Archive for November 2018

For someone not familiar with Bitcoin, the first question that comes to mind is, "What is Bitcoin?" And another common question that is often asked relates to the Bitcoin price. It started out a under 10 cents per Bitcoin upon its introduction in early 2009. It has risen steadily since and has hovered around $4000 per Bitcoin recently. So regarding Bitcoin value or the Bitcoin rate this is a most remarkable appreciation of value and has created many, many millionaires over the last eight years. The Bitcoin market is worldwide and the citizens of China and Japan have been particularly active in its purchase along with other Asian countries. However, recently in Bitcoin news the Chinese government has tried to suppress its activity in that country. That action drove the value of Bitcoin down for a short time but it soon surged back and is now close to its previous value. The Bitcoin history chart is very interesting. Its creator was an anonymous group of brilliant mathematicians (using the pseudonym Satoski Nakamoto) who designed it in 2008 to be "virtual gold" and released the first Bitcoin software in early 2009 during the height of the USA economic crisis. They knew that to have lasting value, it like gold had to have a finite supply. So in creating it they capped the supply at 21 million Bitcoin. Bitcoin mining refers to the process by which new Bitcoin is created. With conventional currency, government decides when and where to print and distribute it. With Bitcoin, "miners" use special software to solve complex mathematical problems and are issued a certain number of Bitcoin in return. A question that then arises is, is Bitcoin mining worth it. The answer is NO for the average person. It takes very sophisticated knowledge and a powerful computer system and this combination of factors makes it unattainable for the masses. This applies even more to bitcoin mining 2017 than in past years. Many wonder, who accepts Bitcoin? This question gets asked in various ways, what are stores that accept bitcoin, what are websites that accept bitcoins, what are some retailers that accept bitcoin, what are some places that accept bitcoin and where can I spend bitcoin. More and more companies are beginning to see the value of accepting cryptocurrencies as a valid payment option. Some major companies that do are DISH network, Microsoft, Expedia, Shopify stores, Newegg, Payza, 2Pay4You, and others.Two major holdouts at this time are Walmart and Amazon. Ethereum is the strongest rival to Bitcoin in the cryptocurrency market and many wonder at the question of Bitcoin vs Ethereum. Ethereum was created in mid-2015 and has gained some popularity but still ranks far behind Bitcoin in usage, acceptance and value. A question that often comes up often relates to Bitcoin scam. This author has a friend who made a purchase from a company that promised 1-2% growth per day. The company website listed no contact information and after a couple months the website simply vanished one day and my friend lost all the money he had invested which was several thousand dollars. One has to know how to buy Bitcoins, how to purchase Bitcoin or how to buy Bitcoin with credit card in order to get started. Coinbase is a very popular site to do this. Their fee is 3.75% and the buying limit is $10,000 per day. This would probably be the easiest way to buy bitcoins. Others would like to buy Bitcoin with debit card. Coinbase also provides this service and has clear step by step instructions on how to proceed with either your debit or credit card. There are those who would like to buy Bitcoin instantly. This can be done at Paxful, Inc. and can be done through W. Union or any credit/debit card. Other common questions that come up are what is the best way to buy Bitcoins, the best way to get bitcoins or where to buy bitcoins online. The easiest way is probably to purchase it through a digital asset exchange like the previously mentioned Coinbase. Opening an account with them is painless and once you link your bank account with them you can buy and sell Bitcoin quite easily. This is quite likely also the best place to buy Bitcoins. One must know what a Bitcoin wallet is and how to use it. It is simply the Bitcoin equivalent of a bank account. It allows you to receive Bitcoins, store them and send them to others. What it does is store a collection of Bitcoin privacy keys. Typically it is encrypted with a password or otherwise protected from unauthorized access. There are several types of digital wallets to choose from. A web wallet allows you to send, receive and store Bitcoin though your web browser. Another type is a desktop wallet and here the wallet software is stored directly on your computer. There are also mobile wallets which are designed for use by a mobile device. A question that occasionally comes up is that of Bitcoin stock or how to buy Bitcoin stock. By far the most common way to proceed in this area is to buy Bitcoin directly and not its stock. There is one entity called Bitcoin Investment trust which is an investment fund that is designed to track the market flow of Bitcoin. Some analysts however are calling this a risky way to become involved in this marketplace. The Bitcoin exchange rate USD is a closely watched benchmark both on a daily basis and long term over the last 8 years since its introduction to the world's financial marketplace. A popular company to receive the most current rate in Bitcoin valuation is XE. They show Bitcoin to USD valuation and also the complete Bitcoin price chart, the Bitcoin value chart and the Bitcoin to USD chart. If you ask, "How much is one Bitcoin?" you will always know from their continuously updated charts. Similar questions that come up in this area relate to the bitcoin rate history, the bitcoin price chart live, the bitcoin to dollar exchange rate, the bitcoin dollar chart and the bitcoin 5 year chart. The previously mentioned website, xe, is also a good source for answers to these questions. Regarding Bitcoin cash, ie. to get USD from selling Bitcoin, Bitwol is one company that enables you to do this. WikiHow is another company that will take you through this process. Bitcoin projected value is a subject often discussed. In January of 2015 the price of one bitcoin was $215. Currently it is around $5000. This is a phenomenal increase and one far beyond what most experts would have projected at that time. Currently in reviewing forecasts from experts around the world a common answer seems to be that the top value will settle in at around $10,000 and one expert even projected a value reaching $100,000. Cryptocurrencies are all the rage right now. Everywhere, you see headlines with impressive thousand percent gains for "coins" like bitcoin. But what gives them value? When have you ever used bitcoin? The truth is that it's not practical right now, primarily due to the amount of time it takes to complete a transaction. But there are other coins out there that are emerging as viable candidates to succeed bitcoin as the No. 1 cryptocurrency. There's a lot to understand about the intricacies of cryptocurrencies, but this article is more about finding an investment opportunity than explaining the science behind them. A Bubble in Bitcoin? One thing that's important to know is the concept of "mining." This is the very basis of cryptocurrencies. That's how new bitcoins are made. In simple terms, the "miner," through special software, solves a complex math problem and is rewarded with new bitcoins as a result. Then, the transaction is stored in the blockchain, and those new bitcoins are officially in circulation. As more bitcoins are in circulation, mining them becomes more complicated and time-consuming, and less profitable. So even though about 80% of possible bitcoins are in circulation right now, the last one won't be mined until 2140. As most people know by now, bitcoin has seen a gigantic rally this year. In fact, it's up about 1,200% over the past year, causing a lot of people to think it's in a bubble. The total value of bitcoins in circulation is now over $150 billion. If bitcoin was a company, it would be in the top 50 largest in the United States. I personally believe that the only reason bitcoin is so much more valuable than any other cryptocurrency is because it was the one that first broke through to the mainstream. That's still important, though. It, at the very least, gives other coin developers something to improve on. The good thing is that even if you think you've missed the boat with bitcoin, there are plenty of other cryptocurrencies out there. Of course, some are scams, but others have real potential. One of the ones that I believe has real, practical use is called Dash. Dash: Digital Cash First, Dash is ahead of the game in terms of convenience. Right now, bitcoin transactions take about 10 minutes to an hour on average. Dash is setting out to be the primary cryptocurrency that can be transferred instantly (in less than one second) between parties, making it much more practical when it comes to buying things online or at a store. One of the most appealing features of Dash is that 10% of the newly mined coins are given to the Dash DAO (decentralized autonomous organization). Simply put, the DAO is the treasury of Dash. At the current price of more than $600 per coin, that's $4 million per month that it can use. It's important to know that no other coin has this kind of continuous funding. With this money, the Dash DAO can develop and market the currency. Also, anyone can submit an idea for a project to enhance the value of Dash. Then, the project is voted on by thousands of Dash developers. An example would be partnering with stores to make Dash a viable means of transaction for their goods. Of course, these developers make money from Dash, so anything that benefits and promotes the currency will be enticing. This creates a circular effect, where the currency appreciates in price because it's better funded and marketed, then the DAO makes more money, and it's able to market Dash even more. A Breakthrough for Dash So far, Dash can be used at over 300 physical stores and over 100 websites to purchase goods or services. But the breakthrough for it could come from the marijuana industry. Right now, banks are not allowed to have anything to do with marijuana transactions; everything has to be done in cash. Vendors can't even put money from their sales in a bank. Not only does this bring the risk of being robbed, but these companies have to pay for cash storage and transportation. That adds up quickly. Being able to use Dash would be huge for these vendors. It would also mean great things for the price of Dash. The good news is that it has already started making progress. In April, Dash partnered with a digital payment system called Alt Thirty Six, which has partnerships with some of the leading dispensary business management software companies in the country. These software companies track transactions for hundreds of dispensaries and delivery services. That means that Dash users already have hundreds of ways to use the currency. Since Dash officially became a payment method on Alt Thirty Six on October 11, its price has gone up 118%. That's only in a month and a half. Just the Beginning With a market cap of only $4.8 billion compared to bitcoin's $156 billion, I believe Dash still has plenty of room to climb going forward. The marijuana industry is just the start for Dash, but it's a great one. In 2016, legal sales were about $7 billion. Another estimated $46 billion was sold on the black market. And as more stores open and marijuana becomes legal in more states, that legal number is expected to be $23 billion by 2021 and $50 billion by 2026. Again, this is just the beginning for Dash. Its unique immediate transaction feature makes it a viable alternative to cash, giving it an edge over other cryptocurrencies like bitcoin. Ian Dyer is one of the top internal analysts for Banyan Hill Publishing. He graduated from Duquesne University with a degree in finance. He has passed the Level 1 and 2 CFA exams to become a Level 2 CFA, and will soon complete the final Level 3 exam. Becoming a Level 3 CFA demonstrates an analyst's thorough command of economics, accounting, portfolio management, stock and bond valuation, and more. For the last few years, Ian has utilized these skills to analyze valuable investment recommendations for Banyan Hill's 300,000 readers.

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