Can Bitcoin Lose All Its Value?

We have already got used to extreme volatility of many virtual currencies and first of all Bitcoin. It seems that not so long ago the rate was breaking records one after another, having reached its all time high of $20 thousand, and today it is trying to keep $8 thousand, if to say nothing of smaller daily fluctuations. However, can world’s first virtual currency lose all its value and cost zero? The Coin Shark will tell, whether Bitcoin can go full down and whether we should expect that to happen.

The answer basically lies in bitcoin’s prospective to be massively used and finally become a kind of a proper currency which, moreover, bases its value not upon world supplies (as gold) or state authority and economy (as fiat money), but upon mathematically sound  and utile ways to transfer information.

A major american bank holding company Morgan Stanley has issued a note where a group of company’s specialists headed by James Fawcett  analyzed the cryptocurrency market and concluded that Bitcoin can lose its value completely if people don’t use it as a mean of payment worldwide, – reports Business Insider. It is also mentioned that only a few of hundreds major online retailers currently accept Bitcoin.

However, there are many agent services that accept BTC payments and enable users to spend their virtual currency even on platforms where it is not accepted directly. Generally, we can observe the growing liquidity of the virtual currency, so if the coins themselves will be alright, the number of places to spend Bitcoin will increase. However, it will probably never be a good bargain to buy milk or bread with bitcoin, but that’s the issue we are going to talk next.

Bitcoin has several technical problems  that by the way some altcoins are trying to solve. A confirmation time basically depends on a transaction fee, which means that cheap transactions are going to take more and more time. The time of transaction also increases respectively to the growing bitcoin price and the more users are there in the system the more time they have to wait for their transactions.

It probably does not mean that bitcoin is self-defeating and especially in the short term. However, these problems definitely threaten the massive adoption of this cryptocurrency.

Early in 2018, full-time Chair of European Securities and Market Authority Steven Maijoor told Bloomberg, that crypto investors had to be ready to lose all their money invested in Bitcoin. The reason would be the extreme volatility that would never let Bitcoin become a proper currency.

Anyway, even if these problems potentially cut down on Bitcoin’s rate it will hardly decrease to zero, as long as the cryptocurrency market exists. Today BTC dominates among all other virtual currencies (there are currently more than 1500 of them) by more than 40%, and even if other altcoins that are technically better developed someday squeeze their grandparent, they won’t probably destroy it completely. However, even if it happens, it will be such a distant future that in terms of the cryptocurrency market, one can only make predictions and speculate.

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Cryptocurrency Prices Today, November 15: Cryptocurrencies Collapsed in Price

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 10.76% over the past 24 hours. The price at the time of writing is $5643 per coin.

Almost all cryptocurrencies absolutely crashed in price:

Bitcoin Cash lost 13.28% over the past 24 hours and costs $447 per coin;

Ripple dropped by 8.94% and is $0.46 in price;

EOS fell by  11.7%, and its price is $4.66;

Litecoin lost 13.45%, and its cost is $42;

Cardano decreased by 14.13%, and its value is $0.061;

Stellar lost 8.24% and is worth $0.23;

IOTA became cheaper by 16.64%, and its cost is $0.48;

Dash dropped by 12.34%, and its price is $142;

Monero decreased by 13.95% and costs $90.

Over the past day, Ethereum lost 12.76%. The cost of the coin is $179.

The total market capitalization dropped significantly to $185 billion. Bitcoin accounts for 53% of the total. In monetary terms, the amount dropped to $98 billion.

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A Major Twitter Scam Made Target Promote a Bitcoin Giveaway

Twitter scammers are getting more and more intricate to make their fraud look like it’s not fraud. This time another scam involves a couple of popular brands (and, surprisingly, not Elon Musk).

A couple of unknown crypto criminals started spreading a tweet, encouraging the community to participate in a BTC giveaway. The scammers promised to give out $30 million worth of crypto. The tweet were quickly deleted, but some members of the crypto community managed to capture it.

The most interesting part of this whole scam is that its organizers allegedly hacked account of such popular companies as Target, The Body Shop, AHDB etc. and used them to endorse their endeavour.

There seem to be no other details on the victims of the scam or whether the hackers were caught or not.

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Cryptocurrency Prices Today, November 14: Cryptocurrencies Continue to Decline in Price

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.16% over the past 24 hours. The price at the time of writing is $6356 per coin.

Almost all cryptocurrencies are in the red zone:

Bitcoin Cash lost 0.66% over the past 24 hours and costs $502 per coin;

Ripple fell by 2.29% and is $0.51 in price;

EOS minus 2.40%, and its rate is $5.30;

Litecoin decreased by 0.95%, and its price is $49;

Cardano dropped by 3.02%, and its cost is $0.072;

Stellar lost 4.23% and costs $0.25;

IOTA added 0.37%, and its value is $0.48;

Dash plus 0.15%, and its price is $164;

Monero lost 0.99% and costs $106.

Ethereum lost 1.03% over the past day. The cost of the coin is $206.

The total market capitalization is $209 billion. Bitcoin accounts for 52.8% of the total. In monetary terms, this is $110 billion.

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Trading Bytecoin On Poloniex Requires 2000 Confirmations and 3 Days of Waiting

One of the biggest news outlet media CCN decided to conduct an investigation how much time a person needs to trade Bytecoin on Poloniex, and was abashed by the received results.

The reporter entered the exchange and was willing to use his Bytecoin holdings, thus, he made the deposit complying with all requirements of Poloniex exchange, like using payment ID and paying the transaction fees. After some hours, his assets were converted into pre-fork BCHABC and BCHSV tokens, yet there were still no Bytecoins.

Usually, Bytecoin requires 10 confirmations. The number is high due to unreliable mining network. After 6-10 hours, the reporter began worrying and decided to contact Poloniex support.

He received the following response:


Source:
https://www.ccn.com/

When CCN published this investigation Bytecoin had about 24 blocks in one hour. If 24/hour is a standard rate, then it means a deposit time requires nearly 84 hours – 3 ½ days – to complete all 2000 confirmations.


Source:
https://www.ccn.com/

We remind you

Bytecoin Cryptocurrency: What Rate Should We Expect in 2018?

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Authorities of the Crimea Are Planning to Launch a Blockchain Cluster

According to the Russian news outlet, there might be a blockchain cluster created in the special economic zone in the Crimea. Such a proposal was put out during the Yalta International Economic Forum that took place in Moscow.

As stated by the representative of Crimea, Georgi Muradov:

Last year we started discussing the blockchain technology and planned the creation of a cluster, a blockchain cluster in the form of a cryptocurrency investment fund.

Such a move towards innovative technologies might be an attempt to avoid sanctions from the West and lure in overseas investments.

We remind you:

Rosfinmonitoring Took Control of Cryptocurrency Turnover in the Russian Federation

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Cryptocurrency Prices Today, November 13: Cryptocurrencies Are Still Falling

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.62% over the past 24 hours. The price at the time of writing is $6347 per coin.

Cryptocurrencies are mainly in the red zone:

Bitcoin Cash lost 2.09% over the past 24 hours and costs $508 per coin;

Ripple added 2.71% and costs $0.52;

EOS lost 0.98%, and its price is $5.40;

Litecoin fell by 0.75%, and its rate is $50;

Cardano dropped by 0.35%, and its value is $0.074;

Stellar minus 3.09% and costs $0.26;

IOTA added 1.25%, and its value is $0.48;

Dash decreased by 0.20%, and its price is $163;

Monero grew by 0.08% and costs $106.

Over the past day, Ethereum lost 1.38%. The cost of the coin is $207.

The total market capitalization is $210 billion. Bitcoin accounts for 52.3% of the total. In monetary terms, it is $110 billion.

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