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Bitcoin is more than just a “Bubble” says Richard Quest

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Richard Quest, an English journalist and CNN international anchor joined the Bitcoin discussion and said that Bitcoin is more than just a Bubble.

Richard Quest just visited a Bitcoin Mine in Iceland recently and was very surprised by the process how a heavily equipped mine is processing bitcoin transactions.

Bitcoin Mania has taken over the entire world, everyone is talking about it and host of the programme CNN business traveler and 500 questions recently joined the discussion of the bitcoin world, he mentioned that it is too easy for investors to mention Bitcoin as a ponzi scheme or a bubble or even a scam but one thing that they don’t understand is that there is a complete structure behind this and each and every transaction on Bitcoin goes through a properly conducted process called Bitcoin mining, he get to know more about the process of bitcoin mining when he recently visited a Bitcoin mine in Iceland.

Another side of the story

He presented another side of the story as well, he mentioned “We should not just accept the notion that bitcoin is the new source of money for the future, replacing paper currencies and gold. The fact that bitcoin prices roared up to over $11,000 and then just as quickly fell back to $9,300 in a matter of hours shows all the hallmarks of pure speculation. Money is being invested purely on the possibility of making more money because other investors are pouring in and pushing the price higher. This is different from stocks where the price is led by the earnings of the company involved, dividends and other tangible financial measures.

Whatever happens to bitcoin, other cryptocurrencies are gaining ground and more respect. Ethereum, for instance, has far more transparency. So while this week reinforced the fact the crypto revolution is coming, it also showed you can lose your shirt buying and selling bitcoin”

Risk is massive but reward is also sweet

Although risk with Bitcoin is massive but reward in terms of growth is also good making it can attractive investment at least for short term, we don’t know if it’s a Bubble or not, but it is a reality and we need to accept that

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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Take a Crypto Pill

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Crypto Pills

Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.

 

 

 

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Venezuela is the cheapest country to mine Bitcoin

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Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption

 

 

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