Monthly Archives: August 2019

Can Bitcoin replace Gold?

Could Bitcoin Potentially Replace Gold?

Can Bitcoin replace Gold?

The comparison between Gold and Bitcoin has now been done for quite a long time by market observers. The primary basis for this comparison is the fact that both of these assets hold a large value. Both can be considered as speculative investments, which require due diligence by the investors for them to benefit. However, key differences such as the very nature of these assets, that is, Bitcoin being digital and gold being tangible, has led to many economic activists predict that Bitcoin could possibly replace gold. It is important to note that the relation between gold and Bitcoin values has been fairly inverse. However, the existence of any causation is fairly subjective.

Bitcoin and Gold – More related than we think

The most significant line of parallelism that can be drawn between the two is the fact that both Bitcoin and Gold are safe-haven investments and can fetch large amounts of profits if invested smartly. Gold is a precious metal extracted by mining and its value is decided by the supply and demand. Much like gold, Bitcoin is also mined and the more it is mined the harder the process becomes and the value is decided by the supply and demand. The mining of gold, however, is a physical process.

It is interesting to note that the prices of gold and Bitcoin have been in an inverse relation since a long time now. However, it is worth noting that the inverse relationship does not imply that the two are interrelated. The fluctuation in Bitcoin value depends on factors such as the volume of transactions while Gold’s price changes with other factors such as interest rates and so on. That being said, the inverse relation does attract attention and increase in the value of Gold could mean a bearish trend of Bitcoin.

Where Bitcoin beats Gold

Firstly, the fact Bitcoin is based on a digital platform which allows the currency to be sent across at the speed of information, without the requirement of any intermediary, and is convenient. This directly supersedes the physical nature of Gold. In an era where digitization is thriving, Bitcoin can certainly get an edge over the tangible currencies. Bitcoin fills the criterion of being durable to any threats of hacking, has a unique identity which makes it verifiable and most importantly is far more portable than gold. Scarcity also makes it a great store of value.

Probably the most important line of distinction between the two is the fact that Bitcoin is decentralized while Gold’s sustainability as a commodity is subject to the fragility in the economic sector. This means that the possession of Bitcoin is absolute. On the other hand, Gold’s acquisition is not always absolute, which means that one might own something on paper, but it might not necessarily mean that they have it in their hands. Apart from this, the process of Bitcoin mining, unlike Gold, is a virtual one. This means that the amount of bitcoin being mined is a piece of open-source information.

Moreover, the availability of information is more in the case of Bitcoin. A person can always obtain information regarding how much bitcoins have been mined and the maximum supply can also be known, which stands at 21 million bitcoins. However the volume and abundance/ scarcity of gold is not known. This makes its value subject to drastic changes in the future.

The Perfect time

Bitcoin, of late, has had a major role in revolutionizing the global economy. Its store of value feature has attracted various investors which has been greatly facilitated by the ever digitizing world. Therefore, this becomes the perfect time when Bitcoin can be utilized on a larger scale. It has the potential to disrupt and enter the markets with the most value. A shift from traditional and conventional currency towards digital currency could potentially take place on a larger scale.

The investments of the current generation are more inclined towards digital currencies. A recent survey conducted by Bitcoin Survey Fall stated that about 30% of all millenials would rather invest their money in USD 1000 worth of Bitcoin than USD 1000 worth of government bonds. The progression of generations is increasing the role of Bitcoin in people’s lives. An apt example for the widespread adoption and spread of cryptocurrency is seen by the fact that over one hundred thousand shopkeepers have started accepting Bitcoin as a form of currency.

Maybe all of this seems too ambitious, but the fact that Bitcoin replacing one of the most prevalent safe haven asset seems less fictitious and more realistic is an indicator of its widespread adoption and the role it could possibly play in the global economy.

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Bitcoin Technical Market Analysis 31st August 2019

Bitcoin Technical Market Analysis 31st August 2019

Bitcoin Technical Market Analysis 31st August 2019

How much do you like the light sea breeze which started after a severe storm? When you close your eyes, you feel it slightly cool, with a calming touch. However, if you open your eyes immediately, all you see is traces of water and land. Of course, in the crypto world, we will not get such feelings about the price movement, but the situation is very similar. For the second day on the market, a light Bitcoin price breeze blows in the form of consolidation.

The price moves in the black channel and at each subsequent local high, the trading volumes decrease.

Of course, the current consolidation may also mean a set of buyers positions before new growth, but we have not seen a change in market forces. Yes, the fall has stopped and now Bitcoin buyers are trying to create a pattern of growth. However, the stop in the fall did not happen thanks to buyers. Pay attention to the two red candles with large volumes on the hourly timeframe:

Bitcoin Technical Market Analysis 31st August 2019

As you can see,  they are without pins, so there was no fight from the buyers’ side. Sellers just stopped the pressure. In our opinion, it means that at least there should be another attempt of the purple price zone test and a price-fixing below USD 9300. If we see the interest of buyers and small efforts of sellers to continue the fall, then we will be able to make forecasts about the beginning of growth.

At the moment, the price movement in the black local channel is still reminiscent of a weak correction before fall continuation.

Analyzing the marginal positions of buyers, the prospect of closing positions which buyers actively increased throughout August remains great:

Bitcoin Technical Market Analysis 31st August 2019

We think that during the breakthrough of USD 9300, buyers can start to panic. If we analyze that buyers have started to increase their positions since 2 August, the BTCUSD chart shows that this day Bitcoin price was USD 10,300. The price rose until 10 August. And on August 14, the price was below the price mark of USD 10,300. That is, it turns out that most buyers who have been steadily gaining their position since 2 August are now in a losing position.

Therefore, there is a great danger of continuing a sharp fall in which marginal positions of buyers can play an important role.

The passiveness of sellers is fascinating. We wonder how they will behave after breaking USD 9300:

Bitcoin Technical Market Analysis 31st August 2019

There were no changes in the wave analysis. The critical point for sellers is USD 10,000:

Bitcoin Technical Market Analysis 31st August 2019

Therefore, even if buyers manage to get out of the current black local channel, we will still consider it as a correction.

Today the month candle will be closed. Tomorrow we will summarize the results of this month’s trading with you. Have a great weekend and more of a sea breeze in your life!

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PR: Web Hosting Company GeeksHosted.com Experience Post Data Center Business Boom, Now Accepts Bitcoin

Bitcoin Press Release: Rising star web hosting provider GeeksHosted is poised to serve a better web hosting experience that’s faster, safer and more reliable with turnkey scalable web hosting solutions, and now, it embraces Crypto payments for an inclusion market.

30th of August 2019, Romania – GeeksHosted is a hosting company with 6 years in the market and is making strides in the industry. Its mantra revolves around creating a web hosting ecosystem built “for geeks, by geeks,” and has earned it a favorite spot among the target niche. The service provider now shows interest in emerging technologies such as Bitcoin to expand its payment options as well as target an inclusion market.

For a small team of 10, the combined efforts have been rather intriguing these past 6 years, with its recent achievements including the building of a brand new state-of-the-art data center, out of which it provides an affordable high-performance dedicated server offering.

Quality Over Growth for Growth-hacking

During its early days, the GeeksHosted’s team largely depended on the word-of-mouth marketing strategies to get their product out there, and now, they have impressive results to show for it. With a growing number of subscribers numbering over 15,000 businessesand entrepreneurs so far turning to GeeksHosted to power their web properties, the team attests an overwhelming market demand leading to shortages of disk space on their server – surpassing initial expectations.

Expressing the sudden boom in the business, GeeksHosted’s Catalin Florica said:

“We didn’t expect it. Our customers are buying our cheap dedicated servers in large numbers. We can hardly keep up with the orders. It was actually quite a nice surprise.”

Features

  • Unparalleled ultra-fast and reliable web hosting environment.
  • Affordable domain name with over 320 cheap domain names.
  • Professional website design and development services.
  • Professional SEO services for higher website ranking in search engines results as the     main keywords translate into more traffic.
  • Top web security with support for SSL Certificates.

GeeksHosted continues to run at a remarkable pace, serving unique cheap web hosting service through fast dedicated servers. Their quality services have a high 99.99% uptime and affordable premium web hosting plans starting at only $1.95 per month thereby allowing customers to run web applications on a high-performance dedicated server.

The company’s customer care culture is one to revere, as the team uses a family-like approach to show commitment and dedication to their clientele.

What Makes GeeksHosted Stand Out?

  • Unbeatable premium hosting plans for web hostingWordPress hostingVPS hosting, and cheap dedicated servers.
  • GeeksHosted offers competitive shared, reseller, and VPS hosting options to which any of its 15,000 subscribers can leverage to improve their businesses.
  • Accepts multiple payment options to include PayPalPaysafecard, Perfect MoneyCredit CardAmerican ExpressBitcoin hosting, and other +50 Altcoins.
  • Heavily discounted dedicated servers with 2 months off for an annual subscription and a 20% discount on the first month of subscription.

Now Accepting Crypto

As a response to inquiries and suggestions from its clients, GeeksHosted adopted Bitcoin and Alternative coin payments for its crypto-niche clientele. And now, it is among a few web hosting companies that accept cryptocurrencies as a means of payment, as Catalin pointed out:

“That’s a plus for us because not many hosting companies accept Bitcoin.”

Visit the Website: https://www.geekshosted.com/
Select a Hosting plan: https://www.geekshosted.com/web-hosting
Like on Facebook: https://www.facebook.com/GeeksHostedCom
Follow on Twitter: https://twitter.com/GeeksHosted
Follow on Instagram: https://www.instagram.com/geekshostedcom/

Media Contact:
Name: Catalin Florica
Email: [email protected]

Geekhosted is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile.

About Bitcoin PR Buzz: As the world’s first cryptocurrency and Bitcoin PR service and newswire, Bitcoin PR Buzz has helped over 800 satisfied clients to reach their goals during its 7 years of service. To get your project featured on some of the world’s top Crypto and mainstream news sites, visit Bitcoin PR Buzz today

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bitcoin

Daily Trending News and Market Sentiment: Reserve Currencies and Winning Tortoises

bitcoin

The weekend is now upon us, and after some late attempts on Friday by sellers to continue their downward momentum, we can now see the bulls coming out as usual on Saturday to try and steady the ship after yesterday’s slow recovery.

#Bitcoin Price: USD $9584.52 $BTC https://t.co/J2gjdzZ07g pic.twitter.com/JTbnPsCOTl

— BNCmarkets (@BNC_markets) August 31, 2019

In late afternoon North America trading time, around 3:00 pm EST, sellers made a last-ditch attempt, lurching price to the day’s low of USD 9,455 (CoinDesk). However, that was the extent of their runs, ensuring that Bitcoin had a higher low for the third day in a row. Price is currently at USD 9,568, with short-term technicals pointing to a climb to Sunday.

Accompanying us for the news are two pieces from Forbes, beginning with that of Mark Carney, Bank of England governor, describing a digital currency that sounds suspiciously a lot like Bitcoin and its crypto cousins, eventually replacing the US dollar as the preferred reserve currency of the world.

In a speech to central bankers gathered in Wyoming, Carney declared:

“[A digital currency] could dampen the domineering influence of the US dollar on global trade… If the share of trade invoiced in [a digital currency] were to rise, shocks in the US would have less potent spillovers through exchange rates, and trade would become less synchronized across countries.”

This comes at the same time David Wachsman, founder of blockchain consultancy Wachsman, also told Forbes: “We’re seeing a revival of Bitcoin.”

Wachsman believes that everything that has happened in the past decade is only growing proof of Bitcoin’s longevity, likening Bitcoin to the hero of the “old reliable” story of the tortoise and the hare.

Bullish news for the weekend to start another attempt for positive trading!

 

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Bitcoin Technical Market Analysis 30th August 2019

The last working day before the weekend leaves some clarity for market participants. A stop of Bitcoin price in the range of USD 9300-9400 confirms our main scenario, which we constantly mentioned in our analyses. The price stopped near the purple price zone, which did not resist sellers attack twice last month.

Today, buyers and sellers are resting, dropping the price in a narrow range of consolidation, as it is after strong movements. At the moment, we do not see buyers changing the balance of power in the market. On the contrary, as long as they prove that they do not have enough volumes to start growth:

Bitcoin Technical Market Analysis 30th August 2019

And even during the fall, we didn’t see buyers greedily buying at the price of USD 9300-9400. So, we suspect that an attempt to break through the purple price zone is possible. As the current price range was a critical point in our scenario before likely fall continuation to USD 8600, we want to consider another scenario, namely the continuation of price consolidation in the range of USD 9300-11,000:

Bitcoin Technical Market Analysis 30th August 2019

The probability of this scenario is confirmed by volumes which on a daily timeframe are more like consolidation. In our opinion, buyers only need to take the initiative and back it up with volumes, and soon we will be able to see USD 11,000 again. However, let us repeat, the hints from buyers is not yet clear.

In today’s consolidation, Bitcoin buyers continue to close their positions and are unwilling to risk:

Bitcoin Technical Market Analysis 30th August 2019

Sellers do the same:

Bitcoin Technical Market Analysis 30th August 2019

However, if sellers felt themselves in complete dominance, they would have to increase their positions. Therefore, uncertainty the market sentiment may well be a good impetus for changing the local trend.

According to the wave analysis, sellers tested Fibonacci level 61.8%, from which there is a high probability of a rebound upwards at least to USD 10,000:

Bitcoin Technical Market Analysis 30th August 2019

If Bitcoin buyers do not keep this price level, then it is possible to continue the fall to USD 7680 with a temporary stop at the price of USD 8600. Therefore, at least the price will stop near this price mark for a while. Let’s see what miracles await us for the weekend. Keep your hand on the pulse of Bitcoin prices with us, until next analysis!

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