Quickbit Bitcoin, DIgital Currency & Blockchain Blog

Bitcoin and Blockchain Terminology You may have noticed that I like to refer to this market as Digital Assets instead of crypto currencies, why? Well I have an aversion to the term crypto currencies on three levels (the fact that blockchain and the mathematical cryptographic algorithms that maintain the platforms is no the point); Firstly, the media or fake news apply a negative connotation to the term. This plays into the narrative of all the stakeholders that are threatened by Bitcoin and the blockchain,    Secondly, not all blockchain technology is currency based. For example platforms like Etherium are smart contract/ platform based, Iconomi is a token based asset that is backed by Digital Asset Arrays, in the blockchain market place & Thirdly, the "crypto" aspect of the market, the "anonymity" of the user is questionable in many of these digital assets as the blockchain of many is able to be viewed (like Bitcoins Public Ledger) and the linking of

BIP 148 SEGWIT IS HERE for Bitcoin.... what does this mean? This good interview with Trace Mayer and Jeff Berwik explains BIP 148 pretty well I think. The digital space is moving very quickly, stay on top of what is going on a USER ACTIVATED SOFT FORK (UASF) is being implemented on 1 August 2017 according to Trace. The developers are moving ahead with miners forced to jump on board or not?. Watch the video.... What will happen is anyone's guess with possibly more certainty as the date draws closer, will Bitcoin HARD FORK after that as suggested, who knows? In short what to do if you own Bitcoin. Make sure it is secure and on an immutable part of the blockchain. In a mobile core wallet or similar wallet, a secure online wallet, a hardware wallet TREZOR or offline cold wallet PRINTED PAPER copy. MAKE SURE your coins are NOT in any pending transaction/ open orders with exchanges. That you have the keys to your accounts and that the coins are yours. The next step

13.3 Billion Dollars in 4 Days, why? The flow of capital into digital currency has been astronomical in the last 4 days. Just like the picture there are some big waves being pushed around this market. Since I starting to write this article last night, another billion has flowed into the world of digital assets.... with the global market capitalisation at 70 billion USD +, about 15 billion has flowed in, in the last five days!  Why this meteoric rise? What is going on? My analysis based on individual asset inflow and total market cap is; - general digital currency awareness is building momentum with media and social media chat traffic increasing - the banking sector has started to adopt and implement blockchain technology to transfer conventional currency at a lower cost to them (Ripple protocol testing and adoption by banks). - the flow of 7 billion + into Ripple in 2 weeks indicates an isolated "insider" injection of funds (there will be another b

How fast will Bitcoin grow? To speculate or not to speculate, that is the question...! How do we determine where this is going? Firstly, conventional markets fluctuate based on government policy, geopolitical climate, conflict, industry announcements, technology announcements and more. Digital assets and currencies are more unique in that along with the above, there is a ground up approach to the market drivers. It can be said that trust, perceived utility of users and early adopters, historical trend and a massive amount of speculation, gut feeling and excitement are the key drivers. Remembering that most of the technology, apart from Bitcoin hasn't really stood the test of time. So how do we determine where this is going? My analysis is a merging of all of the above with another two key personal factors. 1) The rate of flow into the sector along with market cap growth 2) A reflection of parallel and disruptive technologies and their impacts coupled wit

Bitcoin rocketing past $2000 AUD Speculative investing or real store of value? Digital assets/ currencies are a haven for speculative investing and day trading with good gains from the high volatility. The thing to take away is that the total market capitalisation of Bitcoin has grown from approx. 16.5 billion three weeks ago to over 23.8 billion. This is not just a sideways shift from other alt assets, Ethereum has grown to nearly 7 billion and Ripple is near 2 billion and the top 15 assets have seen positive market cap. My call is that the time has come, with digital assets breaking new ground, Bitcoin has smashed the psychological threshold breaking $2000 AUD and for those who deal in USD breaking $1500USD has set a new benchmark. The new gold is here to stay, yeah sure more volatility and some big spikes are coming but the trend has shown no backward move for over 8yrs. Indicators are that money is flowing to digital assets and the volume is growing quickly. Perso

Bitcoin worth more than gold, where to from here? This 5 year graph shows Gold in yellow and Bitcoin in blue. Why is Bitcoin worth more than gold? There are many reasons why Bitcoin is worth more than gold and will continue to outstrip gold. Gold originally as a rare commodity has been a store of value, used for trade and as a base to back fiat currency. The decoupling of the dollar and gold has had some second and third order effects on "value". Fiat currency has become a fictitious commodity that has become decoupled from reality, the ability of banks to print more of it has led to its deflation globally, as can be seen by the increase in the price of gold. Since the GFC of 2008 new market forces and economic theory has been challenged with the evolution of digital currencies.  Bitcoin originally a quasi experiment/ theoretical answer to 'money' has intrigued economists, trade speculators, geeks and hackers since it's inception. The block ch