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Thread: All Information About Bitcoin

  1. #201
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    Is Bitcoin Building a 2015-Style Price Bottom?

    Bitcoin's price action this year may be dismal, but it might not be without precedent.

    Having hit a record high near $20,000 in December, the world's largest cryptocurrency began 2018 backed a wave of optimism. Since then, however, it hasn't translated this into gains for investors.

    Rather, the price appears to be following a pattern last seen ahead of a bullish reversal from September 2015.

    Why is that important for traders now? When the bull market ended last time around, we saw a violent drop in price whereby bulls were unable to produce any significant highs over the course of the year.

    Comparing 2018 to 2015, there are other subtle similarities to draw on for analysts.

    In both 2015 and 2018, the price experienced peaks up 36 percent from their respective troughs in July, a development only to be followed through by a poor August performance.

    The difference, however, is that while 2015's trend was finally broken by a higher high on July 6, bitcoin's current bearish trend has not been breached in 2018. As such, breaking that trend at $8,500 (the previous significant high) could be key should history repeat.

    September, then, could be the make or break for the comparison, as the current uptrend that began August 24, has been slow and steady resulting in a more convincing move as it edges closer to the previous monthly high.

    Over on the daily chart, we can see BTC has produced a series of lower highs in the first seven months of 2018.

    Bears who have been in full control since the start of the year have defied each attempt to move higher, slapping bulls down with added sell pressure. However, the subtle differences between each drop have lessened in intensity.

    More importantly, despite the lower highs, the bears have repeatedly failed to secure a weekly close below the February low of $6,000. Further, BTC's rally from the August low of $5,859 has created a first higher low of the year.

    So, it seems safe to say that the stage is set for BTC to print the first higher price high of the year by moving above the July high of $8,500.

    The bearish conditions that have gripped the greater markets appear to be weakening with a slow and steady rise in bitcoin's current trend.
    Previous years (2015-16) saw a run-up during the September period, rising between 4.5-34 percent signaling a possibility for this year.
    A convincing close above the previous monthly high at $8,500 would break the bear trend, producing bitcoin's first major bullish move since the year began.

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  3. #202
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    Bitcoin as per monitory polices and rules have not any back up.So it is not trustworthy currency. Rules for any currency is back of something like Gold,Aluminium and other metals.So We can not trust on this currency.Further its existence is invisible.

  4. #203
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    Treat Bitcoin Like Switzerland Does, Zimbabwe Finance Minister Tells Central Bank

    Zimbabwe’s new finance minister said the country should embrace Bitcoin at state level in a manner similar to Switzerland, local media outlet IT Web Africa reports Monday, September 17.

    Citing the Swiss central bank’s “investment and understanding” in Bitcoin, Mthuli Ncube said he would call on the Reserve Bank of Zimbabwe (RBZ) to follow in its footsteps.

    “Zimbabwe should be investing in understanding innovations and often central banks are too slow in investing in these technologies,” the publication quotes him as saying.

    “But there are other countries which are moving faster. If you look at the Swiss central bank they are investing in and understanding Bitcoin.”

    Zimbabwe continues to face cash difficulties following political upheaval on the back of years of economic turmoil.

    The RBZ has meanwhile taken an increasingly risk-averse stance on cryptocurrency, in May this year banning all domestic banking institutions from servicing cryptocurrency businesses in a manner similar to India and Iran.

    Ncube continued to imply that to turn a blind eye to Bitcoin now was to close the door to benefits which would present themselves later.

    “...If these countries can see value in this and where it's headed, we should also pay attention,” he said.

    “...The idea shouldn't be to stop it and say don't do this, but rather the regulators should invest in catching up with them and find ways to understand it, then you regulate it because you now understand it.”

    In July, the RBZ revealed it was studying ways of applying blockchain technology to its internal processes.

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  6. #204
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    Palestinians Are Using Bitcoin to Transact Across Borders Amid Conflict

    For a small but growing community of users in the occupied Palestinian territories of the Gaza Strip and the West Bank, bitcoin has become a lifeline.

    Ahmed Ismail, a financial analyst in Gaza, estimated there are at least 20 unofficial "exchange" offices there dealing cryptocurrency to local users. Ismail himself helps 30 clients use bitcoin to purchase investments abroad, such as stocks, since there aren't any local alternatives for putting money to work.

    One such currency dealer in Gaza, Mohammed, told CoinDesk over the past four years he helped up to 50 families a month purchase an average of $500 worth of bitcoin each to send money abroad or shop online.

    "Bitcoin, in their opinion, is cheaper, safer, and quicker," he said. "Nothing works with Palestinian banks. Bitcoin wallets are alternative banks."

    While Palestine is not the only politically and economically isolated part of the world where cryptocurrency is making inroads, it's somewhat unique among these markets in terms of the drivers – and limitations – to adoption.

    For example, Palestinians do not face the kind of hyperinflation that drives Venezuelans, Iranians and Turks to hodl a digital currency with a limited supply, since they don't have a national currency at all, instead using stable foreign currencies.

    But another core property of public blockchain networks is particularly appealing in the Palestinian territories: censorship-resistance.

    Anyone can conduct a peer-to-peer bitcoin transaction. Once the transaction is paid for, it can't be vetoed by an intermediary. This would appear to solve a real problem for a population with restricted access to the global economy amid the ongoing conflict with Israel. Even supporters in the West have had their bank accounts shut down for sending money to Palestinians.

    "There is no payment gateway, like PayPal, for entrepreneurs to receive payments internationally," Laith Kassis, CEO of the nonprofit Palestine Techno Park in the West Bank, told CoinDesk. "So here comes solutions on blockchain with private nodes."

    However, an electronic currency can only do so much in a place where power outages can be a daily occurrence and even traditional banks sometimes struggle to transact with much of the outside world.

    Facts on the ground
    While sending or receiving bitcoin may be frictionless, on- and off-ramps just don't exist in the Palestinian territories.

    There's no way for Palestinians to get their Israeli shekels, U.S. dollars or Jordanian dinars to online crypto exchanges since none of them work with local banks. Hence, they must rely on dealers as liquidity gateways, and that adds friction back in.

    One Palestinian tech worker told CoinDesk that when she tried to cash out a bitcoin payment from a remote employer, she couldn't get a fair fiat price from dealers in Gaza because crypto prices were soaring at the time.

    As such, Saifdean Ammous, the Palestinian-born author of "The Bitcoin Standard," is skeptical about any claims that the cryptocurrency currently offers a solution to his homeland's economic straits.

    "If the people who want to do the transaction don't both have balances in bitcoin then you're just adding extra layers of conversion from their home currency to bitcoin and back to the home currency," said Ammous, who is a professor of economics at the Lebanese American University. "That's never going to be a sustainable solution."

    Another non-starter, in his view, is the Palestinian Monetary Authority's publicly touted plans to create a national cryptocurrency. Ammous said it "completely misses the point to think of bitcoin as a payment solution that can be added onto existing monetary systems."

    He added:

    "Rather, it is its own monetary system and it will have its own payment solutions."
    Plus, Palestinian communities revolve around local trust networks and physical assets like cash, because high unemployment and poverty rates create urgent daily needs. According to World Bank estimates, 21 percent of Palestinians live below the poverty line on less than $5.50 a day.

    In that context, volatile and illiquid assets are predominately useful for cross-border transactions, but not everyday ones.

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