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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

What is Bitcoin IRA and Which Ones to Consider Using in 2019

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As Bitcoin, and cryptocurrencies in general, continue to advance in the world of modern finances, many are finding new use cases for this form of money. Although cryptocurrencies still have limited use cases, many of them are finding new ways to be useful, which will give them an advantage and secure their long-term survival.

Bitcoin, for example, already has numerous use cases, including purchases of goods and services, crypto trading, loans, savings, and more. Another of its use cases includes individual retirement accounts or IRAs. Simply put, this represents an account that individuals can open at a number of financial institutions, and use it to save money for their retirement.

Many choose to open these accounts due to lower taxes, which allow them to save up more. IRA comes in several types, including traditional IRA, rollover IRA, and Roth IRA. Traditional IRA is as simple as it sounds — users simply open an account and start adding money that they can afford to deduct from their income.

Rollover IRA includes “rolling the money over” from the qualified retirement plan to the IRA, while Roth IRA allows users to deposit after-tax money which can then grow completely tax-free

Bitcoin IRAs work pretty much in the same way, except you deposit Bitcoin instead of traditional currencies. While some of the older, traditional IRAs have decided to expand their businesses in…

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Why BlocPal Is the Easiest Way to Accept Cryptocurrency

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The face of the retail industry is always changing.

E-commerce is one of the fastest growing trends worldwide, and for good reasons.

It’s convenient, secure, and is effective at connecting merchants with interested shoppers from across the world.

For this reason, it’s no surprise that online shipping is expected to overtake brick-and-mortar stores globally by 2021, making it the world’s largest medium for retail. As the industry changes, it’s important for retailers to keep up with the latest technology so they’re able to accommodate more customers at once. This is where BlocPal comes in.

BlocPal offers business owners an easier way to process payments

BlocPal understands that not every business owner adapts to technology at the same rate. As such, BlocPal has been designed to optimize transactions for both online and brick-and-mortar companies so that every retailer can enjoy the benefits that come with the world’s first true multi-currency payment solution.

With BlocPal, business owners can enjoy the following benefits:

    • The ability to process payments in fiat (USD and CAD) currency as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin, and Ethereum. Expect more currencies to be added as BlocPal…
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Bitcoin Grows Beyond $4,000

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Bitcoin (BTC) is starting to make waves again, and while they are still small, investors around the world are welcoming the positive development. The number one cryptocurrency has just breached the $4,000 mark, and while this is still five times lower price than it was in early January 2018, it is over $800 higher than in early December 2018.

At the time of writing, Bitcoin price is at $4,048.60, after the coin experienced a 5.53% growth in the last 24 hours. Meanwhile, its market cap sits just above $70.5 billion, while the coin’s daily trading volume is at $5.7 billion.

Bitcoin has had a rough 2018, just like the rest of the crypto market. In fact, the coin is so influential that it usually dictates the market behavior, whether positive or negative. Right now, the rest of the market follows the positive trend, with all of the top 10 cryptocurrencies currently trading in the green, while only a few among the top 100 coins are experiencing minor losses.

The largest gainers among the top 10 cryptos by market cap are Litecoin (LTC) with a 7.64% growth, and Stellar (XLM), which is growing by 7.27%.

Bitcoin’s behavior in the new year has mostly been positive, which is a trend that originally started on December 17th, 2018. After a month and a half of constant losses, which have brought…

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