Bitcoin Will Give Japan’s Economy a Substantial Boost

Bitcoin and cryptocurrencies had a year of exceptional growth in 2017.  The cryptocurrency market cap managed to surpass the valuation of $638 billion and many experts believe that it will further increase.


The Cryptocurrency Job Market

2017 was one of the most exciting and interesting years for the cryptocurrency market. Bitcoin and Ethereum had a spectacular bull run and managed to make huge gains for investors and traders. We also had a huge number of Initial Coin Offerings and a record-breaking amount of funding. ICOs managed to raise over $3.7 billion in funding for blockchain and cryptocurrency-related projects. Most of these startups were successfully able to raise their funding goals and are now on a hiring spree.

An article by Fortune mentions that the number of Bitcoin and blockchain-related job listings grew by over 5,753%. Experts believe that this is just the start and that the number of Bitcoin jobs will rise further in the upcoming years. Some governments have decided to implement regulations and laws in order to attract Bitcoin companies to operate in their countries. The most recent example is Belarus, which implemented new laws to officially legalize cryptocurrencies and give them a tax-exempt status for the next five years in the hopes of attracting companies to start operations in the country.

How Japan Will Benefit from Bitcoin

Japan has become one of the most popular countries for Bitcoin and blockchain-related companies. One of the major reasons for this situation is the fact that the Japanese government has proper regulations and laws that favor cryptocurrencies. Earlier this year, the Japanese government officially recognized Bitcoin as a legal payment method. This caused a major price increase, as many Japanese investors decided to invest in the decentralized cryptocurrency.

Analysts at Nomura believe that the price rise of Bitcoin has given many investors a very high return on investment, which might lead to a boost for the economy of Japan. The lead of the analyst team, Yoshiyuki Suimon, stated the following:

Rises in asset values often result in a rise in consumer spending, too, known as the wealth effect. We estimate the wealth effect from unrealized gains on bitcoin trading by Japanese investors since the start of fiscal year 2017, and estimate a potential boost to consumer spending of 23.2-96.0 billion yen.

He also added:

Moreover, the fact that the rise in bitcoin prices was concentrated in 2017 fourth quarter could result in the wealth effect materialising in 2018 first quarter, and if that is the case, we estimate a potential boost to real GDP growth on an annualised quarter over quarter basis of up to about 0.3 percentage points

The effects of Bitcoin are multiple on the economy of Japan. Not only are further jobs being created, but the resulting wealth effect from the cryptocurrency’s rise in value is spurring real and measurable economic growth. As more cryptocurrency exchanges and operations move to Japan, it’s likely that this financial trend will continue unabated.

What are your thoughts on the high amount of gains caused by Bitcoin? Do you think that it will benefit Japan’s economy? Let us know in the comments below!


Images courtesy of Pixabay

The post Bitcoin Will Give Japan’s Economy a Substantial Boost appeared first on Bitcoinist.com.


Source: bitcoinist
Bitcoin Will Give Japan’s Economy a Substantial Boost

Pieter Wuille

Speak softly and carry a big SegWit? If bitcoin saw its biggest and most controversial change this summer, the evolution can all be traced back to one developer. Still, the founder of the controversial startup Blockstream and the network’s most prodigious coder, Pieter Wuille, is a bit of a mystery. In an industry with no shortage of egos and bluster, though, Wuille is a rarity, choosing to let his code do the talking for him.
Source: coindesk
Pieter Wuille

5 major things that happened with bitcoin in 2017

In January, 2017 bitcoin was worth appr. $1000. By the end of the year, its price rose over $15 000. This huge price increase however was merely a side effect of something much greater: worldwide cryptocurrency adoption!

For those who have been using cryptocurrencies in 2017, we hope that you look back at the year with joy and excitement. If you are new to crypto, these are the things that you should know about what happened with Bitcoin this year:

1. Bitcoin Cash

Bitcoin Cash (BCH) was created on the 1st of August as a hard fork from the Bitcoin blockchain, with the goal to help users and merchants make faster and cheaper transactions. This was achieved by increasing the block size 8-fold compared to the 1 MB block size of Bitcoin. BTC.com was one of the very first companies to create a fully fledged Bitcoin Cash wallet. Are you curious to look up your Bitcoin Cash transactions? Head to the BTC.com BCH Explorer!

2. Segwit

Segwit is a soft fork upgrade that aims to alleviate the congestion in the Bitcoin network by allowing more transactions to fit in a block. Our wallet has also rolled out support for Segwit, which helps users make transactions at a lower price. Segwit is of course also available for our API developer users!

3. Forks

Soft fork, hard fork, Gold, Cash… There is so much to keep up with! 2017 has seen many forks of the Bitcoin blockchain. When a hard fork like Bitcoin Cash or Gold happened, users who had a positive bitcoin balance and owned their private keys, got credited the same amount in the forked coin. BTC.com’s philosophy is to allow users to benefit from forks as long as it’s safe. That’s why we have created a secure Bitcoin Cash recovery tool that also thousands of users with different wallets could use, and we helped our users recover their Bitcoin Gold balance as well.

4. Segwit2x

Segwit2x was a plan to extend the Segwit update in order to improve Bitcoin’s transaction capacity. This update, which was planned for November, aimed to increase the block size of Bitcoin from the current 1MB to 2MB (hence the name, 2x). The update has been cancelled and the Bitcoin transaction fees remained high.

5. Transaction fees

A thing that everyone has experienced was the heavy increase of transaction fees in the Bitcoin network. You may look at this change both as joyful and sad. Bitcoin’s adoption overgrew all expectations, which is wonderful! However, this put a lot of pressure on the network. Transactions are processed according to specific rules and miners prioritize transactions with higher transaction fees in order to receive higher gains. The competition among users to get their transactions quickly confirmed (to get in the next blocks) is what has lead to higher prices. In the BTC.com wallet users are free to choose to go with higher (quicker) or lower (slower) transaction fees.

Plus +1: BTC Mining pool to the rescue

In 2017, the BTC.com mining pool helped many people recover or accelerate their transactions and even gave back an enormous 80BTC transaction fee that someone accidentally sent from another wallet!

We believe that this year was about growing the community of crypto enthusiasts. Our wish for 2018 is that people start using Bitcoin, Bitcoin Cash or other cryptocurrencies more than fiat!

Have a safe and prosperous 2018!


5 major things that happened with bitcoin in 2017 was originally published in The BTC Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.


Source: btc.com
5 major things that happened with bitcoin in 2017

Erik Voorhees

Erik Voorhees always seems slightly out of step. An early evangelist for the tech, Voorhees may be a rarity in that he has not only maintained but grown his relevance on the industry stage, all the while fighting for an unpopular block size increase and launching projects that seem years ahead of their time. Still, controversy seems not to catch this sly fox, as 2017 saw a victory lap for Voorhees, who emerged as one of the few early advocates who’s been able to adapt to its changes.
Source: coindesk
Erik Voorhees

Amber Baldet

In darkness or in light? Either way, Baldet seems right at home whether she’s onstage at a banking conference or somewhere in the islands, posing for pictures at an “ethereum unicorn party.” Will she emerge as a real deal innovator? Or is she the ultimate imposter banking infiltrator? While Baldet’s story is yet to be told, her association with one of the largest banks in the world, and power position on its so far compelling blockchain efforts are more than enough to enthrall imaginations.
Source: coindesk
Amber Baldet

Bitcoin Price Weekly Analysis – BTC/USD Remains at Risk

Key Points

  • Bitcoin price recovered recently, but it failed to move above the $16,400 resistance against the US Dollar.
  • There is a crucial bearish trend line forming with current resistance at $14,200 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair recently broke a connecting bullish trend line at $13,500 and made a downside move.

Bitcoin price is currently under pressure below $15,000 against the US Dollar. BTC/USD remains at a risk of more declines in the near term.

Bitcoin Price Decline

After a sharp downside move, bitcoin price recovered nicely above the $15,000 level against the US Dollar. The price even traded above the $16,000 level. However, buyers failed to move above the $16,500 level and the 100 simple moving average (4-hours). A downside move is initiated and the price has moved below the 23.6% Fib retracement level of the last wave from the $10,688 low to $16,384 high.

There is currently a lot of bearish pressure on bitcoin and the price is trading below $13,500. There was also a break below the 50% Fib retracement level of the last wave from the $10,688 low to $16,384 high. During the downside move, the price broke a connecting bullish trend line at $13,500 on the 4-hours chart. It has opened the doors for more declines below $13,000 in the near term.

Bitcoin Price Weekly Analysis BTC USD

On the upside, there is a crucial bearish trend line forming with current resistance at $14,200 on the 4-hours chart of BTC/USD. The pair might continue to decline and it could even break the 76.4% Fib retracement level of the last wave from the $10,688 low to $16,384 high. Any recoveries from the current levels toward $14,000 remains a short-term sell opportunity.

Looking at the technical indicators:           

4-hours MACD – The MACD is currently in the bearish slope.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $12,000

Major Resistance Level – $14,000

 

Charts courtesy – SimpleFX

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Source: newsbtc
Bitcoin Price Weekly Analysis – BTC/USD Remains at Risk

Teenage Bitcoin Millionaire Plans on Building ‘World’s Best University’ in Dubai

Erik Finman, the teenage Bitcoin millionaire, plans on creating the ‘world’s best university’ in the city of Dubai to combat outmoded teaching methods.


Most of the time when a person decides to head down the path less traveled, it usually ends in disaster. Yet there are times when a person perseveres and then prospers. Such is the case of Erik Finman, the teenage Bitcoin millionaire. He’s only 19, but he’s parlayed his initial Bitcoin investment into millions of dollars. Now he plans on building the “world’s best university” in the city of Dubai.

Grandma’s Gift Leads to Millions

The tale of the teenage Bitcoin millionaire is fascinating. Back when he was 12 (in 2011), his grandmother gave him a gift of $1,000. His brother Scott gave him a tip about getting into Bitcoin. Back then, a single Bitcoin was only worth $12, so he bought as much as he could and then decided to hodl them.

However, the story gets a lot more interesting. Erik Finman had a terrible time going through the school system. He was bored and unmotivated. He says one teacher even told him that he would never amount to anything, so he should just drop out of school and start flipping burgers at McDonalds.

Finman’s parents decided to pull him out of school, which is what he wanted, and began homeschooling him. In 2013, he cashed out some of his bitcoins to start an online education company called Botangle. This venture was designed for frustrated students like himself to find good teachers over video chat. He then began to intern at Silicon Valley start-ups and moved to San Francisco at age 15.

A Family Affair

Finman now owns 401 bitcoins, which is worth $4.9 million currently. He wants to use some of his Bitcoin wealth to create a new university in Dubai, and his whole family is involved in the project. His family already runs online teaching training in Dubai, using technology he developed through his Botangle project. Looking at his family, you could see why homeschooling was a really good choice. His father has a PhD in electrical engineering from Stanford, and his mom has a PhD in physics from Stanford. His brothers went to MIT.

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As for Dubai, Erik Finman chose it because:

Dubai has really become the centre of the world. It already has the tallest building, it already has the biggest malls – I think it deserves to have the best education system in the world too, and I know that fits a lot of [the UAE’s] goals.

Finman personally believes that college is often a waste of time due to outmoded methods of education, which is why his university will feature a system that helps students like himself that are continually frustrated.

As for Bitcoin, Finman has no concerns about the cryptocurrency’s price fluctuations. He adds:

But I think Bitcoin definitely has more to go, and I think cryptocurrency as a whole has a lot more to go. It’s the next big thing. The only way you can take down by Bitcoin is not through its own doing, but if you make some better alternative to it. Whatever the winning cryptocurrency is – and right now that’s Bitcoin – will get to millions of dollars of coin.

It’s quite possible that Erik Finman and his family could achieve something spectacular. They’re obviously a very driven family. So far, the teenage Bitcoin millionaire has been doing everything right. Finman primarily holds bitcoins, but he also has some investments in Ethereum and Litecoin.

Do you think Erik Finman will succeed in creating an innovative university that breaks the current mold? Don’t you wish you had invested in Bitcoin when it was only $12 per coin? Let us know your thoughts in the comments below.


Images courtesy of Facebook/Erik Finman, Twitter/@erikfinman, and Pixabay.

The post Teenage Bitcoin Millionaire Plans on Building ‘World’s Best University’ in Dubai appeared first on Bitcoinist.com.


Source: bitcoinist
Teenage Bitcoin Millionaire Plans on Building ‘World’s Best University’ in Dubai

Jihan Wu

Master of the ASICBoost, conjurer of Antbleed… Perhaps no character in the pantheon of industry leaders has been the subject of more conspiracy theories than Mr. Wu, a passionate bitcoin believer who’s been reviled for his views. The young co-founder of Chinese mining giant Bitmain, he might not exactly be the villain we all believe. But, what might be for certain is that if there’s a title for “most misunderstood,” Wu would win hands down.
Source: coindesk
Jihan Wu