speaking of the internet, binary options providers are especially dangerous because they understand how information spreads on the internet. For example, Googling phrases such as “are binary options a scam?” frequently directs users to websites operated by binary options companies.

    I tried it! It’s true! They are doing that.

    And remember, trading is at your own risk.

    What do you think about a binary option? Share with us!

    Read also why Mutual funds are an opportunity to make wealth

    Risk Disclosure (read carefully!)

  • Cryptocurrencies Prices Stabilized Over The Weekend

    Cryptocurrencies Prices Stabilized Over The Weekend

    1 min read


    Cryptocurrencies prices stabilized over the weekend and Bitcoin is in the saddle again. It has regained an important technical level which could pave the way for further short-term rallies. Billions flowed back into the market after the latest brush with yearly lows.

    According to CoinMarketCap, the value of all cryptocurrencies in circulation was nearly $257 billion, after the cryptocurrency market has recovered more than $20 billion in lost value this weekend.

    Cryptocurrencies prices stabilized and Bitcoin and the major altcoins rebounded double digits on Saturday which was really the resurgence. Bitcoin was little changed on Sunday, as prices approached $6,400 after nine days of agony.The $6,400-$6,500 level is considered to be the next major resistance test for the bitcoin price.

    Other cryptocurrencies also stabilized Sunday. Ethereum traded above $450, bitcoin cash held steady around $740 and Ripple XRP was virtually unchanged at $0.460.

    Four years ago, when bitcoin dropped by as much as 80%, it took 300 days for the bottoming. This year, bitcoin’s 70% price collapse occurred over a much shorter span of 200 days which is a more accelerated version of the 2014 price collapse.

    This has led to speculation that the cryptocurrency will experience a faster corrective rally than that previous one.
    BitMEX CEO Arthur Hayes recently telling CNBC that a rally to $50,000 this year shouldn’t be ruled out.

    BitMEX CEO Arthur Hayes recently telling CNBC that a rally to $50,000 this year shouldn’t be ruled out, which is a common opinion of fundamental analysts.

    Disappointing June performance discounted a lot of positive developments in the market, including major developments on the regulatory front in places like South Korea or Malta. After the central bank barred financial institutions from dealing with virtual exchanges or their customers, India will propose a new cryptocurrency strategy as early as next week.

    You might be interested: Cryptocurrency Stocks – The Best to Buy in 2019

    Risk Disclosure (read carefully!)



  • Ripple – All You Need To Know

    Ripple – All You Need To Know

    1 min read


    Actually, I have something to admit. For me, Bitcoin remains the king of the cryptocurrency, especially when it comes to increasing prices and media attention. But there are other pretenders on the throne. and one of them is Ripple.

    What is it, what is the difference from Bitcoin and why many do not recognize it as a cryptocurrency?

    First of all, it should be explained that Ripple is not a cryptocurrency in the usual sense of the word. In fact, this is a settlement system that has become a faster, more transparent and secure alternative to the existing ones (for example, for the SWIFT system used by banks).

    XRP, the so-called Ripple coins is used to facilitate transfers in different currencies. In existing settlement systems, the basis for the conversion is usually a USA dollar. That process is associated with additional costs and lasts for a long time and bank transfers between countries, often last up to 3 days.

    Converting payments to XRP instead of dollars, the system saves inventory costs, and transaction processing takes a few seconds.

    Many banks have shown interest in the new system and have already tested or implemented applications based on it.

    How Ripple differs from Bitcoin

    XRP is a token used to transfer values to the Ripple network. While bitcoins were created by mining, all 55 billion XRPs (often referred to as waves) were created by founders.

    Every month, through a system of smart contracts, the market gets a billion tokens. In that sense, Ripple copes with the mechanism of gradually increasing the offer of bitcoins, but without the huge cost of electricity for mining.

    Technically, it does not even use a blockchain in the usual way. The Ripple blockchain is not distributed over the network of computers, but it is stored on servers of trusted partners in the so-called “permitted” network. This means that it is not a decentralized system.

    Ripple is not created as a resources of payment. In fact, it’s only purpose is to transfer values when converting other currencies (or commodities, such as gold or oil) through the Ripple network. Every time a bank or other organization uses it to transfer money or assets, a small amount of XRP is maintained.

    How to invest in Ripple

    Ripple has definitely taken its niche among the cryptocurrency world, and a large list of organizations that use it shows that tokens themselves will eventually get a great value. Last year, it overcame bitcoin and many other cryptocurrencies in terms of growth.

    XRP is traded on Binance and Poloniex crypto exchange markets. As a rule, they can not be bought for plain money – first, you have to buy Bitcoin or Ethereum, and then convert them to Ripple.
    Interest in Ripple from major financial institutions is an important indicator of its future value.

    Risk Disclosure (read carefully!)

  • Bitcoin Fell Under $6,000! Will It Be Totally Wiped Out?

    Bitcoin Fell Under $6,000! Will It Be Totally Wiped Out?

    1 min read

    Bitcoin fell! Yes, Bitcoin reached its lowest level since November when it sank to $5,791.19 on Friday.
    But experts say NO! Experts say this Bitcoin fell is only temporary.

    For example, Brian Kelly of BKCM told CNBC that the reasons for the dip was much fold but largely because of tax selloffs, regulations on cryptocurrencies in Japan, exchanges being hacked, and $10 billion funding ICO’s.

    “This is not the funeral for bitcoin whatsoever,” Kelly told CNBC. He also stressed that this isn’t unusual and said, “Let’s put this in perspective. Do you know where we were a year ago? $2,500.”

    Contrary to him, trader Ran Neu-Ner said he expects Bitcoin to keep falling. The founder of OnChain Capital told CNBC that the price is likely to fall to $5,350 in the next week or two. He remained bullish on long-term investments in bitcoin and he told investors to consider two other coins.

    “Right now my money is on the market continuing to go down,” he said.

    Bitcoin fell, will it cause less mining

    Earlier in June, he considered what miners will do in the next period.

    “That’s where the miners look at this and go: ‘Is it actually worth keeping the machine on?”‘ Neu-Ner said. “Then we may see a very different game in mining.”

    Bitcoin will soon reach a point where “miners find it’s not viable to mine. They’re going to switch off their machines.” He said many miners have already begun doing so.

    Despite his own predicting, Neu-Ner described himself as a crypto bull. “If you understand the technology and you’re a bull, then now is a great time to be buying,” he said.

    One of the staunchest Bitcoin proponents, Tom Lee of Fundstrat Global Advisors, reiterated a prediction that the asset would end the year around $25,000 during a Bloomberg interview.  Bitcoin Foundation‘s Llew Claasen back in February said bitcoin would touch $40,000 by the end of this year, in a Business Insider interview.

    Their words assure us this cryptocurrency will not disappear in a puff of smoke.

    I believe them. Why?

    That is the point of knowing the history.

    Bitcoin had 4 crisis already and survived, stronger after each of them.

    The first was July 2010, when he jumped from $ 0.008 to $ 0.08. The other was the “Big Bubble 2011”, from $ 0.06 to $ 31, then dropped to $ 5. The third was in April 2013, from $ 20 to $ 280, when Cypriot banks rescued floating client deposits. The fourth was a major crisis of the MtGox Stock Exchange in November 2013 when it jumped from $ 70 to $ 1,200, and a few months later it fell to $ 200.

    That’s why experts aren’t worried one bit.

    And you? What do you think? Let us know!

    READ THIS: Why you should not invest in bitcoin under any circumstances

    Risk Disclosure (read carefully!)

  • Clairvoyant From Wall Street

    Clairvoyant From Wall Street

     1 min read

    Just another clairvoyant from Wall Street.

    Jordan Belfort said Bitcoin’s price struggles in 2018 signal the beginning of the end for the top-ranked cryptocurrency. He gave advice to holders to get out and to do that before ”the inevitable crash.” Despite the extremely negative attitude towards Bitcoin itself, but this clairvoyant from Wall Street has trusted to Blockchain, the technology behind BTC and other cryptos. He said that Blockchain held immense promise.

    So, why the end of Bitcoin is near, according to Belfort?

    The reason lies in the multiple price dips experienced in June 2018 show that BCT is approaching its “final days.” He said that a major crash that would decimate the perceived value of the crypto was imminent.

    According to him, the perceived value of Bitcoin fell into the category of “the greater fool theory.” He accused people like John McAfee of deceiving the cryptocurrency community with false promises saying: ”The only reason why they’re doing that is that they’re trying to get more suckers in. To create unrealistic price projections at ridiculous values.”

    And Belfort went to say: ”Everything is wrong with it [BTC]. There’re too many fundamental flaws with it, and [the] bottom line is, get out if you don’t want to lose all your money.”

    This isn’t the first time that Belfort shows how hard he is against BTC and cryptocurrencies.

    In September 2017, he agreed with Jamie Dimon that BTC was a “fraud.” Belfort took things a step further the following month, calling ICOs “the biggest scam ever.”

    Is he right, what do you think?

    True is that cryptocurrency remains an abstract investment for many, but there may be more appetite for digital currencies than some might suggest or want it to be.

    If you ask Steve Wozniak and Jack Dorsey, Bitcoin will become the currency of the future. And I agree with those two guys.

    Belfort comes from Wall Street, remember that. 

     

  • Alert System Activate! Danger In The Air?

    Alert System Activate! Danger In The Air?

    Alert System Activate! Danger In The Air?

    When is danger in the air Bitcoin alert system will be activated.

    What? You didn’t know that Bitcoin has a warning system? That’s because it’s a private key the cryptocurrency’s creator entrusted to several bitcoin developers that activate the protocol’s so-called “alert system,” once used to flash a text warning to those running the software in case something happened that could impact the security of their funds.

    About a year ago it was like this:

    On January 19, 2017:

    The Final alert has been broadcast. This final alert essentially disables the alert system by overriding all alerts, preventing other alerts from being broadcast, and displays the static message “Alert Key Compromised”. The Alert Key will be published in the coming months, was only known info.

    After that, on March 8, 2017:

    Bitcoin Core 0.14 released with hard-coded final alert. The Alert System was disabled and deprecated in Bitcoin Core 0.12.1 and removed in 0.13.0. The Alert System was retired with a maximum sequence final alert which causes any nodes supporting the Alert System to display a static hard-coded “Alert Key Compromised” message which also prevents any other alerts from overriding it. This final alert is hard-coded into this release so that all old nodes receive the final alert.

    On May 1, 2017:

    Postpone release date of Alert key. Older clients could contain Alert handling code which is exploitable using the alert key, therefore the public release of the key has been temporarily postponed until considered safe.

    A few days ago, Bitcoin Core contributor Bryan Bishop twitted: ‘‘It’s time to reveal the bitcoin alert keys.”

    Who is in command of the alert system?

    This tweet is followed by a string of tweets without fully revealing it but quite cryptographically proving he’s in possession of the secret key.

    “It’s time. I’m thinking about releasing the private key early July at Building on Bitcoin, though it’s not finalized yet.” Bishop told. But he isn’t sure about the exact date of adding:

    Anyone with the alert key can send alerts to the Bitcoin network that would show up in GUI. Since this is centralization, Core developers are working on removing this power from themselves, to ensure BTC stays decentralized.

    What is the use of the alert system? Can be used to span?

    After May 1, 2017, no developer with possession of this secret code took an action. Until now.

    On the other hand, Bishop is giving to these projects and developers one last chance by sending messages on Twitter and through other channels.

    This kind of pressure which is coming from Bishop shows that Bishop and others are worried about attacks on their reputation. For instance, if the private key was compromised and used to sign a message with bad intentions, it could be blamed on one of the Bitcoin Core developers who’s known to have the key.

    “It would be better if the key was released,” said Bishop.

    Where is the catch? Nobody knows the full list of people that have access to the private key. But the secrecy is a liability because some of the people who have the key are known in public.

    Revealing the key is potentially dangerous for any cryptocurrencies.  

    If they used an older version of bitcoin’s code to create their cryptocurrency, and they did that, and they have not disabled the alert key mechanism in their own code, the other altcoins are in danger.

    “If the copycats have not disabled the alert system, nor changed the alert key [public key], and if they have not sent what’s known as a final alert message, then once the [bitcoin] keys are released, anyone will be able to send alerts on those [other] networks,” Bishop told CoinDesk.