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The Bitcoin Race

The Bitcoin Race

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Published by Fasfksaf Vvksosocs
About Bitcoin market insights and market analysis long/short term.
About Bitcoin market insights and market analysis long/short term.

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Published by: Fasfksaf Vvksosocs on Jun 16, 2012
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05/13/2014

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The Bitcoin Race
the second lap to be faster than thefirst After a rally from 0.003 $ at the start of Bitcoin trading to 31.89 $ in June 2011, Bitcoinprices declined for 4.5 months to just under 2 $ in November 2011.Many  people in themedia called  bitcoin death at that moment.
But… since the November bottom,
 the Bitcoin exchange rate has advanced versus the USdollar by more than 300%, from 2 $ to 6-7 $ per Bitcoin.The big news now is that the new Bitcoin rally will likely be even stronger than the firstrally from April 2010 to June 2011.This first rally led to a 10,630-fold increase from 0.003 $to 31.89 $. In the hottest phase from March to June 2011,investors and traders entered a race to put funds intoexchanges and buy Bitcoins.There are three main reasons why the secondBitcoin race will likely be faster than the first:
1.
 
Fundamentals are stronger than before.
o
 
There are many more Bitcoin businesses than in spring2011. BitcoinDeals.com, for example, is a shopping portaloffering more than 370,000 products from Armani andGucci fragrances to electronics from HP and Cisco . Allcan be purchased with Bitcoins, physical Bitcoins fromCasascius.com, and many more. 
o
 
There was a successful European Bitcoin Conferencein November 2011, with high profile attendees and speakersincluding Rick Falkvinge and Max Keiser,the latter
 
announcing that he wants 1,000,000 people to useBitcoins.
o
 
There is again positive news flow in the media, talking
about that “Bitcoin’s comeback ”.
 2.
 
Technicals are bullish.
o
 
Bitcoin analysts see evidence that the new, second rally leg will be a major wave up. According to Elliott Wavetheory ,this rally is typically stronger than the first wave,and it should lead to new all time highs above 31.89 $, theJune 2011 high.3.
 
Psychology has turned up
o
 
 After multiple issues in spring and summer 2011, including hacks of the biggest exchanges, security flaws, fraud, etc. Security has improved and this led to moretrust in Bitcoins than ever before.
o
 
Investor optimism has also improved, with more people being bullish than bearish on Bitcoins (current bullishconsensus is at 78.9% per our online poll here).
Trading BitcoinsThere are many exchanges offering Bitcoin trading.Once the account is funded with fiat money, basically,Bitcoins can be traded in the same way as stocks, Forex,Gold, Silver, or other commodities: Just place an order,set a limit and then get the trade executed
 
it’s
a matterof seconds.However, Bitcoins cannot (yet) be traded on regulatedexchanges via online brokers like eTrade, ameritrade,etc. If people do not have funds in Bitcoin exchanges, itcan take up to a couple of days to have funds transferredto the Bitcoin currency exchanges. If Bitcoin prices arerising during that deposit delay, people will miss this partof the rally. And this is exactly why there has been the
“Race” for bitcoins in spring 2011. People were racing to
find the fastest way to get funds into Bitcoin exchanges.One of the biggest questions in the Bitcoin forum at the
time was “how can I get my funds fastest into
” (the
 biggest Bitcoin exchange). Here are just two revelatory comments from the forum:

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