bitcoin craze

Despite my belief that Bitcoin phenomenon can be an expression of mass social mood at the top of a financial and economic cycle, the fact is, it is now making a huge splash around the world.

Yet ironically, many are still unaware about Bitcoin.

One of the best thing about Bitcoin is that it solves the many limitations of traditional money.

• No Third-Party Seizure. Since there are multiple redundant copies of the transactions database, no one can seize bitcoins. The most someone can do is force the user, by other means, to send the the bitcoins to someone else. This means that governments can’t freeze someone’s wealth, and thus users of Bitcoins will have complete freedom to do anything they want with their money.
• No Taxes. There is no way for a third party to intercept transactions of Bitcoins, and therefore there is no viable way to implement a Bitcoin taxation system. The only way to pay a tax would be, if someone voluntarily sends a percentage of the amount being sent as tax.
• No Tracking. Unless users publicize their wallet addresses publicly, no one can trace transactions back to them. No one, other than the wallet owners, will know how many Bitcoins they have. Even if the wallet address was publicized, a new wallet address can be easily generated. This greatly increases privacy when compared to traditional currency systems, where third parties potentially have access to personal financial data.
• No Transaction Costs. Sending and receiving Bitcoins requires users to keep the Bitcoin client running and connected to other nodes. Essentially, by using bitcoins users will be contributing to the network, and thus sharing the burden of authorizing transactions. Sharing this work greatly reduces transaction costs, and thus makes transaction costs negligible.
• No Risk of “Charge-backs”. Once Bitcoins are sent, the transaction cannot be reversed. Since the ownership address of Bitcoins will be changed to the new owner, once it is changed, it is impossible to revert. Since only the new owner has the associated private key, only he/she can change ownership of the coins. This ensures that there is no risk involved when receiving Bitcoins.
• Bitcoins Cannot be Stolen. Bitcoins’ ownership address can only be changed by the owner. No one can steal Bitcoins unless they have physical access to a user’s computer, and they send the bitcoins to their account. Unlike conventional currency systems, where only a few authentication details are required to gain access to finances, this system requires physical access, which makes it much harder to steal.

With humongous publicity spilled, let's hear what experts say:

" Virgin Galactic is a bold entrepreneurial technology. It's driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency." - Sir Richard Branson, Founder of Virgin Records, Virgin Galactic, and 400+ other businesses

By Google themselves,

" Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value " - Eric Schmidt, CEO of Google

Or by security giants,

" You can't stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust" - John McAfee, Founder of McAfee

Whether we like it or not, bitcoin is here to stay and its only getting popular and stronger daily. An interesting prediction for 2017 can be read,

Bitcoin prediction for 2017!

Most experts are predicting that bitcoin will break $1,000 in 2017. This would mean that bitcoin’s price may actually double from where it is trading at right now. Such returns would present an extraordinary amount of growth. Such returns are also very plausible.There are several key factors at play.

First, the global economy is on tenuous grounds, and bitcoin is a safe haven currency/asset. If the global economy does hit a rough patch, which is very plausible, then bitcoin and other safe haven assets and currencies will enjoy a boost.

Second, many governments, including Japan and the Eurozone, have been engaging in quantitative easing. This means that they are increasing their money supply by creating money and buying up new assets. This increases inflation and encourages people to invest in things like bitcoin.

Third, an increasing number of companies, and especially retailers, are taking interest in bitcoin. Others are also interesting in blockchain technology. As interest grows, adoption will spread, and as more people use bitcoin, prices should increase.

" Digital currencies like bitcoin may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.” - Ben Bernanke, Chairman, US Federal Reserve

So while $5,000 and other numbers are perhaps a bit overly optimistic, $1,000 seems very reasonable. And if a major event does unfold, such as a global recession, or a major company like Amazon announcing that it will accept bitcoin, who knows those $5,000 dollar predictions might not look so overzealous after all.

Between You and Us

You : Seriously, what is the catch?

Us : That you should learn Bitcoin to acquire Bitcoin.

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Us : By investing time and effort into learning Bitcoin, your path to earning it becomes easier. We will be working as team in RedeX, in a very enjoyable and profitable way. You'll definitely love the challenge.

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Between You and RedeX

Just a polite reminder. If you are still up and reading it till here.

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