He forgot the password and will lose 220 million dollars: He has two more attempts to guess it!

The most popular cryptocurrency experienced a drastic growth at the end of 2020, to reach a record value of $40,000 very quickly.

Although its value has dropped in the past few days, it is still at an enviable level, and is now worth more than $34,000.

Bitcoin was created on January 3, 2009, and it took two years to become mainstream, or “in trend”.

Soon, a large number of people became interested in digital currencies, and that craze for the same did not subside even after ten years.

One really interesting case appeared on social networks. Imagine you have more than 200 million euros in your wallet, but you can’t open it, how would you feel?

That’s exactly how Stefan Thomas, a San Francisco-based programmer who forgot his password and most likely can’t access his hard disk drive called IronKey, most likely feels.

This device gives the user a chance to mistype the password ten times before encrypting the content forever, which can pretty much hit the head of anyone who forgets the password, which happened to Thomas who lost it a few years ago when he ran out of paper on to which it was written.

He tried to guess the code eight times, but was never successful! That means he only has two chances left before he loses his fortune! He told The New York Times:

I would just lie in bed and think about it. Then I would sit down at the computer with a new strategy, which didn’t work, and I would be desperate again.

Thomas said that he was attracted to Bitcoin because that currency was out of the control of any country or company. He received 7,002 Bitcoins while living in Switzerland in 2011, from one of the proponents of this cryptocurrency at the very beginning, after Thomas made an informative animated video about cryptocurrencies for them.

To make things more incredible, the NYT points out that Thomas is not the only one with this problem, and that data from the analytical company Chainalysis indicate that about twenty percent of the “mined” Bitcoins have been lost!

As it usually happens, the internet had great comments, and they suggested the guy to try “123456”, as well as numerous other passwords.

Bitcoin should be worth $400,000! Experts claim that the growth potential of cryptocurrency is huge

He believes that the true value of the largest cryptocurrency in the world has the potential to grow even more

As the value of Bitcoin grows at a record, Scott Meinerd of Guggenheim Investments believes that the true value of the world’s largest cryptocurrency has the potential to grow further.

The shortage of Bitcoin combined with the uncontrolled printing of money by the Federal Reserve means that the digital token should eventually climb to around 400,000 US dollars, said in an interview Meinerd, the general director for investments of that company.

It was announced on the same day when Bitcoin first exceeded the value of 20,000 dollars, increasing the profit in 2020 to 190 percent.

According to our estimates, the value of bitcoin should be around 400,000 US dollars

Meinerd said.

It is based on a limited amount and relative valuation such as the value of gold as a percentage of GDP. So Bitcoin has many attributes of gold, and in addition it has additional value in terms of transactions

he added.

This is a similar argument to what is often offered by those who support Bitcoin, including the famous investor Paul Tudor Jones, who said earlier this year that he is buying Bitcoin as protection against, as he expects, faster inflation. Similarly, Mike Novograc of Galaxy Digital said the digital asset could help protect against macro risks.

The Guggenheim is among the many institutional investors diving into the crypto world. Last month, the firm filed a request to retain the right to invest as much as 10 percent of its $5.3 billion macro-opportunity fund in the Grayscale Bitcoin Trust, which invests exclusively in Bitcoin.

Bitcoin crossed $20,000

Bitcoin crossed the value of 20,000 dollars today for the first time in history, reports Bloomberg.

The world’s largest cryptocurrency rose seven percent today and was worth $20,787 in the afternoon. This year, Bitcoin has almost tripled. Bitcoin welcomes the end of the year with the highest value ever. At the beginning of the year, it didn’t look like that. From mid-February to mid-March, its value fell by more than 50 percent – to only $4,895.

After a short phase of recovery, the price has long been close to the limit of 10,000 US dollars – until a few weeks ago. In November, Bitcoin was hovering around $16,000. At the end of 2017, Bitcoin almost touched the value of 20,000 dollars, but then it fell.

DeFi- a new industry to watch

DeFi(decentralized finance) is one of the newest inventions in the crypto world. Similar to how cryptocurrencies aim to compete with money, the DeFi tries to compete with banks- by giving a decentralized platform for lending, borrowing and investing, without intermediaries and even personal ID.

We still need time to see the real potential of DeFi, but how it looks at the moment we’re just starting. It’s enough to mention that the DeFi pioneer(YFI) already trades at $25000, not to mention this summer when the peek was almost $42000.

Besides YFI, LINK, WBTC and DAI are decentralized projects with seemingly bright future.

Fighting Fraud in the Bitcoin Industry

With Crypto-Fraud on the rise, Tech View OU and Yotam Namir and Robert Provorovas company directors taken a more proactive approach in designing the process flow of its exchange platform, CoinTandem.

System developers and digital entrepreneurs are continually required to think ahead and imagine their built system’s intended use-cases and its misuse or abuse cases. The duo of Yotam Namir and Robert Provorov of Tech View OU is leading the charge in the fight against crypto-fraud in the Bitcoin industry with the development and integration of fraud mitigation systems on their Bitcoin exchange platform, CoinTandem.

CoinTandem is a digital block chain service that is revolutionizing the digital currency exchange platform process. The platform uses propriety algorithms and combines advanced payment processing with state-of-the-art fraud prevention technology to offer a safe and secure platform for all.

The Problem

Compared to the fiat currency, digital currency offers a highly unique set of security challenges. The sheer volume of the market, the anonymity of transactions, and the fact that it is instantly transferable and that transfers cannot be reversed attract lots of fraudsters to the industry like bees to honey.

Fraud schemes prevalent in the industry include identity theft, wallet hijacking, exchange scams, fake ICOs, Bitcoin Ponzis, etc. Although not all of these fraud schemes fall under the exchange platform’s mitigating purview, exchange platforms are constantly revolving their audit risk procedures to capture as many risks as possible.

Like canaries in a coal mine, exchange platforms are the usual targets for bad actors looking to breach the bitcoin ecosystem. To protect customers, exchange platforms like CoinTandem have developed propriety systems and are continually updating such systems to protect against various risks.

The CoinTandem Response

CoinTandem has developed a fraud-prevention system that loops both human and machine learning efforts to stop fraud. The propriety systems effectively utilize machine learning as one piece of the puzzle to prioritize risky users to watch more closely and a strict user onboarding process that mitigates the risk of identity theft.

But it doesn’t end there.

Some of the other procedures that push the zero-tolerance on fraud agenda of CoinTandem include an enhanced KYC protocol that is activated at the close of an exchange. What happens is, before an exchange is completed, the client is required to re-confirm by electronic signature his submitted crypto wallet and send BTC to the requested address.

In card transactions, OTP technology is activated for every buy transaction to ensure that only the owners of cards or due representatives are making purchases with such cards. Also, prior to a credit card purchase attempt, and in addition to the T&C, a Pop-Up disclaimer with a short and clear message asks the client to confirm that a 3rd party does not instruct him and that he is the sole owner of the wallet he has submitted on our website. The essence is to prevent Ponzi related bitcoin scams.

Some of the security features of the CoinTandem Platform include:

  • 2 – Factor authentication.
  • Robust real-time user verification.
  • Advanced platform with propriety algorithms and technology-driven fraud prevention systems.
  • Full KYC procedure in place to mitigate identity theft.
  • Full encryption of transaction to mitigate hijacking.

CoinTandem, a Tech View OU company is regulated by the Financial Intelligence Unit (“FIU”) in Estonia and licensed to “Providing a virtual currency service”(license number: FVT000205)
https://lp.cointandem.com/

How does the Lightning Network work?

Bitcoin is often impractical to use due to the slow and expensive transactions of the blockchain, and most people use it as a basis for trading on stock exchanges or as digital gold. The concept known as Lightning Network (LN) is advertised as a solution to this scalability problem.

Basics of Lightning Network

The Lightning Network was first described in early 2015 in a corresponding white paper. It was designed by Joseph Poon and Thaddeus Dry, but in fact the author of Bitcoin himself, Satoshi Nakamoto, is behind the concept as we can see from his 2013 email to Mike Hearn.

In short, LN is based on the principle of payment channels which are actually multiple signature wallets. Multi sig wallets are Bitcoin addresses where more private keys are needed to spend funds, ie. multiple users must authorize sending at the same time. You can compare multi-sig wallets to bank vaults that require turning two keys at the same time to open.

For example, a multi-sig wallet can be a shared bitcoin address of a household. Husband and wife both have a common BTC balance, and to spend funds from the same they both need to confirm the transaction with their private key otherwise the funds cannot be spent.

The purpose of the payment channel is to make smaller payments on a regular basis and to avoid high transaction costs. For example. employer-employee, consumer-provider of services such as electricity or water, customer-cafe, etc. The idea is that the customer can open a payment channel with his cafe and then regularly transfer payments to him as needed without waiting for confirmation of transactions (currently it is necessary to wait at least 10 minutes, and usually 60 minutes when spending Bitcoin in a store).

How does the Lightning Network work?

Similarly to blockchain explorer, there’s a Lightning explorer.

Now lets explain by example, step by step.

Our imaginary scenario is this: Bob wants to pay Alice to write him articles. The deal is 10 BTC in total for 100 articles, or 0.1 per article.

In a traditional Bitcoin system, this would require 100 transactions, each of which would take an average of an hour and cost from $ 1 to $ 100, depending on network congestion. To save on costs and time, they opt for LN.

Step 1: Opening the channel

Bob creates a regular Bitcoin transaction on the main chain in which he defines the following:

  • with whom he opens the channel
  • how many BTC he wants to send to that channel (10 BTC)
  • after how much time (eg a week) has the right to pick up the sent 10 BTC back to his own address if Alice does not respond

The latter is actually a separate sub-transaction in the main transaction with a “timelock” function that says that despite being confirmed by both required participants, it cannot be valid until the set time expires.

So, Bob sends Alice two transactions: one in which he suggests opening a payment channel and sends 10 BTC to the multi-sig address created by the opening, and the other in which he sends those 10 BTC back to himself but only after 7 days if Alice does not respond.

Step 2: Accepting the channel opening

Alice receives two proposed transactions from which it can be seen that Bob is offering 10 BTCs at the multi-sig address for the two of them with a week of lockout for non-reporting, after which the funds are returned to Bob. Alice accepts this and signs the transactions. Transactions then signed sit in the LN and wait to be sent to the blockchain.

Only when the transaction is signed by both parties required for confirmation is that transaction sent to the main Bitcoin blockchain.

It is important to define two terms: signed transaction and sent transaction. The one that both nodes accept but do not send to the network is signed. The sent transaction is sent to the blockchain and opens / closes the payment channel.

Signing and sending the first opens the channel and causes the transfer of 10 BTC from Bob’s account to the multi-sig account that was created. The signing of the second, although immediately confirming the transfer of all 10 BTCs back to Bob’s account, becomes active only after a week.

Alice and Bob have a week to do the first part of the job.

Step 3: Sending the first transaction

Alice wrote the first article and Bob likes the article. He pays 0.1 BTC as agreed by doing the following:

  • generates a new transaction in which it says “From a multi-sig address I send Alice 0.1 out of a total of 10 BTC and 9.9 BTC I send to myself”, and with this transaction generates another: “If Alice does not confirm this transaction within a week, I have the right to take all 10BTC , including 0.1 BTC not yet sent, back to my account ”
  • sends Alice transactions for signature via the Lightning Network node, without sending them to the main blockchain. Let’s remember: transactions are sent to the main blockchain only when both parties sign and send them.
  • Alice receives transactions and checks the terms: “0.1 BTC for the article, OK, I have a week to accept and I will receive 0.1 BTC, which means I have a week to submit a new article.”

On Bob’s side, this balance has been signed and is ready for commitment on Alice’s side.

Alice doesn’t have to sign the transactions that Bob resends to her. Alice is by no means allowed to sign and send this bulk transaction to the blockchain but leaves it “on the table” so as not to cause the transaction to settle and close the payment channel.

This “leaving on the table” is actually the part that solves the Lightning Network node, ie. The LN wallet used by Alice – the software accepts and signs these terms, but on the Lightning Network layer, not on the main layer of the Bitcoin blockchain. After confirming that it accepts, the new state of the multi-sig wallet becomes current.

The transaction in the current state is immutable and the conditions described in it must be met before any change occurs: either the week must expire, or Alice must confirm (sign and send the transaction) and download only 0.1 BTC out of a total of 10 in the channel.

Step 4: Sending another transaction

Alice is sending a new article in 3 days and it is up to Bob to send a new 0.1 BTC. Since it is not possible to change the last transaction but it is only possible to generate a newer one that has a more up-to-date status, Bob cannot send another 0.1 BTC but does the following:

Bob generates a new transaction in which he says: “From a multi-sig address I send Alice 0.2 out of a total of 10 BTC, and 9.8 BTC I send to myself.” In addition to this transaction, it generates another one: “If alice does not send this transaction within a week, I have the right to download all 10 BTC from the channel.”

Alice now has the opportunity to either sign the transaction and send it, take over 0.2 BTC and thus end the employment, or continue the employment, send further articles and receive new incremental transactions, or not react for a week and lose everything.

Conclusion

Basically, LN is a practical solution to some problems that do not currently exist in the Bitcoin network. Does that make it an effective way to scale BTC? We feel that not because of some seemingly unsolvable problems that we will study in detail later, but we believe that it is still an interesting upgrade to the standard protocol.

What is the current Bitcoin price?

Bitcoin is somehow dominating the world already. A lot of people are now willing and very interested in buying Bitcoin or like cryptocurrency. They are willing to invest in this kind of business. If you are still not that aware of what Bitcoin is, then it’s a good thing that you’ve found this. We’ll discuss and know more about Bitcoin and its current PRICE.

What is Bitcoin?

A Bitcoin is simply a digital or virtual currency that was created in 2009 by an anonymous creator but was aliased as Satoshi Nakamoto. You can either send or receive Bitcoins. This Bitcoins can be used for booking hotels, paying web hosting, food orders and much more. You can exchange Bitcoin into a real money or cash. Bitcoin has a specific exchange to any currency. This exchange rate changes by time to time. It can go high but it can also go low.

How to use Bitcoin?

You can use Bitcoin in a wide variety of ways. You can use it for paying for something. You’ll just need to have your own Bitcoin wallet and then you’ll be able to use Bitcoin where you can use it to buy or pay for something. It can be used to book hotels, buy some things online and so much more.

How to have a Bitcoin?

For you to have a Bitcoin, you first need to buy one. When buying Bitcoin it usually have a transaction fee that will cost you 0.15 to 1% from your order of the Bitcoin. A Bitcoin has a specific price and it has different exchange rates on different currencies.

Where to buy Bitcoin?

There are a lot of companies or platforms in the internet that offers Bitcoin. The two most popular ones are Coinbase, and more recently Buy Bitcoin Finder.

Current Bitcoin Price

Bitcoin price can go to it’s highest peak or go low to it’s lowest base. Bitcoin somehow dominates the virtual or digital currency world. Now let us know the Bitcoin current price. Below are the lists of current Bitcoin prices in some different currencies.

1 BTC = $9,619.20 (US DOLLARS)

1 BTC = ₱482,119.11 (PH Peso)

1 BTS = €8,518.28 (EURO)

1 BTC = £7,694.03 (POUND STERLING)

1 BTC = ¥67,993.61 (CHINESE YUAN)

1 BTC = ¥1,029,200.03 (JAPANESE YEN)

1 BTC = ₩11,607,894.84 (KOREAN WON)

How Bitcoin Works Under The Hood

Have you ever wonder how Bitcoin really works?

You may have heard of crypto mining. Perhaps you’ve made a few transactions. Or you might want research in detail before trading BTC.

From the surface, Bitcoin can be as simple as trading with real currency:

1. You sell/buy Bitcoins with a crypto-wallet

2. You wait for the transaction to complete

3.The end

But Bitcoin has more processes than what you usually see. These systems are responsible for its many benefits — anonymous trading, low fees, no regulation.

Learning how it works will give you an edge when trading in the crypto market.

How Bitcoin Works Under The Hood

We can learn how Bitcoin works up to a certain point, but we can’t know everything. It’s a decentralized currency, which means nobody can regulate it. Otherwise, it would lose its purpose and benefit.

Here’s what we do know.

Unlike banks, Bitcoin uses its computer network to verify every transaction. In a blockchain, “Bitcoin miners” solve math equations to verify a transaction a buyer makes.

There are millions of computers solving thousands of problems per second — and they upgrade as mining becomes more demanding. While you wait for your transaction to complete, these computers are checking it to see if numbers match.

On average, a secure Bitcoin transfer requires six or more computers to verify it. If a device can’t solve the math puzzle, it delegates to another one until it does.

Security increases with bigger transactions. It takes longer to validate $10,000 than $100. Once completed, the network accepts the transfer, which is permanent.

Bitcoin Technology: What Causes The Price Changes?

Bitcoin is the most stable coin in a volatile crypto-market. The more people trade with it, the more miners we need to verify transactions.

And the more people are mining Bitcoin, the harder it becomes. Miners get a reward for validating, but it halves every 210,000 blocks mined.

Since Bitcoin isn’t regulated, it should be easier to predict — but it isn’t. It seems investors could manipulate it, even if it’s decentralized.

There’s a reason why most altcoins haven’t become the next Bitcoin. And why governments don’t like crypto in general: transparency.

When the market is small, it’s easier to create false activity. A group of investors could coordinate a big transaction — perhaps by chance — and misrepresent the value.

How Will Bitcoin Work In The Future?

The Bitcoin Network is the invisible process that moves the crypto-market. It’s more powerful than the latest super-computers in the world.

It works because of blockchain. Each block helps to verify the next one, keeping it anonymous, yet identifiable.

If the Bitcoin features maintain, it will become expanding until miners reach the 21 million cap. The question is, what will happen later?

Will we see a new global currency? Or will it stay limited? It depends on the community agreement. If we allow this crypto-coin, how will it affect other currencies?

The applications of Bitcoin must be valuable enough to justify the lack of regulation.

Today, world-class brands accept Bitcoin as a primary method. Many more will come as soon as its prices stabilize. If it becomes a large-scale movement, it will be different from what we know today.

What you Hardly Knew about Cryptocurrency Wallets

Are you new to cryptocurrency transactions? Perhaps you are not sure of where to store your keys. Well, you can hardly be successful in the cryptocurrency world without having a reliable cryptocurrency wallet. Understandably, not everyone knows what these wallets are.

But well, let us start from the basics. These cryptocurrency wallets will always be essential in storing both public and private keys. They also come in handy in interacting with different blockchains so that clients can send and receive digital currency. Besides, it will be much easier to keep track of your cryptocurrency balance.

Types of cryptocurrency wallets

Naturally, these wallets feature different ways of storing, monitoring, and accessing your digital currency. For this reason, you will be sure of getting a variety of them. We take a look at the five most dominant wallets you will find.

Paper wallets are quite common these days. Besides being relatively straightforward to use, they will assure you of high-level security. When talking of paper wallets, it could refer to a physical copy of your private and public keys or that software that generates your pairs of keys.

You could also go for mobile wallets. Often, these wallets run as apps on your smartphone. They are not only functional but also relatively convenient. You will use them wherever you are, including retail stores.

Further, we have desktop wallets that can be installed on your PC or laptop. Usually, they tend to feature more space than mobile wallets. But besides that, they will assure you of the highest level of security. While at it, you can only access them on a single computer.

We also have online wallets that you can access from any computing device, regardless of your location. Despite being relatively more convenient, they are mostly controlled by third parties. As such, they could be vulnerable to attacks.

Lastly, we have a hardware wallet. Despite making transactions online, they will often be stored offline. This way, you will be sure of getting enough security at all times.

I bet you have heard of the most stable coin released by Maker, DAI. Well, perhaps you are asking yourself what DAI wallet is ideal for you. The following wallets are the most reliable for your DAI or any other cryptocurrency that you have.

Top wallets

Trezor: This wallet prides itself on the ability to store over 500 coins. It comes with enhanced security, with the two-factor authentification device being predominant. Besides being easy to set up, you will be sure of enhanced convenience.

Ledger Nano S: It is a hardware wallet that allows users to make multiple transactions in a single click. Besides, it guarantees you of convenience as you manage your assets.

Coinbase: This cryptocurrency wallet will come in handy in holding multiple currencies. It supports Ethereum, Bitcoin, and Litecoin. Further, you will find it relatively more comfortable to use.

Having the right cryptocurrency will often be essential in improving the efficiency of your transactions. Usually, you will want to focus on the security and reliability that they offer. Explore the different options to confirm which one would meet your preferences.

Price Prediction: How Will Bitcoin Evolve?

We’ve all felt it.

“If only you invested early, you’d made much more money today!”

Some would say times were uncertain. The economy wasn’t that good. The news was pointing in the opposite direction.

The question is, what would you have done if you knew this scenario would happen?

Today, February 7th, Bitcoin is worth $9,880.

People aren’t losing money because of bad timing. They lose because they don’t engage. In the long run, staying out of the market costs more money than having bad luck.

Whether there’s a crash upcoming or a boom, smart investors always find a way to make profits. Here, we’ll analyze what got Bitcoin to this price, what will likely happen in the future, and what to do in each case.

How Bitcoin Is Changing In 2020

After long inactivity, Bitcoin started to surge in early January. It hasn’t fallen since then, and the positive trend doesn’t seem to change anytime soon.

As Bitcoin becomes popular, more people start investing for the first time. Especially in February.

But beginner investors use to fall into a psychological trap. Once the market creates a trend, they assume it will go as it has been recently.

As a result, they invest more when the stock is going up, which is ironic. The best time to buy is at the lowest mark.

That doesn’t seem to be a problem this year. The market floor of Bitcoin has slowly progressed from $3,500 to $6,500. We still experience spikes from time to time, like in early 2019, but the value doesn’t bounce back as fast as it used to do.

Based on this pattern, the most expected case is a price increase. It may fluctuate around $10,000. But once it crosses this ceiling, it can quickly surge beyond $15,000 before the second half of 2020.

How Investors Should Anticipate To The Market

As a first measure, we should keep the capital diversified. Never buy or sell all your bitcoin. Keep investing in Bitcoin and have a cash-reserve to buy, no matter what the market does.

Furthermore, try finding a backup plan. You can sell bitcoin shirts for a certain price, even if Bitcoin goes to zero. Remember, there are various ways to get some money from any market. And various ways to create a backup plan. Some things are fragile, other antifragile.

If you bought it at least six months ago, you’re in luck. While many people are buying Bitcoin, today is the best moment to sell.

You can buy Bitcoin today too, but the outcome is much harder to predict. Here’s what to expect based on what we’ve seen in the last decade.

It appears the current ceiling is $10K, which never changed. The floor, however, has constantly been upping. As the minimal value goes up, so will the maximum.

Right now, both extremes are too close to each other. Naturally, this ceiling will change. In particular, experts expect Bitcoin to be worth $15,000 before July, and over $20,000 before 2021.

How To Back Up Any Prediction

Of course, others may not agree with this trend. Nobody can predict the markets always, which is why you should make decisions independently.

Here’s what you can do to verify this trend or find a more accurate one.

Study financial patterns. Look at the Bitcoin price history to find what reaction is likely to repeat.

Research crypto news with caution. Sadly, 99% of the headlines are noise. Publishers design them to encourage you to buy Bitcoin and be an active investor. You have a better success chance if you stay in the game passively, ignoring most of them.

Take expert advice. If there’s someone who should listen, take the legendary investors. W. Buffet, J.Bogle, C.Icahn, R.Dalio, B.Graham, or C.Munger. You’ll learn far more from smart investors who’ve seen it all.

Is Bitcoin legal?

You searched for Bitcoin be legal? This important question, whether Bitcoin is legal or not, can be answered easily. Yes, Bitcoin is legal. However, there are a few things you should keep in mind when using the crypto-currency Bitcoin. In this article we will discuss the main aspects of the topic.

Bitcoin and the taxes

But now on the subject of Bitcoin being legal, what about the payment of taxes? In some countries and in some cities in Switzerland, the tax can already be paid via Bitcoin today. Unfortunately, this is not the case in other word, where taxes still have to be paid in national currency. If you privately buy cryptocurrency directly and leave it for at least a year, the profits from an exchange rate are tax-free.

Of course, if you receive your payments via Bitcoin, you must indicate this “money” to the tax office. If you do not do that, your Bitcoin stock is considered a black money in the legal sense and that is of course punishable.

It is not easy to buy and sell bitcoin commercially. You need a license and a corresponding license for such a service. In the majority of the world, a Bitcoin transaction is considered a financial transaction and is subject to its rules and laws. There is a big difference between paying for a service or a deal with Bitcoin or actively trading that currency. You are not allowed to operate any type of trading venue without a corresponding banking license.

Is Bitcoin trading legal?

On the subject of Bitcoin being legal in the field of trading the situation is clear. If you buy and sell Bitcoin and Co. for yourself, you are not liable to prosecution. However, you have to specify your winnings accordingly, as in normal trading. However, you should always pay attention to the subject of trading, without experience, the total loss may threaten. Also the promises of the various trading bots should be evaluated with caution. In the crypto-world, some dubious figures are floating around. Unfortunately, one hears daily about so-called scam and fraud systems. Once your Bitcoin is gone, you usually will not get the money back. So always check very carefully who you work with and where to load your Bitcoin.

In which countries Bitcoin was legalized?

It is not so simple to solve the question of the legal status of cryptocurrencies. Against the backdrop of the general insanity of people on Bitcoins, the position of the official bodies of most states of the world regarding the legal status of cryptocurrencies is not so clear. In the meantime, each state chooses its own path. Let’s talk more about which countries Bitcoin is allowed in.

Some recognize it as a financial asset, others as a commodity or a means of payment, somewhere, everyone can work with it, but somewhere only individuals. Perhaps such a variety of opinions and approaches, over time, will allow us to develop a coordinated international position on the functioning of the cryptocurrency market.

In one form or another, digital currencies are legalized in the following countries:

  • United States of America;
  • Japan;
  • Great Britain;
  • Canada;
  • Estonia;
  • Australia;
  • Denmark;
  • Finland;
  • Netherlands;
  • Sweden;
  • South Korea.

As you can see, these are mainly countries with a developed economic and legal system that are trying to find additional opportunities in the new trends, and do not follow the path of prohibitions.

The bulk of the state now takes a wait and see attitude. In them, transactions in cryptocurrency do not have a legal status, and are not and are not prohibited. Most likely, government agencies are studying the experience of pioneers and trying to calculate the potential depth of the influence of coins on national economies and the financial sector. Among others, among such countries you can specify:

  • Russia
  • Germany
  • Czech Republic
  • Ukraine
  • Singapore
  • Switzerland
  • Turkey
  • Spain
  • Israel
  • New Zealand and others.

Some states from this list de facto recognized Bitcoin as an asset, but did not legitimize it. Fiscal authorities tax miners, companies and exchanges working in this direction, but the amount of fees and the mechanism for collecting them are different everywhere. Market regulation remains outside the sphere of influence of state structures.

Basically, you have no reason to fear the simple handling of Bitcoin. Just make sure that you do nothing that you would not normally do with money. Remember, no one gives you money and certainly no Bitcoin.

Is Bitcoin About To Crash This 2020?

Will the bitcoin crash? When will it happen? How risky will it be for traders? Should you sell or keep buying?

If you have made these questions, you are on the right path. To get better results, questioning everything is key. In trading, especially with bitcoin, uncertainty is everywhere.

When we look at the long-term value, however, things change. Regardless of the current events, the market shows more consistent results as more time passes.

People don’t lose money because of bitcoin crashes. They do because they don’t give enough time to learn from it and create a strategy.

Is Bitcoin about to crash in 2020?

When it comes to predictions, the market comes down to pattern recognition and mass psychology. Remember, the main cause of any economic change depends on the people behind the broad market.

Although trading requires logical thinking, the market is quite emotional. It’s the reason the Bitcoin crashed in 2018 and why it could happen again. Knowing that cryptocurrencies are volatile, the risk increases.

Then, should you stay away from Bitcoin?

Everything involves risk. The more uncertainty there is, the bigger the reward. As long as you follow the right strategy, you can make money trading Bitcoin.

Bitcoin may crash any time this year. The cause could be security, competition, or mining efficiency. However, that should not stop new traders from joining the market.

Most world-class figures have great projections for Bitcoin. Some conservative minds estimate it to be worth around 20 thousand by the end of the year. Others like John McAffee believe it will reach the million-dollar mark.

It’s not a secret. As technology improves, Bitcoin will become more reliable, and other dealers will start perceiving it that way. Experts expect most cryptocurrencies will grow in the long term.

You could feel hope, greed, fear, or regret. The key is to keep a balance between confidence and skepticism. The question is, what are you going to do about it?

How to create your own projection

If there’s something certain in trading, it’s research. As Ray Dalio would say, you need to think for yourself about what is true.

When analyzing the reasons for failure, 80% of traders who lost money were following someone else’s strategy. Although you should study the best practices, you cannot give control to others expecting to win.

If you are an independent thinker, you have already won half of the battle. Next, make a decision based on risk and reward. How much can you lose? What’s the potential upside?

When traders minimized risk and reward, they could decide based on logic. Remember, market emotions create a distorted value of bitcoin.

Lastly, use your knowledge to find patterns. If bitcoin is going to crash in 2020, you could find part of the answer in its past performance. Why did bitcoin fall in January 2018? How did it get back up? When did it start?

Of course, the past doesn’t predict the future. But we can study it to make better questions and improve our buy-and-sell strategy.

After all, trading is about working on the things we control and adapt to the events. That’s how long-term traders succeed in their careers.