May 12, 2018 10:05 UTC
May 12, 2018 at 10:05 UTC
Defence needed by Bitcoin Bulls
Talk to anyone in IT security and it becomes apparent that to most people in this industry, distributed, non-hierarchical networks are not a blueprint but the blueprint for building a secure system. Bitcoin’s blockchain is an exemplary model. The model of Bitcoin blockchain works similar to the chain letter, like an information is copied from one mode of network to the next after a distributed ledger which is public ensures the transaction integrity.
The 100 SMA is above the longer-term 200 SMA for now so the path of least resistance could be to the upside. However, the gap is narrowing to signal a potential downward crossover that could draw more sellers in.
Some of the defence strategies are as follows:
- ‘HODL’ aka HOLD
Here’s an explanation of the term hodl. HODL is a typo word originally and it stands for hold on for dear life but with time it has earned a status of backronym because if popularity.
Only problem with this defence strategy is that Bitcoin and other digital currencies can be reduced and sink to zero which is a worst case scenario though.
- Take stock of the crypto dip
Some of the investors who are feeling lucky would deem an opportunity to buy the assets cheaply after the decline in the value of cryptos. That means when are buying the crypto in a hope of increasing it eventually with multiples higher number but you face the vice-versa.
- Traders buy $USDT
One of the way of defense is there for investors is that they can exchange the cryptos like Ripple and Ether with other coins like Tether which is a blockchain based asset. A crypto currency which is held in reserve and pegged to the US dollar is named as Tether.
- Some buy $NEO, Ethereum
People who buy NEO, eighth most values cryptocurrency, Etherum and other coins which are lower ranked crypto currencies have faced the relatively steadiness as these assets have promised their investors the feature of utility and features like smart contracts.
Not all currencies are created equal.
It may be fashionable to call Bitcoin a bubble, and perhaps a burst one. Bitcoin is apart from others and that is not related to the financial markets virtually.
Bitcoin has no master. Bitcoin is a global, decentralized currency.
Decentralised structure is very helpful and thankful that the network is supporting the currency that it is able to survive extreme disruption and stress. This future is not one we wish to embrace, but it’s worth summoning the time and mental courage to examine it.
Who holds Bitcoin? Strippers, hackers, and Wall Street brokers. A homeless woman I met in Los Angeles, with a laptop under her arm. My Lyft driver, last time I rode to the airport.
The power behind Bitcoin is the protocol itself.
- Stay online
- Stay secure
The goal in distributed systems is to avoid a “single point of failure;” hierarchical, command-and-control systems are seen as more vulnerable.
For now, a balance of interests has worked to maintain the strength of the currency — with market capitalization of more than $248 billion as of December 31, 2017.
Bitcoin works. Whether you see Bitcoin as a store of value or a medium of exchange, the utility of a global decentralized cryptocurrency is clear.