Research says Bitcoin Power Consumption May Account for 0.5% of the World’s Energy

As Bitcoin grows, the level of power consumption needed to mine grows too.  This is an area which is also receiving increasing attention. A new study published in the American Journal of Energy Academics Joule claims that by the end of 2018, Bitcoin network’s power consumption may account for 0.5% of the global total. Currently, on average, every 10 minutes a new block on the Bitcoin network is created or “mined”, and the user who obtained the newly generated block is rewarded with 12.5 Bitcoin. This is the process known as…

PayPal CFO John Rainey Rejects Bitcoin as a Reliable Currency

Bitcoin price (BTC) is crashing instead of rallying: Bitcoin price has failed to generate gains for investors since Warren Buffett, and Bill Gates rejected the cryptocurrency markets two weeks ago. Bitcoin price lost almost $1,800 in the last two weeks.  Several other industry experts are also refuting bitcoin’s potential to work as an alternate currency. They believe the higher level of volatility makes it difficult for the general public to use it as the medium of exchange. Source Image: coinmarketcap.com Bitcoin price crashed to the $8,000 level today. The New York consensus…

Bitcoin Cash Update: CNBC’s Poll Favor’s BTC over BCH

CNBC’s poll was another blow to Bitcoin Cash enthusiasts on top of an already declining coin price. Bitcoin Cash price declined at a robust pace in the last two weeks despite its anticipated hard fork event. The fourth largest coin traded below $1,200 today for the first time this month. BCH coin had hit a three-months-high of $1,800 on May 6. Source Image: coinmarketcap.com BCH bulls failed to capitalize on the awaited hard fork event on May 15. The Bitcoin Cash network is now officially upgraded to 32 MB from its…

Bitcoin Cash Price Watch – BCH/USD Declines Further, Now Below $1,200

Key Highlights: Bitcoin Cash continued its decline this week, falling below the $1,200 mark. BCH/USD failed to break above its previous resistance level of $1,290 despite a minor upside correction. BCH/USD is currently on a bullish run that could retest the $1,200 price level. Bitcoin Cash Price Declines Below $1,200 On Friday morning, Bitcoin Cash price continued its decline from earlier this week, now sitting below the critical $1,200 mark. Even though there was a minor upside correction, the cryptocurrency failed to break above the previously established $1,290 resistance level.…

Bitcoin Price Watch – BTC/USD Declines Further, Drops Below $8,200

On Friday morning, Bitcoin price continued its downward movement from earlier this week, falling below the key support level of $8,200. At one point, BTC/USD was below $8,000; a one-month low. The coin hasn’t been able to break above the key resistance of $8,500 for the past three days. Currently, BTC/USD is trading at around $8,100 as of 12 PM EST. Bitcoin Fails To Rally Despite all the hype surrounding Bitcoin throughout the “Blockchain Week” event held in New York, the cryptocurrency failed to rally as people had hoped. Instead,…

Alibaba Founder, Jack Ma, Calls Bitcoin (BTC) a Bubble

The Bitcoin (BTC) bubble theory has resurfaced again, as the founder of world’s largest e-commerce platform, Alibaba, just announced his views of the world’s first digital token. Jack Ma Yun, Alibaba Group’s founder and executive chairman, spoke in a forum on Wednesday and spoke highly of blockchain technology, but expressed his doubts about Bitcoin (BTC). “There is no bubble for blockchain, but there’s a bitcoin bubble,” Ma said in a panel at the second World Intelligence Congress forum. Ma said he has been researching blockchain for years and highly believes in its…

Bitcoin Cash is the Biggest Loser Albeit Roger Ver Optimism

Bitcoin Cash (BCH) is the biggest loser among the top ten cryptocurrencies: Bitcoin Cash price lost all the gains that it had generated amid infrastructural developments and analysts bullish bets. It is down almost 25% in the last seven days alone. The coin plunged to the $1,300 range today after touching three months high at the beginning of the month. The BCH network is now officially upgraded to 32 MB from 8 MB. Combined with other numerous advantages; the upgrading will significantly improve its transaction processing potential. The upgrade has…

Microsoft May Build Identity System with Bitcoins Lightning Network

Microsoft’s New Identity System: Microsoft, the world’s sixth-largest IT company, announced its blockchain-based distributed identification system at Consensus Conference 2018, The identification system is used to monitor cryptocurrencies and the stock market. For Bitcoin, this news may be particularly encouraging because Microsoft developers hinted that they would use real Bitcoin chains to build platforms. Microsoft’s New Identity System Although Microsoft founder Bill Gates bluntly criticized cryptocurrency and called it “nonsense”, the company still chose to enter the blockchain field to promote its authentication process. Ankur Patel, chief project manager of Microsoft’s…

NY Consensus Day 2: The Practical Uses of Blockchain Technologies

Over 30 events are going on at the same time at Blockchain week. So significant is this event that the attendance doubled last year’s numbers and the international coverage was so extensive that it even included non-specialized media. These figures show the importance that society is currently giving to blockchain-based technologies. The first day was hectic and exciting and the second day of the NY Consensus did not disappoint either. Even though many important topics were covered – so many that it was impossible to review them all – most…

Tom Lee Bitcoin Price Prediction Fail – Bitcoin Is Not Rallying As Expected

Bitcoin shows no growth: Bitcoin Price (BTC) hasn’t moved higher despite the Consensus Summit: Bitcoin price trades in the range of $8,300 today after briefly touching $8,800 level at the beginning of the week. The largest coin has posted losses in last two consecutive days. This downside move is contrary to analyst’s predictions who were expecting a strong rally amid the New York consensus summit. Indeed, Tom Lee – who has predicted Bitcoin price to reach $25K by the end of this year – failed to predict the price movement…