What would be an estimate of the value gained if the whole world started using Bitcoins?


According to xkcd: Money Chart estimated total economic production of the human race as of 2011 is $2,396,950,000,000,000 . Divide it by 21 million and the theoretical maximum price per bitcoin would be $114,140,476, but that figure is impossible, because for one, even in best case scenario Bitcoin will co-exist and compete with other currencies and would have only a small share of the pie. Second, Bitcoin is more efficient medium of exchange then USD, in other words, to complete transaction a someone required to hold bitcoins for shorter period of time therefore less total amount of bitcoins would be required for circulation and that also means lower...

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Table of contents


What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called crypto-currency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a...

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Bitcoin offers an efficient means of transferring money over the internet and is controlled by a decentralized network with a transparent set of rules, thus presenting an alternative to central bank controlled fiat money. There has been a lot of talk about how to price bitcoin and we set out here to explore what bitcoin's price might look like in the event it achieves some level of widespread adoption.

In this article, we seek to lay a framework for calculating a medium to long term value for bitcoin, and to empower the reader to make their own projections on the value of bitcoin. (Haven't filed your taxes yet because you don't know how to declare your virtual currency? Check out Investopedia's definitive Bitcoin IRS Tax Guide.)


As part of our framework, we make several key assumptions.

Our first assumption is that bitcoin will derive its value both from its use as a medium of exchange and as a store of value. As a footnote to this...

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1) Sign up for an account.

2) Once logged in, you need to purchase a KIT (Bitcoin mining plan) from your user account using Bitcoins.

3) Activate your mining contract to start mining Bitcoins.

Video Guide: https://www.youtube.com/watch?v=MsnuP5-llVA

Your mining output will be automatically transferred to your CoinBank wallet. You will have to save your wallet address in your GainBitcoin account. You may also choose to buy more hash power with the mined output.

GainBitcoin pays out the mining outputs in Bitcoins ONLY to all its's customers. To ensure the high output power our hardware mines different types of crypto-currency including BITCOINs and Altcoins, at the same time. Then our specialists exchange the alt-coins for Bitcoins on the best terms.

The main priorities for us are high output power, low power consumption and stable operation. For this reason we are using latest advanced ASIC miners in our data centres. If...

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Could the above scenario even happen? There seem to be a lot of indicators that it will.

Yes. Periods of expansion and contraction happen in cycles in my opinion. Boom periods are due to a very rapid rise debt, and then busts follow when deleveraging takes place on a large scale. This is what is happening in China most spectacularly, but the whole world is overleveraged. Martin Armstrong calculated that the business cycle takes place around every 8.6 years. 8.6 years ago was the beginning of the 2007-2008 crisis.

However in this case the first world is already exhausted from trying to combat the impact of the 2008 crisis and central banks have used up all their traditional means of combating a crisis. We stretched the rubber band as far as it can go, it can't stretch much further, so if there is another crisis it is not clear whether its impact can be mitigated.

Furthermore, the emerging markets and China supported the rest of the world in coming out of the...

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The following article represents the writer’s personal opinion only and should not be considered as investment advice.

Bitcoin has turned out to be perhaps the hottest investment commodity of all time. Once upon a time you could pickup bitcoins for less than a penny. Now? A single coin costs hundreds of dollars ($410 at the time of writing this). Still, some people are worried that bitcoin has peaked and that investing now would be like investing in fool’s gold. I have to disagree. Digging deeper shows that bitcoin is just starting to pickup steam, and several underlying factors suggest that the cryptocurrency will only continue to gain value in the future.

Mind you, I’m not the only one arguing that bitcoin will rise in price over the coming years. If I had to pick a very conservative number, I’d wager that by 2020 bitcoin will be worth at least $1,000 dollars. According to the currently available information and the opinions of other experts, this number appears to...

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Disclaimer: I am pro-Bitcoin and pro crypto-currency. For 15 years, I have publicly and repeatedly criticized the central banks, fiat currency systems and the systematic theft of purchasing power from the People by corrupt banking cartels. This is not a hit piece on Bitcoin but rather a rational analysis of why the current Bitcoin BUBBLE is dangerous for novice investors as well as the long-term reputation of the Bitcoin crypto currency. I have mined a few Bitcoins over the last two years. I now hold just 0.25 Bitcoins in total, having just traded almost my entire Bitcoin wallet for physical gold. (Yes, somebody gave me GOLD in exchange for a virtual wallet. Seriously.) Why did I do that? Because I can do math. Here’s what I discovered:

# of Bitcoins currently in circulation: Roughly 16,350,000

Current Bitcoin price vs. the USD: Roughly $2500

1,000 bitcoins represents roughly 0.006% of the total number of Bitcoins that exist

Average drop in Bitcoin...

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That the block chain cannot be easily forked represents one of the central security mechanisms of Bitcoin. Given the choice between two block chains, a Bitcoin miner always chooses the longer one - that is to say, the one with the more complex hash. Thusly, it ensures that each user can only spend their bitcoins once, and that no user gets ripped off.

As a consequence of the block chain structure, there may at any time be many different sub-branches, and the possibility always exists of a transaction being over-written by the longest branch, if it has been recorded in a shorter one. The older a transaction is though, the lower its chances of being over-written, and the higher of becoming permanent. Although the block chain prevents one from spending more Bitcoins than one has, it means that transactions can be accidentally nullified.

A new block chain would leave the network...

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A coordinated censorship attack is being waged against the entire independent media by Google, YouTube and Facebook. After we were banned by Google for nearly a week, now Facebook is deliberately blocking the sharing of our stories to further censor our important reporting for human freedom and medical choice. Soon, the only way we will be able to reach you is via email, and Google is sometimes blocking our email delivery to gmail users.

Enter your email address below to subscribe to our email announcement list (but don't use gmail). Your privacy is protected and you can unsubscribe at any time. If you don't join our email list, you may never see our valuable content again via Facebook, Google or YouTube. CENSORSHIP has now reached EXTREME levels across the 'net. The truth is being suffocated. Subscribe now if you want to escape the delusional bubble of false reality being pushed by Google and...

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With value of a bitcoin surging past $420 today, the bitcoin economy is now valued at more than $5 billion. How did we get here and what has caused this seemingly rapid climb?

As the value of a bitcoin has more than triple over the past 6 weeks, I figured it would be a good time to review some of the factors responsible for this current period of abrupt appreciation. I believe it’s important to recognize the fundamental drivers of this growth in light of recent media attention and critics who call bitcoin a bubble. Obviously nothing goes up forever, but the current bitcoin price surge is not all hype as some claim.

Below are 10 Reasons Why The Value Of Bitcoin Is Skyrocketing.

It all started with the FBI shutdown of The Silk Road– an anonymous online marketplace that allowed people to buy illegal drugs with bitcoins. The Silk Road shutdown resulted in brief, but shallow sell off and subsequent rebounded within a few days. This event showed the world and...
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Have you heard? Cyptocurrency is so hot right now. Bitcoin's price has been climbing for the better part of a year, topping $2,000 per coin for the first time in May, and rising to a record high above $2,500 — before dropping down just above $2,400 a coin as of Friday afternoon, per CoinDesk.

Those numbers mean nothing to you? This one might: If you had made a small investment in bitcoin back in 2010 — buying just $100 worth, when each unit was worth a fraction of a cent — your stash would be valued today at more than $70 million. Talk about an early retirement!

Even if you had been late to the party and bought bitcoin last year, you would be feeling pretty good. At one point, bitcoin prices were up roughly 180% for the year, as CNBC reported. Compare that with the broad stock market, which returned between 7.9% and 15%, depending on which index you look at.

Other cryptocurrencies have been on a tear as well. Ethereum, launched in 2015, is a software platform...

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Today you pay with paper or plastic, but one day will you pay for things with Bitcoin? Let’s explore what the concept of “money” really means, and role cryptocurrency may have in our financial future.

If you’ve been watching headlines for the past year or so, you’ve likely heard of Bitcoin. You’ve probably heard about its wild price fluctuations, its role in the international drug economy Twitter IPO, Android Profit, Silk Road Returns, PS4 Exposed [Tech News Digest] , and the collapse of some of the early Bitcoin businesses, like Mt. Gox Does The Fall Of Mt. Gox Mark The Beginning Of The End For Bitcoin? [MUO Debates] . Bitcoin has attracted a lot of press, most of it bad. What you may not have heard about are the real reasons Bitcoin is interesting, and why people care about it at all.

What is this “Money” Stuff, Anyway?

The history of money is...

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America seems to be an entirely new place after the unlikely election of Donald Trump as its 45th president. Trump came out of nowhere to win the Republican nomination and defeated the very heavily favored Hillary Clinton to become the President of the United States. It was one of the most stunning results of all time, as no one that thought the political neophyte stood any kind of chance to win the presidency, especially after making several highly inflammatory statements that seemed to sink his chances to win.

One of the things that really seemed to draw people to the president-elect is that he is a business man. Americans not only wanted someone new in the White House, sicken by a dysfunctional Washington and wanting to “drain the swamp,” as Trump described, but they also wanted a person in the Oval Office who really understood economics.

This has been one of the primary reasons why people chose to vote for him. They wanted a person who has been a...

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Bitcoin value is up over 200% from this time last year. How’s the dollar doing?

Today I will extend to you three key reasons why the Bitcoin value versus the “Almighty Dollar” is of little significance, and may be totally irrelevant both now, and in the future.

One reason can be from distilled from lessons learned in our history of decentralized networks versus other centralized networks. One can be realized through the present day landscape, and one looks into the future of money as we know it. So let’s begin with our ability to learn from history.

Twenty years ago, when the Internet was just starting to gain momentum, it was in a similar state of development as Bitcoin is in today. “The Web” was replacing ancient communication methods like typewriters and snail mail at a slow, but steadily increasing rate. These wouldn’t be instantly replaced, but would be one day irrelevant. As we moved along a few more years, and the 21st century dawned upon us, mainstream...

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Bitcoin’s value is at an all-time high again. Following the hype peak and crash in 2011, many seemed to have thought it was just another dotcom fluke. But bitcoin was much more than that, and it has returned with a vengeance – its market cap is now twice what it was in the 2011 peak, and it is nowhere near its potential, which is four orders of magnitude above today’s value.

In this, a lot of people are confused at the fact that bitcoin has climbed 200% since the start of this year alone, and wonder what to make of it. It is currently at $41.50 and climbing fast, and I see a lot of people just looking at the numbers and guessing from charts how things will pan out.

I am seeing guesses of $50, $100, $150, even $1,000. These numbers seem pulled out of thin air from just looking at the charts – nobody seems to have done due diligence from the other direction, from the most fundamental observation of all:

Bitcoin is a transactional currency. As such, it is...

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One of the questions that has perhaps been central to my own research in blockchain technology is: ultimately, what is it even useful for? Why do we need blockchains for anything, what kinds of services should be run on blockchain-like architectures, and why specifically should services be run on blockchains instead of just living on plain old servers? Exactly how much value do blockchains provide: are they absolutely essential, or are they just nice to have? And, perhaps most importantly of all, what is the “killer app” going to be?

Over the last few months, I have spent a lot of time thinking about this issue, discussing it with cryptocurrency developers, venture capital firms, and particularly people from outside the blockchain space, whether civil liberties activists, people in the finance and payments industry or anywhere else. In the process of this, I have come to a number of important, and meaningful, conclusions.

First, there will be no “killer app” for...

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In 2010, financial history was made when someone bought a pizza. If you haven’t heard about this groundbreaking event, don’t worry, you're not the only one.

The pizza wasn’t the important part of the transaction - it was what was used to pay for it. The meal cost 10,000 bitcoins and was the first time the virtual currency was used to buy something in the real world. The day is now celebrated every year by bitcoin enthusiasts as Bitcoin Pizza Day.

Things have come a long way since then. Bitcoin’s use and value have soared. If that diner had held onto those 10,000 bitcoins they may not have made history, but they would be around $20 million better off today.

In March this year, the price of one bitcoin climbed above the price of one ounce of gold for the first time.

Bitcoin’s increasing value is due to the fact that its popularity has rocketed in recent years. In 2009, there were fewer than 10,000 transactions in bitcoin. By January this year that number...

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Find answers to recurring questions and myths about Bitcoin.

Table of contents


What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010...

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Here are some ways to get free Bitcoin or earn Bitcoin online, ranging from the conventional to the entrepreneurial, so you can play around with this digital currency. Getting free bitcoins online as the Bitcoin economy expands isn’t that hard, but you’ll have to dig through a lot of crap. Thus this useful guide to help you navigate the space and also give you some ideas on how you can earn Bitcoins online. I’ll keep this post updated, so bookmark it and return to it whenever you can.

Before starting off, many of the sites and ideas I mention involve getting only a tiny amount of Bitcoin, which means it may not be a way to quit your day job but the ‘bits’ can add up, especially if you’re living in the developing world where cost of living is lower (or if you’re a student, say). Also, what better way to acquaint yourself with Bitcoin than to earn Bitcoin yourself!

These methods that I outline here are not for investors who want to put 10% of their savings into Bitcoin....

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What is Bitcoin

Bitcoin is a form of digital currency, created and held electronically, created in 2009, based mainly on a self-published paper by Satoshi Nakamoto. Bitcoin enables rapid payments(and micropayments) at very low cost, and avoids the need for central authorities and issuers.

BitCoin Wallets

Bitcoin transactions are sent from and to electronic bitcoin wallets, and are digitally signed for security. Everyone on the network knows about a transaction, and the history of a transaction can be traced back to the point where the bitcoins were produced.

Who prints Bitcoins

Bitcoins have no physical form, they are created and distributed digitally, by a people who dig them up. Mining, in this case, refers to computing power. Everyone can dig up Bitcoins using their computer. All you need is just a computer with proper software programs that follow a mathematical formula to produce Bitcoins. However, digging became harder for solo miners...

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