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ICYMI, Bitcoins Were Successfully Sent to Space

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Genesis Mining made both financial and bitcoin history recently by sending a 3D model of a bitcoin with a paper wallet 34 kilometers into space, then sending 1 BTC to the wallet from Planet Earth, completing the first-ever peer-to-peer financial transaction in space. 

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A youtube video recorded the 34-kilometer space journey, along with the transaction being made on a laptop screen back on Planet Earth. The viewer is able to see vast views of the earth from a vantage point as it moves through space. The journey took place in the United Kingdom.

‘To The Moon’ Once Again!

The space transaction symbolizes the cryptocurrency’s one time “to the moon!” mantra when the cryptocurrency was posting exponential growth, according to Marco Streng, CEO and co-founder of Genesis Mining.

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“We thought that the value would continue climbing until it reached the moon,” Streng told Hacked.

As a community, we’ve all seen bitcoin increase in value, and we wanted to do our part to demonstrate that there’s no limit to how far bitcoin and cryptocurrency can go. By sending it to space, we wanted to garner the attention of the public to help drive awareness for bitcoin and the growing number of cryptocurrencies on the market.

Advice From Visionaries

Accompanying the video are some quotes, both audio and in inserted text, from visionaries such as Bill Gates and Sir Richard Branson. One quote reads: “The technical answer in bitcoin is that bitcoin is a remarkable cryptographic achievement, and the ability to create something which is not duplicable in the digital world has enormous value.”

genesis-mining-pod

The 3D model bitcoin prepares for its space launch.

The video was taken by a GoPro camera inside a styrofoam insulated box to protect it from the extreme cold. The camera and the box it was housed in was hung from a large meteorological weather balloon that ascended to just over 34 kilometers. A paper BTC wallet was attached to the back of the 3D-bitcoin with duct tape.

The video shows the BTC transaction being sent from a smartphone alongside a desktop screen displaying the wallet accepting the transaction. The Genesis Mining team can be briefly seen and heard applauding.

Also read: ConnectX will take your BTC wallet into space

Reaching New Heights

“Since we believe in reaching new heights at Genesis we didn’t stop there,” the mining team noted on its blog. “When the bitcoin made it to 34 kilometers, our space partners let us know that it was at peak altitude, so we sent another bitcoin, beating our initial record on the same flight!”

“As cryptocurrencies grow in popularity it’s important to remember that they are the most secure form of currency out there, and by demonstrating how this transaction can be seen on the blockchain, we make it clear that no matter how far bitcoin goes, it’s always secure,” Streng said.

Erik Laan, founder of Eye on Orbit, a company devoted to bringing space exploration and commerce to society, applauded the transaction. Laan has also been raising money for the Bitcoin Space Education Fund. He noted that space and the cryptocurrency make a great combination.

Images from Genesis Mining.

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Bitcoin

We Have to Talk About Bitcoin Again

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It hasn’t been a day since our last bitcoin article, but the world’s leading cryptocurrency has soared to fresh all-time highs yet again. This time, prices approached $6,200 for the first time ever.

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Bitcoin’s Bull Market

BTC/USD touched a session high of $6,180.00, bringing its total market cap to $103 billion. Prices were last seen hovering around $6,100, according to Bitstamp.

The rally on Saturday came less than 24 hours after the bulls tested the waters near $6,000. Analysts are almost certain that prices can still go higher, making a compelling case for investors who are still on the sidelines of the crypto rally. FundStrat Global Advisor’s Tom Lee believes prices could top $25,000 over the next five years. In fact, he says this is a conservative estimate.

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Bitcoin’s epic run has dwarfed Wall Street’s post-election rally, and has defied repeated warnings from big banks and policymakers.

Bitcoin Gold’s Private Fork

Coinbase made a startling revelation Friday in its FAQ section, where it claimed that Bitcoin Gold (BTG) has already privately forked. The private fork occurred “at a point known only to the Bitcoin Gold development team.” The newly minted digital currency will be made publicly available when the Bitcoin blockchain reaches block no. 491,407. That’s estimated to occur Wednesday.

Bitcoin Gold isn’t your typical fork in the traditional sense of the term. The Wednesday fork date is when the first Genesis block will be mined. The Bitcoin network will have no part in this process whatsoever.

Market participants are still skeptical whether BTG is legitimate. The code has not been made available, and its developers have already mined tens of thousands of blocks.

BTG’s reluctance to release its code publicly is a “major security risk,” according to Coinbase. As such, the U.S.-based exchange will not support the new coin. The broker remains committed to adding support for Segwit2x hard fork in November.

“After the fork, we will enable access when we have determined each blockchain is secure and stable,” Coinbase Dan Romero said in a blog post earlier this month. We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.

Featured image courtesy of Shutterstock. 

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Long-Term Cryptocurrency Analysis: Bitcoin Outshines Altcoins Again

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The most valuable coin had another encouraging week, as it emerged from a brief but violent correction, just to reach new highs towards the end of the week, draining capital from altcoins. The total value of the market is stagnating near the all-time high, but BTC crossed the $100 billion mark as it surged past the $6000 price level, controlling 58% of the market.

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With the long-term MACD clearly being overbought, and as the long-term target has been hit, investors should now be looking for exit points, even as the short-term uptrend is intact. The range projection target of the recent correction is found at $7000, but correction risks are already high, and only small positions should be kept in the current setup.

BTC/USD, Daily Chart Analysis

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Most of the major altcoins are trading in narrow ranges this weekend after a slightly bearish week, as the optimism surrounding Ethereum’s major update faded and the second largest coin re-entered its previous range.

Litecoin, Dash, and Monero are still looking encouraging despite the lengthy correction, while the recently, while the relatively weak Ethereum Classic IOTA continue to show worrying signs. As the Bitcoin long trade is getting stretched,  let’s see the how the daily charts of the altcoins are shaping up.

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Bitcoin

Bitcoin Hits $100 Billion as Record Rally Continues

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Bitcoin’s epic rally intensified Friday, as the token reached $6,000 for the first time in its history, bringing the total market value above $100 billion.

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Bitcoin’s Fresh Intraday High

BTC/USD touched an intraday high of $6,064.14, bringing its total market cap to $100.8 billion. That’s roughly $85 billion higher than where the market started in January.

At press time, bitcoin was trading around $5,993, up more than 5% on the day. From a technical perspective, the digital currency is considered overbought. However, the technicals are typically less reliable during extreme price movements like we’ve seen in recent weeks. The world’s leading cryptocurrency has added a staggering 520% this year.

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Bitcoin’s rally didn’t really extend to other cryptocurrencies Friday. Ethereum continued to trade just north of $300, while Ripple (XRP) consolidated a hair below 21 U.S. cents.

The cryptocurrency market’s combined market cap is roughly $173.4 billion, which is roughly $3 billion less than the Monday’s peak.

$10,000 Bitcoin?

Bitcoin could be heading north of $10,000 a unit in the not-too-distant future, according to a survey conducted by CNBC. About 49% of the 23,118 people who voted in the CNBC poll said the digital currency will reach the five-figure threshold.

Roughly 16% of respondents said bitcoin prices are heading to between $6,000 and $8,000. About a third selected the Jamie Dimon option by calling bitcoin a fraud.

Though unscientific, the survey clearly shows that the mainstream is paying attention to the rapid acceleration of cryptocurrency. At least a portion of them will investigate the matter further, and likely conclude that digital assets are a welcome addition to their portfolio.

It’s impossible to associate bitcoin’s success with just one catalyst, but it’s clear that institutional support, the allure of the blockchain and favorable regulation in markets like Japan are feeding the rally. An anticipated November hard fork is also helping to shore up price.s

A Day of Milestones

Bullish sentiment also rubbed off on U.S. stocks Friday, with the Dow Jones Industrial Average extending its rally above 23,000. The blue-chip index climbed tacked on 165 points to close at 23,328.63 after the U.S. Senate passed the 2018 budget by the narrowest of margins.

The S&P 500 and Nasdaq Composite also set fresh all-time highs, with financials and industrials leading the rally.

Featured image courtesy of Shutterstock. 

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