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More Hashes than Stars in the Sky: Bitcoin (BTC) Hashrate Hits 52 Quintillion

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The hashrate of the Bitcoin (BTC) network has set up a new record a few days ago, by hitting the amazing 52 quintillion hashes per second. As BTC technical support continues to improve and develop, the industry commentators choose to encourage and congratulate Bitcoin on the achievement.

Bitcoin’s new hash record

According to recent data from Blockchain, it would seem that the hashrate of Bitcoin managed to reach as many as 52 quintillion hashes per second. This is the first time in the history of Bitcoin that a crypto has reached such a large number. In fact, the number is so large (52,000,000,000,000,000,000) that it is pretty hard to even imagine it. One Twitter user tried to put it into perspective as he shared this news.

Obviously, this is a huge achievement, and it shows that Bitcoin’s efforts on accelerating and improving the hashrate are not in vain. In fact, the growth of hashrate has even become one of the biggest characteristics of this crypto in 2018. The increase of hashrate only in the last three months has improved significantly, by more than 60%. The last hashrate report came in June, and back then, it was 43 quintillion, so the progress of this aspect of the leading crypto is more than obvious.

How does this affect the sellers?

When hashrate reports came in June, one of the biggest crypto proponents, Max Keiser, who is also a host of Russia Today, stated that he believes that the price is bound to increase due to this technical improvement. According to him, the price will definitely follow the hashrate. It turned out that he was right, and Bitcoin’s price against the US dollar went up by 15% only a few days later.

After the recent price surge due to ETF expectations, Bitcoin once again saw the drop which came as a consequence of the SEC’s decision to postpone the decision making. Because of this, many are wondering whether the new hash report will be enough to start another bull run.

Philippe M. Heilberg, AIG commodity division’s former head of global emerging markets, has started wondering what would the sellers think even if BTC’s price goes up by as little as 10%.

Bitcoin has had a lot of significant ups and downs recently, and many of the increases have been false alarms. Even so, it would seem that the overall faith in Bitcoin being the coin of the future remains strong in many investors and crypto enthusiasts.

Additionally, the ICE, which is a parent company of the New York Stock Exchange, has announced a large BTC-related project recently. The project has got a lot of people excited, especially when ICE announced that it will be collaborating with some major firms like Microsoft and Starbucks.

The project in question is to bring a new crypto platform, Bakkt, which is to go live by November of this year. With all of this going on, a lot of people believe that Bitcoin’s price has already reached its bottom and that it can only go up from here. Obviously, a lot has been going on recently, and it is anyone’s guess what will happen next. If one thing is certain, however, it is that we are still not done with the excitement regarding Bitcoin and that many new developments are waiting in the following months.

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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

Stepping off the rollercoaster: Why I’ve fallen out of love with Bitcoin

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The very word Bitcoin has almost become synonymous with that of cryptocurrency. It’s basically just a medium of conducting digital transactions – it’s a virtual currency and one of many. So how has it taken on a definition of its own and asserted itself as a leader in the digital financial ecosystem?

Bitcoin has been crowned king of altcoins, probably because it was one of the earliest and most successful of its kind. The trendsetter has ushered in a wave of cryptocurrencies built on decentralised P2P networks and has inspired a growing number of followers and spinoffs. But is Bitcoin struggling to keep up with the newcomers who have made considerable developments to the stability, security, and usability of the crypto world?

The supporting case for Bitcoin has been a clear one. Its pioneering infrastructure has situated it in a position of dominance in the altcoin realm. Bitcoin has a proven usage case as a store of value. Having existed over 8 years without failure, it has a large lead over most altcoins and has withstood the test of time as younger counterparts join the market. However, it seems to be on a downward slope, or at the very least, not progressing at the speed of the market.

In May this…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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