My mother asked me why I thought Bitcoin will rise again. Here is what I said to her: Bitcoin went down due to panic. Some said Bitcoin will split on August 1st, 2017, during a hard fork. There were arguments between certain people within the world of Bitcoin. But BTC has been rising & is the future of humanity.
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John Mcafee, whom you've heard of, of the anti-virus programs, said Bitcoin is safe from theft within the system because of how complex cryptocurrency is. The vulnerability point is the end user. But there are things each person can do to keep hackers from getting their passwords. Bitcoin and crypto coins can appear not safe as it is in the market of supply and demand. I've been watching videos about it.
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I've been looking at the patterns of the daily trading, exchanges, between cryptocurrencies on websites like http://Bittrex.com
I look at an overview of Bittrex, Poloniex, and other exchange markets on Coin Market Cap: http://coinmarketcap.com/all/views/all
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Bitcoin will probably split into two different coins, as in currencies. Ethereum did this before too. Now there is the new Ethereum (ETH) which Putin endorsed. There is also Ethereum Classic (ETC) which was the original version of Ethereum. I have been watching videos and have been reading a lot about why and how all of this happens. Bitcoin and other crypto coins are not managed or governed by leaders, employers, central share holders apart from everyone. There has been a disagreement with the rules or the system of how Bitcoin does things in transactions.
That is the reason for the split for Bitcoin.
Some have said there are some greedy people in Bitcoin that wanted some kind of unfair advantage in the system. There are a total of 21 million Bitcoin COINS or shares or units. Most of it is in circulation, maybe more than 15 million is circulating already.
Bitcoin is governed by the Bitcoin program which allows people to mine Bitcoin through programs which costs physical electricity because the programs uses a lot of electricity. So, it is like a video game that everyone in the world can play. Some people play the game to earn the money. But it takes a lot of time and a lot of computers and a lot of power to earn the Bitcoins through the Bitcoin video games. The Bitcoin mining programs will put computers and devices through CPU and GPU exercises that takes a lot of time and power. That will cost you electricity money to pay for. It also costs time too. So, earning Bitcoin is not an easy thing to do and it is not really free either.
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Money holds value as long as people agree to the value of the money.
Bitcoin value went from under a dollar in 2009 and got close to $4K USD and then went under $2K now in July 2017. People created machines that were designed to play the Bitcoin video games (Mining) in order to earn (mine) the Bitcoins. Some have said some of that is not fair maybe. Some argue about transaction fees. Some want the fees to be as low as possible while others want the fees to go up. But compared to bank fees & PayPal, Bitcoin transaction fees are still much lower.
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Ethereum and Litecoin seems to have faster transaction speeds than Bitcoin.
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There is a lot of competition here.
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Crypto are riding on the waves of supply & demand.
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A lot of people say Bitcoin will continue to rise.
After researching this, I agree with them.
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2017-07-18 Wednesday 9 AM ICT HCM VN
@JOEYARNOLDVN
