They have helped to purchase 10 to 20 bitcoins to those who had no idea about bitcoin and shown interest in learning about this revolutionary technology.
This might be the wrong approach. If people get into Bitcoin purely to make quick profits, it won't work. They will be disheartened if the price crashes and might shut their minds to the advantages of using bitcoins. |
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News from China is once again spreading through the bitcoin world like wildfire. It appears China’s central bank the People’s Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing the company’s operations. Per usual the price of bitcoin took a dive during the early hours of January 11 dropping another 15 percent to a low of US$790.https://news.bitcoin.com/chinese-bitcoin-exchange-inspections-cause-price-drop-and-fud/ Well, we didn't complain when the price went up due to speculation and rumours. Now we are just seeing the other side of the coin. Atleast, this time it is based on a kernel of truth. |
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It is only permission for JFX to use the blockchain. I wonder why Japan's Financial Services Agency is micro-managing the affairs of financial companies. There can't be any systemic risk due to the technology choices of individual exchanges.
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Bitcoin is still way too young for a study to draw conclusion about its behaviour from past data.
Bitcoin has been on an upward trend, while equity markets have been volatile.
I wouldn't draw any conclusions just on the basis of the last 5 years data.
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What is the truth behind all this veiled explanations? What did really happen? The truth is as simple as that: the owners of BTCC, OKCoin and Huobi selled enourmous amount of bitcoin for yuan to satisfy the dictatorship of PBOC. This lead to an avalanche type of effect on the price of bictoin. I found it particular disturbing that the idea of decentralized cryptocoin is compromised by the owners of the biggest exchanges. Let's protect our freedom and fight back! Get out of any chinese exchanges, sell yuans and buy cryptocoins. Let's show we are stronger!
All this is pure speculation. Exchanges don't have to sell bitcoins for the price to drop. The statement by PBOC would have been sufficient to spook some investors and initiate a correction in the price. And please remember, we are still way ahead of where we started. |
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It's called a healthy correction. What keeps surprising me is that when the price moves up, people seem to take it like it's a normal thing. But when the price drops, they directly start getting worried and create threads in their panic state of mind where they ask what the reason is for the drop. All that while the price is still much higher than where it started from....
It is way higher. A 50% gain in a month in any other asset class would have been considered a moon-shot. And here people are worried that it has crashed.  |
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Would it be fair to say that 'cold storage' is the way to go? I read earlier today that most users go with 'cold storage'
If so, can most clients work with this?
Cold storage can be used when you stash away your coins and forget about them. These coins are not in a wallet which is connected to the internet. If you do a lot of transactions frequently, these funds can be drawn from a wallet connected to the internet. i.e. a "hot" wallet. |
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While the adult industry has taken small steps in accepting bitcoins for payment, the trend of paying in bitcoins is yet to catch on. This could really provide a boost to Bitcoin. This is one area where people value their privacy and Bitcoin has an inherent advantage.
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I use Electrum. It is light weight and I don't have to worry about retrieving my bitcoins if my computer crashes.  |
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I make it a point to explain Bitcoin to a close family member about once in 3 months. And my partner knows the value of my Bitcoin holdings and that the Seed is in a safe deposit box. So in case anything happens to me, my family can access my bitcoins.
I am not worried about the legal aspects of transferring ownership. I am more worried about my bitcoins being lost forever.
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Dr. Wright is still the best fit so far.
haha at the time i had my suspicions about him actually being Satoshi but by passing of time and the things that i saw from him i became sure there is no way he is Satoshi or even had any kind of affiliation with bitcoin apart from investing in it. - incapable of presenting a valid signature - presenting a fake signature as proof of identity. - his debt and shady history - the fact that he claimed he will move some coins to prove identity, he never did and there was no need for moving anything when bitcoin has a sign message feature! If he moved Satoshi's 1 million Bitcoins would that make you happy? He would definitely be jumping up and down after Satoshi's coins have been moved, claiming that he moved them. He has a claim to fame - he might not have invented Bitcoin, but he definitely managed to fool some journalists of BBC and the Economist. |
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countryfree: the funny thing is .... even with all these "scalability problems" ... bitcoin continues to function perfectly fine, as long as you know what you're doing or you're patient when it comes to transaction / confirmation times.
Also, its a damn good thing segwit has so little support ... the last thing we need is btc being undermined by people who want to centrally control it. FUCK THEM!
The point is not whether Bitcoin is "functional". The scalability problems have resulted in BTC not being able to reach its full potential. That in turn is holding back its adoption, and in turn its price. |
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Unexpected Yuan Gains Affect Global Markets And Bitcoin PriceFor the first time in months, the Chinese Yuan has noted significant gains. Currency markets responded negatively to this news, as the dollar sank a bit. Moreover, this news seems to indicate financial experts got their 2017 Yuan prediction entirely wrong. Chinese traders are also driving the Bitcoin price right now, although that may not be related to the Yuan value increase. http://www.newsbtc.com/2017/01/05/unexpected-yuan-gains-affect-global-markets-bitcoin-price/ If the Bitcoin price takes a hit in China, there is no way the rest of the world is going to be in a different. Some kind of pullback was necessary, given the mad increase we have seen in the last 1 month. |
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If this scenario were to be discussed before the birth of Bitcoin, I would have said people would shift their wealth to gold and physical assets. In such a hypothetical scenario, there would be enough people who would be ready to migrate to a private, stateless island and who would tell the Global Central Bank to take a hike. Of course, Bitcoin would be the currency in the stateless island. |
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Cautious investors like me are waiting for a clearer future before buying anymore BTC, but to my great surprise, BTC keeps on going up and up. So I have the feeling that the people from China or India (or other places) who are pushing up the price just don't care about BTC. They just want to escape their country's regulations, or failing currency, and that's not good.
People from China or India snapping up bitcoins is proof of its utility. It shows the rest of the world the perils of fiat, if the government decides to move in the wrong direction.Today's investors may not be passionate about Bitcoin; they are the practical ones. |
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But aren't the volume figures from Chinese exchanges unreliable because of zero transaction fees? The volume can be faked by a small group trading amongst themselves. |
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As the first day of January 2017 approaches, concerns that the yuan will likely depreciate further in the coming year because of the Chinese government’s enforced capital control may force more users seeking to move money out of the country to Bitcoin. January 1 is when the yearly $50,000 limit that the Chinese government permits citizens as the amount of money individuals can move out of the country in a year comes to effect. This measure enables many Chinese to pull their money out of China. http://news.8btc.com/will-chinas-50000-quota-matter-for-bitcoin-after-jan-1Chinese people will certainly put more money in bitcoin, so to move it around freely. Especially from what I heard a lot of money are from gray income, they evade taxes etc, so they don't want the government to track it. If you don't want the government to track it, using bitcoins is a poor choice. The best way is to use cash. Bitcoin leaves a trail and if the government does pick it up, you will be in trouble. |
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If this is indeed the trigger for the price to cross $1000, then what happens if Bitfury decides to dump its coins?
I hope the market develops enough depth to absorb such dumps as well.
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I guess the OP's question is how ordinary people gets bitcoins and how they spend them? well you get bitcoins by purchasing or mining it, and there are plenty website that accept bitcoin for services and goods.
Yes, common people actually get bitcoin either through altcoin mining which sometimes kind of profitable or through getting it through faucets which they don’t pay a lot and they are spammed with ads, or they get through doing some freelancer jobs, where they offer their skills for bitcoin, which is what most people do . Earning with faucets is impossible right now, especially with the huge price Bitcoin has at the moment. You get under $0.001 per 60 minutes, maybe one or two days. How is that going to offer you any income? You will get like maximum $10 a month for staying 24/7 on a computer. Not worth of your time, while you are earning in the crypto world, you must mature also. The best way to earn big is when you are ready to risk money to earn money. Taking risk to earn big is not everybody's cup of tea. Each person has a specific risk tolerance. I am not a big fan of faucets, but there are people who used faucets and then became confident to take bigger steps in the cryptoworld. |
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