Experts on Bitcoin- a Rise or a Downfall

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Some more Crypto Evangelist and industry leaders like John McAfee, Founder of McAfee LLC, says bitcoin will rise by 1000% and will be $1,000,000 by 2020. While Mihail Lala, Founder and CEO at Wawllet, says bitcoin will surpass $100,000 in 2020. According to Saxo Bank it will surpass $60,000 by 2018 and then crash up to 98% which would be due to new laws for the cryptocurrency. Moreover, the total number of bitcoin created will be limited to 21 million which makes it scarce. The only fact that bitcoin stands at the top position is the highest number of users and hash rate. Japan has become the highest bitcoin trading country in the world. Japan was the first nation to regulate bitcoin and treats it the same way as Yen. There are a lot of options to easily, fast and comfortably buy your first Bitcoin. For many people, the first acquisition of a Bitcoin is a terrifying process.

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One of the events that lead to a fall in the prices is the Mt Gox Hack in February 2014. Mt Gox was the largest bitcoin exchange in the world and handled over 70% of bitcoin transactions worldwide. On most platforms, be it direct exchanges, exchange platforms or marketplaces, you can buy a limited amount of Bitcoins with KYC Light. Exchange platforms: If you want to buy regularly large amounts of Bitcoin to good prices or trade with Bitcoins you‘ll most likely choose an exchange platform. Exchange: With SurBitcoin Venezuela has its own Bitcoin exchange. Some larger exchanges have replaced customer funds after a theft from the exchange itself, but at this stage, they are not legally obliged to do so. Direct: Due to the unclear state of regulation in the Eurozone there are a dozen of direct exchanges to buy Bitcoin which offer a large variety of payment channels.

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Direct: Ripio is a Wallet-App that allows users to buy Bitcoins. Direct: Bits of Gold is the oldest Bitcoin platform in Israel. 1. Use Regular Fiat Money to Buy Bitcoin. Again in November 2013, there was a surge of approximately 590% when the prices went to $1,165.89 from $198.23 and dropped to $344.24 by April 2014. Scams, money laundering, hacks, speculation and the hype created by the media also lead to price fluctuation. You know it, these machines where you can get money with your card. Most of these platforms have to adopt Know Your Customer rules (KYC) to verify the identity of its users. The Philippines have an amazing variety of platforms where you can buy Bitcoins. Mt. Gox lost 844,408 bitcoins out of which 200,000 bitcoins were recovered, but there was no trace of the remaining 650,000 bitcoins. They provide two unique ATM in Seoul, enable the purchase of Bitcoin in thousands of ATMs in the country by partnering with an ATM producer and provide the option to buy Bitcoins with several gift cards. In these countries, the best changes are to find an ATM or a seller on LocalBitcons.

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The fees on these markets are relatively low with 0 to 1 percent; the spread depends on the liquidity of the market and the payment channel. Most demand extra fees for some means of payment like credit cards. On the other hand, some countries like Dubai and Venezuela have their own cryptocurrency while others like Japan, Estonia, and Sweden have planned to launch their cryptocurrency. A country’s own cryptocurrency would be more trusted and encouraged for investment and as such the scope or popularity for random cryptocurrency would reduce. But as more and more crypto are switching to proof of stake, the scenario ought to change. P2P-Markets: Beside LocalBitcoins and Bitsquare Bitquick and Paxful are P2P-markets available for customers in the US. There are analysts and influential entities who have made price predictions, but the question is how well backed are those predictions. There are far more superior cryptocurrencies than bitcoin in the market when it comes to technology, speed, and safety. If you consider Bitcoin as a technology, the future doesn’t seem to be too great with several powerful competitors on the deck.

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