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Bitcoin is the cryptocurrency that started it all. There are dozens of other cryptocurrencies you can use to deposit at BookMaker and hundreds more on the periphery, but Bitcoin is the most well-known of the bunch, and the only one your aunt Ethel and uncle Fred know. As of late March 2019, Bitcoin still holds over 50 percent of the value in the entire cryptocurrency market, and that doesn’t seem set to change any time soon.
Week of June 10, 2019 News Update
We have seen the price of Bitcoin hover around $8000 a coin for the last week, so it seems to have stalled out for now. However, the last time I made that declaration it exploded almost immediately afterwards so this might be the time to get in.
Although Vladimir Putin has been a big proponent of cryptocurrencies, Russia has had a tenuous relationship with Bitcoin and others over the years. However, there have been reports that Russia is developing warmer feelings with regard to crypto, and they may soon start building a large financial center on Bolshoy Ussuriysky Island that will help process Bitcoin and other financial transactions. This island is a located in the middle of Amur River, and it is split between Russia and China, theoretically making it a hub for both countries. With Russia also supposedly considering a move to use cryptos like Bitcoin in international trade instead of the United States Dollar, this could be a huge processing center.
Unfortunately citizens in one of the other largest countries in the world might find it much more difficult to trade cryptos in the future. Last week, Bloomberg reported that there is currently a proposed bill in the Indian legislature that would make trading in cryptocurrency a criminal act punishable with a prison sentence. India’s bureaucracy is notoriously slow when it comes to turning proposed bills into law, so even if this bill gets fast-tracked it will still take some time for it to pass. Supporters of cryptocurrency can also take heart in knowing that this report came as news to the Reserve Bank of India, and that institution would likely have to sign off on any move to make buying and selling cryptos an illegal act. The RBI has warned consumers against using cryptos in the past, but many citizens are using third party intermediaries for trading Bitcoin.
Bitcoin BTC Weekly Price
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|March 25, 2019
|March 18, 2019
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|February 25, 2019
|February 18, 2019
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|February 4, 2019
|January 28, 2019
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|December 31, 2018
Week of June 3, 2019, News Update
The price of Bitcoin has taken a hit since peaking last Monday. Bitcoin has fallen below $8000 for the first time since May 26, and it has yet to recover.
There was good news in the world of Bitcoin earlier today though. European soccer giant Benfica became the biggest club yet to allow fans to purchase tickets and club merchandise with cryptocurrency. The club has partnered with UTRUST, a crypto payment processing firm, to enable fans to use Bitcoin and Ethereum in and around Estadio da Luz. Benfica CEO Domingos Soares de Oliveira urged that the club was doing this to stay at the forefront of new technology, and others are sure to join if the venture is a successful one. Benfica has won the Portuguese Primeira Liga 37 times (including last year) and they were the second team ever to win the European Cup.
Vancouver was the first city in the world to install a Bitcoin ATM back in 2013, but mayor Kennedy Stewart is looking to do away with the machines. Stewart has indicated that banning the machines may help prevent fraud and money laundering, and he has commissioned a report to examine the issue further. The topic will be studied during the third quarter of this year, and the 76 Bitcoin ATMs in Vancouver could be removed by the end of the calendar year.
Week of May 27, 2019 News Update
It’s been another great week for Bitcoin. The biggest cryptocurrency had run into a wall at $8,000 but it surged past that on Memorial Day. The price of a Bitcoin rose by over $600 on Monday, and it has stabilized at close to $9,000 in the last couple days. Now, speculators are wondering when it will break the $10,000 barrier, and that could come next month.
There’s been big news around the world too. On Wednesday, it was reported that Egypt is currently considering a bill that would lift the country’s ban on all forms of cryptocurrency. Cryptos were banned in full by Grand Mufti Shawki Allam last year, as the religious leader declared that cryptos ran contrary to international law. He was very concerned about the adverse effects that they had on Islamic societies, but it appears the Sisi government is reconsidering this position. The bill under consideration would make cryptocurrencies legal, but they would be heavily regulated and need a license from the Central Bank of Egypt in order to operate within national borders. Still, it’s a step in the right direction for the most populous country in the Middle East.
Bitcoin investment app Abra is helping investors around the globe use Bitcoin in order to invest in stocks and ETFs. The start-up began allowing US-based investors the ability to trade in mid-February, and CEO Bill Barhydt announced that people in 155 countries will now be able to use their services too.
Week of May 20, 2019 Update
It looks like the Bitcoin run may have stalled out. After the cryptocurrency doubled its value in less than two months, it has failed to stabilize once it crosses $8000, and that resistance might not be broken any time soon. Still, no one who invested in Bitcoin this year has reason to complain, as its sudden surge made a lot of people a lot of money.
In Bitcoin news this week, it’s looking more and more likely that Craig Wright might really be Satoshi Nakamoto, the inventor of Bitcoin. Wright provided enough evidence that he was indeed the famed creator of the cryptocurrency that he won United States copyright registrations for parts of the Bitcoin code and the original bitcoin white paper according to Forbes. That has made his Bitcoin offshoot, Bitcoin SV, skyrocket in value.
Week of May 13, 2019 Update
If you bought into Bitcoin in the last two months, I have one question to ask you. Can I get a loan? Bitcoin bulls have been rewarded immensely over the last two months, as the cryptocurrency continues its meteoric rise. As trade relations with China worsen and the market tanks, more and more people are looking to invest in Bitcoin as they see crypto as a more viable option. What a difference a year makes.
That has turned even the most ardent naysayers into believers. Mark Mobius, cofounder of Mobius Capital Partners, once lampooned Bitcoin as a fraud, but now he even believes in its long-term viability. More and more people are coming around, and they might not fully understand it, but who really understands all the machinations of the markets?
Week of May 6, 2019 Update
There has been a Bitcoin boom over the last five weeks. On Thursday, Bitcoin finally crossed the $6000 plateau, moving past that number for the first time since its massive slide at the end of 2018. Bulls are predicting a huge run now, and we are seeing rampant speculation that Bitcoin might get into five figures again in the coming months.
Not even bad news has slowed down Bitcoin’s surge. On Wednesday morning, hackers stole more than $40 million from Taiwan-based Binance, stealing 7,000 Bitcoins through a combination of coordinated attacks. Despite the news, Bitcoin rose on Wednesday and is still cresting as of today.
Week of April 29, 2019 Update
Since peaking at a little over $5600 for a Bitcoin early last week, the price of Bitcoin has retreated. There is no reason to be pessimistic about the fall, as Bitcoin has been over $5000 for nearly the entire month of April, and there is optimism that we could see a spike in the price of Bitcoin in coming weeks.
A few Bitcoin traders have noticed that Bitcoin’s current price chart is rather similar to where Litecoin was prior to Litecoin’s surge a few weeks ago. Many others are pretty bullish on the price of Bitcoin going up over the next few weeks, and it looks like the days of Bitcoin trading in the $3000-$4000 range are behind us.
Week of April 22, 2019 Update
The potential to use Bitcoin for ill was seen as a black mark for the cryptocurrency in its infancy, but now it is seen in another light. Common schemes are being carried out with Bitcoin in mind, and that has shown even never-do-wells are starting to move to Bitcoin. Authorities in Brazil and New York City have brought charges against people for using the cryptocurrency for money laundering over the last week.
These two cases are different. In New York, the defendants are charged with using Bitcoin to launder funds from steroid and controlled substance sales, while in Brazil the defendants are accused of using Bitcoin to launder money from drug trafficking. Both cases show that Bitcoin has moved beyond just a crypto with staying power after another week of gains.
Week of April 15, 2019 Update
The big news in Bitcoin this week is the hunt for Satoshi’s Treasure. On Saturday, an anonymous user posted a cryptic message announcing a digital treasure hunt for over $1 million in Bitcoin. Whoever is behind the treasure hunt set up a website where he laid out the premise of the treasure hunt and what would-be treasure seekers will need to do to claim the treasure.
Keys will be revealed throughout the week at different geographical coordinates at 12 p.m. in their respective time zones. The prize has been splintered into 1000 pieces, and in order to claim the nearly million dollars’ worth of Bitcoin, you must find 400 of the pieces and use a specific private key. The upcoming treasure hunt has received a lot of buzz throughout the Bitcoin world, and there have been some stories on it in the mainstream media too.
Week of April 8, 2019 Update
There has been a big surge in Bitcoin over the past two weeks. After dipping back below $4,000 a coin two weeks ago, Bitcoin prices rapidly shot up over the span of a few days last week. From April 1 to April 5, Bitcoin rose from $4158.18 to $5036.68 a coin, and it has stabilized at that price point.
Bitcoin continues to have tremendous staying power, and the longer that it is a highly valued commodity, the more accepted it becomes. This week, there is news that Coinbase and Visa are teaming up to make Bitcoin even more commonplace. Now, you can purchase a Visa debit card, load your Bitcoin onto it, and use it like you would traditional fiat currency.
This card works with a few other major cryptocurrencies and there are many people excited about using it in everyday life. That’s great news for Bitcoin’s future.
Week of April 1, 2019 Update
This has been a huge week for Bitcoin. The world’s biggest cryptocurrency breached $4,100 for the first time in 2019 on Monday, and the price surged on Tuesday. The price of one Bitcoin went up by more than $700, yet analysts are struggling to find a specific reason why.
There was a rumor that Bitcoin Futures were finally approved, but that turned out to be an April Fools’ hoax. Now, the word on the street is that an anonymous buyer bought 20,000 Bitcoins across multiple exchanges, causing the price to skyrocket. As of Wednesday, Bitcoin has breached $5,000 and that’s the first time it has crossed that barrier since November 2018.
Only time will tell whether or not the latest rumor is correct. Regardless, it has lit a fire under a cryptocurrency that was thought to be relatively stable.
In January 2009, Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto remains hotly debated to this day, but that person or group changed the world with this invention.
Like many major breakthroughs, it took a while for people to grasp why Bitcoin was special. Bitcoin was created in the midst of the banking crisis, and one of its major goals was to give people another option to buy and sell products outside of a heavily regulated and centralized banking system.
The first entities to fully embrace Bitcoin were black market enterprises like Silk Road. For a while, Bitcoin became synonymous with the notorious website, but its use became more and more widespread starting in 2013.
That led to the price of Bitcoin skyrocketing and reaching incredible heights in 2017. On January 1, 2017 a single Bitcoin was worth $998, but that price rose by nearly 20 fold near the end of the year, hitting an all-time high of $19,666 on December 17, 2017. Since then, the price of Bitcoin has fallen considerably, but early adopters are still well ahead of the game.
One of the major criticisms of Bitcoin is that the currency wildly fluctuates, but we have not seen a ton of movement in the cryptocurrency since Thanksgiving 2018. As Bitcoin has become more accepted and understood, investors are getting a better understanding of what leads to price changes, and that has led to the Bitcoin market looking a lot like the stock market.
There have been fears over how secure Bitcoin is over the years, but transactions are even more secure as they are in the traditional marketplace thanks to blockchain technology. Whereas we are constantly hearing stories of companies having their databases hacked and identities being stolen, the nature of blockchain presents this from happening with Bitcoin.
For a transaction to occur, the sender must know their private key and digitally sign the transaction, and the signature must be verified by the network using the public key. The number of private keys makes it nearly impossible to hack into another person’s account, but there is one thing to keep in mind. You MUST keep your private key backed up somewhere or else you will lose access to your Bitcoin. Don’t make the mistake of not backing up your private key and risk losing your hard earned money.
How do I buy Bitcoin?
You can buy Bitcoin by using one of the major currency exchanges such as Coinbase or Gemini. These exchanges allow you to use a credit or debit card or bank transfer to buy Bitcoin. You can then send Bitcoin to your sportsbook account and you can withdraw Bitcoin from your sportsbook account to your digital wallet.
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