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3 Major Factors That Might Impact The Future of Bitcoin

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For over a decade now, Bitcoin has been developing and constantly getting stronger. However, it is still far from being out of danger, and there are multiple factors that may impact the future of Bitcoin in a negative way.

Bitcoin, and cryptocurrencies in general, have made a serious move forward in the last two years, mostly due to the increase in awareness. There were a lot fewer people in the global crypto community before 2017, and even the authorities paid barely any attention to the trend. These days, however, there are talks of mass adoption and mainstream usage.

However, the bear market of 2018 has also made an impact. Digital currencies have lost a lot of their value, and many have started claiming that investing in them is a waste of money and time. However, experts and analysts disagree, as well as the large majority of investors.

Despite the fact that this is not the first time that Bitcoin has lost the most of its value, there are still a few aspects that might prove to be too damaging for it to survive.

1. Miners giving up

Even those who know nothing about Bitcoin apart from its name have likely heard of crypto mining. This is a process so tightly connected with most digital currencies that they cannot exist without it. Bitcoin mining exploded in 2013, and ever since then, the interest was only getting bigger with each passing year.  The enthusiasm was fueled by constantly growing prices, as well as by larger rewards at the time.

However, in mid-November, a hash war which followed BCH hard fork reduced Bitcoin’s own hashrate, which continued to drop for years, going as low as 40 EH/s, which is around 30% below its highest point. However, while it is easy to blame BCH for this, there are also additional causes for this. One such cause is a recent trend of giving up on mining, which has led to the closing of entire mining farms.

Not only that but the hydroelectric power of China — where the majority of Bitcoin is being mined — is getting scarcer, which only adds to the problem. While mining can be extremely beneficial, it is also very expensive. In the meanwhile, the price of electrical power goes up, while the value of rewards decreases due to bear market and market crashes.

2. Hacking attacks and scams

While Bitcoin prices remain either stagnant or on a decline, obtaining these coins for free is still more than worth it. This is why hacking attacks, scams, and theft still remains a very large threat, despite the bear market.  While hacking attacks on exchanges and wallets have been a part of the crypto world right from the start, their number seems to be increasing significantly.

This is damaging crypto reputation because cryptocurrencies claim that their biggest advantage over traditional financial systems lies in security. This security is constantly challenged through hacking attacks, and in a lot of cases, hackers end up stealing millions of dollars worth of crypto. While the bear market did leave an impact on the crypto popularity, hackers have a much greater influence.

3. The lack of investment money

One of the greatest factors that may negatively impact the future of Bitcoin is the lack of investments. Recently, investors around the world enjoyed numerous investment opportunities, which was made possible due to an entire decade of robust economic growth. Liquidity was high, money was in large supply, and it went everywhere — even into the still young crypto space.

These days, however, the situation is beginning to calm, and even go in the opposite direction. There is less money around, and investors are not as careless with it as they used to be. If the situation continues, the ecosystem may end up drying up, which might damage Bitcoin permanently, and prevent mass adoption from ever becoming a reality.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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Bitcoin

The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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