Top news and views about #Bitcoin and #Cryptocurrency for 26 May 2017 #Blockchain #Crypto
Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
As bitcoin rockets to records, here’s how much skeptics missed out on, says one money manager
Investors who made bullish bets in bitcoin near its nascence may be getting the last laugh, as the digital currency, which has drawn skeptics, has raced to repeated records in recent trade.
The value of one bitcoin BTCUSD, +9.26% shot to nearly 2,200 for the first time on Monday. Trading at 2,195,81:
The unmitigated ascent for bitcoin comes as virtual currencies broadly have been gaining more prominence, putting them on a tear since last year, with cryptocurrency bulls pointing out stratospheric climb for bitcoin, compared with other traditional investments.
Full story at http://on.mktw.net/2rJBCWx
As Price Reaches Record Highs, is Bitcoin in a Capacity Crisis?
Imagine you are slightly late for work, quickly getting a shower, brushing your teeth and all the rest, walking – in an almost running manner – to the tube station, to then find out there are 200,000 people waiting outside to get the train.
What’s more, the train only handles 4,000 individuals and arrives every ten minutes, during which period new individuals arrive at a rate of 4 per second. Now, it’s ok, you’re busy, you can still be one of those 4,000 individuals and get to work if you pay a high enough fee.
So you check out the notice which says the current estimated fee is $1, but since others are seeing the same notice too and paying $1 too, the fee keeps going up every second, with these higher fees paid by the new individuals that come every second, pushing you down the queue.
Tough luck, you can’t make it to work today because your $1 bid is now as good as worthless to the super congested network. The next day you learn the lesson, so instead of bidding what the notice says, you bid 10% or 20% more, but you weren’t the only one who missed work yesterday, almost everyone else did too and they have this genius but obvious idea too, making you miss work again.
Full story at http://bit.ly/2r8WARC
Bitcoin is Mandatory For Portfolio Protection: CNBC
Last week, CNBC reported that investors should be looking into two assets to avoid US economic uncertainty and financial instability: overseas equities and digital gold Bitcoin.
At CNBC’s Trading Nation, Boris Schlossberg of BK Asset Management emphasized the importance of maintaining Bitcoin in a portfolio as a mandatory asset to hedge against an inevitable global economic struggle.
He stated:
“Even after bitcoin's 92 percent rally so far this year, it's holding at very steady highs right now, and typically when you have a big move — whether it be any kind of instrument — generally you're going to have some continuation. It's clearly signaling more demand. So I like that as a hedge play going forward.”
Full story at http://bit.ly/2rmnRjL
Bitcoin Price $4,500 In South Korea As Uptake Race Continues
South Korean Bitcoin traders are facing asking prices of $4,500 as the virtual currency’s price continues to surge.
Order books from domestic exchange Coinone list a current price of 4,254,000 won ($3805), with a 24-hour high of 5,025,000 ($4494).
The wide spreads are unprecedented even compared to other recently inflated markets such as Japan, local exchange bitFlyer listing a price of 333,200 yen ($2980).
On Coinbase, one Bitcoin is currently selling for $2667.53 as of press time on Thursday.
Full story at http://bit.ly/2rmqfqp
Bitcoin taps fresh record highs amid rising demand from Japan, China
Bitcoin climbed above $2,000 for the first time Saturday on increased demand from Japanese and Chinese investors.
The digital currency rose more than 4.5 percent to hit an all-time high of $2,061.88, according to CoinDesk.com. Bitcoin was last trading near $2,047.
Japan accounted for nearly 55 percent of trade volume, up from near 40 percent Thursday, according to CryptoCompare.com.
Prices for bitcoin on the Hong Kong-based Bitfinex exchange rose, narrowing a recent gap with the global rate in anticipation that bitcoin traded on Bitfinex can soon be easily converted to U.S. dollars.
Full story at http://cnb.cx/2r8SmcF
Gizmodo Editor Threw Out Hard Drive With Bitcoins Worth $3.75 Mln
Gizmodo Australia editor Campbell Simpson has revealed he threw away a hard drive in 2012 containing 1,400 Bitcoins now worth $3.75 mln.
In an article on the site Thursday, Campbell recounts how he purchased $25 worth of Bitcoin when it was worth around 1.5 cents.
He stored the coins on a hard drive which subsequently began showing signs of technical problems and subsequently disposed of it.
“I had better portable hard drives,” he writes.
Full story at http://bit.ly/2rmlnBT
Money Talks: Mainstream Media Suddenly Loves $2,600 Bitcoin
Mainstream media (MSM) are still cooing over Bitcoin purely as a result of its price rise, marking a rapid U-turn in their position on the virtual currency.
Publications from CNBC to the UK’s Daily Mail have produced glowing reviews of Bitcoin and increasingly Ethereum, just weeks after the WannaCry cyberattack saw it hit the headlines in a less than favorable light.
“Strong demand for bitcoins in Japan has [...] fueled the rise of the virtual currency that can be moved like money around the world quickly and anonymously without the need for a central authority,” the Mail wrote on Wednesday.
Previously, it had referred to Bitcoin as “the money ransomware hackers are demanding.”
Full story at http://bit.ly/2rmAv28
Much WOW: Bitcoin Price At All-Time High Closing on $3,000, Main Reasons
Bitcoin established its new all-time high for the third time this week, at $2,700, closing in on the $3,000 region. Bitcoin price increased by around 15 percent in the past 24 hours, surging from $2,327 to $2,700.
Although analysts attributed last week’s Bitcoin price surge to the economic and political uncertainty of the US, which operates the largest Bitcoin exchange market with a 34.2 percent market share and $450 mln daily trading volume, this week’s strong rally and momentum of Bitcoin price is likely the result of a general increase in global adoption, progress in Bitcoin scaling and extensive coverage of Bitcoin from mainstream media.
The demand toward Bitcoin is rising exponentially in major markets outside of the US, including China, South Korea and Japan. China, in particular, has made a strong comeback over the past few weeks, replacing the South Korean, Japanese and European exchange markets to become the second largest Bitcoin exchange market in the world.
Full story at http://bit.ly/2rm8KGI
This Might Be The Key Reason Behind Bitcoin, Altcoin Price Surge
The first two-quarters of the year 2017 have seen the crypto industry experience a massive growth in awareness and adoption.
From a perspective of economics, the high demand for Blockchain products, whether for preliminary investigations or systematic adoption has automatically generated an influx of capital which consequently reflects the value of the tokens of these Blockchains.
The growing Blockchain partnerships offers an explanation for the significant increase in market capitalization of various cryptocurrencies and the consequent surge in Bitcoin price and several top altcoins.
Full story at http://bit.ly/2rJNEiE
Top 10 Altcoins: All You Wanted to Know About Bitcoin’s Contenders
Blockchain currency is revolutionizing money. Since Satoshi Nakamoto unveiled his cryptocurrency in 2008, we’ve witnessed a proliferation of digital cash companies and codebases. Utilizing his public, distributed ledger, dozens of promising currencies have emerged. Only a select few have proven themselves as true contenders to Bitcoin, however.
Here are the top 10 altcoins on CoinMarketCap (note that the list is changing constantly, especially in the tail part, with other altcoins like MaidSafeCoin, Golem and Augur playing musical chairs with others).
Full story at http://bit.ly/2pjllrX
