Category Archives: Bitcoin News

Bitcoin Vs Altcoins: How Are They Different?

Many of these companies have been created due to the rapid rise in popularity of cryptocurrency. They offer investors options, but they can also cause anxiety. It is important to know the differences between the two types of cryptocurrency, given their relative newness.

There are basically two types of cryptocurrency: Bitcoin and Altcoins. Bitcoin is the most popular crypto due to its dominance. The blockchain technology that is the basis of cryptocurrency, has matured and led to the creation of many new crypto coins, such as Ethereum. These coins were called “altcoins”, short for alternative coins.

Altcoins are built on the same principles as Bitcoin, but have some unique features and additional features.

What is Bitcoin?

Bitcoin, the first cryptocurrency, was created in October 2008 and launched in January 2009. It was created by a pseudonymous individual or group known as “Satoshi Nakamoto.” Bitcoin is an open-source, peer-to-peer decentralised digital currency. All transactions are recorded into an online public ledger accessible to all. To facilitate transactions, it doesn’t require an intermediary like a bank or other financial institution.

What is Altcoin?

All other crypto coins, except Bitcoin, are generally called “Altcoins”, which basically means an alternative to Bitcoin. CoinMarketCap is a market research organization that lists more than 11,000 crypto currencies. These are all altcoins.

What is the difference between Bitcoin and them?

Altcoins are based on the success of Bitcoin, but have slightly modified the rules to appeal more to certain users. Ethereum, which is the second largest cryptocurrency in terms of market capitalisation, introduced smart contracts. These smart contracts are codes that only run when certain conditions are met.

These smart contracts execute agreements between two parties using Blockchain technology, opening up possibilities for the development and testing of new crypto applications.

Altcoins offer improved functionality, transaction and scaling to meet rapidly growing demand. Many wonder if altcoins will be able to match the success of Bitcoin and the other coins that followed it. Bitcoin is the original cryptocurrency, and all other coins are ‘Altcoins.

El Salvador’s Bitcoin Adoption Met With Small Protests

One week before El Salvador adopted Bitcoin as legal currency, small groups of protestors took to the streets. Business Insider reports that protests against President Nayib Bukele and the Bitcoin law are increasing in frequency ahead of its implementation on September 7th.

Protesters object to Bitcoin adoption for a variety of reasons. These include political opposition to President Bukele, concerns about volatility in U.S. dollars, and misunderstandings about the new law.

This law is revolutionary and could end the US’s endless money printing. Bitcoin will provide El Salvadorans with another way to transact and store their wealth. But, perhaps most importantly, it will allow them to send and receive money without any commissions.

Business Insider reported that local media sources in San Salvador said that protestors believed Bitcoin would pose a serious threat for El Salvador’s economy. One argument is that the El Salvadoran Government cannot control the United States’ debasing of their dollars, on which they are completely dependent, so they won’t have the ability to control a Bitcoin-based economy.

It is important to note that Bitcoin is not a currency that can be controlled by the government, despite the fact that people are constantly mishandling their money and stealing their time.

When you compare Bitcoin to an asset such as the U.S. Dollar, which is constantly inflating, the often-cited argument that Bitcoin can be volatile is not valid. Bitcoin has a limit on its supply.

Another argument against Bitcoin adoption is that it encourages corruption through money laundering and hidden transactions. However, this is completely untrue to the nature of Bitcoin. Every transaction on the Bitcoin ledger can be viewed publicly and tracked at all times. This is in contrast to U.S. dollars.

Although there are very few arguments against Bitcoin adoption in El Salvador, it is still to be seen what happens. In the weeks that follow September 7, El Salvador’s Bitcoin experiment, the financial world will be closely following. Protesters will still have the option to use Bitcoin in any way they choose.

Is this another opportunity for Bitcoin bulls

Bitcoin’s gains of 2% over the past week have been quite quiet. Although BTC’s bullish trend was still visible on the charts, there were warning signs that the market was losing momentum. However, a close above $48,000 will negate most of the anxiety. Bitcoin was trading at $46,789 at the time of writing. This is a 1% decrease over the 24 hours.

Bitcoin Daily Chart

After 11 weeks, Bitcoin’s 200-SMA (green), changed to bullish on 9 August. However, buyers didn’t take advantage of this trend. Bulls had another chance at the 61.8% Fibonacci Extension ($45619), which also clashed the long-term moving average. This could cause another spike in the near future.

Failure to do this could lead to serious consequences moving forward. A negative outcome could see BTC reverse its trend towards the 38.2% Fibonacci levels, where it would be susceptible to losing its bullish structure.

Reasoning

Relative Strength Index remained bullish, but it has reached lower peaks at various levels. A bearish divergence can cause a market drop towards the 50% line, which is where the market would be most sensitive.

The MACD was also at the edge of a bearish crossover, which indicated some near-term risks. Momentum was also uncertain on the Awesome Oscillator, which presented no clear direction for the future. Although all three indicators were in comfortable positions, they pointed to risks that were difficult to ignore.

The bears will try to take advantage of any indicators that fall below their respective half-lines. BTC had to close at $48,000 in order to overcome these signals.

Conclusion

BTC didn’t have any lifelines to close above $48,000. RSI showed bearish divergences while MACD, AO and MACD were moving towards a negative outcome. BTC could reach $42,000 if a breakout does not occur in the next few days. Bulls would have to be hard at work to start a new recovery.

Bitcoin retakes $46,000 as rebound continues

After a weekend of high stakes for the crypto industry, the Senate continued to debate the details of its role in the yet-to-be-passed Infrastructure bill. The bitcoin price soared past $46,000 Monday morning.

Bitcoin traded at $46,050.61. According to Coin Metrics, this is the highest Bitcoin price since May 16th, when it reached a peak of $49,770.33. It traded as high as $45,683, which is 4.5% higher than the previous day. Over the weekend, the price of ether broke through $3,000 for the first time since May.

The Senate delayed voting on the infrastructure bill from Sunday night to Tuesday in order to give more time for debate. D.A. said that traders are likely to be more optimistic than ever and that they will prevail. Chris Brendler, Davidson.

The bitcoin community has made more than 35,000 calls to lawmakers and beefed up its lobbying efforts in the past few days. Some notable community figures, including Square CEO Jack Dorsey and Tesla CEO Elon Musk, Coinbase CEO Brian Armstrong, as well surprise crypto advocates such as Gene Simmons, have spoken out on social media to urge lawmakers not to stifle innovation.

Bitcoin hovered around $30,000 for several weeks after falling from May’s highs. Since July, it has been rising steadily.

Fairlead Strategies reports that it has cleared three levels of resistance over the past three weeks: the cloud model, 50-day moving mean, and the 200-day moving median.

Fairlead’s Katie Stockton stated that minor breakouts are a reflection of positive short-term momentum, and better intermediate-term momentum after July’s successful test at support near $30,000 in July. “The next hurdle is just above $51,000. This seems to be a test, given that there are no signs of upside exhaustion.

Bitcoin surges past $40,000; Know if you should invest?

Bitcoin seems to be rebounding after the May price crash. Bitcoin’s price soared by 32 percent this week after a 53% drop between April 16th and July 21. This volatility is worrisome to many investors but it is normal for those who track and invest in cryptocurrency.

Bitcoin price

Bitcoin’s price reached a new record of $42,607 (Rs 31.6000) Sunday morning, a rise that was nearly double the $42,628 mark on May 19. At 9:30 on Sunday morning, Bitcoin’s price hit $42,607 (Rs 31.6 lakh) for the first time since May 19. This is almost 17 percent more than its previous high of $29,599 on June 21. It has also seen a steady increase in its value from $34,624 on Monday to $34,624 on Monday. The price of Bitcoin climbed to $40,000 the following day. Bitcoin’s price has risen by more than 22 percent in the last week.

Bitcoin has rallied since Tesla CEO Elon Musk stated in an online conference hosted by ARKinvest that Tesla may allow bitcoin to be used as payment when bitcoin mining reaches the milestone of over 50% green energy use. Bitcoin prices rose after Musk’s positive statement.

Although the digital unit looks positive, experts warn that Bitcoin and other cryptocurrencies are volatile instruments. There might be significant volatility in the markets soon. Investors should be cautious before making any investments. Partially, Bitcoin’s recent rebound was due to speculations on social media about Amazon’s plans to allow bitcoin as a method of payment.

When the company posted a job posting for a lead in digital currency and blockchain products on July 22, speculations began. The e-commerce giant refuted all reports. “Notwithstanding our interest, the speculation surrounding our specific plans to use cryptocurrencies is false.” A spokesperson for Amazon stated that they are still focused on exploring the possibilities of what this might look like for Amazon customers who shop on Amazon.

Do you want to invest in Bitcoin right now?

Experts warn that investors shouldn’t be influenced by the price increase last week. Cryptocurrency is highly volatile, so first-time investors need to be cautious. It is crucial that you spend some time learning about bitcoin before investing your money. Start small amounts of money, starting at Rs 100. Experts recommend averaging strategies if you plan to invest large amounts. No one can predict the market, and it is better for you.

Crypto experts advise that retail investors only invest the money they can afford to lose. Avoid gambling when investing in Bitcoins, as the market is volatile. To reduce risk, diversify your investments across multiple cryptocurrency exchanges. You should not invest more than 5% of your portfolio into cryptocurrencies.