Thursday, 5 December 2019

Bitcoin falls after suddenly increasing

Bitcoin is a cryptocurrency. It is a decentralized digital currency. It is without a central bank. It can be sent from user to user on the peer-to-peer bitcoin network. There is no need for intermediaries.

Bitcoin and a lot of other major cryptocurrencies have suddenly increased, with bitcoin price rising almost $1,000 in just minutes.

(7:55pm EST 12/04/2019) After suddenly surging, the bitcoin price has lost almost all of its gains, dropping to around $7,200 per bitcoin.

Bitcoin climbed from $7,070 per bitcoin to $7,801 on the U.S.-based Kraken exchange, a rise of around 10%.

There are other major cryptocurrencies

Ethereum logo looks like many triangles. Bitcoin has a lower coin supply and is more liquid than Ethereum, but Ethereum has better technology and provides more uses than Bitcoin does.

Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc. (a USA-based technology company).

Bitcoin Cash is a fork of Bitcoin. Bitcoin Cash is a spin-off or altcoin that was created in 2017.

Litecoin is a peer-to-peer cryptocurrency and open-source software project. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011.

Zcash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin. Like Bitcoin, Zcash has a fixed total supply of 21 million units.

Dash is an open source cryptocurrency. It is a form of decentralized autonomous organization run by a subset of users. They are called "masternodes". It is an altcoin that was forked from the Bitcoin protocol. The currency allows fast transactions that can be untraceable.

Monero is an open-source cryptocurrency. It was created in April 2014. It focuses on privacy and decentralization. Monero uses an obfuscated public ledger. This means anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination.

On Dec. 5, 2019: 1 Bitcoin equals 7,379.92 United States Dollars (USD).

A transaction is a transfer of value between Bitcoin wallets. This gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed. This is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. A "mining rig" is a colloquial metaphor for a single computer system that performs the necessary computations for mining. This proof of work is verified by other Bitcoin nodes each time they receive a block.

You could use your computer's CPU to mine for bitcoins. In reality, this would be pretty slow and there is no point. You can enhance your bitcoin hash rate by adding graphics hardware to your computer. Graphics cards feature graphical processing units (GPUs).


  1. I don’t use Bitcoin much myself. The Bitcoin price is on a logarithmic growth curve. The price could be something like $170K in 2028. Predictions about the price are different from different people. Some even think the price will be zero. Price could become a million dollars.
    I don’t really understand much about Bitcoin. Perhaps I should read more about it. My country’s real currency is enough for me to use. This could be a bubble to burst or something like that. The future will tell us what happens.

  2. Trading crypto currencies could be a nice way to make money. In the crypto sphere, this can be done. A lot of people didn’t know about this. Margin trading is a form of trading in which you trade with an extra portion of money borrowed from somebody based on the money you already have. This is something that is also called leverage. This could become risky or rewarding.

    These are the popular crypto margin trading exchanges: Deribit, Bybit, Binance, BitMex, Blade, Huobi, Poloniex and Kraken.

  3. There is a prototype silicon chip that was developed that enables encryption that is “impossible” to break. The system uses chaotic wavepackets in conventional Silicon-based semiconductors. It is interesting how new encryption technologies are being developed. Bitcoin could possibly benefit from these new encryption technologies.

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