Cryptocurrency News for 2 Sep 2017
Bitcoin Price Soars to $5,000 Followed By Substantial Sell Off
Bitcoin just crossed the $5,000 mark in trading today, fulfilling the expectations and predictionsof a number of industry insiders. The rise was fueled by recent news regarding geopolitical instability and the search for a safe haven other than gold. Investors have been removing fundsfrom other stock indices as well as precious metals, and shifting them into cryptocurrencies, driving prices higher.
However, the peak price point was immediately followed by a substantial sell-off, as some large-scale traders sold large blocks in quick succession.
Prices stabilized near the $4,700 mark after dropping as much as $400. The sell off may well be linked to some substantial BTC holders selling large blocks. The pullback is to be expected, as many sell orders likely had $5,000 as a price point, with investors and individuals taking profits at the high point.
The advice to ‘buy the dips’ has been much touted, and this may well be just such an example.
Full story at http://bit.ly/2vA9H0N
Source: CoinTelegraph
Literally just one huge chart showing bitcoin’s incredible rise to $4,800
Eight days.
That’s how long it took bitcoin BTCUSD, -5.34% back in April 2013, to rise from $100 for a single bitcoin to $200.
Fast forward four years and the cryptocurrency has reached an all-time high of $4,890.40 and has been scaling $100 milestones in a matter of hours on a routine basis. On Tuesday morning, the price of a single bitcoin was around $4,400; by Tuesday afternoon it had shot up to briefly top $4,700 for the first time. Friday, it scaled above $4,800 and has $4,900 in its sights.
While these milestones have become lesser and lesser accomplishments as bitcoin has continued to blaze along its upward path — bitcoin would now only need to rise 2.1% to go from $4,800 to $4,900, compared with 100% when it doubled to $200 — it is also indicative of just how astonishingly fast the digital currency has been rising this year. So fast we were barely able to fit all the milestones onto this whopper of a chart.
Full story at http://on.mktw.net/2vzMOut
Source: http://www.marketwatch.com
What Can Crypto Exchanges Learn From Traditional Banking?
The cryptocurrency world is unashamedly anti-bank. The centralized, profiteering and often fraudulent banking world is the very antithesis of what the cryptosphere is all about.
While this wholesale rejection of centralized structures may have merit, the reality is that legacy banking models have created spaces where users feel safe and transactions are generally smooth and rapid, with consistency in expected outcome. Your grandma probably won’t ever buy Bitcoin because it’s entirely unfamiliar territory.
Crypto exchanges, on the other hand, are gaining notoriety for wildly varying fee structures, financial limitations, and confusing and unhelpful reporting. The technical aspects of cryptocurrencies make transfers safe, but also slow and tedious.
Full story at http://bit.ly/2vzhhZL
Source: CoinTelegraph
An Inside Look at Kim Dotcom’s Upcoming Bitcache and K.im Platform
Kim Dotcom has been teasing his fans and bitcoiners about his new Bitcache application for quite some time, while also fighting an extradition to the U.S. Bitcache works with the K.im platform and allows anyone to upload documents, code, videos, and music files so they can get paid in bitcoin for their work. Users just upload their content to a broad range of storage services and social platforms, and they get an embedding code for their websites, and the content can also be shared on Facebook, Twitter, via email, and Google. When the file is uploaded to a distribution site payment is required to download the content, and the creator gets paid in bitcoin.
We got early access invite to test K.im, as the application is currently in demo form. After getting a special link to the website, I was greeted by a page that lets you create a Bitcache wallet. Bitcache provides you with a private key, wallet ID, and a password and this is where bitcoin is sent when users download content. After I created my wallet, I decided to upload my “How to Solve the Rubik’s 3X3” document using the K.im platform.
While my Rubik’s 3X3 document was uploading, I selected a price to charge people who could later download my instruction manual. I set the price at five cents, and the value was converted into bits, and my upload was then complete. Next, I was directed to a page where users can customize how customers will see how the video, file, or document will look. You can add a title, introduction, description, cover image, and choose the content’s category.
Full story at http://bit.ly/2vzRQqG
Source: Bitcoin News
Cryptocurrency Market Cap Can Exceed $200 Bln by the End of 2017
10 years ago the cryptocurrency market did not exist, Bitcoin had yet to emerge from the mysterious brain of Satoshi Nakamoto, and Ethereum’s founder had just turned 13 years old.
In other words, the crypto market barely existed. Perhaps it was a glint in the eye of Bitcoin’s unknown inventor, but no one else had ever heard of “Blockchain technology”.
The means of creating a decentralized world were completely detached from reality. And yet, the crypto market cap is worth approximately $164.3 bln today.
It is, without a shadow of a doubt, one of the fastest explosions of wealth in human history.
Full story at http://bit.ly/2wv1YhM
Source: CoinTelegraph
Creator of World's First Bitcoin Fuel Pump Plans Lightning Support
The creator of the first ever commercial fuel pump to accept bitcoin has revealed a plan to add Lightning Network functionality to his design.
The original machine, designed and built by Andy Schroder in 2014, allows users to scan a QR code and send bitcoin instead of more traditional means of payment. Schroder now wants to adapt his design to incorporate the Lightning's off-chain payments, he announced on the Lightning-dev mailing list yesterday.
However, Schroder pointed out some issues he has with Lightning – which he hopes will provide "real-time micropayments" – including that its invoice protocol BOLT 11 does not appear to accommodate refunds. Refunds are a necessity for the bitcoin fuel dispenser, because it runs on a fixed prepayment, and immediately returns any unused credit at the end of sale, he said.
Schroder is currently using bitcoin improvement protocol (BIP) 70, a user-friendly payment protocol that creates a receipt for the customer, as well as automatically providing a refund address to the seller.
Full story at http://bit.ly/2vA1jyv
Source: CoinDesk
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Upvoted & Resteemed
Great! Post.
Upvoted & resteemed
Aint gonna stop there. I xpect usd 10k by end of 2017
BTC may hedge back a bit but has now a proven track record and will be sure to reach the mark again within the next week (if not over the weekend).
Awesome post thanks for sharing with us. It is really appreciated.