Why the price of Bitcoin is subject to such rapid changes?
Economic and financial publications and online press is full of arguments about the phenomenon of Bitcoin. Especially heated debate going on the subject of frequent fluctuations in the market value of the first cryptocurrency, the scale of which sometimes simply impressive. Try to understand the causes of dramatic changes in the price of Bitcoin.
Experts identify several factors that affect the value of a cryptocurrency. To make a prediction of Bitcoin prices, you should consider the following criteria:
• The number of users willing to use virtual coins to pay for goods and services. The value of this parameter depends on the nature of the news about bitcoin is a bad provoke the fall of prices, while positive information increases the value of the amount of cryptocoins.
• The value of Bitcoin in the eyes of the average citizen. It should be noted that digital cash differ from traditional means of payment in limited emissions. After all, the less coins, the more expensive they are. While an unlimited issue of national currency leads to hyperinflation and the depreciation of the monetary units. The hand of the owners of criptocardiini plays a constant factor of the complexity of the generation process of the latter.
• The profitability of cryptocurrency investment. Its level to predict in advance is almost impossible. The value of digital money is changing so rapidly that users wishing to purchase Bitcoins, just not able to calculate the benefits of purchasing. Thus, they have no assurance that in the future will be able to use coins to pay for the necessary goods and services.
• The passive position of the major players in the market. And such behavior is understandable, because the cryptocurrency is a relatively new technology and until the end nobody knows what exactly awaits her in the future. If the company buys the Bitcoins for a large sum, it does not have any guarantee that she will be able to quickly implement them in terms of creating panic in the market. However, it is noted that each selloff sooner or later, replaced by another, more impressive and grandiose soaring cost of virtual coins.
• The reluctance of developers of Bitcoin to make changes to the security system. Its position they explain the many risks that may adversely affect the operation of the network. It is impossible not to recognize the validity of these arguments. But on the other hand, the unwillingness to eliminate the shortcomings of the play in this case against the cryptocurrency. It is necessary in the near future to solve this problem by adopting a new Protocol or standard increasing the size of the blocks.
• The use of Bitcoin as a convenient tool for investing in emerging markets. Such an opportunity arose relatively recently and is due to the fact that the level of volatility of Bitcoin against the us dollar significantly higher than monetary units in third world countries that are experiencing hyperinflation. Bitcoin allows you to not only protect assets, but to increase them in the period of economic turmoil both global and local scales.
• Legal restrictions which prohibit the use of the virtual coins under the threat of criminal or administrative responsibility. It should be noted that at present this risk is minimized because the majority of States, including Russia, demonstrate loyalty to bitcoin.
Thus, the index of volatility of Bitcoin depend on a large number of factors with political, economic and social in nature.
Some rules for safe storage of crypto-currencies
The question of how to safely store Bitcoins, do not lose relevance. Most users are traditionally placed digital wallets for online services. But we should not forget about the risks associated with this option. Because it is impossible to exclude hacker attacks on the platform. In addition, there are cases when the founder of the project simply disappeared, taking with him the savings of customers.
Foundations of secure storage
Experienced users recommend to use for storing Bitcoins offline wallets. But there are a number of conditions:
You must choose the most complicated password value that is used as input in a digital wallet. It is not recommended to use these characters to explore other resources.
It is desirable to keep a complex password on paper. After all, if the user forgets it, he will lose access to the savings.
The computer on which you installed the digital wallet should be protected with antivirus program. In addition, you need to follow a regular software updаte.
If the user has a considerable number of coins, then the question of where to store the Bitcoins, you should pay special attention. The best option for their savings will be a computer that has no Internet access.
Some of the rules
The first rule of cryptocurrency investor is risk diversification. In other words, the user needs to place existing assets into virtual storage. For short-term savings the best option would be a mobile wallet or online wallet. But it is not necessary to accumulate in too large amounts, because the smartphone can be lost, and the online storage is a favorite target for hackers. Therefore, the main supply of Bitcoins it is recommended to store in a more secure client.
A unique feature of the digital wallet is that it can backup. The stash file should be saved on another computer, flash drive or disk. This approach ensures that even in case of breakage of equipment, which holds the purse, or it is lost, the user will still retain the savings. To restore access to the coins you need to download the client and another device, and copy the wallet file. In case of loss or theft of the computer, it is desirable to create a new address and transfer the money. The implementation of these simple rules of storage of cryptocurrencies will help to ensure the safety of Bitcoins.
Features of the system of the cryptocurrency
Most of the people who first encountered the phenomenon of cryptocurrencies are wondering how does Bitcoin work. Not to say that the Internet lacks information on this topic, but most of it is a complex technical nature. We will try to explain the essence of the system.
Bitcoin: how did, what is and what is its value?
Bitcoin is both a digital currency and electronic payment system through which transactions are carried out. Today, he is on par with the dollar and Euro used for purchases through the global web. By the way, its scope is limited only to the Internet, because Bitcoin has no material embodiment. One of its defining characteristics is decentralization, that is, between the owner of the currency and by currency as there are no intermediaries. While the use of traditional means of payment need to open a Bank account or EFT. In the future, this structure will dictate to the user the terms of the transaction, and to charge significant fees for the provision of services. In the system of Bitcoin no one has the right to freeze the account or suspend the payment, as is often practiced by the bankers.
The issue of Bitcoins is carried out by members of the network, using for this purpose special equipment. Its production involves the solution of complex arithmetic problems. Thus, the value of cryptocurrency is not built on the reference to the precious metals or the authority of the issuing structure, and the laws of mathematics. They cannot change the decision of the regulator or the government. The algorithm of the system is freely available and everyone can personally verify how it works.
The Creator of Bitcoin was a brilliant programmer, who is hiding under the pseudonym Satoshi Nakamoto. He published an article in which he spoke about the future of electronic payment system based on the laws of mathematics. The rate of appearance of new coins is pre-determined algorithm. Moreover, this value is reduced exactly by half every four years. The last coin will be mined around the year 2140. The maximum number of Bitcoins reaches 21 million. Compared with traditional currency, this value is negligible. But each coin is divided into one hundred million parts, named “Satoshi” in honor of the developer of Bitcoin.
Especially the first cryptocurrency
Bitcoin has certain characteristics and features that dramatically set it apart from traditional currencies:
• It is of a decentralized nature. In other words, the system has no governing center, and a network consists of many computers around the world, whose facilities are used for the extraction of coins.
• Availability. Bitcoin, unlike Fiat money, it is very easy to use. It is sufficient to install the corresponding client, and create a new address. This process takes less than five minutes. While making Bank accounts or EPS is quite time consuming procedure with a lot of bureaucratic formalities.
• Anonymity. The Bitcoin address there is no reference to the user’s personal data.
• Publicity. All network members have access to the blockchain, that is the history of the transaction. But no one can establish the ownership of a particular wallet, if only the user himself will not reveal this data.
• A small Commission. International transfer made via the Bank, as they say, “gonna cost”. And in the Bitcoin network need to pay a nominal amount just a few cents.
• Efficiency. After a few minutes after the transfer, the data on it are available to members of the network.
• Irrevocably payment. The user cannot cancel the transfer. The only exception is if the payee agrees to return them to the sender.
Thus, the Bitcoin has numerous advantages over traditional currencies and other cryptocurrencies
What online services provide reliable storage of Bitcoins?
The safety of criptocardiini, one of the major challenges of the Bitcoin community. The article will focus on resources that offer virtual storage savings online.
There are many ways to securely store Bitcoins with the help of online services, and each of them has unique characteristics. Some will be easy, the second much faster, while the third almost guarantees the safety of stored cryptocurrencies. Try to understand what they represent.
The least reliable is considered to be the exchange services. You can regularly hear about what happened to them stealing Bitcoins. Besides, there is no guarantee that you give your means into the hands of some official of the company, not a private person which will collect the money and leave in an unknown direction. Many exchange platforms reveal only the nicknames of their owners, so nobody is insured from financial losses. And even if you go to a well-known service with a good reputation – they can hack the hackers. For example, many exchangers keep their money in the “hot wallet”, which is at risk of cybercriminal attacks.
Thus, try not to entrust a lot of money online services or deal only with proven platforms. They are easy to work, but no one can guarantee the safety of your funds. Immediately after purchase Bitcoins on the platform get them to your offline wallet. If you are engaged in mining, install automatic withdrawal upon reaching minimum threshold, do not leave them on the service. Users for greater reliability it is better to use two-factor authentication and strong passwords.
Online Bitcoin wallet carries risks but also offers a number of advantages. So, each of them has an accessible interface, even a novice and performs all operations in a short time. But to protect from cyber criminals it is better to use protected or “hybrid” wallets, which do not contain secret keys. So, on the website Blockchain.info users will have to enter the password to be able to use their account. And if something happens with the online platform – it contains only the image of the purse. But be careful, because hackers can use special codes to take control of your passwords. So give preference only online wallets with a high degree of protection deserving of its excellent reputation.
Why do you need to verify your card?
Our exchange service has introduced a verification card to prevent fraudulent acts and the preservation of the Internet users. Since the scammer, knowing the data card, may, without the consent of the owner to make online transfers using various Internet resources. Worrying about the safety of our customers funds, we maintain an excellent reputation of our service. We do not store or use the process of the verification data.
The verification process takes no more than 1-2 minutes.
To confirm the card the Client should:
Go to the menu:
Your payment details.
To add the account.
(Click on picture to zoom)
After this you need to send 1 ruble account ,with the cards , which will be used for a transaction.
After successful verification, the client can continue execution of application to the exchange. This procedure is required only once for each new card.
Thank You for your understanding and look forward to a long and fruitful cooperation.
How long is the application process?
Dear users, depending on destination and number of applications average processing time is 5-15 minutes after receiving your payment. After payment don’t forget to click “I paid” as the application goes for processing after clicking it to activate it, we just don’t see Your application on the exchange.
If You plan to exchange the coins for bitcoin, please note that the application process will begin only after receiving confirmation of Your transaction. It may take some time, averaging no more than 20 minutes, but there are times when the system is overloaded and bitcoin transactions can be confirmed until several hours or even days. If this situation happens, You should not worry about the safety of Your funds as soon as the transaction is confirmed, we will make the payment to these details.
If You have any questions, please contact us in live chat and our operators will promptly answer all your questions.
How many Satoshi in one Bitcoin?
Money has evolved with the development of civilization, yet humanity did not stop the paper bills and metal coins. But with the advent of information technologies has brought hitherto unknown phenomenon in the form of cryptocurrency. Bitcoins have no physical incarnation, however, he successfully applied for payments to the global web.
Today, the market capitalization of the first digital currency exceeded the record mark of $ 15 billion. And the cost of one coin is surely closer to a thousand. To handle this amount of is not always convenient, so was introduced smaller monetary unit Satoshi. They have received the name in honor of the genius programmer Satoshi Nakamoto, who created the first cryptocurrency. So how many Satoshi in one Bitcoin?
The system of the first digital currencies involves a limited issue of coins. The total amount of generated Bitcoins will not exceed twenty-one million. Today already mined most of the coins, but the difficulty of the mining process gradually increases. Whereas the remuneration of cryptotermes per produced unit is reduced exactly by half every four years. However, the value of the digital coins gradually increases, so the mining process does not lose relevance. For millions of people worldwide crypto currency is a stable source of income. So, how many Satoshi in 1 Bitcoin?
The first digital money are considered as the most expensive currency in the world. For convenience the coins separated into smaller components units, a total of one hundred million. Thus, one Bitcoin consists of 100 000 000 (one hundred million Satoshi). In other words, the coin Satoshi is equal to one hundred-millionth part of a Bitcoin.
Currently, the cost of cryptantha is negligible. But we should not forget that the Bitcoin price is gradually increasing and experts predict that it can grow in tens times compared with the current value. Accordingly, the value of cryptantha also proportionally increase. Thus, knowing how many satoshis in 1 Bitcoin is quite possible to earn in the vast global web of capital in the digital currency, which after a short time will pay dividends a hundredfold.
Where and how to create a Bitcoin wallet?
Very often people wonder about how and where to create a bitcoin wallet. Obviously, storage of digital coins that do not have physical embodiment, is suitable only for virtual wallet. Create a Bitcoin wallet in several ways:
1. Install on your PC or mobile gadget a special program.
2. To use the services of third-party platform.
The choice of the version of the wallet designed for storing Bitcoins should be approached very responsibly. After all, the legal status of cryptocurrencies is still not regulated. Therefore, the owner bears all the risks associated with hacking the virtual storage or the misappropriation in funds. Let us consider each of the options.
Cryptocurrency wallets for computers
With the help of special software you can create on a personal computer the following types of Bitcoin wallets:
• Bitcoin Core.
If the user will stop at this option, then it is recommended to download on a public resource bitcoin.org. There is also the possibility to learn more about the features of each virtual storage.
It should be noted that the user chose this option wallet should make their own arrangements for the security of the computer on which it is installed. After the kidnapping by criminals of the corresponding file or the loss of access in any other way will lead to deadweight loss under wallet tools. So you need to install on your device antivirus program, you can not download suspicious programs or visit questionable web resources. Ideally, you should store wallets on specially designed for this purpose computer, the entrance to which is protected by a password.
In a global web there are many sites designated for storage of cryptocurrency wallets. It is the service responsible for the safety and soundness of the online wallet. In this case, virtual storage is better protected than on the user’s computer. But you need to choose a reliable site providing really high quality services. Such services include the following resources:
To create a wallet, you must log into the service and follow the instructions.
The popularity of such virtual storage primarily due to their convenience. Thanks to a special application the user can store mobile wallet directly on the smartphone. This gives you the opportunity to pay for purchases using a mobile device. However, they cannot be called a client because the limited memory of the smartphone is not allows you to download all the chains of the blockchain. The most popular options of mobile phones are Blockchain, Haro and many others.
Features hardware wallets
We are talking about specialized development, optimized for storing secret keys. Hardware Bitcoin wallets are perfectly suited for storing a large supply of virtual coins. They are the perfect choice for a well-earning freelancers who do not wish to rely on third-party platforms. After all, browser-based wallets have too weak protection for the storage of large sums of money. The main types of hardware wallets are the best wallet and KeepKey.
Paper store Bitcoins
This is the cheapest option storage virtual coins. In the global network you can find many sites offering such services. For anyone interested, the resource opens a new identifier and generates an image consisting of two QR codes. The first of these is public and available to address and used to receive transfers, and the second secret key used for translation savings. Hackers can steal data about the paper wallet, because they are not stored digitally, and printed on paper.
Novice users often face a problem when the interface Bitcoin wallet displays the balance in different currencies. As an example, can be called universal vault Cruptopay. It has advanced features and among them is the option of Flex-account. The convenience of this function was appreciated by the owners. Because it offers the following features:
• Having accounts in different currencies (dollars, euros, and pounds).
• The possibility of opening a debit cards.
• Implementation of conversion of purchase/sale of Bitcoins in the online right on the web-site.
• Integrate Bitcoin payments to its online platform.
Flex accounts are operating as normal store and allow manipulation of different types with the use of cryptocurrency. This option is intended to shield the owner from risks associated with exchange rate fluctuations (volatility) of Bitcoin.
At the end of the narrative, we note that the list of Bitcoin wallets, presented above, is not complete and the number of those is growing every day
What is the confirmation from the Bitcoin network?
To move the Bitcoins from the old owner to the new, you must receive confirmation from the network. Without this, the user will not be able to dispose of the coins that are technically his property.
Immediately after the operation with cryptocurrency data sent to the network to perform the corresponding transaction. This information should be included in the unit, which gives legitimacy for all participants in the system. The procedure for the accession of data on operation to the part of the block is called confirmation network.
This process performs a protective function. That is how the system prevents reuse of the same coins.
It is believed that with each turning block, the transaction gets one confirmation. As a rule, the lawfulness of the transaction shall be proven when the network received six or more confirmations. The inclusion in the unit is performed during the generation of virtual coins.
How many confirmations you need?
As mentioned above, in the classic version, the Bitcoin is considered legitimate if the miners received a minimum of six confirmations of a transaction. This value was not chosen by chance. It is based on the theory that the probability of accumulation of a fraud 10% of the network hash, value, necessary for the forgery of payment is a very small percentage (less than 0.1). Therefore, obtaining six confirmations is a reliable guarantee to prevent criminal manipulation.
However, shopping sites that accepts Bitcoin as payment for goods and services may at its discretion set the amount of blocks required to confirm the payment.
How long does it take to receive confirmation?
Clearly this question impossible to answer. Because the duration of the process depends on the work of CryptoStorage, that is, people who are engaged in mining virtual coins. A person must wait for confirmation as long as the miner will not produce the next block.
Why the duration of the transaction increases?
At the moment, given the state of the network, there are several reasons for the delay of the transaction of the Bitcoin:
• Explicit network congestion blockchain. Unfortunately, the ingenious Creator of the digital currency by Satoshi Nakamoto, did not foresee such volume of popularity of Bitcoin, so many requests for transfers may be delayed. Trivial system load based on the platform of the blockchain, leads to the fact that users are forced to wait their turn in the administration of financial transactions.
• Primary and as long as the standard block size is 1 MB. The developers of the Bitcoin Foundation are trying to solve this problem, but the results are too early to tell. The participants often speak about the need to increase the volume of the block, but it goes against the ideology of the blockchain, because the parameters keep unchanged.
• Also plays an important role, the complexity of mining digital currency. Every four years, the emission of Bitcoins is complicated, which leads to the halving of the reward for generating a block. Of course, this affects the speed of approval of transactions.
The basis for the alternative digital currency Bitcoin is a blockchain technology that runs Nakamoto in 2009. This technology is also called a distributed registry. Under the terms of the system, a new block in the blockchain the system should be generated every 10 minutes, but the current situation tells a different story. We observe that the average length of a block equals 20-25 minutes, contrary to established algorithms.
The duration of the transaction is increased, which of course, led to discontent in the ranks of the members of the network.
Whatever it was, the main reason for the delay is a trivial network congestion blockchain and the size of the blocks.
Why was my application deleted?
Your submission was removed and You don’t know why? What to do in this case?
Exchange orders are deleted only in case of non-payment from You. Perhaps You yourself detained for a considerable time transfer or the Bank for too long paid out – transfer at Your disposal. Such situation, payment systems and banks happen quite often and this can happen with every user. Nothing terrible has happened. The issue will be resolved. Make sure again that You really transferred money. This can be seen in private offices of banks or payment systems. If the result is positive, you need to contact tech support site and report the problem. The operator immediately re-check the flow of funds, and if they do come, will restore the application and process it.