[2018-05-30] 4 Big Reasons to Be a Bitcoin Price Bull

[moriskarlov]

Bitcoin price may continue to hover almost 70% below all-time highs, but the largest cryptocurrency’s technology is the strongest it has ever been.

Bitcoinist summarizes the newfound strength of the Bitcoin network, which continues to deliver record statistics in the month of May 2018.

FEES

As entrepreneur Alistair Milne noted this week,  Bitcoin transactions fees have dropped to their lowest levels in seven years. Not since 2011 was it was so cheap to use Bitcoin, when the network was a tiny fraction of its current size and value.

Bitcoin has even started beating altcoin Bitcoin Cash on network fees – something which the latter’s proponents continue to hold up as one of its major features.

In future, increasing expansion of the Lightning Network is expected to drive fees below 1 satoshi per byte, keeping long-term transaction costs at a nearly negligible amount.

SEGWIT

Prior to Lightning’s mainstream adoption, however, 2018 saw mass uptake of Segregated Witness (‘SegWit’) technology, which for Bitcoin users also means lower fees and faster confirmation times.

As Bitcoinist reported earlier this month, SegWit transactions now make up a greater proportion of the total sent each week than ever before – almost 40%.

HASHRATE

Bitcoin’s hashrate also climbed to its largest in history in May. Data from Blockchain republished on Twitter by trader and commentator CryptoYoda impressed users, with theories including miners mining at a smaller profit in order to generate long-term holdings.

That theory echoes research presented last month suggesting Bitcoin could be at the start of another protracted ‘HODL’ period.

BANKS

Lastly, banking failures dominate the headlines this week, with Italy and the eurozone under political pressure and Australia and New Zealand lenders both suffering mass technical outages which cut customers off from their funds.

As Reuters reported May 26, National Australia Bank and the Bank of New Zealand were initially unable to confirm whether the problems were related or a coincidence. The source later turned out to be a power outage.

By comparison, the Bitcoin network has experienced 99.9923% uptime since it was launched back on January 3rd, 2009.

http://bitcoinist.com/bitcoin-price-4-reasons-be-bullish/

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[SectorZero]

Bitcoin price may continue to hover almost 70% below all-time highs, but the largest cryptocurrency’s technology is the strongest it has ever been.

Bitcoinist summarizes the newfound strength of the Bitcoin network, which continues to deliver record statistics in the month of May 2018.

FEES

As entrepreneur Alistair Milne noted this week,  Bitcoin transactions fees have dropped to their lowest levels in seven years. Not since 2011 was it was so cheap to use Bitcoin, when the network was a tiny fraction of its current size and value.

Bitcoin has even started beating altcoin Bitcoin Cash on network fees – something which the latter’s proponents continue to hold up as one of its major features.

In future, increasing expansion of the Lightning Network is expected to drive fees below 1 satoshi per byte, keeping long-term transaction costs at a nearly negligible amount.

SEGWIT

Prior to Lightning’s mainstream adoption, however, 2018 saw mass uptake of Segregated Witness (‘SegWit’) technology, which for Bitcoin users also means lower fees and faster confirmation times.

As Bitcoinist reported earlier this month, SegWit transactions now make up a greater proportion of the total sent each week than ever before – almost 40%.

HASHRATE

Bitcoin’s hashrate also climbed to its largest in history in May. Data from Blockchain republished on Twitter by trader and commentator CryptoYoda impressed users, with theories including miners mining at a smaller profit in order to generate long-term holdings.

That theory echoes research presented last month suggesting Bitcoin could be at the start of another protracted ‘HODL’ period.

BANKS

Lastly, banking failures dominate the headlines this week, with Italy and the eurozone under political pressure and Australia and New Zealand lenders both suffering mass technical outages which cut customers off from their funds.

As Reuters reported May 26, National Australia Bank and the Bank of New Zealand were initially unable to confirm whether the problems were related or a coincidence. The source later turned out to be a power outage.

By comparison, the Bitcoin network has experienced 99.9923% uptime since it was launched back on January 3rd, 2009.

http://bitcoinist.com/bitcoin-price-4-reasons-be-bullish/

A good set of real facts confirming the future bullish trend. The growth is determined not by the guesses of "public" people manipulating the course, but by the technical moments on which it is possible and necessary to grow.

[richardsNY]

A good set of real facts confirming the future bullish trend. The growth is determined not by the guesses of "public" people manipulating the course, but by the technical moments on which it is possible and necessary to grow.

The price doesn't follow Bitcoin's technological advancements, and has never really done so. It's the speculative nature of the market making or breaking the price. It's completely separated from Bitcoin's utility value at this point in time, especially so with how the price moved up last year. I would even say that current levels are above Bitcoin's utility value. I am not really trying to talk down on the points listed in OP, but there is an explanation for everything. I prefer to look at everything from an unbiased and realistic point of view. I think more people should do that instead of paying attention to articles stating certain things just to push out another article.

[dunfida]

A good set of real facts confirming the future bullish trend. The growth is determined not by the guesses of "public" people manipulating the course, but by the technical moments on which it is possible and necessary to grow.

The price doesn't follow Bitcoin's technological advancements, and has never really done so. It's the speculative nature of the market making or breaking the price. It's completely separated from Bitcoin's utility value at this point in time, especially so with how the price moved up last year. I would even say that current levels are above Bitcoin's utility value. I am not really trying to talk down on the points listed in OP, but there is an explanation for everything. I prefer to look at everything from an unbiased and realistic point of view. I think more people should do that instead of paying attention to articles stating certain things just to push out another article.

Using technical aspects isnt really bad yet it is really applicable when we do make trading and do make some price speculation together with this tool but i do strongly believe that movements would always vary on funamentals which technical analysis wont really be effective anytime on where some or most people do rely on with this indicator. Im not also against but having these technical aspects can really create some unrealistic point of view when it comes to price ahead.

[SectorZero]

In General, in my opinion, everything works together. OK, if this scenario doesn't suit you, what aspects do you rely on? What should be considered in the first place in the forecast of the future trend.

[richardsNY]

In General, in my opinion, everything works together. OK, if this scenario doesn't suit you, what aspects do you rely on? What should be considered in the first place in the forecast of the future trend.

Everything works together, but it doesn't really reflect the short term market. In nearly all cases Bitcoin's speculative nature has outperformed its utility value, and that will not change. Due to that speculative nature people either become extremely excited and happy, or lose faith because the price isn't going up. They don't realize that regardless of how 'low' the price dropped, the speculative price is still above its utility value. It's impossible to figure out exactly what the utility value is due to all the involved variables, but the bottoms are usually a pretty decent indicator. The mining difficulty is also a pretty decent indicator -- as long as miners keep adding hash power to the network, the majority of them are making profits. Despite the price not going up much, the difficulty keeps increasing. Next difficulty adjustment signals an increase of 12.6%.

[cetald]

Totally agree that the crisis in Europe, particularly in Italy, can contribute to the growth of bitcoin.

[monocolor]

Bitcoin is still expanding its adoptions, if it is used like visa or mastercard, the price will go up a lot. And with improvements on speed and fees (eg lightning network) it will be used daily.