Bitcoin, Cryptocurrency, Blockchain Past Week Happenings.
Bitcoin rally this week fails to materialize as New York conference brings more hype than substance
- Bitcoin dropped about 10 percent this week despite calls that it would rally on the back of major blockchain conference held in New York City.
- Last year, bitcoin rallied 69 percent during the Consensus conference, according to Fundstrat.
- "Many repeat attendees commented that the panels felt more like commercials than substantive discussions, which was not the case last year," says Fundstrat digital currency analyst Alex Kern.
My Thoughts: Not quite the reaction anticipated, price went up prior to the conference, then fell back. Previous years this conference created excitement, boosting cryptocurrencies along with blockchain technology.
Enthusiasts eagerly awaited discussions, as in previous years, many left feeling discussion had not taken place. Conference numbers tripled in attendees, opportunities such as this should be used wisely to guide technology, not stagnate into old school commercial ideas.
Crypto investor in dilemma to hold or sell Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH] or Ripple [XRP]
Ran Neu-Ner is the founder and CEO of ‘The Creative Counsel’ and the host of CNBC Africa’s show on Digital currencies ‘Crypto Trader’. Ran offered a few tips to America’s post-market show called “Fast Money” on Thursday. He has been trading in cryptocurrencies for a long time now; as he talks about how a few years back everyone who did not understand the technology got into trading with digital currencies just to figure out why it got so popular, yet not mainstream.
The first solution was brought about by Bitcoin, a peer-to-peer digital currency that requires some sort of a database to make transactions possible. Ran believed Bitcoin to be a ‘store of value’ and that it all relies on the time and framework of each project.
As an investor, he likes Bitcoin very much but pointed out its low pricing issues. BTC values today at $8,137.77, at the time of writing. “It’s going to continue to go up, slowly and in a stable way,” he said. The interview talks about his dilemma to hold or sell BTC, BCH, ETH or XRP.
With Bitcoin Cash currently ranked at number 4 in the crypto-rankings and valued at $1,172.91, at the time of writing, has hopes of doubling upwards in a matter of months. The month of May has not served justice to these Cryptocurrencies, but, Ran sees the potential for Bitcoin Cash.
The investor claimed that, Ethereum ranking at number 2, has formed one of the biggest communities so far. The network is working towards solving not only the scalability issues but also create more transparency among the buyer and the seller.
My Thoughts Each to their own, research and spend only what you are able to afford.
Already invested into any of the larger cryptocurrencies, hold on to them or sell some off to invest into new projects. Each project does hold possibilies given time may grow.
Thinking back, it was astounding when Bitcoin soared more than 14 fold over the course of 2017 to reach a peak of more than $19k on December 16, 2017, giving it a total market value of $329 billion. Greater than the gross domestic product of South Africa or Ireland.
How to buy Bitcoin anonymously (well almost)
Buy Bitcoins in person
You can buy bitcoins in person at Bitcoin meetups, through the “marketplace” option of the Mycelium wallet (the marketplace exists on the Android version only), or by finding traders on the LocalBitcoins platform.
The best place to meet traders in person is in a busy but not crowded place that offers free Wi-Fi. Public libraries or cafes are great venues for these appointments.
Both parties should allow enough time to wait for at least one confirmation of the Bitcoin transaction. To make sure your Bitcoin transaction gets confirmed by the network, you don’t need to bring a Bitcoin wallet with you; just knowing your address is enough. Enter the address into the search field on Blockcypher or any other blockchain explorer and watch as the transaction comes in and confirms.
Get Bitcoin From an ATM
Bitcoin ATMs are common in some countries but rare in others. Check Coin ATM Radar to see if there’s one near you! Make sure to check the “other services” box in the bottom-left corner, or you might be missing out on some places where bitcoins are sold as vouchers.
Each machine differs in how it handles your personal information. Some might not ask for anything other than your Bitcoin address and cash, while others might want your phone number, fingerprint or passport. Just try the machine out with a small amount. Asking the machine’s operator can be tricky, because there’s a risk they might file a suspicious activity report.
If there is video surveillance at the Bitcoin ATM, you might not be able to hide from it. Even still, showing up at a Bitcoin ATM with a ski mask would make you look too suspicious, no matter how much you value your privacy.
Accept Bitcoins as a Payment or Donation
If you’re regularly spending bitcoins, it makes perfect sense to accept them as payment too as you will no longer need to worry about how to acquire them. The bitcoins you accept will not be anonymous either since there might be a record somewhere that they were paid to you, but they are likely already more difficult to link to you for a passive observer than the bitcoins you buy at an exchange, where records are kept in detail and made available to several parties.
My Thoughts If you are able to make private transactions, this will save when using to pay or purchase online using Bitcoin. Once you wish to convert to fiat, a local exchange is used, rendering all the above useless.
Cryptocurrency where you are able to remain private, get your message out....
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Quote for Today:
“You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust” - John McAfee
