Will bitcoin take over

Here’s what would happen to Bitcoin if the government tried to take it over

On June 7, the United States government task force seized more than $2 million in Bitcoin ( BTC ) to pay a ransom following an attack on the Colonial Pipeline system. A warrant filed with the U.S. District Court for the Northern District of California shows that authorities recovered 63.7 BTC.

As news of the recovery spread through mainstream media, some outlets suggested that the U.S. government somehow hacked the Bitcoin address in order to extract the funds. For example, University of Michigan professor and New York Times contributor Justin Wolfers tweeted:

CME Bitcoin futures settlement data. Source: CME CME July Bitcoin futures premium/discount vs. Coinbase, May 2021. Source: TradingView

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Welcome to Cointelegraph Market’s weekly newsletter. This week we will identify emerging-sector trends across the cryptocurrency landscape in order to broaden your.

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Is Bitcoin Dead? When Will Bitcoin Die? (The Fate of Bitcoin)

Bitcoin is dead…almost.

Since 2018, Bitcoin shot up to $20,000 and plummeted to $7,500. The recent plummet has experts claiming it is the end of Bitcoin and the bubble has finally popped.

But, can Bitcoin really die?

We take a look at the history of Bitcoin, how cryptocurrency has changed over the years, what experts are saying about it, and if perhaps there’s a better alternative than the ever-popular Bitcoin.

Bitcoin functions on its own

Bitcoin was invented in 2009 as a peer-to-peer online payment system that does not require a trusted central middleman – such as a bank or payment gateway – to verify and control the transaction.

Because there is no middleman, a system controls double spending to ensure no one spends the same money more than once (remember, anything digital can be copied and reused over and over). The system is the peer to peer network.

Users all over the world are given access to connect their computers to a network and are rewarded with Bitcoins for the amount of processing power they donate to the network. (This is known as Bitcoin mining.)

This network system, also known as blockchain, acts as a public ledger that records all Bitcoin transactions, taking control away from the middleman (banks, cards, PayPal) and giving it back to the person performing the transaction. This results in fewer transaction fees and full control over funds, which means central agencies cannot dictate any transaction limits, freeze any accounts, or reverse payments.

How Blockchain works

Without getting into too much detail, Blockchain is how Bitcoin orders transactions. Using nodes, a verification method that ensures the transaction can be made, the Bitcoin network groups a number of transactions together, called blocks. About every 10 minutes (which is what it takes to verify and confirm the transactions within one block), the network approves a block.

Because of this blockchain, Bitcoin cannot be stopped.

Miguel Cuneta writes:

“The Blockchain doesn’t care. There is no plug to pull. It has no feelings. But every ten minutes, it takes a step forward. Every ten minutes, it increases its value and the strength of its network. No person or institution can stop this.”

According to him, as long as people have transactions, Bitcoin will continue to grow. But will the value increase again?

The fall and rise of Bitcoin

Ever since its inception by Satoshi Nakamoto in 2009, Bitcoin has had its ups and downs. In 2011, Bitcoin dropped to $2.00 after reaching $31 a few months before. In 2013, when Bitcoin reached $1,000, it plummeted to $300.

So, it only makes sense that when Bitcoin reached nearly $20,000, it dropped back down to $7,500 (at the time of writing this).

Does that mean Bitcoin will rise again?

Most likely.

Ran Neuner, an expert on Bitcoin, told CNBC that he expects the market to hover for a little while and then go back up.

Unfortunately, there’s no way to tell if he’s correct.

The right time to invest

While many believe Bitcoin will go back up, others who look at cryptocurrency as a whole say to go with another route.

Alternatives to Bitcoin, known as Altcoins, have flooded the market. A lot of them offer variations to Bitcoin, such as different economic models, mining algorithms, and some offer more or less privacy than Bitcoin itself.

In some cases, these altcoins can be more valuable than Bitcoin and are worth the investment.

Where Bitcoin doubled in value in months before losing its gains, Alternative coins such as Cardano were up 30 to 40 fold.

Putting that in perspective, 10,000 USD invested from 1st December 2017 to 31st December 2017 in Bitcoin would yield a little more than $4,000 in profit. That same amount invested in Cardano coin would have over $54,000 in profit.

BITCOIN
Price 01/12/2017 = 10,000 USD
Coins Purchased (10K) = 1 coin
Price 31/12/2017 = 14,235 USD
PROFIT = 4,234 USD

CARDANO COIN
Price 01/12/2017 = 0.11 USD
Coins Purchased (10K) = 90 909 coins
Price 31/12/2017 = 0.71 USD
PROFIT = 54,545 USD

So, while Bitcoin will continue living on, and it might even increase in value, there are more worthwhile options out there to invest in.

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Will Bitcoin Take Over? How I Made Money Off Bitcoin + Misconceptions

By Jack Taylor on The Capital

Bitcoin has been a concept for many years, used as a payment in the form of crypto-currency. Although there are many other forms of cryto-currency, bitcoin, launched in January of 2009, gained great popularity in 2017. Aspects such as social media played a huge role within the success of bitcoin as viral marketing was implemented, increasing the demand for this currency, and therefore increasing its value.

So, What Is a Bitcoin?

Bitcoin is not a physical thing. A Bitcoin is essentially a piece of data that is stored within a ‘digital wallet’ in a smartphone or computer. Bitcoins can be gathered through a process of Bitcoin ‘mining’. This is where specialized computers solve computational problems which allow them to chain together blocks of transactions and form something called a ‘blockchain’. Once a Bitcoin is obtained, it can be traded on a virtual market for essentially ‘real world money’.

The implications of Bitcoin.

Bitcoin as a form of currency is currently very unstable in terms of value.

At this point in time, Bitcoin is currently worth £7,252.69 ($9,496.23), however, it had reached a maximum value of £19,650 ($25,725) in December of 2017, whilst subsequently crashing to £3,100 ($4,058) in December of 2018.

Additionally, Bitcoin can be used to exchange money without being linked to personal identity. Although they can be tracked, though methods such as using TOR (a search engine) or Bitcoin mixing, it becomes increasingly difficult to track the transactions of Bitcoins. This made the currency highly valuable within places such as the dark web, as a sense of anonymity could be provided.

Currently, Bitcoin has been seen to increase in price, leading to people investing within Bitcoin in hope for it to become more widely used and increase in value. Within our modern society, Bitcoin can currently be used within many different websites, and as its social awareness increases, we might be inclined to use Bitcoin as a casual form of currency.

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Justin Sun: Bitcoin will take over from the dollar

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Justin Sun has won a special NFT made on the Bitcoin blockchain . It is called Golden Whale Pass, and the Tron founder paid 12.6 BTC for it.

This Non Fungible Token was built on Liquid , Bitcoin’s sidechain, by NFTglee .

This is the highest price paid to date for an NFT on Bitcoin.

About his special purchase, which will allow Justin Sun perpetual access to all Bitcoin conferences, the Tron founder spoke about it in an interview with Bitcoin Magazine . He said:

“Bitcoin is one of the best ways of storing value, but lots of people don’t know you can actually develop NFTs on the Bitcoin network.”

Indeed, NFTs are usually created on the Ethereum blockchain. Bitcoin’s blockchain doesn’t particularly lend itself to this, unless a second layer is used, as in this case which required the use of Liquid.

But the purchase gave Tron’s number one backer perpetual access to Bitcoin conferences , something maximalists might not like. Justin Sun, however, is keen to defend his work in Tron, crypto and the blockchain itself. But that doesn’t mean he doesn’t support Bitcoin as well. On the contrary, Justin Sun argues that:

“Eventually Bitcoin will take over the U.S. dollar to become the global reserve currency. At TRON, the first thing we want to achieve is to become the settlement layer for this new global financial system. Today, TRON is the largest stablecoin settlement layer in the world. Every day, we settle more than $10 billion, and I believe we’re going to continue to grow.”

But Tron is an ecosystem in which there is not only the blockchain. There is also for example BitTorrent. About which Justin Sun says:

“Before Bitcoin was ever invented, BitTorrent was the first decentralized commodity used by over one billion people around the world. BitTorrent is also one of the first technologies that started to make people realize that decentralized systems are much better than centralized systems.”

A milestone for those who believe in decentralization.

The NFT on Bitcoin won by Justin Sun

The Golden Whale Pass was auctioned off during the Bitcoin Conference 2021 held in Miami in recent days. It was NFTglee who put this special pass up for auction. In the tweet in which he commented on his win, Justin Sun stated that the NFT in question:

“is a meaningful move forward in the genesis of Bitcoin and its incredible versatility”.

NFTglee is a company that specialises in creating NFTs by collaborating with characters, brands and artists, all on the Bitcoin blockchain.

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Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master’s degree in Web and Social Media Marketing.

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