BitCoin Value – What Is It?

What is the actual value of BitCoins? To understand the BitCoin value, we need to first understand the true meaning of the word “value” – since everyone considers the value of an item differently. The “value” of an item relates directly to its perceived benefits and usefulness to the individual holding the item. So in other words, an item’s “value” is rather subjective.

Do not make the mistake of confusing an item’s value and its price. The price of an item only refers to how much money you’ll need to give in order to acquire said item – but that does not relate to its value. For example, a new car may seem valuable to you, but it may not mean anything to a billionaire who already owns one hundred cars.

So like any other item, the BitCoin value is determined by its usefulness – such as its advantages over fiat currencies and its growing acceptance as a legitimate form of “legal tender”. Let’s have a look at three main features that determine the value of BitCoins.

The BitCoin Value To The Science and Technology Community

One of the biggest problems in creating an acceptable worldwide digital currency was ensuring proper record keeping of transactions by all parties involved. This problem was solved by Satoshi Nakamoto’s clever solution called the BitCoin BlockChain.

The Blockchain is a shared public ledger, and is maintained by the peer-to-peer nodes that populate the entire Bitcoin network. It is a world-wide, self-organizing, time-based, public consensus database that anyone can view.

When you download and install a BitCoin wallet onto your computer or mobile device, you are instantly connected to this peer-to-peer network. Every transaction that you perform is placed within the record. No duplicate entries are allowed – even if you were to copy the contents of an entire BitCoin wallet onto another computer or mobile device.

Bitcoin transactions are digitally signed with very complex hash entries to ensure that no one tries to modify the transactions. This makes BitCoin transactions very secure.

The peer-to-peer (decentralized) nature of the BitCoin network ensures that no one person, cooperation or government can control the BlockChain data. This great feature makes BitCoins “censorship resistant”. No government can “ban BitCoins” as you cannot ban something that you have absolutely no control of.

You do not require the approval of anyone to use BitCoins and this ensures that BitCoins are indeed here to stay – much to the annoyance of the naysayers.

BitCoin Value and Trust

There once was a time when you could have “trusted” your life savings with a bank. You also could have “trusted” your government to give you your pension when you retire. Those days are gone. Banks and governments have proven beyond the shadow of a doubt that they are completely incapable of maintaining the trust of citizens. This is one of the main reasons why BitCoins are growing in popularity.

With BitCoins, you never have to worry about placing any trust in a central authority – since no one person, bank or government can centralize BitCoins. The problem of “placing trust” is completely eradicated from the system.

The BitCoin protocol was designed to function on its own – viewed by everyone, but manipulated by no one. You can only control the amount of BitCoins that you have in your wallet – nothing more.

The BitCoin protocol ushers in a new age in currency exchange – where everyone has direct control over their own personal finances – without having it arbitrarily taken away or misused by any central authority.

BitCoin Value and Security

BitCoin transactions are secure because they utilize the public/private key pair system. Bitcoin addresses are public keys that are created by corresponding private keys. The private keys are stored within a user’s wallet.

The generated public keys can only be unlocked by the corresponding private keys. This high level of security for each transaction ensures against theft. Another useful factor is that since each transaction has its own unique public/private key pair, it also blocks duplicate entries from being placed within the Blockhain.

Conclusion

There are lots of advantages to owning BitCoins. What we’ve covered here are the most important ones – especially the ones that would be of great importance to the average BitCoin user. As time goes by, more and more people will begin to see the value of digital currency and the advantages of using it over fiat currency.

Get the latest BitCoin Price, News, Opinion Articles, Insights and more from PTC BitCoin Success Blog – http://www.ptcsuccessblog.com

BitCoin Price – History and Future Trends

When BitCoins were first released in early 2009, there was no price associated with BitCoins since there were no existing currencies that could be directly exchanged for them. A number of early adopters began getting involved in BitCoins since they saw its potential as an alternative medium of exchange.

Bitcoin Price – The Ups and Downs

The BitCoin community grew and the BitCoin price in January 2011 was at $ 0.30. Its value was mainly based against the U.S dollar and it still is (as of this writing). After a number of ups and downs, the BitCoin price landed at around $ 4.25 by the end of 2011.

Bitcoins (like paper currency) will always go through trends of volatility. Unlike paper currency however, bitcoins have two advantages:

(1) Only a limited amount of BitCoins will ever be on the World BitCoin Exchange (BlockChain). This safety net ensures that BitCoin traders will never run into a case of “runaway inflation”. Multiple countries around the world are currently suffering from financial mismanagement of their paper currencies and citizens are turning to alternative currencies – like BitCoins.

(2) BitCoin trading is decentralized – all computers from around the world (including mobile devices) can connect to the exchange network. This decentralized nature ensures that no one individual, corporation, government or bank can have the ability to easily manipulate the BitCoin price. But that does not stop them from trying.

BitCoin Price – Wild Market Speculators

In 2013, the popularity of BitCoins grew even further. Wild speculators began jumping in and out of the market. From January to April, the BitCoin price shot up from $ 13.25 to $ 266.00. A price correction kicked in and pulled the price down to $ 50.00 a week later.

The United States Senate needed to have a “hearing” about BitCoins that year (because when you cannot control something that is not meant to be controlled by any government, having a so-called “hearing” is really important – note the sarcasm).

The BitCoin price peaked at around $ 1,240.00, but finally settled down to $ 800.00 by the end of 2013. It was pretty obvious that wild speculators were trying to treat BitCoins with the same wild abandon as in the “paper currency stock markets.”

The year of 2014 was the year of “market correction” where the price trend generally went down until the BitCoin price was about $ 325.00. This year was also very important because it was the year of the “BitCoin Venture Capitalists”. Over $ 300 million dollars of venture capital investments were used to expand and enhance the Bitcoin network infrastructure.

This expanded and enhanced infrastructure is what allows people from anywhere in the world to easily get a BitCoin wallet and begin trading in BitCoins – without having to be a “technology wizard”.

BitCoin Price – Stable Investing and Beyond

Venture Capitalists are adding more investment capital into the BitCoin infrastructure and BitCoins are now recognized as a true and viable alternative currency in many countries around the world. More and more online companies are accepting BitCoins as a form of payment.

The worldwide acceptance of BitCoins is very important to the stability of the BitCoin price. If you have not invested in BitCoins as yet, then there is no better time than now to do so. The BitCoin currency has indeed proven itself to be a viable alternative medium of exchange.

Get the latest BitCoin Price, News, Opinion Articles, Insights and more from PTC BitCoin Success Blog – http://www.ptcsuccessblog.com

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Sources:

There’s a Big Difference Between Electronic Fiat and Cryptocurrency

https://www.wsj.com/articles/why-bitcoin-is-booming-1499638932?mod=e2tw

http://www.blockchaintechnologies.com/blockchain-music

http://www.blockchaintechnologies.com/blockchain-applications

Fiat Currency Vs Digital Currency

https://www.forbes.com/sites/laurashin/2017/02/21/this-is-the-worlds-first-cryptocurrency-issued-by-a-hedge-fund/#6de7a9b560b6

A New Startup Just Proved That Blockchain Is Going to Utterly Transform Our Future

Don Tapscott @ TED 2016

This Crypto Wallet, Devised by a Co-Founder of Ether, Has a Major Breach

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What Affects the Bitcoin Price?

Before we go into the details as to what affects the BitCoin price, we need to clarify some definitions first. The BitCoin Price and the BitCoin value are not related to each other.

The Bitcoin price only refers to the direct monetary costs of acquiring BitCoins – it is an objective factor. The value of BitCoins however refers to its perceived usefulness and benefits to the individual who is acquiring BitCoins – this is a subjective factor.

At this present time, the BitCoin price is mainly expressed at an exchange rate against the U.S dollar. But as time moves on and fiat currencies become more and more unstable, this “exchange rate” will become less relevant.

The BitCoin protocol is designed to create a total of 21 million Bitcoins over a 100 year period. This limit on the total amount of BitCoins that can ever be created is very important in keeping the price at a relatively stable rate. There will be times (and it has happened before) where there will be sharp price fluctuations – but the market is capable of “correcting” itself relatively quickly from these changes.

The limit also ensures that there will never be a case of “runaway inflation” – a problem that plagues all forms of paper (fiat) currency. Mining BitCoins is not the same as endlessly printing out paper money.

More individuals and companies around the world are using BitCoins. This increasing demand on the overall limited supply of BitCoins helps ensure a stable market price. At the time of this writing, the price of BitCoin is gradually rising and many forecasts state that this trend will continue over the long term.

Now let’s look at some other factors that relate (either directly or indirectly) to the BitCoin Price.

BitCoin Price and The BlockChain:

The BitCoin Network (The BlockChain) currently runs over 240 thousand transactions per day, estimated at a volume of over 122 million U.S dollars. Just about a year ago, the network was processing around 100 thousand transactions per day, estimated at a volume of about 42 million U.S dollars.

The gradual increase in the use of BitCoins is a sure sign of a healthy network. As more people from around the world use BitCoins, these upward trends of daily transactions and volume will continue.

BitCoin Price and Purchases:

BitCoins follows the rule of demand and supply, just like many other commodities. One major difference is that BitCoins are less prone to external manipulative forces (more n that later). When you purchase BitCoins (either by using fiat currency or by using another cryptocurrency) you are actually playing a role in BitCoin’s upward price.

When people around the world purchase BitCoins, the overall volume of purchases is recorded in the exchange network and the price is raised against another commodity (like the U.S dollar for example).

BitCoin Price and Sales:

Since Bitcoins follow the rule of demand and supply, then the sale of BitCoins in exchange for any other commodity would contribute to a decrease in price. Let’s look at these two scenarios:

1. You purchased an item from an online store (that accepts BitCoins).

2. You sold your BitCoins in exchange for another currency.

In both scenarios, you are selling your BitCoins. The sale of BitCoins plays a role in the BitCoin price going downward.

BitCoin Price and Investments:

As you know by now, BitCoins are a commodity – and like any other commodity, it can be used for investment purposes. Investing in BitCoins also plays a role in the upward trend of the BitCoin price.

By purchasing BitCoins (and holding on to them) you are literally taking those BitCoins out of circulation – which of course means that there are less BitCoins on the exchange network to offer.

The upward “demand” trend for BitCoins, coupled with the limited “supply” automatically forces the price of BitCoins upward. Many individuals and companies are adding BitCoins to their investment portfolios due to this simple fact.

BitCoin Price and Outside Forces:

The BitCoin protocol is the first digital currency that is free from direct control by any central authority. Many banks and governments try to discredit BitCoins simply due to the fact that they cannot control it. Bitcoins allow individuals to freely trade for commodities without having to deal with any unreliable “authorities” getting in the way.

One of the best examples of how BitCoins are changing the way we trade was during the “Banker Bailout Scandal”. Faith and trust in banks and governments is steadily going downhill (especially in European countries). More and more people are choosing to perform transactions via BitCoins – and in some countries, you can actually access BitCoin ATM Machines.

The market fluctuations of fiat currencies and the ever-increasing bad policies from governments have forced people to look for alternatives. Bitcoins, being the most prominent alternative, has had a steady increase in transaction volume over the years – and this does indeed affect the BitCoin price.

Conclusion:

As you can see, there are a number of factors that affect the BitCoin price – either directly or indirectly. These factors can create gradual or sharp price changes. But with that said, over the last few years, BitCoin has proven itself to be a relatively stable commodity and all forecasts show that it is well worth having as a long term investment.

Get the latest BitCoin Price, News, Opinion Articles, Insights and more from PTC BitCoin Success Blog – http://www.ptcsuccessblog.com

BitCoin Wallet – How To Get One

In this article, we’ll discuss the aspect of using a Bitcoin wallet to safely store your BitCoins. In a relatively short space of time, BitCoins have earned its place as a viable alternative to paper (fiat) currency.

With that said, it is very important for you to know what BitCoin wallets are and how to safely store your BitCoins in your wallet. You will need to treat your BitCoin wallet in the same way that you treat your physical wallet in your pocket. You would not leave your wallet on some random table for anyone to pick up, now would you?

You can create your BitCoin wallet either offline or online. The method that you use is directly dependent on your own personal security needs.

Having a BitCoin Wallet Online.

With an online BitCoin wallet you can easily perform transactions in any location where you have internet access and on any desktop or mobile device. This gives you the freedom, for example, of moving to another country with well over $ 10,000 worth of BitCoins.

The security measures in place for keeping your BitCoins online are getting better every day. But like everything else in life – nothing is perfect. If the website where you store your BitCoins does not have a high amount of security, there’s a good chance that the website could get hacked. If this happens, some or even all of your BitCoins can be stolen – and there are no ways to automatically retrieve BitCoins once they are transferred to another account.

There are ways of increasing the security of your online wallet such as enabling two-factor authentication (available on all reputable online wallets), where you can enter your password and then receive a text message on your mobile phone with a second code.

Besides using two-factor authentication, you should also use a lengthy password (mixed with letters, numbers and symbols) and make sure to backup your wallet in an offline location.

Nothing is completely impervious to persistent hackers, but using these strategies will give hackers a really hard time – thereby forcing them to move to easier targets.

Here is a list of popular online bitcoin wallets:

Bitfinex

CoinBase

Xapo

Having a BitCoin Wallet Offline.

If you are worried about your BitCoins being stolen from your online wallet, then your best alternative is to download an offline wallet and store your BitCoins on your desktop computer.

Here’s a list of popular desktop BitCoin wallets for both Windows and Mac computers:

BitCoin Core

MultiBit HD

Electrum

mSIGNA

Copay

Bither

BitGo

Green Address

If you are not very tech savvy when it comes to BitCoins, then it is recommended that you should use one of the simpler Bitcoin wallets.

An offline BitCoin wallet needs to do the following:

1. Connect to the BitCoin network (BlockChain) with a high amount of security.

2. Securely perform outgoing Bitcoin transactions.

3. Securely perform incoming BitCoin transactions.

4. Store your BitCoin wallet data on your computer.

5. Backup your BitCoin wallet data to a remote location (like your DropBox account for example).

Bitcoin wallets would have different additional features, but the ones mentioned above are the most important. Take your time and see which one of these wallets would be right for you.

Conclusion.

As you can see, with BitCoins you have lots of options when it comes to storage and performing transactions. Just use your BitCoin wallet in the same way that you use your physical wallet – the difference being that your digital wallet can perform transactions on a worldwide scale. So if you don’t have a wallet as yet, have a look at the options provided. Take your time and see which BitCoin wallet solution is right for you.

Get the latest BitCoin Price, News, Opinion Articles, Insights and more from PTC BitCoin Success Blog – http://www.ptcsuccessblog.com

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