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[BMF]

Bitcoin is the most popular and widely used cryptocurrency all over the world. It was released as an open source software in the year 2009. According to the survey in 2015, more than 5 million individuals are using bitcoins. The currency code or symbol for bitcoin is XBT. Payments using bitcoin are getting more and more popular.

How do Bitcoins work?

To understand how bitcoin transactions work, you need to know about the following terminologies.

· Bitcoin Wallet – It is similar to the bank account that can be used to store, send/receive bitcoins.

· Blockchain – It is similar to the ledger book used in accounting. But blockchain is a digital ledger that is used to record the every single bitcoin transaction made by the bitcoin users all over the world. The blockchain is the backbone of bitcoin transactions.

· Bitcoin address – It is similar to the email address of an individual. Bitcoins are sent using this address only. But the address can be used for only one transaction. An individual can have many bitcoin addresses.

· Private key – It is similar to the transaction password in net banking. A private key or signature is a small piece of text that is added to every bitcoin transaction to prevent it from corruption or unauthorized access.

· Mining – It is similar to the deposit/withdrawal process in banking. The whole process of verifying a and adding a bitcoin transaction to the blockchain is called mining.

To send money to someone, you have to send the equivalent XBT of the currency from your bitcoin wallet to the address of the receiver and the transaction gets recorded in the blockchain.

What are the pros and cons of Bitcoin?

Pros

· Anonymity: The main reason for the popularity of bitcoin is its anonymity. You don't need to have a bank account or use a real name for using bitcoins.

· Low fees: As there are low fees for receiving bitcoins, international transfers can be made with fewer transaction fees.

Cons:

· Bitcoin value varies depending on the market.

· Loss of bitcoin if the wallet or your computer gets corrupted.

· As the currency is not regulated, it cannot be used in local stores or government organizations.

 

[Medowriter]

I am just hearing of munero for the first though i know of munero wallet but never knew it also a coin that can also be claim. Please can you suggest the site to claim it faucets

 

[BMF]

I am just hearing of munero for the first though

It's called = MONERO not MUNERO.

 

[HJVC Notes]

I am suspect it to be stable when it hits $20000 possibly january 2018

It will hit more than 20,000 USD before January 2018. And it will not get stable at that price point. Next year, it will hit 100,000 USD but still not stable. Even if it hit 1,000,000 USD in the future, it's price will not get stable. Winklevoss twins, the original founder of Facebook and have 11 million USD investment worth of bitcoin that is now worth more than 1 billion said in an interview in Bloomberg TV that bitcoin will be a trillion dollar industry.

 

[Yugocean]

A cryptocurrency with stable price will not become a very in exchange or buy because such currencies have no other value expect their market price. People investing in bitcoin and mining won't like the price to be stable, but they want it raise.

 

[Medowriter]

A cryptocurrency with stable price will not become a very in exchange or buy because such currencies have no other value expect their market price. People investing in bitcoin and mining won't like the price to be stable, but they want it raise.

So from all indications here, there will be a continious rise in bitcoin as more people are investing in it, this will make most people to save it for future then.

 

[krishnasriram]

Bitcoin has lot of volatility and scalable issues, but as head start it gone keep rising in crypto for long time.

 

[Yugocean]

Monero is an altcoin which is easy to earn, while bitcoin is hard to mine and costly to buy. However there are many exchangers from we can exchange our altcoin cryptocurrency to bitcoins and wait for price raise of bitcoin.

 

[overcast]

I think next year same month, things have surely changed. I am sure that there are some people who have invested into this. but it looks llike it may not work out well in such case. so bitcoin market with such buble i don't know how that will be handled from here.

 

[BMF]

Update:

1 = $17,280

I can notice Bitcoin is losing value, what do you think it will stop at? Will it go back to $5000?

 

[JRLoberiza]

Currently the price of one Bitcoin dropped to around $16.5K from record high $19, 783. I have a couple of questions.
1. Do you think the price will continue to go down this week?
2. Is it a good time to buy at the current price (expecting it to rise in the coming days)? Or wait until it drops further?

Thanks.

P. S.
If you have some suggestions regarding Bitcoin investment during this time, I would appreciate it.

 

[Emill]

to $5000 no way.. I don't see it going below $15000, I think it will remain constantly between 15k-20k for a while

 

[Yugocean]

Actually bitcoin price raised to over 19k USD, and then dropped back to 17k . Up and down is continued with it, yet it is raising bit by bit. Bitcoin can still touch 20k in January.

 

[tusziget]

Right now the price of the Bitcoin is about 15,800 Dollars,which it was a surprise to see...I didn't expect to drop that much,I was thinking that it will rise more than 20,000 Dollars this year.But there are always surprises around Bitcoin.

 

[BMF]

Update:

1 = $13,200

It's close to half of it's biggest value, I think many people are scared and sell their Bitcoin now. That's why it's losing value.

 

[Yugocean]

Really such heigh gains are something to make profit, if people will keep them thinking they will sell in future, then such future will never come, it will start dropping after reaching the peak. Now those who are still in profit, they must be trying to sell to avoid further fall.

 

[Medowriter]

I hope there wont be further drop cos it will be disaster as buyers too may be discourage cos it will be unpredictable in term of potential of it rising again

 

[tusziget]

It is a common thing to see sudden drops in the value of the Bitcoin.It has happened the same last year too,only that if I remember well,that sudden drop happened in January.There are periods of the year,when there are huge fluctuations of the price of the Bitcoin,but this doesn't affect too much the Bitcoin.It remains still strong.

 

[Emill]

It is a common thing to see sudden drops in the value of the Bitcoin.It has happened the same last year too,only that if I remember well,that sudden drop happened in January.There are periods of the year,when there are huge fluctuations of the price of the Bitcoin,but this doesn't affect too much the Bitcoin.It remains still strong.

yea, I also think it's just that period of the year and we just have to wait until it'll rise again.. either this or the ones who have invested a lot will be screwed

 

[Yugocean]

@tusziget This mean we should wait like before, just like in 2013 when bitcoin price fall to $300, now it is gaining much. All those who invested, they are worrying for quick sell too, and buyers are uncertain too.

 

[overcast]

Current the bitcoin demand is down because investors are moving to other coins.a nd they want more control. bitcoin and ether were slow due to games like cryptokitty.. so it is better to spend time into something better coin that can be scalable. so it's good that way.