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Should I buy bitcoin?

Should I buy bitcoin?

by Shahab RanaAugust 12, 2017

As we can see that Bitcoin came from nowhere and conquered the markets within 4 years. Everyone has question “Should I buy bitcoin?” There was a time when Bitcoin’s rate was $100 for 10 Bitcoin and as of now, 1 bitcoin is equal to $4012, which is just the reason to invest in Bitcoin. Have  look at the history of bitcoin and then you can decide yourself whether to invest in bitcoin or not, whether you should buy bitcoin or not!

After years of debating about how Bitcoin must scale the controversy turned into action. The Bitcoin code split in two unique directions. 1 direction supporting the optimisation of Bitcoin cubes through Segwit, whereas another direction supports bigger blocks of around 8mb.

The bigger block group called their money Bitcoin Cash and effectively doubled the holdings of anyone who owned Bitcoin before August 1st. As an example, if you’ve got 10 Bitcoins before August 1st, you would finally have 10 Bitcoins and 10 Bitcoin Cash.

Japan admits bitcoin as an authorized method of payment.
The nation’s legislature passed a law, after months of debate, which brought bitcoin exchanges beneath anti-money laundering/know-your-customer principles, while also categorizing bitcoin as a kind of prepaid payment instrument.

Resources:

SEC denies second Bitcoin ETF program – March 28, 2017

Bitcoin value: $1044.25 Bitcoin value 10 times after: $1190.39 View Event #64 on Chart
The U.S. Securities and Exchange Commission on Tuesday refused for the second time at a Month a petition to bring to advertise a first-of-its-kind product monitoring bitcoin, the digital currency.

The SEC announced in a filing its own decision denying Intercontinental Exchange Inc’s NYSE Arca exchange the capability to record and trade the SolidX Bitcoin Trust, an abysmal merchandise (ETP) which would trade like a stock and track the digital asset’s price.

Sources:

http://www.cnbc.com/2017/03/29/us-sec-denies-a-second-application-to-list-bitcoin-product.html

http://www.reuters.com/article/us-bitcoin-etp-idUSKBN16Z2HH

SEC denies Winkelvos ETF – March 10, 2017

Bitcoin value: $1201.86 Bitcoin value 10 times after: $1037.85 View Event #63 on Chart
That the US government denied the use of Tyler and Cameron Winklevoss — both the brothers who once promised to be co-inventors of Facebook — to run a exchange-traded fund (ETF) to make it easier for investors to purchase Bitcoin.

Resources:

https://nypost.com/2017/03/10/winklevoss-bitcoin-trust-tanks-after-sec-denies-application/

https://www.washingtonpost.com/news/get-there/wp/2017/03/10/sec-rejects-bitcoin-etf-application-from-winklevoss-twins/

Bitcoin cost breaks $1000 for the first time in 3 years – January 3, 2017

Bitcoin value: $1020.47 Bitcoin value 10 times later: $806.94 View Event #62 on Chart
After rallying for most of the second half of 2016 Bitcoin breaches the 1000 mark for the first time in 3 decades. Mass media policy contributes to an influx of new users who allegedly will increase the cost even higher.

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Resource:

http://www.cnbc.com/2017/01/02/bitcoin-breaks-1000-level-highest-in-more-than-3-years.html

Donald Trump Elected as President, Market Plummet – November 9, 2016

Bitcoin worth: $726.36 Bitcoin worth 10 days after: $749.1 View Event #61 on Chart
The US market drops by over 1 percent and the Mexican Peso has plumbed record highs, and is currently down 10% now at 20.22 peso to the dollar.

Japan’s Nikkei 225 plunged 5.4% while Hong Kong’s Hang Seng index dropped 2.2%. The Shanghai Composite index lost 0.6%. . Dow stocks were down 2.1%, S&P 500 stocks were 2.3% reduced and Nasdaq stocks dropped 2.7 percent at approximately 6.30 a.m. ET.

European economies opened sharply lower before paring its losses. Germany’s DAX index was off around 1% after opening down almost 3%. France’s CAC 40 was in positive territory by 0.4% after a previous decline of 1.5% and Britain’s FTSE 100 fell 0.3%.

Investors hurried to sensed havens, for example gold, which can be up $26.90 a ounce, or 2.1%, to $1,301.40.

Bitcoin has witnessed a sharp increase in value during this nighttime going up 5 percent in just 24 hours, however later during the day the cost stabilized on a total growth of 2.5 percent.

Sources:

http://www.zerohedge.com/news/2016-11-08/markets-crash-peso-plunges-record-low-trump-looks-likely-winner
http://www.usatoday.com/story/money/markets/2016/11/09/global-markets-tailspin-trump-victory-declared/93531114/

Should I buy bitcoin?

Buy bitcoin now

 

Bitcoin history from the start – Should I buy Bitcoin?

2 Pizzas Are First Material Item Purchased With Bitcoin – May 22, 2010

BitcoinTalk consumer laszlo (Laszlo Hanyecz) pays 10,000 BTC for 2 pizzas delivered to their own home (valued at roughly $25), arranged and paid for by a different consumer, jercos. This assigns the initial concrete evaluation to bitcoin – roughly $0.0025 each coin.

With PayPal, NewLibertyStandard purchases 5,050 BTC out of Sirius for $5.02, equating to about 1 tenth of a cent per bitcoin.

New Liberty Standard opens an agency to purchase and market bitcoin, using the first exchange rate of 1,309.03 BTC to a U.S. Dollar, roughly eight hundredths of a cent per bitcoin. The speed comes from the price of power used by a computer to create, or “mine” the money.

The first Bitcoin trade record, or genesis block, kicks off the Bitcoin blockchain and carries a reference to some applicable newspaper headline of the day:

The Times 03/Jan/2009 Chancellor on verge of next bailout for banks.

The first Bitcoin application and its source code are published by Satoshi Nakamoto six days afterwards.

Resources:
https://en.bitcoin.it/wiki/Genesis_block
http://www.mail-archive.com/cryptography@metzdowd.com/msg10142.html

Bitcoin Price Hits $1.00 USD – February 9, 2011

Bitcoin worth: $0.96 Bitcoin worth 10 times after: $0.91 View Event #8 on Chart
Two years old, Bitcoin achieves parity with the U.S. Dollar around the Mt. Gox exchange. This day, some popular news outlets contain stories about the watershed landmark, inducing such a surge of interest from the expanding money that the official Bitcoin site is temporarily hobbled.

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Resources:
http://beta.slashdot.org/story/147526

 

Bitcoin Protocol Bug Reasons Hard Fork – August 15, 2010

Bitcoin worth: $0.07 Bitcoin worth 10 times after: $0.07 View Event #7 on Chart
Employing a strange quirk of how computers process amounts, an unidentified individual produces a deceptive trade that produces 184,467,440,737.08554078 bitcoins — almost nine-thousand occasions as numerous as could legitimately exist within the whole system. The oddity is soon seen by Bitcoin programmers and community members, and also a fixed version of this Bitcoin program is published within hours. From the following day, the adjusted blockchain overtakes the exploited one, and Bitcoin is back in regular functioning — but not until the sector is badly shaken.

Jed McCaleb, a developer best known for making the successful eDonkey peer-to-peer community in 2000, announces the launching of Mt. Gox, a fresh fulltime bitcoin exchange. According to a former, abandoned job of McCaleb’s to make an internet market for Magic: The Gathering cards, ” he shortly struggles to keep up with the requirements of the company and sells mtgox.com into Mark Karpelès on March 6, 2011. Mt. Gox would gradually develop to dominate the area of bitcoin trading during the subsequent 3 decades.

The launch of Bitcoin version 0.3 is featured on slashdot.org, a popular news and technologies site. Reaching a massive audience of technophiles, this report brings many newly-interested individuals on board, forcing the trade value of one bitcoin up almost tenfold, from roughly $0.008 to $0.08 in only five days.

Resources:
http://slashdot.org/story/10/07/11/1747245/bitcoin-releases-version-03

“The Great Wife” Airs “Bitcoin for Dummies” TV Episode – December 19, 2011

Bitcoin worth: $3.41 Bitcoin worth 10 times after: $4.22 View Event #12 on Chart
After the first announcement of the forthcoming, Bitcoin-themed episode, investors bet big on the series to catapult costs to new highs. Approximately 9.45 million viewers tune into watch “Bitcoin for Dummies” on January 15, 2012; the narrative calls for a government manhunt for the founder of Bitcoin, who’s charged with making a money in contest with the U.S. Money. Regardless of the large exposure, costs remain stagnant after the show’s airing.

By obtaining access to the credentials of a formal auditor working for your Mt. Gox bitcoin market, a hacker downloads a marginally obsolete replica of the site’s user database, such as email addresses and insecurely hashed passwords. With their newfound administrator-level accessibility to the website, they set countless offers to market bitcoins which don’t exist, kindly deflating costs until the moving rate reaches only $0.01 each coin. Mt. Gox supposes the deceptive trades and halts trading for seven days to re-secure their strategies, and also two other big exchanges difficulty temporary halts while their particular security is assessed. Shortly after, a duplicate of the database has been leaked and can be used to launch strikes against accounts held by consumers of their MyBitcoin online wallet support who share the exact same password on both websites, leading to thefts of over 4,019 BTC from approximately 600 pockets.

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Titled “The Underground Website Where You Can Purchase Any Medication Conceivable,” Adrian Chen’s bit on Gawker is as provocative as It’s popular. To a lot of folks reading this, the abrupt understanding that Bitcoin includes a helpful value — one that is entirely unique – strikes home. Having a URL to Mt. Gox from the text, this report begins a huge upswing in price that surpasses all previous records, reaching over $31 each bitcoin only 1 week following publication.

Adrian Chen’s bit on Gawker is as provocative as It’s popular. To a lot of folks reading this, the abrupt understanding that Bitcoin includes a helpful value — one that is entirely unique – strikes home. Having a URL to Mt. Gox from the text, this report begins a huge upswing in price that surpasses all previous records, reaching over $31 each bitcoin only 1 week following publication.

Only days later, on March 31, Bitcoin Brazil opens an agency for face-to-face exchange in Brazilian Reals (BRL) and U.S. Dollars. On April 5, BitMarket.eu starts easing trades in Euros (EUR) and other monies. Collectively, they simplify bitcoin possession and trading for countless millions of new users and the sector is enlarged enormously.

Resources:
https://web.archive.org/web/20120331084706/https://bitcointalk.org/index.php?topic=5441.0

 

 

Conclusion – Should  I buy bitcoin?

So here was the history of bitcoin where you can see that bitcoin rose from nowhere, somebody had bought two pizzas for bitcoins and now obviously he would be regretting. The prices are fluctuating but you can see that there was an enormous increase in the prices in the past few years and some people have become millionaires just by investing into bitcoin. I hope you found the answer of Should I buy bitcoin or not?

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