1 BTC - USD Hits 1,120 and Continue Rising for the coming USA SEC ETF Decision March 11

Bitcoin hit 1,120 USD. Source: Blockchain

Friday, February 24, 2017 11:30 PM UTC +8GMT

BTC/USD hit an all-time high of 1220 level on Friday and is currently trading at 1209 levels at the time of writing (Bitstamp).

Philippine Peso - BTC Exchange rates : ₱60,277.64

Coins.ph exchange rate:  Buy: ₱60,737 PHP | Sell: ₱58,875 PHP

Buybitcoin  rate:  Buy: ₱61,581 PHP | Sell: ₱58,529 PHP

The recent upswing is possibly being driven by the upcoming decision on bitcoin ETF by the US Securities and Exchange Commission (SEC). Traders seem to be largely bullish on the bitcoin ETF getting the approval, CoinDesk reported. The SEC has until March 11,2017 to approve or disapprove the ETF.

According to Bloomberg, President Trump’s policy uncertainties might be the reason behind the recent rally. It explains that investors are looking to hedge against potential global uncertainty in the wake of President Trump’s policies and are speculating relaxation of digital currency regulations under his leadership.

On the upside, the pair will now run into resistance at 1245 (127.2% retracement of 1139.89 and 751.34) and a break above would see it testing 1280 (113% extension of 751.34 and 12.20)/1347.

Momentum studies remain bullish. Any dips could be taken as an opportunity to go long. However, caution is advised as RSI and stochs are in the overbought zone.

On the flipside, support is seen at 1200 (psychological) any violation would drag it to 1140 (trend line joining 941.81 and 1074.69)/ 1115 (5-DMA). A break below 5-DMA could see further weakness in the pair.

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FOR PHILIPPINE CUSTOMERS (INCLUDING OFW ABROAD): 
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Note: Coins.ph would ask you to download aswell the Google Authenticator as the second security verification to make sure that you are the owner logging into the account. Every time that the Coins.ph app would ask for verification, you must open the Google Authenticator as it would display a new code. Such code would change everytime you make a new transaction.

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Current exchange rate for 1 BTC to USD is $1,1888 or check Google echange rate for updates

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Why Krugman’s “Bitcoin is Antisocial and Impractical” Argument is Flawed

Paul Krugman, “economist” and University of New York professor, Photo: The Coin Telegraph

Over the past few years, Paul Krugman, “economist” and University of New York professor, continuously criticized Bitcoin and its decentralized nature, describing it as an anti-social network because it does not depend on a state-owned or controlled money supply.

To start with, Bitcoin can be perceived as an abstract financial and technological concept within the traditional frame of Economics and Finance. The Bitcoin network represents the potential of peer-to-peer and open financial networks that eliminate the necessity of the third party institutions or governing entities in order to efficiently facilitate payments between users in a practical ecosystem.

Conventional “economists” such as Krugman have been introduced to state-owned, controlled and manipulated currencies, assets and stores of value for an immense period of time that they often struggle to understand the necessity of digital currencies like Bitcoin.

In his blog he writes:

“At the end of 2013, I wrote a post titled “Bitcoin is evil,” riffing off Charlie Stross’s “Why I want Bitcoin to die in a fire.” Charlie and I both keyed in on the obvious ideological agenda: Bitcoin fever was and is intimately tied up with libertarian anti-government fantasies.”

“Bitcoin is antisocial” because “it is not state-owned” - wait, what?

The “Bitcoin is antisocial” argument has been the core of Krugman’s criticisms against the cryptocurrency. Ironically, however, Bitcoin has demonstrated the highest level of user freedom, as it relies on a peer-to-peer protocol as its foundation.

Another ridiculous statement of Krugman that he frequently pushes in mainstream media outlets such as the New York Times, for example, is that “Bitcoin is not state-owned,” which misleads users and investors on the primary purpose of Bitcoin. Basically, he says that Bitcoin was created to weaken the global banking system.

Well, seriously? In 2009, Bitcoin was introduced with the sole purpose of providing financial freedom, sovereignty and independence to users. So far, it has succeeded in offering an unprecedented level of financial freedom to the general population, proving that financial networks can exist without the involvement of governments and the existence of authority.

Governments abuse the power over the cash-based monetary system

Bitcoin serves as evidence that peer-to-peer networks can exist and that users are responsible enough to lead a peer-to-peer protocol in a civilized manner.

The global financial system utilizes cash as its basis. Banking systems and financial services are deployed on top of the monetary framework, offering digitalized methods of transacting cash. The role of the government within a cash-based monetary system is to provide enough supply of physical cash to support the economy.

Governments have abused this power over the cash-based monetary system to print fiat money at their demand. Termed as “quantitative easing,” central banks print a certain amount of cash and distribute that among banks. While governments claim that this new set of printed money ends up at the bottom of the economy, in actuality, billions of dollars created on an annual basis are sprinkled on top of the economy for top-tier organizations and financial institutions.

Bitcoin has proved that a state-owned money supply is redundant and unnecessary. In a social network, a peer-to-peer protocol like Bitcoin, each individual plays a role in maintaining an autonomous financial network.

Paul Krugman, “economist” and University of New York professor is wrong.  Illustration: The Coin Telegraph

Source: - The Coin Telegraph 

Investment Recommendation: Bitcoin Investments

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Where to buy Bitcoins?

For Philippine customers: You could buy Bitcoin Online at Coins.ph

For outside the Philippines customers  may buy Bitcoins online at Coinbase.com

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Governments and Banks Push Bitcoin Price to New Levels: Experts

illustration: rubiztech.com.ng

Besides the global influx of new users, government wars and restrictions against Bitcoin appears to be toughening the resilience and character of the cryptocurrency.

Bitcoin has exhibited a very strong price character so far in 2017 despite a number of setbacks. This is expressed by the manner in which its price has always shown good strength in recovery.

Alena Vranova, co-founder of SatoshiLabs / TREZOR, says:

“All those setbacks, hurdles and government restrictions are a blessing, making Bitcoin more resilient. The fact that Bitcoin hit $1000 for the second time in its short history also strengthened its position even more and set expectations quite high for this year.”

Two factors supercharging Bitcoin value

Simon Dixon, BnkToTheFuture.com CEO, believes that Bitcoin’s continued strength as a global store of value has been supercharged by two factors in 2017.

Firstly, Dixon notes that banks and financial instructions around the globe waved the Blockchain flag throughout 2016 and many more are starting to realize that Blockchains are pretty useless without Bitcoin’s proof of work.

The result, according to Dixon has been a wave of Blockchain applications that are worse than their existing solutions and a realization that Bitcoin is actually the only interesting thing about Blockchain.

Secondly, Dixon says that governments are essentially subsidizing the growth of Bitcoin, driving people to it by waging war on their national cash supply and adding more and more friction to fiat money in their war on money laundering that is affecting everyday people that are not laundering anything.

“These two factors are driving more and more people to buy some Bitcoin and experience what it is like to own their own money,” concludes Dixon.

Bitcoin is conquering new levels

Michael Vogel, CEO of Netcoins, describes Bitcoin as having a breakout year in terms of new users and continued adoption on a global scale.

Vogel tells Cointelegraph that 2017 is proving to be a very exciting year for Bitcoin, despite having seen major regulatory uncertainties in China with some exchanges halting withdrawals.

Vogel explains:

“Speaking from my viewpoint at Netcoins, a large portion of our customer base continues to be new customers that are discovering Bitcoin for the first time and have made the decision to load up their new Bitcoin wallet. In fact, January was a record month for traffic at our Virtual Bitcoin ATMs.”

Vogel thinks that the overall upward trend in Bitcoin price is as a result of the influx of new users globally. This is because, despite hiccups and negative press, the global Bitcoin trading and transaction volumes continue to grow. This is reflected in the 24-hour volume history of main Bitcoin exchanges over the past year. - The Cointelegraph

Investment Recommendation: Bitcoin Investments

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Zinc7 Offers 7% Interest Growth of your BITCOIN Investment

Grow your $25 USD to $38.50 in 30 days

Where to buy Bitcoins?

For Philippine customers: You could buy Bitcoin Online at Coins.ph

For outside the Philippines customers  may buy Bitcoins online at Coinbase.com

Continue reading