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Today is February 1st 2020. So i thought i would check in from my earlier post almost a year ago. I'm still long on bitcoin despite the bear trend and just reaffirming my long-term position.
I strongly believe there is more upside to come although the near future is still going to be sideways. We might even go down a bit from here and maybe even retest $6k.
Relax, this is expected. The bottom is behind us. Now it's just normal re accumulation, consolidation, and expansion of the bitcoin ecosystem. The bull run of 2017 created a lot of startups and also attracted scammers. This sideways trend is good to weed out the unsustainable startups and bore the scammers into leaving. All this is normal.
The pop back in summer of 2019 was fun, but it was too early to start a new bull run. I said in early 2019 that we still had another six months or so to buy in, the good thing about this bear trend is that we now have more time to buy in. Most of the weak hands have given up in the 2018 bear market, and the 2019 summer pop has allowed the patient hands to find their exit. The pop is a good thing in that regard. As they exit, that relieves downward selling pressure as only long-term holders remain. Once there are no more sellers, the next bull run will ready.
So the buy-in time has been extended another several months. Expect more of the patient hands to exit as the price bounces and they don't get the returns they're expecting.
My time horizon for the next bull run is about 2 years now, one down from last year. I expect us to be in the next bull run (or even topped out) by the end of 2021. As for when the next bull run will start, still extremely hard to say. The block reward halving tends to kick off bull runs because of the sudden decrease in supply. The block halving is expected to occur in May of 2020.
But since everyone knows this now, i expect speculators to actually start buying sooner, this might explain the 2019 summer pop. Too many bought in and caused a short squeeze. If lots of speculators are sitting on bitcoin reserves now, then when the block halving occurs, they'll start selling and might even crash the price a bit before realizing they need to hold off and sell more slowly. In fact, during the previous block halving event, there was a brief dip in prices as this "reserve unlock event" occurred, despite the block reward suddenly reducing supply.
So if you're still looking to buy, you have from now until a few months passed the block halving. I personally have already accumulated all the bitcoin i want, but if i have extra cash, i might buy some more in the few weeks after the block halving if the predicted "reserve unlock dip" occurs. I expect the dip to be much stronger this time around because everyone is expecting it. But also, those that are smart and will hold longer, will actually slow down the start of the next bull run as they sell into the next rise. So the next bull run might take until the end of 2020 to start, maybe even into mid 2021.
As such, be patient, we have time. And as usual, only play with fuck-you money. There are still the possibility that bitcoin can fail. And even more disastrous: I could be wrong. :)
TL;DR: Bitcoin going sideways as people hold and give up. Bitcoin will keep going sideways as speculators buy now and sell after block halving. Bitcoin will begin bull run after all those speculators run out of coin, and this is expected to begin in 2021. Bull run at end of 2021. You still have time to buy until a few weeks past the block halving.
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Although Bitcoin is arguably one of the biggest players in the industry, the growth of the crypto market as a whole has taken away some of the attention from the early giant, especially as they have introduced new structures and incentives for the users of their blockchains. That said, when anything major happens to the larger assets, it’s bound to make waves for everyone in the community.
One of the developing stories that is starting to make headlines is the impending halving of Bitcoin. For those who are new to crypto and who are unsure of whether to be concerned or excited for this event, what is Bitcoin’s halving and why is it making waves?
What Is the Halving?
A rule developed during the birth of Bitcoin, Bitcoin will only have 21,000,000 coins in circulation, a number that will eventually be reached when all of the bitcoins have been mined by those using the network. However, in order to keep all of the bitcoins from being mass-produced all at once, Satoshi Nakamoto wrote the code to dictate exactly how much bitcoin would be released over a set period of time.
As you may have guessed, a halving reduces the allowed creation of bitcoins by half, which reduces in a 50 percent cut of the overall production rate that is currently taking place now. The most recent cut took place in 2016, which saw the block rewards cut down from 25 to 12.5. This coming halving will take the rate down from 12.5 to, you guessed it, 6.25 bitcoins per block. This was designed to make sure that inflation didn’t become an issue if the project was able to take off.
This code is set in stone, meaning that we know to expect this halving to take place later this year. But what does it mean for those who are heavily involved in the industry?
How Will It Affect Bitcoin?
There are arguments on both sides that this halving could result in severe consequences or result in great news for the markets. On one side, it is true that the halving will result in fewer profits for miners, which can be problematic considering that mining takes a significant amount of electricity and special hardware to achieve. On the other hand, halving events in both 2012 and 2016 have resulted in positive price swings for the crypto market, which means that we may once again see the price of Bitcoin jump up again once the halving event takes place. However, much like many other aspects of the crypt industry, only time will tell.
Although there are many new crypto structures that do not implement this system, Bitcoin was one of the earliest, meaning that we still have to abide by its rules while it is at the top. If you have heard about the bitcoin halving but don’t have enough information, use the guide above to get a simplified overview of what this event is and what it may mean for the industry as a whole.
***
Trakx is building a one-stop shop for Crypto Traded Indices. Discover more about our project on our website and social media channels, such as Telegram http://t.me/trakx_io.
Although Bitcoin is arguably one of the biggest players in the industry, the growth of the crypto market as a whole has taken away some of the attention from the early giant, especially as they have introduced new structures and incentives for the users of their blockchains. That said, when anything major happens to the larger assets, it’s bound to make waves for everyone in the community.
One of the developing stories that is starting to make headlines is the impending halving of Bitcoin. For those who are new to crypto and who are unsure of whether to be concerned or excited for this event, what is Bitcoin’s halving and why is it making waves?
What Is the Halving?
A rule developed during the birth of Bitcoin, Bitcoin will only have 21,000,000 coins in circulation, a number that will eventually be reached when all of the bitcoins have been mined by those using the network. However, in order to keep all of the bitcoins from being mass-produced all at once, Satoshi Nakamoto wrote the code to dictate exactly how much bitcoin would be released over a set period of time.
As you may have guessed, a halving reduces the allowed creation of bitcoins by half, which reduces in a 50 percent cut of the overall production rate that is currently taking place now. The most recent cut took place in 2016, which saw the block rewards cut down from 25 to 12.5. This coming halving will take the rate down from 12.5 to, you guessed it, 6.25 bitcoins per block. This was designed to make sure that inflation didn’t become an issue if the project was able to take off.
This code is set in stone, meaning that we know to expect this halving to take place later this year. But what does it mean for those who are heavily involved in the industry?
How Will It Affect Bitcoin?
There are arguments on both sides that this halving could result in severe consequences or result in great news for the markets. On one side, it is true that the halving will result in fewer profits for miners, which can be problematic considering that mining takes a significant amount of electricity and special hardware to achieve. On the other hand, halving events in both 2012 and 2016 have resulted in positive price swings for the crypto market, which means that we may once again see the price of Bitcoin jump up again once the halving event takes place. However, much like many other aspects of the crypt industry, only time will tell.
Although there are many new crypto structures that do not implement this system, Bitcoin was one of the earliest, meaning that we still have to abide by its rules while it is at the top. If you have heard about the bitcoin halving but don’t have enough information, use the guide above to get a simplified overview of what this event is and what it may mean for the industry as a whole.
***
Trakx is building a one-stop shop for Crypto Traded Indices. Discover more about our project on our website and social media channels, such as Telegram http://t.me/trakx_io.
There are multiple Monero wallets for a wide range of devices at your disposal. Check the table below for details and download links. Attention: for extra security make sure to calculate and compare the checksum of your downloaded files when possible.
Please note the following usage of the labels:
⚠️ - Relatively new and/or beta. Use wallet with caution.
☢️ - Closed source.
| Wallet | Device | Description | Download link |
|---|---|---|---|
| "Official" GUI / CLI | Windows, macOS, Linux | Default implementation maintained by the core team. Use this wallet to run a full node and obtain maximum privacy. Integrates with hardware wallets. Current version: 0.14.1.0 / 0.14.0.2. | GetMonero.org |
| MyMonero | Windows, macOS, Linux | Lightweight wallet -- you don't need to download the blockchain and run a node. MyMonero was developed with the assistance of the core team. It also has web-based and iOS versions. | MyMonero.com |
| Exodus | Windows, macOS, Linux | ⚠️ / Multi-asset wallet. | Exodus.io |
| ZelCore | Windows, macOS, Linux | ⚠️ / Multi-asset wallet. It also has Android and iOS versions. | Zeltrez.io |
| Guarda | Windows, macOS, Linux | ⚠️ ☢️ / Multi-asset wallet. | Guarda.co |
| Wallet | Device | Description | Download link |
|---|---|---|---|
| Monerujo | Android | Integrates with Ledger (hardware wallet). Website: https://www.monerujo.io/. | Google Play / F-Droid / GitHub |
| MyMonero | iOS | Website: https://mymonero.com/ | App Store |
| Cake Wallet | iOS | Website: https://cakewallet.io/ | App Store |
| X Wallet | iOS | Website: https://xwallet.tech/ | App Store |
| Edge Wallet | Android / iOS | Multi-asset wallet. Website: https://edge.app/ | Google Play / App Store |
| ZelCore | Android / iOS | ⚠️ / Multi-asset wallet. Website: https://zelcore.io/ | Google Play / App Store |
| Coinomi | Android / iOS | ⚠️ ☢️ / Multi-asset wallet. Website: https://www.coinomi.com/ | Google Play / App Store |
| Moxi / Guarda | Android / iOS | ⚠️ ☢️ / Multi-asset wallet. Website: https://guarda.co/ | Google Play / App Store |
| Exa Wallet | Android / iOS | ⚠️ Website: https://exan.tech/ | Google Play / App Store |
| Wookey Wallet | Android / iOS | ⚠️ Website: https://wallet.wookey.io/ | Google Play / F-Droid / App Store |
| Wallet | Description | Link |
|---|---|---|
| MyMonero | Web version of the MyMonero wallet. | Web |
| XMRWallet | Web wallet with TOR support. | Web / Onion URL |
| Guarda | Multi-asset wallet. | Web |
Your balance is unlocked after 10 confirmations (which means 10 mined blocks). A block is mined approximately every two minutes on the Monero network, so that would be around 20 minutes.
The fastest and most direct way is by using the ExploreMonero blockchain explorer. You will need to recover the transaction key from your wallet (complete guide for GUI / CLI).
There are dozens of exchanges that trade Monero against Bitcoin and other cryptocurrencies. Check out the list on CoinMarketCap and choose the option that suits you best.
There are multiple ways to exchange your Monero for Bitcoin, but first of all, I'd like to remind you that if you really want to do your part for Monero, one of the simplest ways is to get in touch with your merchant/service provider and request for it to accept Monero directly as payment. Ask the service provider to visit the official website and our communication channels if he or she needs help with system integration.
That being said, the community has been recommending two services in particular, XMR.TO and MorphToken. These services are only recommendations and are operated by entities outside the control of the Monero Project. Be diligent.
The correct place to ask questions and discuss the Monero mining scene is in the dedicated subreddit r/MoneroMining. That being said, you can find a list of pools and available mining software in the GetMonero.org website.
Before any action there are two things to check:
Settings, under Debug info).Because Monero is different from Bitcoin, wallet synchronization is not instant. The software needs to synchronize the blockchain and use your private keys to identify your transactions. Check in the lower left corner (GUI) if the wallet is synchronized.
You can't send transactions and your balance might be wrong or unavailable if the wallet is not synced with the network. So please wait.
If this is not a sufficient answer for your case and you're looking for more information, please see this answer on StackExchange.
This question is beautifully answered on StackExchange.
You have decided to use Monero's wallet and run a local node. Congratulations! You have chosen the safest and most secure option for your privacy, but unfortunately this has an initial cost. The first reason for the slowness is that you will need to download the entire blockchain, which is considerably heavy (+70 GB) and constantly growing. There are technologies being implemented in Monero to slow this growth, however it is inevitable to make this initial download to run a full node. Consider syncing to a device that has an SSD instead of an HDD, as this greatly impacts the speed of synchronization.
Now that the blockchain is on your computer, the next time you run the wallet you only need to download new blocks, which should take seconds or minutes (depending on how often you use the wallet).
The way to skip downloading the blockchain is connecting your wallet to a public remote node. You can follow this guide on how to set it up. You can find a list of public remote nodes on MoneroWorld.
Be advised that when using a public remote node you lose some of your privacy. A public remote node is able to identify your IP and opens up a range for certain attacks that further diminish your privacy. A remote node can't see your balance and it can't spend your XMR.
To restore your wallet with the 25 word mnemonic seed, please see this guide.
To restore your wallet with your keys, please see this guide.
This question is beautifully answered on StackExchange. Check this page for the GUI instructions, and this page for the CLI instructions.
If you want to support other Monero users by making your node public, you can follow the instructions on MoneroWorld, under the section "How To Include Your Node On Moneroworld".
This question is beautifully answered on StackExchange.
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The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
Bitcoin halving is explained as an event in which the rate at which new bitcoins are created halves. It occurs every four years.
As many know, Bitcoin cryptocurrency (BTC) supply is limited. As soon as 21 million coins are generated, the network will no longer produce any more.
This is one of the main reasons why Bitcoin cryptocurrency is often referred to as “digital gold”
Just like yellow metal, there is only a limited amount worldwide, and one day everything will have been extracted completely and there will be no Bitcoin cryptocurrency left to mine
There are currently around 18 million BTC in circulation, which is approximately 85% of the total circulation supply. However, this does not mean that the Bitcoin crypto will soon reach its limits.
The reason for this is the protocol encoded in the bitcoin blockchain right from the start
After Every 210,000 blocks are mined caleed Bitcoin halving, the production of new coins becomes more difficult
Just like gold mining where finding new deposits over time becomes more difficult.
In particular, the protocol cuts the block reward in half every time bitcoin halving occurs, miners receive 50% less BTC for ever verified transaction.
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