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Price forecast IOTA

In my opinion, even though IOTA is one of the best crypto currencies launched in the past few days. I don’t see the price to be going much higher. Main reason, there are no fees for IOTA transactions.

The price of other cryptocurrencies is mainly driven by these middlemen who make money and also their global acceptance.

The best case IOTA would be on parity with dollar.

In my opinion IOTA could be a good alternative for day to day transactions due to no fees involved.

Looking forward to a new world of cryptocurrencies.

Blockchain for dummies

Found a really simple explanation of the blockchain technology for non-technical people or in layman terms.

Basically, blockchain can be interpreted as a simple ledger of transactions done over peer to peer network.

Who revolutionised Bitcoin?

How many of us know Ross william ulbricht, i guess many of us wouldn’t know.

But how many of us know Satoshi Nakamoto? I guess most of the bitcoin users do. Apparently he is the person who invented the blockchain concept.

Ross William Ulbricht is the guy who revolutionised bitcoin. He is the first one to implement and put bitcoin to use by launching an online store called SilkRoad. A market place for buying and selling drugs.

Bitcoin was chosen as the means of transacting due to its partially anonymous nature.

But, the sad part, he is behind bars for being a revolutionary. That is mainly due to heaps of other charges against him. Read his wiki page to know more about him.

But, if today bitcoin is valuable, the credit goes to this guy Ross who actually showed the world how to put it to use. May be he didn’t choose the best way, but quite an entrepreneur mind he has.

Hope he gets some recognition for bringing bitcoin to this world.

 

Why bitcoin will not work as a day to day currency

Unless and until bitcoin reaches stability, it cannot be a viable option for day to day use.

Imagine buying an XBOX from a online shop which accepts bitcoin for 0.3 BTC assuming its USD equivalent is $800.

Now, due to its volatile nature, 0.3 BTC could be equal to $1000 the next day or $300.

How will a business operate will such volatility?

If we assume, the price of bitcoin will never go down. Why would anyone want to spend such asset on a day to day transaction?

This makes me think, where would we use bitcoin. Now don’t tell me what blockchain is. I very well know the differences between these 2.

 

Why is the price of bitcoin soaring high?

The biggest question of the year 2017, why is the price of bitcoin soaring high day by day. I guess nobody knows the answer.

If you look at bitcoin, its nothing but an implementation of the blockchain technology. There are 100s of other coins which have come up in recent years which use this technology even more efficiently.

Current problems with bitcoin:

  1. Scalability
  2. High transaction fees
  3. Not many businesses accept bitcoin
  4. Limited number of bitcoins can be mined, 21,000,000.
  5. Slow transaction time.

Now, there are people who justify the price by mentioning its been adapted by lot of companies. But, bear in mind its blockchain that is being adopted and not bitcoin.

I guess the people who are pushing the price of bitcoin do not understand why they are investing in this. Some people are just investing due to its volatile nature and make some profits.

But, the real reason of the price rise is still not clear.

 

Digibyte Coin, the latest currency with high gains

Digibyte coin has been one of the biggest gainer among known  crypto currencies last week.

Anyone who had put in $10000 last month on this coin has now made $95000.

Digibyte has the below additional features which make it a good candidate for the long run:

Advanced scalability, speed & multi-algo mining.
The DigiByte blockchain has the ability to improve, secure and change almost every industry across the globe.
It has been widely used by various organizations.

CommonWealth Bank of Australia Launches Digital Payment System

In its latest iOS App update, the commonwealth bank of Australia(CBA) has launched a digital payment system similar to QR Code or Bitcoin System.

I guess this is a good strategy used by CBA to join the crypto currency race.

I am not sure about the exact technology used behind this, but it does have similarities with the Crypto Currency Payment system.

I do want to post the QR Code kind of image from my APP, but it may compromise the security of my account, hence i am not posting.

CBA could be one of the first bank to adopt cryptocurrency kind payment methods

 

Top 5 tips for new bitcoin or crypto currency investors

Here’s my advise or tips for investing in crypto currency:

  1. There are more than 200 different crypto currencies current being traded in various exchanges across the world. Most of these are highly volatile. A few of them have daily changes of 500%. For ex, look at the chart below. Its better to invest in something which is stable and has a long term view than going for something which don’t have a future.

2.  Always do your research before getting into investing into bitcoins. There are multiple exchanges in each country, look at my blog about different exchanges in different countries. All these exchanges have different rates. Some are cheaper and some are expensive. So its better to look around and see which one offers the cheapest and safest option.

3. Now, that you found the place to buy, have patience when looking for returns. Imagine if the guy who bought 3000 bitcoins in 2011 had sold them when bitcoin had reached $1000. He would be regretting it now. So, when you put your money, have patience and wait.

4. Choose a secure wallet, there are a lot of users who have lost bitcoins as they didnt choose the right wallet. With so many wallets being launched every day. Its better to go for the safer and stable ones. Always read reviews of wallets before you store them.

5.  Finally, go and buy them before you miss the train.