[2017-10-18] Bitcoin takes flight again after overcoming roadblocks

[FollowSynergy]

After surging through the $5,000 level last week for the first time, bitcoin seems to have left behind a summer of uncertainty. But can the virtual currency sustain its record run amid increasing government regulation?

After last week's gain pushed it above $5,000 (4,250 euros) for the first time after it launched more than 8 years ago, digital currency bitcoin is closing in on $6,000 this week.

The unregulated cryptocurrency, which at the start of this year was worth "only" $966, may be in for a sustained record run as it overcomes key obstacles, according to experts.

Over the summer, even bitcoin fans were plagued by doubts: Chinese regulators cracked down on exchanges trading the virtual currency; A dispute among developers gave birth to a new version — Ethereum — splitting the market of the currency; And Jamie Dimon, CEO of JPMorgan Chase & Co, last month called bitcoin a "fraud."

But at least for the time being, the tide seems to have turned in favor of the budding cryptocurrency. Appearing to dial back his boss' comments, JPMorgan Chase's chief financial officer last week said the firm was open-minded about the future potential use of bitcoin and its digital peers.

onathan Gerardin, IT manager at Wavestone, said although the currency split, coupled with China's crackdown, had dampened enthusiasm, "bitcoin has been able to overcome that and continue to progress, it has shown its resilience."

Unlike a real-world unit such as the US dollar or euro, bitcoin has no central bank and is not backed by any government. Just like other currencies, bitcoins can be exchanged for goods and services — or for other currencies — provided the other party is willing to accept them.

Bitcoin, which was worth only a few US cents when it launched in 2009, is created through blockchain technology, which publicly records transaction details including the unique alphanumeric strings that identify buyers and sellers.

Continue > http://www.dw.com/en/bitcoin-takes-flight-again-after-overcoming-roadblocks-cryptocurrency-regulation-blockchain-ico/a-40967325

[Baofeng]

There are still roadblocks that we may encountered as we journey all along. But most of them have been defeated already and just recently the Aug 1 split and the China FUD and scare are the latest. Oh I forgot about Dimon's attack. LOL. But I think all the challenges that lies ahead will be faced by the system and we are going to win in the end. Just imagine starting this year the price of bitcoin is just below 1k$, so it almost 6 folds already. I'm sure in the next succeeding years. bitcoin will make so much gain that it possible to reach $10K-$20K. We don't need to be scare of  the roadblocks, its just part of the ecosystem, because without those challenges, I don't think we can achieved this current price.

[iamTom123]

A dispute among developers gave birth to a new version — Ethereum — splitting the market of the currency.

The writer of this article is certainly a newbie on things related to cryptocurrency. It is not Ethereum but BitcoinCash (BCH) that was given birth due to the hard fork in August. Plus Bitcoin and Ethereum are two different kids on the block...they are both humans too just like Bitcoin and Eth are both cryptocurrencies.

Anyway, this year can be marked as one of the tumultuous year for Bitcoin as we have seen a deluge of bad news coming from different fronts and from many CEOs of many financial firms out to destroy the continuing surge of the coin. The likes of Jamie Dimon and his cohorts coupled with the shaking ban news from China are just some of the things we might still remember next year when things can be smoother for Bitcoin.

Through all of these trials and tribulations, still Bitcoin managed to be very resilient and can be considered as the "Comeback King of the Year" because every time it got into the dip sooner or later it can be able to recover and even made a big surge in value.

Now, that is Bitcoin for you and me and there is certainly a big future awaiting for us here because all the things that Sir Dimon were predicting would not be coming to Bitcoin but can be to the firm he is representing. Once there would be big financial crisis in America (and it is definitely coming again) am sure that Dimon would be the first man to get terrified of and cry a river.

Remember that...sir Dimon! However, I know that you are actually secretly buying some Bitcoin.