Connect with us

# 4 Reasons Why Cryptocurrency is Here to Stay For Years To Come

Published

on

## Is Cryptocurrency Here to Stay?

Are you considering an investment in cryptocurrency? You’ve probably noticed the endless headlines praising this completely new and digital form of currency. Whether it’s Bitcoin, Bitcoin Cash, Ethereum, Litecoin, or any other, you’re wondering why it’s making such an imprint on society.

Let’s explores several reasons why cryptocurrency is becoming so focused on by investors, technology buffs, investors, and more. Learn why you should pay attention to the rise of digital coins that has come about over the past several years.

### 1. Cryptocurrency combats against the monopoly of banks

If you’ve ever tried to wire transfer a sum of funds to friends, family, or clients, you may have been quite shocked at the outrageous fees involved in order to complete your transaction. Money transfer companies like Western Union rely on their stronghold over the industry. They know that very few companies do what they do, and they take advantage of that by setting the price of transfer. Because very few organizations allow users to transfer instantly around the world, they make a great profit from customers who are forced to use their services.

Companies such as PayPal have come about recently to compete against businesses such as Western Union. And PayPal has done a great job at making money transferring fast, cheap, and easy. However there’ve been many complaints against PayPal for monitoring and limiting transfer activity. There have also been a few complaints regarding customers’ accounts becoming suspended without any forewarning.

The problem with both Western Union and PayPal is that they are owned by a very small portion of businessmen and businesswomen who call the shots. Policies can change at any time without notice. Fees may come into being that aren’t agreed upon by the general public. These companies have the final word in how money transfer takes place.

Cryptocurrency is the anti-monopoly. Its money transfer structure is Open Source; it’s visible for everyone to see. Additionally, its infrastructure is not easily changed. In order for a cryptocurrency to change how it operates, over 50{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} of the computers and networks mining that cryptocurrency would have to agree upon the new set of rules. This sort of democracy presents any one person or organization from calling the shots that everyone would have to abide by.

This 51{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} rule has been put into action several times in the past. For example, in August of 2017, a majority of Bitcoin miners agreed that the blocksize was too limited – a mere 1 megabyte per block. All miners agreed on a new standard of 2mb per block. This meant that more transactions would be verified per block, and that implicates both faster transaction time and reduced fees. The new digital currency that rose from this new agreed-upon set of rules is called Bitcoin Cash.

Bitcoin Cash (or Bcash by many) is a perfect example of how the democracy of cryptocurrency must occur in order for a change to take place.

### 2. Cyrptocurrency Promotes Anonymity

Identity is sacred when it comes to money transfer. Take into consideration the many stories of insurance providers nulling citizens’ insurance policies because of a conflicting purchase. For example, someone who receives the highest benefit from a life insurance policy may be at risk for a policy nulling based on a purchase they made for a friend (such as cigarettes). While it sounds outlandish, these invasions of financial freedom happen around the world on a daily basis.

Governments, insurance providers, and even the banks themselves are monitoring your activity. Every item you buy in person or online with a credit card is saved in a database somewhere. You might say, “But I don’t care; I don’t do anything bad,” this breach of privacy is a peephole into your personal life. You never know when or how your purchases may be used against you, whether now or in the future.

Cryptocurrency is completely anonymous when used right. There are no transaction labels; there are simply public addresses. It is true that a public address may be tied to a company or person, but that party must willingly disclose their information online in order for it to be public knowledge. Even if such an entity publishes their public address, it’s very difficult to know who the senders to and receivers from that address are unless they publish their own identities. Simply put, it’s very hard for a government or organization to map out all of the identities on the blockchain (public record).

When you send or receive a cryptocurrency, you’re adding several more layers of protection to prevent unwanted parties from snooping into your financial spending habits. As technology becomes more prevalent, there will be more purchase monitoring by the governments and banks. It’s best to get into a habit of keeping your spending habits safe, even if you are doing absolutely nothing risky or wrong!

### 3. Cryptocurrency Encourages Innovation

While Bitcoin is the ‘name brand’ cryptocurrency, there are hundreds others quite similar – and even different – to it. Each individual digital coin adopts its own set of rules, freedoms, limitations, and technologies. Would you believe that despite all that has happened so far that we are still in the beginning? There’s much talk about how cryptocurrencies are not only the future of finance but also the future of the digital world.

Take into consideration, if you will, an Open Source Internet. Imagine that this internet is stored remotely on each and every electronic device connected to the network. There’s no single on/off switch. There’s no single point of change or modification. This sort of hypothetical Internet is controlled by the masses; everyone has an equal say how it evolves. This is just one single example hypothesized by many cryptocurrency experts. This is a very simple vision into what could come to be.

As governing agencies impose more restrictions upon the general public, more extreme measures must take place in order to encourage innovation, stifle restrictions, and snuff out snooping and breaches of privacy!

### 4. Cryptocurrency Could Very Well Be The Future As We Know It

If you can remember (or imagine) the Internet as it existed in the late 80’s you’d see a world where computer nerds embraced this newfound form of communication. However, despite its amazing potential, there were many roadblocks and speed bumps, namely data transfer speeds and processing capabilities. The Internet in the early days was seen as a hobbyist’s evening project, not an integral foundation of the future.

Cryptocurrency could be to finance as the Internet is to communication. If you truly believe that we’re still living in infant years of cryptocurrency, then you understand that while there are many obstacles to overcome and puzzles to solve, there’s also a very bright and prosperous horizon to look forward to. If you believe that cryptocurrency could be the very expression of finance that the world needs, much like credit cards were for paper-less transactions, then it’s best to consider what place you’ll take in this voyage to the future. You might evaluate if an investment in cryptocurrency is right for you. Your future self might thank you for it.

Click to comment

Subscribe
Notify of

# Bitcoin Price Starting to Recover After Sharp Drop; Top Alts Ethereum and Litecoin Are Struggling

Published

on

## Bitcoin BTC/USD Forecasting

From yesterday's open at $12317 the price of Bitcoin increased to$12761 but then fell below its opening price as it came down to $12100 level. After this retracement, the start of another rise has been seen with the price reaching$13055 at its highest point today before falling nearly $800 in an hour. The price momentum has been stopped out after an increase of 7.76{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} measured from yesterday's low at$12100 as the price started encountering resistance around the vicinity of the prior high on the ending point of the 5th wave of the upward impulse.

Looking at the 15 min chart, you can see that the price got close to the 0.618 Fib level but there hasn't been an interaction before the price found resistance and has started to flat out, forming a horizontal resistance point. As we are seeing the ending wave of the five-wave impulse its further development would be expected to end around the vicinity of the 0.618 Fib level and proper interaction with the price potentially exceeding it on the spike up.

This would be the completion of the five-wave impulse which started on the 7th of July and is the third wave out of the upward structure from the 2nd of July. Previous to the five-wave increase a corrective triangle has been seen forming which was according to my count the B wave out of the upward ABC three-wave move. This three-wave move would be the X wave of the higher degree count which is why after its completion which is set to develop very shortly I would be expecting a move to the downside as the third wave Y should develop.

Another possibility would be that the correction ended on the first three-wave move which are only the sub-waves of the W wave according to the current count. If that is true, then we could be seeing the development of another five-wave move instead of the three-wave ABC correction to the upside. In either way, from here I would be expecting a move to the downside and if the price falls below the lower interrupted blue horizontal level on the retracement I would indicate that the move to the upside has ended on the third wave and is corrective and not impulsive.

## Ethereum ETH/USD Forecasting

From yesterday’s high at $317.62 the price of Ethereum has decreased by 4.61{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} measured to its lowest point today which is at$302.98. The price has recovered since and came up to around $314 after, but is currently being traded at$309.

Looking at the 15 min chart, you can see that the price is currently retesting the 0 Fib level for support as a minor breakout above occurred. The price is likely to find support at the present levels as a breakout occurred on the prior high as well and has shown the absence of strong seller’s pressure.

As we are seeing the development of a five-wave impulse to the upside from 5th of July its ending wave’s development would now likely mean further increase but only for a short while as the next significant horizontal level is getting close. This is the ending point of the prior high and the support point of the impulsive move’s ending point and now serves as significant resistance.

If we are seeing a three-wave ABC to the upside out of which the mentioned five-wave impulse from the 5th of July is the C wave, the price is set to start moving to the downside after its completion, below the ending point of the first ABC to the downside which is at $276. Upward ABC would be the second wave out of the higher degree three-wave correction which is why the third one would be expected to end on a lower low compared to the first ABC correction which would be its first wave. The most optimal target point of the expected decrease would be around the intersection of the lower ascending level which represents an uptrend support level and the 0.236 Fib level which is at$260.5.

There is a possibility that instead of the price ending its increase from the 5th of July on the third wave, we see it developing in a five-wave manner which will indicate impulsiveness instead of the currently presumed corrective momentum.

In that case, the price of Ethereum cannot go below $296 which is the territory of the 2nd wave on which the price cannot enter on the 4th if we are seeing a five-wave increase which is why the level is serving as a significant pivot point. ## Litecoin LTC/USD Forecasting From yesterday's high at$124.6 the price of Litecoin decreased by 5.37{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} as it came down to $117.9 at its lowest point today. The price came down to the same low level after a recovery attempt has been stopped out at$119.95, but the price is currently being traded around $119.180. On the 15 min chart, you can see that the price of Litecoin came down to the first significant horizontal support level which is the lower outline level off of the horizontal range in which the price action is bouncing from 5th of July. Including the price action from the day before we have seen the formation of a cup and handle pattern with the price continuing to form the handle structure from yesterday's spike abode the significant horizontal level at$122.32 which is considered as the median point of the higher degree resistance range.

As the price failed to keep up the upward momentum and instead left a spike to the upside falling down fast below the significant horizontal level indicating strong resistance is present above, we have seen a retest of the lowest support level from the mentioned pattern. The price has recovered slightly but again failed to exceed the median point of the horizontal range from 5th which got broken in the second half of yesterday's trading session.

The recovery has developed a retest of the median point and another retest of the support level from the horizontal range with the price currently holding above its half range line. I would be expecting another minor increase which could be another retest of the today's high after which another downfall below today's support level. Even though the handle still hasn't been broken we have seen the price retracing back to the cup's support level which could be viewed as a breakout.

In either way, I would be expecting a retest of the $114.31 horizontal level which was low from the 2nd of July and was the ending point of the five-wave impulse to the downside after which a corrective ABC to the upside has been seen. This is why I think that a breakout from the downside would lead to the formation of another impulsive move which would set to push the price of Litecoin back inside the lower range below the resistance zone at$109.

## Conclusion

The price’s of the major cryptos are starting to reach their significant resistance point on the corrective increase whos continuation we’ve seen in the last 24 hours. As the prices are approaching their signifiant resistance levels, after an interaction I would be expecting another downturn in the market.

# Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) Price Prediction for Today’s Top Cryptocurrencies

Published

on

## BTC/USD

From yesterday's high at $13212 the price of Bitcoin decreased by 21.23{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} as it came down to$10407 at its lowest point today. Yesterday's high was an interaction with the significant 0.618 Fibonacci level which ended as a rejection and caused the price to start moving to the downside in an impulsive manner.

Looking at the hourly chart you can see that the price came below the 0.5 Fibonacci level and stopped out at the minor ascending trendline from the from 10th of June from when the last five-wave impulse started developing. As the price found support there an immediate recovery has started which managed to pull the price back above the 0.5 Fib level and is currently being traded at $118816, slightly below today's high at$12012.

The price recovered by over 14{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} today measured to the lowest spike to the highest point today but it appears that strong resistance has been encountered as indicated by the last hourly candle. This recovery appears to be correctional and is most likely the 2nd wave out of the starting downtrend. I wouldn't expect it to go above $12451 which would be a 0.618 Fib from the impulsive decrease if the corrective movement is in play. We've seen the completion of the five-wave impulse from 10th of June which could have been the 5th wave from the higher degree count which I believe that it was. If this is true, then we are going to see further downside for the price of Bitcoin in the upcoming period as a correction of the same degree should develop. On the hourly chart, you can see that I've projected a target to around$6914 but the price of Bitcoin could go significantly lower as it would be only the first wave to the downside. The five-wave move might not develop and we could instead see a three-wave correction to $8500 before further upside continuation but considering the seller's momentum seen from yesterday, I don't believe that Bitcoin's price is going to continue increasing further. ## ETH/USD From yesterday’s high at$336.1 the price of Ethereum has decreased by over 18{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} measured to the lowest spike the price has been which is at $275.45, but the hourly candle closed above$290.7.

The price is currently being traded at around $304 and was in an upward trajectory until it reached the significant Fibonacci level at$308.59 where it found resistance on the interaction.

As a rejection occurred the price has started moving to the downside again and looking at the hourly chart you can see that its minor uptrend line still hasn’t been broken.

The increase still might continue to the significant ascending trendline which was broken but the price fell immediately inside the territory of the ascending channel, ending as a fakeout. This is why the level might get retested again on the current recovery but we are yet to see how strong is the momentum behind today’s increase.

For now, it looks weak as the Fibonacci level was able to stop it out, so now that the price started moving to the downside we could see the price starting to move below the minor ascending trendline from today’s low.

Prior to the impulsive decrease, we have seen the completion of the five-wave impulse to the upside which could have been the ending wave of the higher degree with now a downturn starting to develop as the bullish period ended.

If we are seeing the development of the higher degree correction we are likely to see a five-wave move to the downside in an impulsive manner which would only be the first wave out of the potential three-wave move of the higher degree.

In that case, the price of Ethereum would be expected to go for a retest of some major resistance point, broken on the way up, out of which the first significant one would be between $187 and$174.

## LTC/USD

From yesterday's high at $130.322 the price of Litecoin has decreased by 13{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} coming to$113.36 at its lowest point and even spiked further to the downside coming to $110.69 but the hourly candle closed above$133 leaving a wick on the hourly chart. The price is currently being traded at $117.69 slightly below today's high at$119.7 as a minor recovery has been made. On the hourly chart, you can see that the price of Litecoin fell inside the territory of the lower horizontal range between the $122.32 level and the$109.356 horizontal pivot. This area is highly significant as it was considered to be the support area from the first half of the bear market and managed to hold the price of Litecoin but was eventually broken on the 10th of June 2018. Out of this support/resistance, the $137 horizontal level was its furthest level and considering that the interaction with it ended as rejection with an impulsive downside move seen after, we have likely seen a retest of the broken support for resistance before further downtrend continuation. From 5th till 12th of June we have seen the development of the five-wave move to the upside which was most likely the ending wave of the higher degree as immediately after its completion we've seen a sideways range forming before a straight downfall. This impulsiveness to the downside indicates that the sellers are taking control. If we are seeing the development of the downtrend and from 26th its first wave in a five-wave manner the price is set to go below the last horizontal support level at$109 and would enter the lower range below the support zone.

If this occurs we could view it as a confirmation of the starting downtrend as the price of Litecoin was continuously increasing from 29th of April and made an increase of 112{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} without a major correctional movement. That this might not be a correction and instead of a starting downtrend we are yet to see from the development of the last move to the downside, but if it were to develop in a five-wave manner with the price going below the last horizontal level the possibility of the starting downtrend would increase significantly.

## Conclusion

The cryptocurrency market has experienced a recovery today but the prices of the major cryptos have shown early signs of weakness around their first minor resistance points. We are yet to see if the recovery continues but as the impulsiveness was exhibited by the sellers in the last 24 hours I believe that the prices aren’t headed further up and that we are seeing the start of the downtrend.

# Ripple Price Analysis: XRP/USD Primed For Further Gains

Published

on

• XRP/USD is testing the $0.4320 support and a major bullish trend line on the 2-hours chart (data feed from Bitstamp). • Bitcoin price is also correcting lower from well above$9,400 and Ethereum price is currently below $270.00. ## Ripple Price Analysis Earlier this week, bitcoin price extended gains above$9,300 and $9,400. It helped ripple and its price recently started a strong rise above the$0.4200, $0.4320 and$0.4400 resistance levels. XRP even broke the $0.4500 level and traded to a new monthly high. Looking at the 2-hours chart, ripple price even traded above the$0.4600 level and settled well above the 50 simple moving average (2-hours, purple). A high was formed at $0.4625 and recently, the price started a sharp downside correction. There was a break below the$0.4520 support and the 50{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the recent wave from $0.4254 to$0.4625. Moreover, the price broke the $0.4400 support level. It is currently testing the$0.4320 support and a major bullish trend line on the 2-hours chart. The 76.4{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the recent wave from $0.4254 to$0.4625 is also acting as a support.

If there is a downside break, the price could test the main support near the $0.4255 level. As long as ripple price is above$0.4255, it is likely to bounce back in the near term.

An initial resistance is near the $0.4400 level, above which ripple is likely to continue higher towards the$0.4480 and $0.4500 levels. If the bulls regain strength, XRP price could even retest the$0.4625 swing high.

Overall, ripple price is trading with a strong bullish bias above $0.4255 and$0.4150. Therefore, there are high chances of a fresh increase above the $0.4400 and$0.4480 resistance levels in the coming sessions.

#### Trending

Copyright © 2019 My Bitcoin Media Inc. | All Content Rights Reserved