Bitcoin Money
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Showing posts tagged gowest
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GoWest: Send Money to China with Bitcoin
GoWest wrote a Bitcoin Trader blog post detailing the eight steps for using Bitcoin to send money to China,. Excerpt:
Total fee for sending $100 USD to China, including currency conversion = $7.50!
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The Bitcoin Trader: Volume Traded Hits All-Time Record
Blogger @GoWest from The Bitcoin Trader points out how a selloff caused the BTC/USD trading volume on the exchange Mt. Gox to exceed the previous single-day record.
In terms of dollars traded this volume doesn’t even rank in the top ten but with the BTC/USD exchange rate below $3, this level of volume has never before been seen.
The selling did cause the BTC/USD price to drop about 20% from the level just prior to the selling however as USD funds were moved to exchanges to take advantage of the selling the price started to rise to about the $2.70 level — a drop of about 10% from the levels seen in the days prior.
A tool available to traders caught without USD funds available when the selloff happened is the Bitcoinica exchange. Bitcoinica allows the value of bitcoin deposits to be used to obtain credit when purchasing additional bitcoins on margin. Leverage is provided up to five times (5X) the value of the bitcoins or USD deposited.
Margin leverage is not recommended unless the trader is experienced and even experienced traders will find their entire position wiped out following the forced margin selling that can occur when the price moves opposite to the traders desire.
Volatility causing the price to move 10% is not unusual for bitcoin so with this record level of volume to not result in an even larger price drop might indicate that a price floor in the $2s has possibly been found.
This would be welcome news for Bitcoin traders who have seen their holdings drop dramatically over the previous months. The price in the low $2s was seen several weeks ago so this selloff did not bring new lows when considering the past couple months.
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GoWest: 10 Most Anticipated Bitcoin Projects
A list compiled by GoWest (@GoWestBTC) identifies 10 projects he is excited to see more of next year. The items listed are:
- 10) BitSynCom and the MeshNet
- 9) The Bitcoin Bond
- 8) Bitcoin Browser Extensions
- 7) Bitcoin Options and Futures Trading on the Major Exchanges
- 6) ICBIT Stock Exchange
- 5) Electrum Overlay Network
- 4) Bitcoin Client Upgrades
- 3) New Bitcoin Transaction Types
- 2) Open-Transactions (OT)
- 1) Max Keiser and the LoveBitcoins.org Campaign
Other projects might rank into this list however, as GoWest concedes, many Bitcoin projects are treated as “closely-guarded secrets”. Bitcoin may, for instance, become a killer app just weeks after some game or other use is introduced, but we won’t know which project has that potential until it already out and catching on. There certainly are a lot of very talented people giving Bitcoin the level of attention that would indicate we’ve only seen a tiny bit of its potential.
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The Bitcoin Trader - Bitcoin's Liquidity: A Third Look
GoWest of The Bitcoin Trader (@GoWestBTC) looks at how much sway $50K USD has when buying or selling bitcoins today versus previous points in time. Excerpts:
“The market is looking considerably more stable. Today, a $50,000 purchase would only move the price from $5.11 to $5.16, a 1% increase.”
“The Bitcoin market has clearly matured significantly, making it increasingly stable and usable as a currency; something many merchants have been waiting for before deciding to accept Bitcoin.” -
GoWest - Bitcoin in 2012: By the Numbers
GoWest (@GoWestBTC), blogging on TheBitcoinTrader.com, shows some metrics describing where Bitcoin shined in 2012. Excerpts:
“The current market cap is actually at a peak for 2012, exceeding the spike in August. This can be attributed to the fact that tens of thousands of Bitcoins have been introduced into the economy since August.”
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“These have shown steady growth over the past year: The number of items listed at Bitmit (an auction site that operates in Bitcoin), the number of users at Ogrr (an MMORPG marketplace), and the number of views of the ‘What is Bitcoin’ YouTube video.”
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“Bitcoin’s top poker site, SealswithClubs, is gaining new users on a daily basis, with attendance at the tables on the rise.”
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“The Bitcoin discussion on the TwoPlusTwo forums, the most popular poker discussion forum on the ‘net, has 3,000 posts and 165,000 views!”
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“All-in-all, a very impressive year for Bitcoin. Here’s to an even stronger performance in 2013!”Previous Posts - Twitter: @BitcoinMoney
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Without bank investors, banking will die. Already we are seeing startups forced to use existing...
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