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Bitpay: Bitcoin the “Under Pound Gorilla” Will Eclipse Many Other Currencies

Global Bitcoin payment service provider Bitpay is making some upbeat predictions for 2019 which certainly paint a different picture to the digital currency’s rocky ride as 2018 comes to a close.

The Atlanta-based company’s Chief Commercial Officer (CCO) Sonny Singh predicts that 2019 promises to be an “exciting” year which will push Bitcoin’s value up to between USD 15,000 and USD 20,000 by next December.

He believes that with the entry of Fidelity and Intercontinental Exchange into the market and ETFs getting the green light, 2019 will take on a whole new look when it comes down to investment opportunities. He commented it would be Bitcoin that would eclipse many other digital currencies whose fortunes were less easy to foresee, suggesting, “I don’t know what’s going to happen to them.”

He said, “There’s a night and day difference between Bitcoin and everything else. Bitcoin is the under pound gorilla, it’s the one that has the mass network effect… [the one] the traditional financial incumbents are building products around.”

In terms the durability of his gorilla, Sing argues that “Bitcoin survives first”, even in a poor market, despite its fluctuating fortunes. Blockstream CEO Bobby Lee, brother of Litecoin founder Charlie, agrees, suggesting that despite flashes of green in the last 24 hrs, Bitcoin could still threaten USD 3,000 but long-term, he feels it will overtake gold.

In this bear market for #Bitcoin, it’s worth reminding everyone that $BTC is still only one-hundredth of the value of #Gold: $80 billion vs $8 trillion.
Gold is worth 100 times more than Bitcoin today!
What will the ratio be in 10-20 years?
Will it flip, with Bitcoin worth more? pic.twitter.com/VIpzIDKfo0

— Bobby Lee (@bobbyclee) November 20, 2018

Currently, there is a consensus among certain cryptocurrency experts that with Bitcoin’s growing convenience as a payment method, illustrated by the march of ATMs worldwide, along with the digital currency becoming an internationally recognized household name, past hype could surrender to real value. A deflation of Bitcoin could “clean out weak hands”, according to the views of many investors. Serious players in the market would then be left to establish Bitcoin’s real value. EToro analyst Mati Greenspan says the ship isn’t sinking, but simply readjusting to its load:

“What we’re seeing now are the after-effects of the unprecedented rise of Bitcoin and other crypto assets in 2017. This year is simply a retracement of that… These cycles can sometimes be accentuated in the crypto market due to the riskier nature of this nascent industry. In the same way, previous cycles have not signaled the end for broader markets, these price movements don’t signal the end for crypto assets.”

For now, Singh’s gorilla is still in the mist, waiting for its moment to escape.

 

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Man Threw Away $60 Millions Worth of Bitcoin, But Global Losses Amount to $25 Billion

Crypto investor James Howells became another victim of not managing his cryptocurrency carefully when he threw away his hard drive, which would now be worth around $60 million dollars, reports the New York Post.

Lost cryptocurrency is not a new phenomenon. Matthew Mellon, one time head of New York Republican State Committee’s finance committee, related to the founder of Mellon Bank, died last month of a drug-related heart attack, leaving behind him roughly $1 billion’s worth of Ripple. Regrettably, the family was unable to locate his passcode, so effectively the funds are lost.

According to the New York Post, there are currently an estimated 3 million lost bitcoins at approximately $25 billion lost due to lost retrieval codes or owners dying without passing on the magic numbers.

Cryptocurrency codes are randomly generated by the Bitcoin algorithm and can be up to 15 characters long, and funds need to be retrieved through the user’s private key. IT worker James Howell found out about what it feels like to lose his key the hard way.

32-year-old Howell, who lives in Wales, mined 7,500 bitcoins in one week in 2009 as part of a group of 6, in what he called “the early days of the gold rush,” then things went badly wrong, he commented:

“Four years later, I had two hard drives in a desk drawer. One was empty and the other contained my bitcoin private keys,” Howells recalled. “I meant to throw away the empty drive — and I accidentally threw away the one with the bitcoin information.”

Once Howell had realized some months later that his coins had risen in value to $10 million he returned to the dump where he had thrown his hard drive to no avail; his fortune gone.

Although this is an extreme case it’s not infrequent for investors to lose their coins,  says legal crypto consultant Brian Stoeckert, “People put them on laptops, storage drives, USBs…Lose one of them without having it backed up, and you are out of luck.”

33-year-old Atlanta-based software developer Syl Turner also fell foul to his own carelessness when he moved his computer up to his attic, having replaced it with a new one. Once bitcoin had reached $10K he thought he’d better retrieve his two bitcoins, discovering he’d erased his private key. “I’m pretty sure I wrote over it because bitcoin had no real monetary value at the time I did it,” Turner said.

Some believe that Bitcoin’s mysterious creator, Nakamoto, may have lost his private key. Another theory is that he committed suicide and failed to leave the pass code-behind.

In the meantime, Howell has offered the town of Newport 10% of his Bitcoin’s value if he’s permitted to excavate the landfill where he threw his hard drive. So far he’s been denied access

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