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BITCOIN PRICE PREDICTIONS ARE TURNING POSITIVE AS CRYPTOCURRENCY MARKET CALMS DOWN.
A tumultuous few weeks for bitcoin may be coming to an end after cryptocurrency markets experienced an exceptionally quiet day of trading.
Over the last 24 hours, the price of bitcoin shifted by less than 1 per cent, as stabilising forces also saw ethereum and bitcoin cash move by a similarly fine margin.
Bitcoin settled at around the $9,600 – well below the $10,000 milestone that one cryptocurrency analyst recently described as the “new normal bottom” – following a flash crash that saw $10 billion wiped from its overall value in the space of just 30 minutes.
Despite this, many experts remained hopeful that bitcoin remains on an upward trajectory and could still go on to reach record highs before the end of the year.
One investor noted on Twitter that the recent price crash did not take bitcoin off its course of setting higher monthly lows since February 2019.
The price of bitcoin has trebled in price over the last seven months, though still remains a long way off its record high of close to $20,000, which it reached in December 2017.
Bitcoin’s volatile history in pictures
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Satoshi Nakamoto creates the first bitcoin block in 2009
Bitcoin is used as a currency for the first time
Silk Road opens for business
The first bitcoin ATM appears
Simon Peters, an analyst at online trading platform eToro, explained that the recent dip may simply be as a result of a batch of bitcoin futures contracts that were set to expire.
“Chicago Mercantile Exchange Bitcoin futures contracts are set to expire tomorrow, which historically has prompted trading activity within the cash market,” he told The Independent.
No-deal Brexit ‘will see Bitcoin value hit record high’
“It’s possible that investors are selling off now to insulate themselves from greater losses in the coming days. Furthermore, this downward momentum has been exacerbated by low trading volumes over the last week, which has meant that a relatively small number of big trades have been able to move the needle sharply.”
Several prominent figures within the cryptocurrency community have stood by their previous positive predictions, with cyber security pioneer John McAfee continuing to stand by his bold bet that bitcoin will hit $500,000 in 2020.
Such a claim seems modest when compared to other historic predictions. Computer scientist Hal Finney, who some believe may be the pseudonymous creator of bitcoin Satoshi Nakamoto, was perhaps the most bullish about bitcoin’s price potential.
One week after the first ever genesis block of bitcoin was created in January 2009, Finney published his thoughts on what the value of bitcoin would be if it went on to replace the US dollar as the main global currency.
“Imagine that bitcoin is successful and becomes the dominant payment system in use throughout the world,” he wrote.
“Then the total value of the currency should be equal to the total value of all the wealth in the world. Current estimates of total worldwide household wealth that I have found range from $100 trillion to $300 trillion. With 20 million [bitcoin], that gives each coin a value of about $10 million.”
The story of bitcoin has started in 2009. Satoshi Nakamoto, the father of all cryptocurrencies have integrated many different existing ideas to create a new digital asset. After mining the first bitcoins, the value of BTC was first set by two individuals on a Bitcoin Talk thread in 2010. During the transaction, user Laszlo just paid 10000BTC for two Papa John’s pizza in Florida. At that time the 10000BTC worth about 40 USD. Things have changed rapidly ever since then, as one single bitcoin price has just recently hit the all time high value of 3000 USD.
USD was the first currency that users were able to convert bitcoins into. The USD denominated bitcoin market has a daily trading volume of 152000 BTC per day, which accounts for almost 25% of the market. The total market capitalization of bitcoin is equal to the total number of BTC mined which is 16 million times the current bitcoin price. This market capitalization has recently hit the all time high of 50 billion USD when bitcoin prices were on the peak.
The currency of USD is used worldwide, not just in the United States. Seven additional countries have adopted USD as a national currency and 89 more keep their local currency trading tight relative to USD. Many times USD is referred to as global reserve currency. The popularity of USD increased after the WWII when most countries switched to hold their reserves from gold standard to USD through the Bretton Woods agreement. The relative strength of the US economy supports the value of its currency. The current annual US inflation rate is 1.6% and it has been below 4% in the past 20 years.
Exchange USD to Bitcoin
Exchanging USD to bitcoin and selling bitcoin for USD is very easy on the cryptocurrency market. Almost all trading platforms offer the solution to trade USD fiat currency against bitcoin.
You can buy bitcoins using the USD balance of your credit card or bank account. It is also possible to purchase bitcoins for USD from your PayPal account, but you can use couple of other alternative payment providers, such as Skrill, Neteller or OKPay. All of them lets you to fund your account with USD or sell bitcoins for USD.
USD/BTC Country Specific Regulation: Bitcoin in United States
The United States is often criticized for falling behind in the bitcoin regulation compared to other countries. This is because, for many years, the US government and agencies were reluctant to state their position on bitcoin. In the past, bitcoin has been perceived as a currency used by criminals on the dark web mainly due to the pseudo-anonymity feature. However in the recent years, as bitcoin gained bigger and bigger popularity, this negative tag has been disassociated from bitcoin. The governments no longer see bitcoin as a vehicle for money laundering. The FED stated in 2014 that Bitcoin does not present a threat to economic activity.
The regulatory landscape in the US is now more definedthan ever in 2017. As of January 1st, 2017 there are now 13 states with have clearly defined positions in regards to the blockchain and digital currency industry. The other states just remained in the gray area. Due to the stricter than average money transmitting regulation in the United States, the bitcoin service providers have limited capabilities.
The regulation and taxation of Bitcoin changes by each state in the United States. Bitcoin friendly states include Texas, Kansas, Tennesse. Texas was the first to release their official position that selling bitcoin does not require a money transmitting license. South Carolina and Montana do not have money transmission laws or regulation on bitcoin. On the other side of the coin, the most hostile states for bitcoin include Hawaii and New Mexico, where it is explicitly required to have a money transmitting license in order to trade with bitcoin and cryptocurrencies.
Cryptocurrencies are considered as virtual currencies by the IRS which are treated as property thus required to be taxed for gains and losses.