Bitcoin is the most commonly known cryptocurrency. It’s a decentralized digital currency that is secure and private and can be used in transactions worldwide. It carries with it a number of pros and cons and is currently rather volatile.
In this section we discuss everything Bitcoin including how it works, what it’s worth, how you can “mine Bitcoin”, and more.
The SEC is considering a Bitcoin ETF by the CBOE (one of two exchanges who trade Bitcoin Futures). A decision by the SEC is expected by August 16th. This has major implications in the crypto space.
Here on July 12th, 2018 Bitcoin is in a bear market and some indicators are bearish. However, there is also a potential inverse head and shoulders and Adam and Eve forming which could take us back to a bull market. Let’s examine the bull case vs. bear case.
The simplest way to buy Bitcoin is to use Coinbase. From there you have a few options for buying other cryptocurrencies.
“Sats” is short for Satoshis, the smallest unit of Bitcoin (BTC). One Satoshi (sat) is equal to 0.00000001 BTC (one hundred millionth of a Bitcoin).
Fundstrat’s Tom Lee has revised his BTC projection for 2018 from $25k to $20k. His projection is based on the idea that BTC will trade for 2.5x its mining cost.
Could Bitcoin be forming an Adam and Eve double bottom on the weekly chart for 2018? If it does it would be one epic reversal.
Here in late June 2018 the GBTC premium and the South Korean “Kimchi” premium are quickly disappearing. This has historically been a bullish sign that has signaled the end stages of a bear market.
The cost of mining a Bitcoin changes over time and depends on the amount of computing power dedicated to mining and the cost of running those computers (mostly electricity and hardware costs). Thus, the average cost of mining a Bitcoin can and will change over time and changes differing depending on region.
Bitcoin has been bottoming out between $6k – $7k since its high. This can be explained in a few ways, including by the cost of mining and by some technical factors.
In some ways I’d argue that Bitcoin futures brought stability to crypto, as some said they would. However, they did it in a backhanded way that caused volatility and favored only certain types of traders.
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