Bitcoin is precious, and there is a limited supply of world’s biggest crypto currency. Cryptocurrency wallet and tracking website Blockchain.info shows on Saturday that total amount of Bitcoins in circulation crossed 16.8 million mark, that equals 80% of total bitcoins that could be mined (21 million).
According to the whitepaper issued by Satoshi Nakamoto, total bitcoin supply is limited at 21 million and 16.8 million have already been mined means 80% of Bitcoins are mined.
With less than 4.2 million tokens left to be mined, cryptocurrency is only 20 percent away from reaching its hardwired 21 million token limit.
There are currently just over 16.8 million tokens in circulation with market price of around $14000, and market cap of $240 billion.
Mining is getting tougher
Each bitcoin is mined from what is known as a block , a data set on the blockchain which releases a handful of tokens each time it is successful broken down.
But the computer algorithms behind the blocks are getting harder to crack. It is a feature of the system that encouraged early adoption and now fights off inflation.
The current block reward is 12.5 bitcoin, but approximately avery 210,000 blocks the reward is cut in half. This will happen sometime in 2020.
The original mining reward stood at 50 tokens before it was halved to 25 and then 12.5. The next reward will only account for 6.25 tokens per block, thus making mining unprofitable.
Price is expected to rise
The increasing difficulty is clear because all bitcoin were already mined by 2017, but between 2016 and 2017 only 7 per cent were released. Then from 2017 to 2018 only another 3 percent were mined, and next year this number is expected to be even lower.
Some experts have suggested that once the number of available tokens decreases, bitcoin’s price tag could go through the roof.
Jamie Redman, contributor to Bitcoin.com, said: “In most cases when an asset is limited and resources are harder to come by, the supply causes demand for the market.
“The supply of bitcoin shows a significant gap between how many there are and those who want to obtain some”
Price is expected to go higher by the time as mining rewards are shrinking and demand is getting higher.
Bitcoin under $4000
Bitcoin is crashing again in crypto market along with other cryptocurrencies, as Bitcoin again dipped under $4000 mark.
2018 will be remembered as one of the worst years for crypto currencies, after spectacular boom of crypto market in 2017 in terms of adoption and increase in market cap, this year so far has proven to be the opposite of that, Crypto market cap reached the level of $800 billion at the start of 2018 and now the total worth of crypto market is $125 billion which shows more than 80% of decline in overall market cap.
Bitcoin dipped below the level of $3500 few days ago and now market is crashing one more time, shows that bottom is still not here and we are far away from bottom as of now, market dynamics are changing, shows that all the speculators in the market are taking a big hit from this bear market.
It will be interesting to see, how bitcoin will survive this crucial time period, but the biggest question is, where is the bottom? because according to many analysts in crypto market, bottom lies somewhere between $2000-$3000
India’s largest Mobile & Internet industry forms Blockchain Committee
India is promoting the blockchain ecosystem in the country and the latest move in this regard is the country’s influential internet and mobile industry association has formed a committee dedicated to the decentralized (blockchain) technology.
India’s most-read business daily the Economic Times reported, with the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is batting an eye on the government to widen the blockchain industry and startups. India’s most-read business daily the Economic Times report.
The focus is to use blockchain technology to facilitate job creation and reduce the unemployment rate in the country. This will give a boom to the new digital economy in the country, the report added.
The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.
She told the publication:
“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”
The committee includes several includes many well-reputed executives of major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.
Interestingly, the committee also includes Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it closed trading services less than a month ago. However, Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.
Despite the ban and less viability on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the consistent effort to integrate the groundbreaking tech into wider society.
The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”
BTCC Chinese Crypto firm plans to start its services in South Korea
BTCC, China’s first cryptocurrency exchange, has planned to expand its services in South Korea on October 31, 2018.
Initially known as BTC China, the cryptocurrency trading exchange was one of the largest in the world in terms of trading volume. However, owing to China’s crackdown on crypto trading and initial coin offerings (ICOs), the exchange was asked to shut down its services in the country in September last year and transferred to Hong Kong in January 2018.
According to a report, BTCC’s Korea operations will be headed by Lee Jae-beom. He said that BTCC Koplannedaned to highlight a new vision of cryptocurrencies. The exchange will first launch its beta services this month, with the official debut set for November.
Furthermore, the exchange stated that it will provide not only the trading, buying and selling services to its customers, but it also plans to create own a wallet, a mining pool, and a consumer payments service. However, there is still no information about the coins listed on an exchange. On the South Korean version of its website, the company has not yet specified which coins will be supported on the exchange.
Commenting on the launch, Lee said: “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”
The report said, BTCC also plans to expand its services and it wants to achieve this via strategic tie-ups with local and global firms. Recently, the company announced that it had joined hands with Defytime, a producer of anti-ageing products. The partnership will helpDefytime to adopt blockchain in healthcare products.
In Hong Kong, BTCC offers a range of services and products for trading to a global customer base. In particular, the exchange facilitates the trading of five cryptocurrencies against the USD – BTC, BCH, ETH, LTC, and DASH. In addition, BCH, ETH, LTC and DASH can also be traded against BTC.
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