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alfwesh22

One of the reasons that Bitcoin is capturing the hearts and minds of individuals is the stories of instant millionaires who have made their fortune from being an early adopter. People who were mining the coin or accumulating it by the hundred, and were smart enough to hold onto it today are experiencing unprecedented profit.

With the monumental price gain, however, people are starting to wonder where the ceiling is, and if it is not fast approaching. To this end, there is a section of the population who are wondering: ‘is it too late to get into Bitcoin?’
However, this is not a new question, it is a question that was asked when Bitcoin was at $10, $100, $1,000 all the way up to over $17,000 where it sits today.

There is, of course, no doubting that those who were really early to the party are the biggest profiteers, and for envy’s sake, it is worth looking at what has been achieved in just seven years.

What would $100 of Bitcoin be worth today?
Had you put $100 into Bitcoin starting back in 2010, and going through the years, you would have made massive profits along the way.

July 28, 2010: $100 back in 2010 - baring in mind this is a full two years after Satoshi Nakamoto put out his whitepaper on Bitcoin - would net you at today’s value a whopping $28,341,266. One Bitcoin back then was worth just $0.06

Dec. 12, 2011: Within 18 months, there would have been plenty time to get involved in Bitcoin, but by this time the price was up over 3,000 percent, and people were already asking, ‘is it too late?’. Bitcoin was worth $3.19 and $100 back then would net you over half a million dollars ($533,065)

Dec. 10, 2012: A year later, and Bitcoin was still climbing high, now breaking into the teens sitting at $13.54, a gain of 300 percent. $100 would have turned to $125. Still remarkably impressive in terms of gains, but slowing somewhat from 18 months earlier - Does that mean its rise is coming to an end perhaps?

Dec. 16, 2013: Hindsight is, of course, a fantastic thing as the next year the price of Bitcoin was up to $638 and thus doubling as an investment. So, $100 worth back then would be pocket change right? Well, it would be worth $2,665 today.

Dec. 8, 2014: Bitcoin was starting to be heard in whispers around the dinner table about now, but people also heard that there were black markets, hacks, and other nefarious uses, yet $100 worth back then would be worth $4,859 today.

Dec. 12, 2016: Through the harder years from 2014 and the slowed growth, Bitcoin would not have been that attractive, but really, it would have been a perfect time to buy. The explosion was just about to happen. Bitcoin was trading for $780. Had you put $100 into it, that investment would have increased by more than 2,000 percent to $2,180.

June 12, 2017: Six months ago, no one thought Bitcoin could go much higher than the $2,500 it stood at. But of course, it was about to take off again.

Dec. 5, 2017: This week alone has seen some crazy movement. Had you bought $100 worth of Bitcoin just a few days ago, you could sell it today for $145.

Dec. 10, 2017: – If you had bought at the low on Sunday’s slump (when prices fell to $13,160), that $100 would be worth $129.

What the future holds
No one knows what will come next, but it could be safe to say that pretty much anyone who bought Bitcoin more than a week ago is profiting already.

They may still be classified as early investors, or they may not, and although they may not experience gains of 3,000 percent, the feeling is Bitcoin has a long way to grow.

Ronnie Moas, a famed stock picker has put forward an argument that Bitcoin is highly undervalued even at today’s prices. Moas said:
“We currently have $200 tln in the world tied up in cash, stocks, bonds and gold alone and all four of those, in my opinion, are overvalued. If 1/2 of one percent of that 200 tln dollars ends up in Bitcoin, you are looking at a one tln dollar valuation that would be above where Apple Computers, the most valuable company in the World, is today.”




alfwesh22

The government of South Korea is preparing a bill which attempts to prohibit all transactions involving cryptocurrencies including bitcoin unless they take place through exchanges that meet six conditions.

The Proposed Bill

The South Korean government is preparing a bill to amend the Act on Regulation of Similar Reception to include provisions for cryptocurrency transactions. “The purpose of this Act is to protect good traders and to establish a sound financial order by regulating Similar Receiving Behaviors,” states Article 1 of the law.

According to Money Today:
The government defines virtual currency transactions such as bitcoins as Similar Receiving Behaviors and prohibits them altogether.
The definition of digital currency transactions includes “storing, managing, acquiring, exchanging, trading, arranging, arbitrating and issuing virtual currency,” which is “all of the current exchanges’ business areas,” the publication elaborated.
In an email to Reuters, South Korea’s largest bitcoin exchange Bithumb commented, “A right set of regulations will rather nurture the (virtual currency) market, and we would welcome that,” indicating that it could provide legitimacy to the market.


Six Conditions Must All Be Met
In recognizing that cryptocurrency transactions are already taking place in high volume, the regulators have made provisions to allow crypto exchanges to operate legally. Six conditions have been named that must all be met and “a Presidential Decree will provide additional conditions,” Money Todayreported.

Firstly, customers’ funds must be kept separately. Secondly, exchanges must also provide users with thorough explanations of investment risks. Thirdly, they must confirm users’ real names. In addition, they must establish an adequate anti-money laundering system and must also have an asset protection system such as dispersion of cryptographic keys. Lastly, they must increase transparency by disclosing transaction details to the public.


Increased Penalties
The regulators plan to include the phrase “no one should engage in similar currency transactions” in the amendment, the news outlet explained, noting that the bill will also regulate the issue of cryptocurrencies used to raise funds, to procure other cryptocurrencies, to give credit, to manipulate prices and to use with multi-level and door-to-door sales. Meanwhile, initial coin offerings (ICOs) are still banned in South Korea.

Under the current law, the penalty for violating the Similar Receiving Behavior law is “imprisonment for up to 5 years or a fine of up to 50 million won.” The upcoming bill will strengthen the penal clause and introduce “punishment of 10 years imprisonment” or a fine of up to 500 million won. News.Bitcoin.com first reported on the government considering these increased penalties in October.

The bill containing the aforementioned proposals will soon be submitted to the National Assembly. The news outlet added:
Considering the realities of running an exchange, the government is considering a six-month grace period after the law is enacted.
What do you think of this bill and the conditions imposed on bitcoin exchanges? Let us know in the comments section below.




alfwesh22

Chamath Palihapitiya, founder of Social Capital and co-owner of the Golden State Warriors, voiced his opinion on the value and potential growth of Bitcoin in an interview on CNBC on Tuesday.

The business leader, who first invested in Bitcoin in 2012, indicated that he sees the price of Bitcoin rising massively in the next 20 years as adoption continues to grow.

His analysis echoes other commentators and investors who have seen the potential for Bitcoin’s price to reach levels close to $1 mln. Palihapitiya explains his prediction as based on the evaluation of Bitcoin as a store of value comparable to gold. He said:
“This thing has the potential to be comparable to the value of gold…This is a fantastic hedge and store of value against autocratic regimes and banking infrastructure that we know is corrosive to how the world needs to work properly…I think this thing is a $100,000 a coin in the next 3-4 years, and in the next 20 years will be $1 mln.”
Bitcoin as a hedge against banks
The main argument, according to Palihapitiya, is that Bitcoin presents a hedge against potentially massive problems being caused by the current banking infrastructure.

Should the banking structure fail, Bitcoin is “fundamentally disconnected” from the current platform. His final advice? Put at least one percent of what you invest into Bitcoin -- it “may actually save us all”




alfwesh22

The recent skyrocketing Bitcoin price has brought about a fresh wave of interest and adoption. People are hearing about the fantastical gains that can be made from investing in Bitcoin, leading some of them to make brash decisions.

There have been some cases of individuals even putting their houses up for mortgage in order to acquire capital to buy into Bitcoin. It speaks of the frenzy that has developed recently.

The frenzy of people getting into the market should be viewed with caution however as the old adage is still: ‘Don’t put more into Bitcoin than you are willing to lose’.

Worrying trend
There have been instances of not only mortgages being taken out to buy Bitcoin, but also people using credit to buy the potentially explosive and volatile asset.

Joseph Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection, and director of the Alabama Securities Commission, has seen some worrying trends developing in Bitcoin investors.
"We 've seen mortgages being taken out to buy Bitcoin. … People do credit cards, equity lines. This is not something that a guy who's making $100,000 a year, who 's got a mortgage and two kids in college ought to be invested in.”
Borg’s outlook could be considered a little one-eyed, stating that people should not be investing in Bitcoin if they have other costs, but what his point should be is that like with everything, investing should only be done with money that is disposable.

Double-edged sword
The issue is, there are many stories of Bitcoin breaking the shackles of debt and servitude to banks for its investors. However, it is senseless to use debt to try and get out of debt, especially with such a volatile asset as Bitcoin.

Investing in Bitcoin is not the issue, it is the circumstances in which one finds themselves making that investment.

The use of credit cards, mortgages, or any other lines of debt is dangerous as the future is still uncertain with the digital currency.




alfwesh22

Bitcoin’s ascension into the mainstream financial world has done wonders for its value, but its spiritual home still resides in the minds of IT aficionados.

Walk into any development studio and you are bound to find IT staff musing over Blockchain, Bitcoin and all things cryptocurrency related.

With that in mind, Varna University of Management in Bulgaria will become one of the first tertiary education institutions to offer bursaries in Bitcoin.

In 2018, ten software engineering students will be awarded scholarships in Bitcoin - to the value of €1000 per semester. The University will also give their candidates the option of taking the scholarship in either euros or Bitcoin.

While the lucky candidates will land themselves a share of the valuable virtual currency, the University is also working on plans to accept Bitcoin as a payment method for tuition fees.

Prospective software engineering students can also look forward to new modules in cryptocurrency and Blockchain technology, as the University looks to pioneer the way forward in education of Blockchain technology.

From humble beginnings
The launch of their Bitcoin bursaries is a product of  the budding community of cryptocurrency enthusiasts at the University. Weekly seminars covering the world of cryptocurrencies led to the idea of Bitcoin bursaries and innovative courses on Blockchain technology.

Speaking to Cointelegraph, VUM digital marketing manager Omer Ilyasli said the student body is at the cutting edge of Blockchain development.
“At our School of Computer Science, we have number of students who are working on Blockchain technology. We have quite a community here and we host seminars from time to time. The decision to offer Bitcoin scholarship came after a "Introduction to Blockchain Technology" seminar.”
The launch of the bursary program is just the tip of the iceberg for the ambitious University. Ilyasli insists that the community could become an educational hub for Blockchain and cryptocurrencies.
“We think pioneers in this field will be hugely rewarded, so we want to be pioneers, both individuals, our organization and our country. That is why we also urged Bulgarian government and local authorities in Varna to turn Varna into a hub. We still did not get an answer from the authorities yet.”
With the prospect of a scholarship in the world's most valuable cryptocurrency and courses in Blockchain technology, the University hopes to attract some of the brightest young minds around the world.

The Bulgarian university offers full Bachelors and Masters degrees in business, software and hospitality, as well as an MBA programme.

Hopeful students looking to apply for their inaugural Bitcoin scholarships will have to meet normal entrance requirements, according to Ilyasli.
“The selection process will be done by academic commitee and they will select the students considering their interest in the subject and technology, and extra-curricular activities. But, first of all, all candidates should cover minimum entry requirements, such as high school grades and English-proficiency.”
Considering the Bulgarian government’s recent acquisition of Bitcoin through a criminal syndicate bust, the country could well be looking into developing the niche, but fast-growing industry.




alfwesh22

What a year it's been for Bitcoin.

The cryptocurrency has continued to soar from lows of $778 in January 2017 to record highs of more than $17,000 on Dec. 12.

As we move forward into 2018, there are a number of Bitcoin developments worth monitoring, not all of them having to do with just its price.

Perry Woodin, CEO of Node40, a blockchain governance and cryptocurrency tax compliance company based in New York, believes 2018 will be the year of mass public awareness for Bitcoin and cryptocurrency in general. "It is going to be the year when every friend and relative will want to know how much you have and how to purchase it. The topic of Bitcoin is going to be the ultimate water-cooler conversation," says Woodin.

Here are some top expert's predictions for what will happen with Bitcoin in the coming year. 

1. Taxation will be a huge issue.
it is important to be aware of the tax issues and how to report gains accurately to the Internal Revenue Service. Next year, we will see more on what Bitcoin millionaires (and billionaires) will have to report their gains due to the IRS clamping down. 

2. The number of cryptocurrency adopters will rise. 
No doubt there will be a rise in the number of people using cryptocurrencies. Yonatan Sela, SVP business development of PROPS by YouNow, which uses blockchain to build a media ecosystem, estimates that by the end of 2018, we'll see over 50 million people worldwide holding at least one cryptocurrency. "My hope is that Bitcoin will continue to maintain value as a form of digital gold, and the promise of digital cash will be fulfilled by Dash," says Sela, referring to a popular crypto-currency.

3. Bitcoin develops into a payment network.
Trevor Koverko, CEO of Polymath which specializes in cryptocurrency technology believes we are going to see Bitcoin emerge as a full-fledged payment network. "Currently Bitcoin is being used as a speculative asset and store of value. But as scaling solutions like the Lightning Network emerge, Bitcoin's utility dramatically increase along with its price. The real question is, will it be the bitcoin 'main chain' that has the courage to adopt these upgrades, or will it be another chain like Bitcoin Cash?" says Koverko.

4. Investors will diversify their crypto assets.
Most investors will become aware that besides Bitcoin, there is Ethereum, Litecoin, Dash and IOTA. Mark Lurie, CEO of Biddable says that for investors, there is going to be a strong move toward diversifying crypto-assets and managing investments the same way that investors look at more traditional assets and investing.

5. Interest from institutional investors will increase.
Mike Poutre, CEO of The Crypto Company, believes that 2018 will be the year that institutional investors enter the cryptocurrency industry.

"Less volatility in Bitcoin will allow continued expansion in alternative cryptocurrencies. We will also see the rise of securities tokens in response to increased regulation. Conservatively, I predict the entire industry will reach a market cap of $5 trillion by the end" of 2018," says Lurie.

"There will be a lot more institutional capital that will all go to the highest quality projects. That's what happened during the financial crisis with venture capital and growth equity rounds, too. Most companies could not raise any funds, but those that could...did it at really high valuations. Even though it was in the middle of the financial crisis, there was a capital flight to quality," adds Lurie.

6. Expect to see more regulation.
As Bitcoin booms, regulation will first come to ICOs before moving on to cryptocurrencies directly. However, it is difficult to now predict if regulation will have a positive or negative impact on the industry.

Dmitry Zhulin, co-founder of INS Ecosystem says, "Bitcoin is expected to further [rise] to approximately $30,000-$40,000 in 2018 based on its convenience and further adoption as a means of payment and capital preservation. Despite an increase in regulation in the crypto space, I believe that blockchain as a technology will not be hindered by heavy regulation."

It looks like 2018 could be another action-packed year for Bitcoin and crypto currencies.




alfwesh22

It's tough to maintain a healthy national economy when most banks on the planet won't accept your business.

That's the dilemma facing North Korean leader Kim Jong-un, as mounting economic sanctions cut his country out of the world economy. To stave off the looming financial crisis, Kim has turned to what may be the nation's best hope: Bitcoin.

The popular cryptocurrency is attractive because of its decentralized nature. Rather than relying on banks or individual governments, bitcoin (and other cryptocurrency) is built on a distributed network of users controlling verified transactions. It's "internet money," essentially, uncontrollable by any single actor.

There's no comprehensive accounting of just how much Bitcoin North Korea holds, but its recent exploits have shown a consistent interest in the cryptocurrency. There's even some evidence that North Korea has started mining their own Bitcoin. 

When you're the leader of a heavily sanctioned country, then, loading up on decentralized currency is particularly attractive. It gives you some liquidity without having to rely on banks that either can't do business with you, legally, or that may be in a position to freeze your assets at a later date, should additional sanctions come into play.

And so, North Korea has spent the last few years building up an investment in bitcoin.
What if North Korea invented bitcoin? Kim as Satoshi? ?
— taavet hinrikus (@taavet) December 2, 2017
Back in April, news emerged that the country had stolen a hefty pile of of the cryptocurrency between 2013 and 2015.

At the time, the 73 bitcoins were valued at roughly $88,000; in today's market, with the value of bitcoin soaring, that same amount is worth more than $1.26 million.

"Cyber-criminals have turned to bitcoin for money as it is very difficult to track them down," Choi Sang-myong, of the South Korean cybersecurity firm Hauri, said at the time. "North Korea [has] jumped on the bandwagon of bitcoin extortion since around 2012." 

North Korea has also turned to more indirect forms of theft as it seeks to amass a bitcoin war chest. In July 2016, the country's hackers absconded with the data of more than 10 million users from Interpark, an online auction and shopping site. That data was then held for ransom, with North Korea demanding $2.7 million in bitcoin. 
"Cyber-criminals have turned to bitcoin for money as it is very difficult to track them down. "
Interpark said at the time that it was cooperating with police, and no payoff was made. But it's useful again to look at the relative value here: In July 2016, the price of a single bitcoin hovered at around $650; $2.7 million worth at the time would have equated to more than 4,000 bitcoins. That same number of bitcoins now would be worth more than $71.8 million.

More recently, North Korean hackers are believed to have turned to ransomware, which is essentially a computer virus that demands payment in exchange for restored access to your data. Remember, too: Access to the internet is strictly limited in North Korea. It is exceedingly unlikely that something as data-intensive as cryptocurrency could happen without the influence of Kim's government.
Kim Dot Un will bring the Internet, Bitcoin and Peace to North Korea ?? pic.twitter.com/j0MF3n9DjM
— Kim Dotcom (@KimDotcom) December 3, 2017
Earlier this year, the WannaCry ransomware made headlines around the globe, hitting multiple countries and services. The perpetrators demanded large bitcoin payments. It is widely believed that Lazarus, the group behind the attack, counts North Korean hackers among its members, and that WannaCry originated there.

Several months after the May 2017 attacks, three bitcoin wallets known to contain ransom paid to the WannaCry hackers were emptied. The total came to roughly 52 bitcoins, an amount that is currently worth just under $900,000.
This speaks to another important point: There is protection inherent in the anonymity of bitcoin ownership.

While it's possible to track how bitcoin is moving around, there's no reliable way to suss out the identity of who owns it.
In the case of the WannaCry ransom, three wallets emptied into multiple other wallets, which then emptied into other wallets. Eventually, the increasingly scattered ransom payments found their way to ShapeShift, a cryptocurrency exchange. It's a form of high-tech money laundering, providing a degree of protection that capitalizes on the decentralized nature of a currency like bitcoin.

While North Korea has denied any wrongdoing, the country has shown an interest in cryptocurrency. In November, the Pyongyang University of Science and Technology — a prestigious school for North Korea's ruling elite — hosted a lecture by Professor Federico Tenga, an expert in the field.

"He explained in detail the fundamentals of Blockchain Technology and then spoke of its most notable application -Bitcoin, " the university's website reads. "Many excellent technical questions were asked about the inner working of Bitcoin, its risks, and the measures taken to ensure security. "




alfwesh22

Following an undercover bust of an underground crime network, Bulgaria has seized enough Bitcoin to settle a fifth of its national debt.

According to ZeroH edge, the Bulgarian crime enforcement agency and the Southeast European Law Enforcement Center caught 23 Bulgarian criminals and confiscated a total of 213,519 Bitcoins - roughly valued at $3.5 bln.

The syndicate had hacked Bulgarian customs computers, effectively allowing them to import goods without paying the prescribed duties. With the help of a few corrupt officials the group installed viruses on customs computers in order to allow remote access.

SELC said the group included five Bulgarian customs officials, while others had ties to former  Yugoslavian states.
“The organized criminal group consisted of Bulgarian nationals with connections in the former Yugoslav Republic of Macedonia, Greece, Romania, and Serbia” said SELC.

The most intriguing part of this story is the incredible value of Bitcoin and what the Bulgarian government plans to do with it. SELC confirmed that when they seized the wallets, Bitcoin was valued at $2354. It’s now well past the $16k.
“As well, found in the Bitcoin wallets of the main suspects was a total of 213,519 Bitcoins. As reference, the value of one Bitcoin is over $2354. The offenders choose Bitcoin’s way of investing/saving the money because it’s rather difficult to be tracked and followed.”
According to National Debt Clock, Bulgaria’s national debt is in the region of $16 bln - so they could take a big bite out of that if they use their new Bitcoin fortune.




alfwesh22

Controversial cryptocurrency market personality Craig Wright has projected that 2018 will be a very good year for the virtual currency Bitcoin Cash (BCH). This comment was made after he failed to prove that he is Satoshi Nakamoto, the famously anonymous creator of Bitcoin.

In his recent Twitter post, Wright predicted that the upcoming year will be very good for Bitcoin Cash, which forked from the Bitcoin platform in mid-2017. He claimed that the major changes on the Bitcoin Cash platform will reap dividends for the cryptocurrency in 2018.
2018 is the year we bring Bitcoin to its full potential. BCH will have more security and no more issues with limits on what it can achieve.

Op_Codes enabled
Block not constrained

Time to bring it to the world
— Dr Craig S Wright (@ProfFaustus) December 10, 2017
Tougher competition ahead: Bitcoin vs. Bitcoin Cash
Despite the continued dominance of the original cryptocurrency, Bitcoin, Bitcoin Cash has really tested the strength of Bitcoin's support base. Both platforms offer something that the other does not have, so the issue is not which is better but rather which has the majority of support.

The main feature that distinguishes Bitcoin Cash from Bitcoin is increased block (to a default of 8mb at the moment), resulting in increased transaction speed. However, the security of Bitcoin Cash as compared to Bitcoin is still being questioned, given that fewer miners are working on the network -- this means lower hashrates, making the network less resistant to attack.

According to Wright, the dominance of Bitcoin over the other cryptocurrencies, particularly Bitcoin Cash, will shift considerably in the next year or so.

Wright’s confidence in the altcoin appears to be based on the major changes scheduled to be implemented on the Bitcoin Cash platform, including the introduction of a non-constrained block .With these developments, it will be interesting to see whether Bitcoin Cash will be able to compete against the number one digital currency competitively.




alfwesh22

Investors are dumping gold in favor of Bitcoin, according to analysts in a recent interview on CNBC. One of them, Phillip Streible of RJO Futures stated boldly that “Bitcoin has stolen a large market share of gold.”

To explain how they are tracking this shift, Larry McDonald of The Bear Traps Report, stated that generally when bond rates go down, gold goes up. However, in recent weeks, the yields onbonds have decreased, and gold has simultaneously dropped by two percent - an event that is quite rare.

Analysts think the change is the result of increasing investments in Bitcoin, among other cryptocurrencies. According to McDonald:
"Over the last two years, every time rates have come down, and this week rates have moved lower, you had gold go up. Almost every time, there has been an 82 percent correlation between gold and bonds. This week, for the first time, that correlation broke down, and I do think it has something to do with Bitcoin.”
While the price of gold has been traditionally stable, the recent declines show the investment pool has begun moving intocryptocurrencies. In fact, according to McDonald, the total market cap of all cryptocurrencies as a fraction of liquid tradeable gold is already up two or three percent from last year, stating “cryptocurrencies are definitely eating into the gold play.”




alfwesh22

Is bitcoin in a bubble?
The price of bitcoin has been soaring this year, and last week alone it jumped from $11,000 to well over $17,000, according to Coindesk. It started the year below $1,000.

That rocketing level of appreciation smells a lot like an irrational investor mania to many economists and financial pros, the kind that sent prices for unprofitable startup internet companies soaring in the dot-com boom. Those prices eventually came crashing down.

“We saw this in the 1990s,” says Barry Ritholtz, chairman and chief investment officer of Ritholtz Wealth Management. “Any of those things sound familiar? ‘This is unique, this will change everything?’”

Like many others in finance, Ritholtz expects the bitcoin bubble to pop. The only question is when. “Some people think it’s early days, some people think it’s late,” Ritholtz said. “We’ll find out in the not-too-distant-future who is right.”

Robert Shiller and Joseph Stiglitz, two Nobel-prize winning economists who’ve seen their share of speculative manias, recently have called bitcoin a bubble. Stiglitz went so far as to tell Bloomberg TV that bitcoin should be “outlawed.”

Bitcoin was created in hopes it would become a new kind of currency that people could use outside of the traditional banking system, without backing from any country or central bank. It was also supposed to operate outside of government oversight, which has raised concerns that it will be a haven for criminals.

How to get rich off bitcoin — or lose it all while trying 
Unlike traditional currencies, bitcoin doesn’t have a country backing it, a central bank, interest rates, or a long history of exchange rates against other currencies, making it extremely difficult to place a value on. Its value is tied only to what people believe it’s worth at any given time.

Despite the growing interest, bitcoin still is not widely accepted in stores to buy merchandise, and you can’t deposit it at a bank. One of the problems with using it as a currency is that its value keeps bouncing around, sometimes very suddenly.

“We have seen bitcoin more as a speculative investment rather than an equivalent to cash,” says J. Craig Shearman, spokesman for the National Retail Federation, the world’s largest trade association of retailers. “Even if it were a foreign currency, you need to dependably know what the exchange rate is, and bitcoin doesn’t meet any of those tests.”

Backers of bitcoin say it’s about time for a new kind of currency that can be exchanged in private and secure ways.

Its promoters include internet entrepreneurs Cameron and Tyler Winklevoss.

This week mainstream financial markets are for the first time allowing investors to make future bets on the direction of bitcoin, but bitcoins themselves will continued to be traded only on private exchanges, which are mostly out of reach of regulators.

Mark Fratella, a teacher who lives in Elmhurst, Illinois, bought some bitcoin “for the novelty of it” back when it was worth $700 or $800.

Fratella is holding onto his bitcoin, and buying a little more from time to time. He’s also buying other cryptocurrencies, such as Ethereum and Litecoin. He’s heard the talk of a bitcoin bubble.

Bitcoin futures rise as virtual currency hits Chicago Board Options Exchange 
“But I have also seen a few analysts talk about how, in the grand scheme of things, there are a relatively low amount of people into bitcoin and there is a huge potential for growth,” he said. With the futures trade starting, Fratella thinks people who have been leery of its decentralized, deregulated nature will start buying into it too.

The futures also give investors the opportunity to “short” bitcoin — that is bet that its price will go down — which presently is very difficult to near impossible to do.

While the value of bitcoin itself may be inflated, even some of its biggest critics say that the technology that’s behind bitcoin has promise. That technology is called blockchain. It’s a kind of digital ledger that securely records transactions and prevents the same bitcoin from being spent twice.

Jamie Dimon, the head of JPMorgan Chase, has called bitcoin “a fraud” that will eventually “blow up.” But Dimon also said he thought the blockchain technology was “good” and could be used to make transactions faster and easier.

For now, people keep buying bitcoin, even with all the talk of a bubble. To Ritholtz, the enthusiasm is a combination of the novelty of bitcoin, the built-in scarcity of it — only 21 million of them will ever be created — and the psychology of people being attracted to assets whose prices appear to keep going up.

“One of the first rules of investing is, only invest in things you understand,” Ritholtz said. “If you want to speculate in a cryptocurrency and you don’t understand it, you might get lucky for a while but those sorts of speculations don’t work out well.”




alfwesh22

Saxo Bank global macro strategist and famous Bitcoin bull Kay Van-Petersen has said Bitcoin prices will hit “$50,000 - $100,000 within the next six to 18 months.”

Speaking to Bloomberg in a short interview, Van-Petersen explained that the influx of institutional money would be the “catalyst” in pushing Bitcoin prices even further.

“We’ll get a cascade of ETFs, mutual funds and other investment vehicles breaking out,” he forecast, describing the $100,000 price tag as a “prudent” prediction.

Not just Bitcoin, but other cryptocurrencies could “do better” in terms of price growth from the same phenomenon, the analyst continued, highlighting Ethereum as a possible next contender specifically for ETFs.

“The astonishing thing - mind-blowing if you will - is that you take a step back and look at the price appreciation… a lot of this has happened without traditional institutional money, and that’s basically going to be coming on board over the next six to 18 months,” Van-Petersen continued.

As Bitcoin continues to go well beyond any analyst’s expectations for short-term growth, even the most hardline proponents are being left to wonder what could be next.

Even Van-Petersen’s own prediction of a $100,000 Bitcoin within 10 years, which he delivered in May, now seems less surprising.

Bitcoin prices have recovered since CBOE’s futures successfully launched, with exchanges currently eyeing $17,000 per coin after a drop below $13,000 over the weekend.




alfwesh22

Japanese conglomerate GMO Internet Group has introduced a payroll system to allow its 4,700+ employees to receive part of their salaries in bitcoin.

GMO Introduces Bitcoin Salary Payment System

 
Japanese Internet Giant GMO Lets 4700+ Employees Receive Salary in
            Bitcoin  

Japanese Internet leader GMO Group has announced that its employees can start receiving part of their salaries in bitcoin beginning in February of next year for the March pay period. This option will initially only be available to employees of GMO Internet Co. Ltd but it will gradually extend to the entire group, the company detailed in its announcement on Monday. According to the company’s website, GMO Internet has 4,710 full-time employees as of September this year.

The company also listed 42 subsidiaries on its website which are part of the GMO Group. They include GMO Coins, the company’s cryptocurrency subsidiary, and GMO Click, one of the world’s largest FX platforms.
In order to facilitate salary payments in bitcoin, the company explained:
The GMO Internet Group has decided to introduce a system that allows part of the salary payment to be received as bitcoin in order to promote ownership of our domestic employees’ virtual currency.
The minimum bitcoin payment will initially be 10,000 yen (~$88) and the upper limit will be 100,000 yen (~$881).

Each salary payment in yen will be reduced by the amount of bitcoin payment paid, using the exchange rate at the GMO Coins exchange. Employees who create an account at the GMO Coins exchange “can receive bitcoin on the same day as their payday,” Nikkei described.

GMO Promoting Crypto From Within
Following the launch of its cryptocurrency trading platform in May, GMO announced in September its plans to begin a mining business. The company plans to spend 10 billion yen in the next few years to build a mining farm as well as to research and develop 7nm, 5nm, and 3.5nm mining chips. In October, GMO announced that it plans to sell mining boards equipped with 7nm chips using token sales.

Japanese Internet Giant GMO Lets 4700+ Employees Receive Salary in Bitcoin 

In Monday’s announcement, the company stated, “The mining business is currently preparing for the start of business beginning in January 2018.”

“The GMO Internet Group will contribute to the development of virtual currencies in the world by promoting efforts related to virtual currency throughout the group,” the company noted, adding that:
In order to further strengthen these approaches to virtual currency, it is important for employees to actively use virtual currency first by improving [their] virtual currency literacy.
What do you think of GMO offering to pay their employees in bitcoin? Let us know in the comments section below.




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Tuesday will see the launch of Super Bitcoin, a new hard fork which developers say will “make Bitcoin great again.”
One of a handful of forks due to diverge from the Bitcoin core chain this month, Super Bitcoin is a Chinese effort looking to optimize Bitcoin through measures such as Lightning Network and an 8-megabyte block .

The new chain’s network snapshot is set for block 498,888, to occur during Tuesday, Dec. 12.

Explaining the impetus behind their decision to create the new fork, developers said they were acting according to ideas from the “Bitcoin community.”

“Please remember: ‘This is just an experiment,’” the project’s website advises.

“We are merely implementing the proposals recommended by the Bitcoin community. Only when we put these talks into actions that we can make Bitcoin great again.”

Broadly following Bitcoin-esque attributes, Super Bitcoin is nonetheless notable for its supply 21,210,000, which includes 210,000 pre-mined coins.

“The 210,000 pre-mined tokens will be managed by the Super BTC Foundation and are mainly used to encourage early developers, invest in the super BTC ecosystem and ensure the operation of the Super BTC Foundation,” the website explains.

Major Bitcoin mining pools f2pool and BTCC are allegedly slated to support the fork, while 21 exchanges will notionally offer trading, according to listings.

December also sees the birth of new Bitcoin ‘versions’ with names including Bitcoin Uranium, Bitcoin Cash Plus and even Bitcoin God.




alfwesh22

Dave Chapman, managing director at Octagon Strategy, was interviewed by CNBC’s Squawk Box after the futures market had opened regarding Bitcoin. His comments included a six-figure price point by the end of 2018, and more interesting use cases forthcoming.
The digital asset trader made it clear that the recent run up in values only indicates the potential for more in the future, with mainstream adoption just beginning to come online. Crossing over $100,000 would be a massive psychological barrier, but Chapman believes it's possible. He said:
“In terms of looking forward, I would say that throughout the continuation into 2018, I wouldn’t be surprised to see a six-figure headline.”
Don’t miss the big picture
However, Chapman also indicated that the most interesting aspects of Bitcoin were not its price, but its many use cases as the market continues to mature. Because of the inclusivist nature of Bitcoin, the bigger picture about access to financial applications should predominate thinking. He said:
“The price to me is probably the most uninteresting component of Bitcoin. I’m more excited about the applications…about what this means to people who don’t have access to financial inclusion. And I think that if we focus on the price, we’re losing track of the big picture.”
Finally, Chapman concluded the interview with a chuckle, saying that he would ‘happily’ go on the record to bet that a Bitcoin ETF  was in the near future, as the Securities and Exchange Commission (SEC) has approved the futures markets.




alfwesh22

Real estate is how ordinary people have stored value and ultimately accumulated wealth. Indeed, post World War II societies all but demanded access to credit through politics, and governments responded with in-kind favors to keep power. Compounding of easy, loose money spurred decades of growth in housing construction, materials, land, and requisite financial products. This, in turn, triggered the Business Cycle, and the basis for entire economies was exposed as theft and fraud. Bitcoin might be the chance to starve parasitical redistributive governments, ushering in an entire new way to build equity. 

Real Estate as Mal investment
The dean of the Austrian School of EconomicsLudwig von Mises, wrote extensively of malinvestment. Though kept alive in fringe American paleoconservative circles, and as libertarianism’s cult favorite economist, the notion hadn’t gained much popular traction until the US Great Recession of 2008.

My guess is he’s poised to make another appearance in the coming years.

Malinvestment starts the Business Cycle, that boom and bust you’re probably all too familiar with, according to Austrian theory. Central banks are its main culprit. Their monopoly of the money supply has created what is called fiat currency: a paper or digital money backed only by the full faith and credit of a given government. It is without restraint other than inflationary pressure, which governments for over a century have battled using central banks.

Inflation acts as debasement, enabling more tickets or digits to circulate than might otherwise under a sound or tight money, and it is a chance for politicians to promise goodies such as housing guarantees. The trade-off is to keep dollars, pesos, and won flowing enough to produce a wealth effect but not so much that government units of exchange become useless.

Buy Bitcoin, Not Real Estate

Central banks can then artificially slow the rate of fiat through the price of money, interest rates. It’s a faucet, controlling the flow.

Malinvestment is the inevitable result. Even with the myriad of tools available in our present age, you’d think someone crazy if they told you they could predict economic production levels, adequate investment allocations, research and development, etc. Yet that is what a central bank essentially does.

By socializing housing’s risk through mortgage guarantees, while privatizing profit, central banks signaled to property speculators, land holders, construction companies and equipment providers, brokers and investment funds that this industry was a “winner.” It created a classic moral hazard. Producers then dedicated resources and time toward housing because customers on the retail side were armed with hundreds of thousands of dollars in risk-free incentives.

Buy Bitcoin, Not Real Estate

It was simply a matter of time before markers were called on outstanding loans of credit, and creative financial instruments, which would have never existed otherwise, were revealed as hustles to take advantage of political cynicism.

As is now well understood, the US economy, the world’s reserve currency, collapsed in short order. Like dominoes clacking, people abandoned newly constructed homes, construction workers filed for unemployment insurance, entire housing neighborhoods ghosted, bankruptcies flooded federal courts for relief, foreclosures swept the world, and the globe’s biggest banks were added to welfare rolls, the dole. In a private, free economy malinvestment is a cruel mistress, unforgiving. In our modern central banking economies, it literally pays to match government folly absurdity for absurdity. They’ll bail you out.

Malinvestment’s keen insight is not the bust, but the blowing up of the bubble or boom. Understand boom times are suspect in a central bank economy, and much of modern economics comes into focus.
It was around this time too Satoshi Nakamoto’s white paper was released in response. Getting out from under the petty machinations of politicians and the whims of their constituents might be finally achievable with the advent of bitcoin.

Buy Bitcoin, Not Real Estate
 

Real Estate versus Bitcoin

Real estate’s historic appreciation might be a chimera, an illusion, as a store of value. It might be the case real estate in a voluntary, organically free economy could be rather inexpensive and without much fuss with regard to equity.
It’s hard to know without running history’s tape backwards, having no recourse to coercive malinvestment and redistributive policies. We are where we are.

Paul Moore, in a column for Bigger Pockets, completely ignores theory and history as recent as nine years ago, and asserts “I’m particularly passionate about multi-family real estate.” In a post riddled with appeals to authority, anecdotes, and half-truths, he ‘bravely’ comes down on the side of real estate in my proposed debate.

Bitcoin is rank speculation, he argues, insisting it is sexy while investment, the adult way to wealth, should now and forever be boring. He also attributes a bitcoin price fall in November to Jamie Dimon. How Mr. Moore could know this to be the cause isn’t exactly explained, but that doesn’t stop him from rhetorically asking if some yahoo’s statements could ever move real estate markets in such a way. Um, 2008 called, Mr. Moore, and would love to chat.

Nevertheless he continues, “I wanted to know exactly how multi-family stacks up against the other asset classes,” he wrote. “The numbers say that multifamily and retail are: 3x better than the S&P 500, […] 9x better than NASDAQ, 4x better than private equity,” and so on. The rest of his assessment of bitcoin as an investment is hacky and stale, sprinkling words like scam and lottery to leave a decided impression before any real consideration. Oh, and he has charts.

Bitcoin has had close to a decade to burst, but instead has managed to remain resilient, and has advantages over real estate in terms of the future of wealth accumulation. Investors can buy it in fractions. Barriers to entry in the housing market are notorious, but all bitcoin takes is a smart-ish phone.

Indeed, future investors have been raised on real estate kool-aid: they’ve learned to spend rather than save, as fiat economies demand due to inflation, and now cannot afford the down-payment anyway. The average home price has been blown up to such an extent, even if they were savers they’d be out of luck. In fact, bitcoin’s relative ease of purchase and lack of central control apparently appeal to the next investment generation ahead of even government-boosted stocks.

And as a result, the future seems crypto: free from government machinations, borderless, permissionless. It might even end up bringing housing prices down, closer to reality.

Are you buying bitcoin or real estate? Tell us in the comments.




alfwesh22

Despite its volatility, Indians are using bitcoin as an alternative way to invest and pay for items following the country's demonetisation move in 2016

Interest in bitcoin is growing in India despite a series of warnings from the central bank that the digital currency is a risky and unregulated investment.

Although the cryptocurrency is reputed for its volatility, it has gained appeal along with other virtual currencies following India's demonetisation move in November last year.

Last week the virtual currency reached record levels of close to US$20,000 amid a buying frenzy, before dipping back to around $16,000.

“Bitcoin has seen a dream run in the last year,” said Vikram Pandya, the director of the fintech programme at SP Jain School of Management. “Like other countries, many people from India are attracted towards it with expectations of getting high returns in a quick time.”

Since the start of October, bitcoin has more than tripled in price and soared about 15 fold so far this. Its rapid rise has drawn in millions of new investors, which is boosting demand further. Its surge last week came as speculators feared missing out on what is expected to be a watershed for the cryptocurrency on Sunday, when one of the world's largest regulated exchanges begins futures trading of the digital currency.

“Unlike earlier times, rather than putting or investing their money in bank fixed deposits, saving policies, mutual funds and gold, they are becoming more aware about investing in bitcoin,” said Shivam Thakral, the cofounder and chief executive of BuyUcoin, a New Delhi-based platform for trading cryptocurrencies, including bictoin.

Bitcoin is now accepted by a growing number of retailers and other businesses in the country, such as restaurants, as cash liquidity has reduced following demonetisation, resulting in businesses moving towards alternative payment platforms.

Although the Indian government is trying to push Indians to move towards digital transactions to reduce the country’s heavy dependence on cash - which is hard to track and can facilitate black money flows - it has not yet thrown its weight behind virtual currencies such as bitcoin.

Arun Jaitley, India’s finance minister recently said the government did not recognise virtual currencies as ”legal tender”. He earlier highlighted there are no regulations governing these currencies.

The Reserve Bank of India (RBI), the country's central bank, on Tuesday issued its third warning to members of the public about the risks of investing in bitcoin and other virtual currencies.

"In the wake of significant spurt in the valuation of many virtual currencies and rapid growth in initial coin offerings, RBI reiterates the concerns," RBI said in a statement.

It highlighted that it had not given "any licence or authorisation to any entity or company to operate such schemes or deal with Bitcoin or any virtual currency".

RBI said that dealing with virtual currencies came with "potential economic, financial, operational, legal, customer protection and security related risks”.

Mr Pandya said: “In India there is no specific legal framework to govern the cryptoexchanges and hence currently they are self-regulated. No one is entirely sure how bitcoin will continue to spread to the larger financial world."

Mr Thakral said that RBI is worried over the lack of control they have over virtual currencies, as well as being “genuinely concerned about people who have less knowledge about investment in crypt-currencies which is an unregulated market”.

“With the widespread prevalence of cryptocurrencies like bitcoins and many others, central authorities like RBI are in a fix since they have no control on the generation and usage of such currencies directly,” he added. “Since this technology is not in the control of central authorities, there are many Ponzi schemes prevalent in the market in the name of bitcoin. It has hence made it hard for the government to track and or stop them.”

A number of companies in India now tap into the interest in bitcoin. One of these is Unocoin, headquartered in Bangalore, which describes itself as India’s first entrant into the industry, operating the largest bitcoin-Indian rupee trading platform in the country. The start-up launched in 2013 and enables its more than 150,000 customers to buy, sell, store, use and accept bitcoin. In September 2016, the company raised $1.5 million in investment from a consortium of investors, and it has outlined ambitions to expand globally.




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Speaking in an interview with Kitco News, Max Keiser shared his opinion on Bitcoin's recent market growth and criticized Warren Buffet and Jamie Dimon for their negative comments about the cryptocurrency.

It would be an understatement to say Bitcoin has had an eventful week, starting December at around $10,000 and stopping short of $20,000 on December 8 (some exchanges traded over $20,000). While the ride has been exciting, many, including American broadcaster Max Keiser believe it’s all because of professional investors pouring money into the cryptocurrency.

Speaking in an interview with Kitco News, Max went on to explain his opinion, and predicted that Bitcoin prices would continue to go higher until the upcoming future contracts are launched:
“I know what’s going on now is that all these guys [Professional Investors] are building up their inventory. They need an inventory; they need a basis for Bitcoin that’s relatively low going forward. They are going to ramp this all the way up at a much higher price before they launch these futures products. Then you’re going to see volatility, but from a much higher level, and then the game gets even more interesting. That’s what you’re seeing this past week and a half...”
In November, both, the Chicago Mercantile Group and the Chicago Board Options Exchange confirmed the dates of their much-anticipated Bitcoin futures contracts, with the former going live on December 18 and the latter starting this Sunday, December 10, 2017.

The announcements were followed by a major Bitcoin rally, spurred on by the anticipation of greater highs with institutional money entering the picture. There is, however, some doubt as to the positive impact of these futures products, as financial experts point at the ease with which they can allow investors to short Bitcoin (bet against it).
Commenting on the entry of professional investors, Max said:
“When CME said green-light the futures, it’s a relatively peanut market compared to bond futures, currency futures, stock futures - it’s minuscule. The pros have got to get massive inventory at hand so they can play the games they like to play.”
In response to a question about Bitcoin being termed a bubble, the Keiser Report host went on to compare the cryptocurrency to Snapchat, the messaging app, and cited how Snapchat’s growth in users is considered positive, and the same should be true of Bitcoin, which according to him, is also a messaging app in part.

Max also took a jab at Warren Buffet near the end of his interview, and included Jamie Dimon in the same comment:
“We are still talking about 10x gains from here in medium term. It [Bitcoin] will outperform stocks, bonds, gold. It’s going to outperform Warren Buffet. He famously compared Bitcoin to rat poison, and he is right! Guess what? Warren Buffet is the rat. Jamie Dimon is the rat.”




alfwesh22

As British Prime Minister Benjamin Disraeli once averred, there are three kinds of lies: lies, damned lies, and statistics. Bitcoin is frequently on the receiving end of them all, whether it’s exaggerated statistics about energy consumption or damned lies conflating it with terrorism. We’ve rounded up 10 of the most pervasive mistruths and endeavored to set the record straight. The next time someone brings one up, send them here.

1. Bitcoin Funds Terrorism
We’ll start with the most asinine assertion, although all of the entries in this list are pretty dumb. You know what funds terrorism? Terrorists and terrorist sympathisers. If you want to blame a currency though, try the U.S. dollar which has been used to fund more wars, proxy wars, bombings, hijackings, and insurgencies than any other.

10 of the Biggest Lies Told About Bitcoin  

In 2016, Europol found no evidence that terrorists were using cryptocurrencies to fund their activities. That’s not to say it hasn’t happened and won’t happen. It’s telling however that the only people linking bitcoin with terrorism are governments seeking to crackdown on digital currencies. If a major terrorist attack funded by bitcoin were to occur, we’d never hear the end of it. So far there’s been a lot of noise but nothing to substantiate this claim.
Yaya Fanusie of the Center on Sanctions and Illicit Finance had this to say:
[There] are examples of terrorists using virtual currencies, but probably are not indicative of a major push. Right now, virtual currencies are harder to acquire and spend than, say, prepaid cards, or the most anonymous way to fund terrorism – cash. And most terrorists operate in a world where fiat, or government-backed, currency is needed for their expenditures, so a virtual currency where one has to figure out how to cash out without tipping off authorities only complicates a funding scheme.
2. Bitcoin is a Bubble
Where do we even start with this one? No, bitcoin is not a bubble. It’s not going to come crashing down to earth and it’s certainly not going to return to zero. We’ve long passed the point of no return for that to happen. That won’t stop the B-word being trotted out every time bitcoin gains or sheds another $2,000 however. There will be corrections along the way – no asset in history has ever ascended in a straight line – but bitcoin is not about to pop. It wasn’t a bubble at $3,000, it’s not a bubble at $11,000, and it still won’t be next week after a dozen more op-eds have posed this question.

3. Bitcoin is Volatile
For those who don’t relish risk, there are certainly less exciting assets to invest in. Nevertheless, the notion that bitcoin is volatile and needs to be “tamed” is misguided. Hugely respected crypto assets expert Chris Burniskebroke this down in a recent slidedeck, showing that bitcoin’s volatility is now lower than Twitter stock. There are still roller-coaster days, but for the most part the digital currency is blissfully calm.

10 of the Biggest Lies Told About Bitcoin
4. Bitcoin is Tulip Mania All Over Again
If you’re not familiar with the much-cited case of tulip mania which swept 17th century Holland, your search engine of choice will furnish you with the backstory. The craze culminated in the price of a particular bulb reaching 4,600 florins. From there, the only way was down.

It turns out that tulips lack any sort of intrinsic value and make a rubbish commodity, just like seashells and pretty stones. Bitcoins, on the other hand, are easy to divide, imperishable, transportable and scarcer than tulips.

5. Bitcoin is Used by Hate Groups
10 of the Biggest Lies Told About Bitcoin

We could launch into a lengthy explanation as to why it’s ridiculous to blame a currency for the actions of a tiny subset of its users, but sometimes the simplest responses are best:

10 of the Biggest Lies Told About Bitcoin
6. Bitcoin is Mostly Used for Illegal Purposes
That claim might have been true in 2013, but today thevast majority of bitcoin transactions are for legitimate purposes. Chris Burniske also provided further evidence of this in his slidedeck which was cited earlier. Still, that won’t stop benighted hacks from the mainstream media trotting out this old chestnut whenever they can, usually accompanied by some variation of this image:

10 of the Biggest Lies Told About Bitcoin
 

7. Bitcoin is a Ponzi Scheme

A Ponzi or pyramid scheme involves older investors being paid back through the capital from new investors, until eventually the racket becomes unsustainable and the whole thing collapses on itself. The workings of bitcoin are completely transparent and its adoption and growth cannot be controlled by anyone. The price of bitcoin is determined solely by what the market is willing to pay for it, not by a necessity to pay back previous investors. Bitcoin is certainly not a pyramid scheme.  Bitconnect, on the other hand…

8. Bitcoin Can Be Hacked
Bitcoin exchanges and cloud-based wallets can theoretically be hacked, just like anything else connected to the internet. The underlying code powering the bitcoin blockchain cannot be hacked however. Bitcoin has been stress-tested more thoroughly than possibly any other piece of code ever written. If you’re worried about having your coins stolen,take our advice and use a wallet which you own the keys to rather than trusting a third party.

9. Bitcoin is a Fad
You know what else was a fad? The internet and cell phones.

10. Bitcoin Uses Exorbitant Amounts of Energy
10 of the
            Biggest Lies Told About Bitcoin  

We’ve debunked this loads of times, most recentlyhere, andWired have also explored the matter at length. Yes, bitcoin mining uses a lot of energy – though not nearly as much as reported – and yet every watt is worth it.

Rather than delve into lengthy technical explanations, here are a couple of pertinent facts to mull over: bitcoin mining uses a third less energy than is expended on Christmas lights in the U.S. each year. One study estimates bitcoin to use between 0.8 and 4.4 KWh per year. Compare this with the 138KWh per year spent on mining and recycling gold or the 650KWh expended by the global banking system annually and bitcoin looks like a model in efficiency.

To invoke an apposite quote, a lie can travel halfway around the world before the truth can get its boots on. The next time fake news defames your favorite digital currency, drop in this link and set the record straight. Bitcoin is many things but it’s none of the above.

What other bitcoin lies should have made this list? Let us know in the comments section below.




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Yahoo co-founder Jerry Yang claimed that the virtual currencies like Bitcoin will play a key role in the future of society. He even compared the volatility and technology of Bitcoin to the “early days of the Internet.”

In an interview at the sidelines of the Fortune Global Forum held in China in late 2017, Yang said that Bitcoin and the other digital currencies like Ethereum, Litecoin and Dash are the future of the financial system, although they are not there yet.
“Bitcoin as a digital currency is not quite there yet. People are not using it to transact. People are using it as an investable asset. I personally am a believer in where digital currency can play a role in our society. Especially in, not only the front end of doing transactions but also in the back end of creating a much more efficient system and a much more verifiable system”.
Other positive comments on Bitcoin and the other virtual currencies
Despite some criticisms and doubts against Bitcoin and the other cryptocurrencies, there are technology luminaries like Yang who support and believe their potential.

Among the believers is technology firm Apple co-founder Steve Wozniak, who claimed that he considers Bitcoin as a digital currency that is “more genuine and real” than the US dollar and better than gold as a store of value.

In an email interview with Cointelegraph, entrepreneur and investor Jonha Richman shares that she believes in the potential of Bitcoin and cryptocurrencies in general. In fact, like Yang, she believes that more and more traditional money will flow into Bitcoin in the coming months as cryptocurrencies are slowly starting to hit the much awaited mainstream adoption.

With these positive pronouncements on virtual tokens, the number of individuals who are attracted to the cryptocurrency market continues to grow. In fact, Bitcoin recently toppled Visa’s market cap with its latest all-time high price.




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