Despite a degree of uncertainty in the air, many of us remain optimistic over the future of Bitcoin.
The Bitcoin market continues to develop and mature as we enter the final months of an interesting year. The price rises witnessed through June and July seemed to signal an end to the 12-month downward spiral. However, the recent market has most certainly been influenced by the large quantities of venture capital funds directed towards the Bitcoin industry.
Price
The Bitcoin price has reached close to $300 per BTC on three occasions so far this year, in January, March and July, providing speculators with a brief sense of optimism that the negative trend experienced since mid-2014 could finally be set to change. The situation in Greece was thought to be responsible for the surge in prices, particularly as much of the growth experienced seemed to fall away after its resolution. All of the upward movement has since reversed and, at the time of writing, the Bitcoin price sits at $228 per BTC. The latest price drop is seemingly linked to difficulties at Hong-Kong based exchange, Bitfinex, with a 14% drop in prices attributed to a ‘Flash Crash’ on the exchange, and a later 3.8% slip thought to be a result of Bitfinex halting trading for several hours. The latest fall in prices also coincides with a growing rift in the community over a solution to the block size issue.
Issues
The Bitcoin community continues to approach a literal fork in the road, as the block size debate heads towards a forced conclusion. The Bitcoin Core developers and industry heavyweights have been in constant discussion over necessary changes to help Bitcoin move forward. Since capacity testing saw the Bitcoin network flooded with low value transactions, most can agree that the current 1 MB block size limit will cause the network to grind to halt somewhere in the future, if the transaction volume increases as predicted.
However, the community is divided as to how best to solve the issue; Mike Hearn and Gavin Andresen, two prominent Bitcoin core developers, recently included Bitcoin Improvement Proposal 101 into an alternative implementation of the Bitcoin software, called Bitcoin XT. The changes are designed to force a hard fork in the Blockchain, wherein new blocks will have an 8 MB limit, which doubles every two years.
However, a large proportion of the community, including a number of the large China-based mining groups, are expressing a reluctance to move to this new implementation. Another Bitcoin core developer, Jeff Garzik, has submitted two alternatives in Bitcoin Improvement Proposals 100 and 102. The first, BIP100, suggests a hard fork which removes the static 1 MB limit, and miners must then “vote” on block sizes. BIP102 is essentially an “emergency fallback” if the Bitcoin community does not reach a consensus soon, and allows for further experimentation before a final decision.
The debate continues and estimations indicate that growing transaction volumes will result in delays and a market for fees if the 1Mb block size is not increased. It is worth noting that the concerns from some of the Bitcoin community relate to a degree of centralisation being brought about by changes, as a greater block size makes it more expensive and difficult to run a full node on the network. The fear that changes will damage the decentralised nature of Bitcoin are not unfounded, but these changes could simply be necessary if Bitcoin is to be able to grow and scale, such that its benefits can be experienced by a greater number of people.
Investment
This year has seen a great deal of attention towards Bitcoin and blockchain technology, from governments and large financial institutions alike. Although interest has been building for some time, the last few months have seen many of these bodies go public with their interest by announcing various trials and research programmes.
A report released by Santander's InnoVentures suggested, “It is only a matter of time before distributed ledgers become a trusted alternative for managing large volumes of transactions.” This suggests that banks will look to utilise this technology within the existing currency paradigm, to ensure they are not left behind in the financial technology revolution. The VC interest in Bitcoin and blockchain start-ups has been notable this year too, with huge amounts of money being directed towards the industry. As an example, Ripple Labs' first round, which finished in May, gathered a substantial $28 million and BitFury took in a further $20 million from its third round of funding.
Despite a degree of uncertainty in the air, many of us remain optimistic over the future of Bitcoin. The interest from powerful banking institutions should be encouraging to all those operating in the Bitcoin space. It is worth remembering the reservations expressed by the banks towards e-commerce and online Payments before they became the vital part of the global economy we know them as today. Bitcoin still has a great deal to offer and, as always, is an incredibly exciting industry to be involved with!
The Bitcoin market continues to develop and mature as we enter the final months of an interesting year. The price rises witnessed through June and July seemed to signal an end to the 12-month downward spiral. However, the recent market has most certainly been influenced by the large quantities of venture capital funds directed towards the Bitcoin industry.
Price
The Bitcoin price has reached close to $300 per BTC on three occasions so far this year, in January, March and July, providing speculators with a brief sense of optimism that the negative trend experienced since mid-2014 could finally be set to change. The situation in Greece was thought to be responsible for the surge in prices, particularly as much of the growth experienced seemed to fall away after its resolution. All of the upward movement has since reversed and, at the time of writing, the Bitcoin price sits at $228 per BTC. The latest price drop is seemingly linked to difficulties at Hong-Kong based exchange, Bitfinex, with a 14% drop in prices attributed to a ‘Flash Crash’ on the exchange, and a later 3.8% slip thought to be a result of Bitfinex halting trading for several hours. The latest fall in prices also coincides with a growing rift in the community over a solution to the block size issue.
Issues
The Bitcoin community continues to approach a literal fork in the road, as the block size debate heads towards a forced conclusion. The Bitcoin Core developers and industry heavyweights have been in constant discussion over necessary changes to help Bitcoin move forward. Since capacity testing saw the Bitcoin network flooded with low value transactions, most can agree that the current 1 MB block size limit will cause the network to grind to halt somewhere in the future, if the transaction volume increases as predicted.
However, the community is divided as to how best to solve the issue; Mike Hearn and Gavin Andresen, two prominent Bitcoin core developers, recently included Bitcoin Improvement Proposal 101 into an alternative implementation of the Bitcoin software, called Bitcoin XT. The changes are designed to force a hard fork in the Blockchain, wherein new blocks will have an 8 MB limit, which doubles every two years.
However, a large proportion of the community, including a number of the large China-based mining groups, are expressing a reluctance to move to this new implementation. Another Bitcoin core developer, Jeff Garzik, has submitted two alternatives in Bitcoin Improvement Proposals 100 and 102. The first, BIP100, suggests a hard fork which removes the static 1 MB limit, and miners must then “vote” on block sizes. BIP102 is essentially an “emergency fallback” if the Bitcoin community does not reach a consensus soon, and allows for further experimentation before a final decision.
The debate continues and estimations indicate that growing transaction volumes will result in delays and a market for fees if the 1Mb block size is not increased. It is worth noting that the concerns from some of the Bitcoin community relate to a degree of centralisation being brought about by changes, as a greater block size makes it more expensive and difficult to run a full node on the network. The fear that changes will damage the decentralised nature of Bitcoin are not unfounded, but these changes could simply be necessary if Bitcoin is to be able to grow and scale, such that its benefits can be experienced by a greater number of people.
Investment
This year has seen a great deal of attention towards Bitcoin and blockchain technology, from governments and large financial institutions alike. Although interest has been building for some time, the last few months have seen many of these bodies go public with their interest by announcing various trials and research programmes.
A report released by Santander's InnoVentures suggested, “It is only a matter of time before distributed ledgers become a trusted alternative for managing large volumes of transactions.” This suggests that banks will look to utilise this technology within the existing currency paradigm, to ensure they are not left behind in the financial technology revolution. The VC interest in Bitcoin and blockchain start-ups has been notable this year too, with huge amounts of money being directed towards the industry. As an example, Ripple Labs' first round, which finished in May, gathered a substantial $28 million and BitFury took in a further $20 million from its third round of funding.
Despite a degree of uncertainty in the air, many of us remain optimistic over the future of Bitcoin. The interest from powerful banking institutions should be encouraging to all those operating in the Bitcoin space. It is worth remembering the reservations expressed by the banks towards e-commerce and online Payments before they became the vital part of the global economy we know them as today. Bitcoin still has a great deal to offer and, as always, is an incredibly exciting industry to be involved with!
George is a finance guy with an in-depth knowledge of financial systems. Together with Dmitry Gunyashov they designed the concept of Cryptopay in May 2013 and started developing the system.
Currently Cryptopay Bitcoin Wallet is serving more than 20,000 customers in UK and Europe. George is a finance guy with an in-depth knowledge of financial systems. Together with Dmitry they designed the concept of Cryptopay in May 2013 and started developing the system.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔