Connect with us

Blockchain

Bitcoin Worth $140 Billion Lost Says UK Council

Keys lost, coins lost The UK’s National Cyber Security Council broached the topic of unreachable BTC in its weekly threat report. The report attributes the loss to password or key deletion caused by mistaken hard drive disposal or reformatting.  They go on to cite the recent story of a programmer in the United States who … Continued

The post Bitcoin Worth $140 Billion Lost Says UK Council appeared first on BeInCrypto.

Avatar

Published

on

The UK’s National Cyber Security Council says over $140 billion worth of Bitcoin is “lost or inaccessible” in its weekly threat report.

Keys lost, coins lost

The UK’s National Cyber Security Council broached the topic of unreachable BTC in its weekly threat report. The report attributes the loss to password or key deletion caused by mistaken hard drive disposal or reformatting. 

They go on to cite the recent story of a programmer in the United States who lost the password to a hard drive that contained roughly $200 million in Bitcoin.

The programmer has a couple of attempts at guessing the password remaining before he is permanently locked out. 

Stories like this are common in the UK too. Computer engineer James Howells recently offered his local council a share of the Bitcoins stored in a hard drive he threw away if they help him excavate a landfill site. 

The Bitcoins on the hard drive are worth over $312 million, which could mean Newport Council receiving a $78 million collection fee.

A liquidity crisis

Users lost access to 20% of all bitcoins in existence, according to a blog post from cryptocurrency data company Chainalysis.

The report says that the majority of these losses occur because of misplaced private keys or erroneous transactions (transactions made to the wrong address). 

At the top cryptocurrency’s current value, this represents over $134 billion in unrecoverable value. 

As the bitcoin in circulation nears 89% of its total supply, some in the cryptocurrency community forecast an impending liquidity crisis. Demand for the top cryptocurrency, they say, will far outstrip its supply. 

Recent investments from large institutions such as Grayscale and MicroStrategy compound the potential crisis. Grayscale recently revealed it owns just over 3% of all the Bitcoins in existence.

Some in the community warn of the effect on decentralization. Others point out that such a crisis will only lead Bitcoin to future highs. For those who lost considerable Bitcoin fortunes, this comes as little consolation. 

However, there are an increasing number of custodial service providers who purport to offer a way for cryptocurrency owners to store their holdings with ease of mind.

Are custodial services the answer?

Maybe. Custody services like that offered by Coinbase, put the task of storing and securing cryptocurrencies into the hands of professionals. 

This bears a resemblance to the traditional approach to storing value. People trust institutions such as banks and funds to use their in-house expertise to keep their savings safe.

One could argue that in the cryptocurrency space, where things can become quite technical, there is even more of a need for professional handling what sometimes could be massive fortunes. 

However, this contrasts starkly with Bitcoin’s pseudonymous creator Satoshi Nakamoto’s vision. Bitcoin’s principal purpose is to wrestle away the control such institutions have over an individual’s finance. 

This motivates a common saying in the crypto-world that warns users against reliance on centralized exchanges; not your keys, not your coins. 

Nevertheless, 20% of the top cryptocurrency’s supply is lost. Maybe a slow transition between trusting third parties and trusting ourselves is needed before individuals can truly be in control.

Share Article

Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. Interests include: DeFI, CBDCs and investing.

Follow Author

Source: https://beincrypto.com/bitcoin-worth-140-billion-lost-says-uk-council/

Blockchain

GBA Healthcare Working Group Releases White Paper as First Asset inBlockchain Ethical Design Framework for Healthcare

Avatar

Published

on

WASHINGTON, DC –March 2021

Beginning early 2020, theGovernment Blockchain Association (GBA) Healthcare Working Group (HWG)began undertaking the development of an ethical design framework for blockchain solutions in the healthcare industry as a service to the public. The GBA HWG is releasing the first asset in the Blockchain Ethical Design (BED) Framework for Healthcare in the form of a White Paper.

We are excited to offer this guidance to healthcare policymakers, decision-makers and innovators in implementing blockchain featured technology in the healthcare space. The BED Framework for Healthcareis being developed collaboratively by members in the HWG including caregivers, entrepreneurs, healthcare technologists and legal professionals from around the world. We cover a comprehensive spectrum of use cases, regulatory and legal scenarios, and procedural insights based on real world experience in healthcare technology innovation. This White Paper is only the first asset in a suite of guiding tools the GBA HWG will be releasing through 2021, and we are looking forward to the feedback of our audience.” –Marquis Allen, GBA Healthcare Working Group Chair

The purpose of this publication is to:

  • Identify potential ethical issues of blockchain used in health service delivery
  • Discuss potential ethical issues for stakeholders across the healthcare ecosystem including regulatory and compliance segments
  • Propose a conceptual framework of blockchain ethics as it applies specifically to its design, implementation and use in healthcare.
  • Create an outlinefrom which the Blockchain Ethical Design (BED) Framework for Healthcare and its assets, tools, documents and content will be developed by the GBA HWG.
  • Raise awareness and stimulate further debate on the ethics of blockchain in the healthcare IT,health system governance and regulatory communities.

The GBA invites you to contact them for more information.

Learn more about the GBA: gbaglobal.org

For more information about the GBA Healthcare Working Group: gbaglobal.org/HWG

To download the whitepaper: gbaglobal.org/download

Contact: Kathy Dache @ Kathy.Dache@gbaglobal.org

________________________________________________________________________

Continue Reading

Blockchain

TA: Bitcoin Turns Attractive Above $50K, Why BTC Extend Its Rally

Avatar

Published

on

Bitcoin price gained bullish momentum above the $50,000 resistance against the US Dollar. BTC traded towards $52,000 and it remains supported for more upsides.

  • Bitcoin started a fresh increase above the $50,000 and $50,500 resistance levels.
  • The price is now trading well above $50,000 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support at $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but the bulls are likely to protect $50,000 and $49,500.

Bitcoin Price Starts Fresh Increase

After a strong close above the $48,000 level, bitcoin started a fresh increase. BTC was able to clear the key $50,000 and $50,500 resistance levels to move into a positive zone.

There was also a break above a major bearish trend line with resistance near $48,400 on the hourly chart of the BTC/USD pair. The pair extended its rise above the $51,000 level and traded to a new weekly high at $51,853.

It is now correcting lower, but it is trading well above $50,000 and the 100 hourly simple moving average. An initial support is near the $50,750 level. It is close to the 23.6% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key rising channel forming with support at $50,500 on the same chart. The next major support is near the $50,000 level. Any more losses may possibly lead the price towards the 50% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high near $49,500. The main support is now forming near the $48,800 level and the 100 hourly simple moving average.

More Upsides in BTC?

If bitcoin stays above $50,500 and $49,500, it could start a fresh increase. An initial resistance on the upside is near the $51,500 level. The first major resistance is near the $52,000 level.

A successful close above the $52,000 resistance level could open the doors for a larger increase in the coming sessions. The next major resistance could be $53,200, followed by $54,500.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $50,500, followed by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,200.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://www.newsbtc.com/analysis/btc/bitcoin-turns-attractive-above-50k/

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://coingenius.news/ta-bitcoin-turns-attractive-above-50k-why-btc-extend-its-rally/?utm_source=rss&utm_medium=rss&utm_campaign=ta-bitcoin-turns-attractive-above-50k-why-btc-extend-its-rally

Continue Reading

Blockchain

Kraken Daily Market Report for March 07 2021

Avatar

Published

on

Bitcoin price gained bullish momentum above the $50,000 resistance against the US Dollar. BTC traded towards $52,000 and it remains supported for more upsides.

  • Bitcoin started a fresh increase above the $50,000 and $50,500 resistance levels.
  • The price is now trading well above $50,000 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support at $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but the bulls are likely to protect $50,000 and $49,500.

Bitcoin Price Starts Fresh Increase

After a strong close above the $48,000 level, bitcoin started a fresh increase. BTC was able to clear the key $50,000 and $50,500 resistance levels to move into a positive zone.

There was also a break above a major bearish trend line with resistance near $48,400 on the hourly chart of the BTC/USD pair. The pair extended its rise above the $51,000 level and traded to a new weekly high at $51,853.

It is now correcting lower, but it is trading well above $50,000 and the 100 hourly simple moving average. An initial support is near the $50,750 level. It is close to the 23.6% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key rising channel forming with support at $50,500 on the same chart. The next major support is near the $50,000 level. Any more losses may possibly lead the price towards the 50% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high near $49,500. The main support is now forming near the $48,800 level and the 100 hourly simple moving average.

More Upsides in BTC?

If bitcoin stays above $50,500 and $49,500, it could start a fresh increase. An initial resistance on the upside is near the $51,500 level. The first major resistance is near the $52,000 level.

A successful close above the $52,000 resistance level could open the doors for a larger increase in the coming sessions. The next major resistance could be $53,200, followed by $54,500.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $50,500, followed by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,200.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://www.newsbtc.com/analysis/btc/bitcoin-turns-attractive-above-50k/

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://coingenius.news/kraken-daily-market-report-for-march-07-2021/?utm_source=rss&utm_medium=rss&utm_campaign=kraken-daily-market-report-for-march-07-2021

Continue Reading

Blockchain

Crypto Influencer Ben Armstrong Names 4 Cryptoassets That Could Surge in March

Avatar

Published

on

Bitcoin price gained bullish momentum above the $50,000 resistance against the US Dollar. BTC traded towards $52,000 and it remains supported for more upsides.

  • Bitcoin started a fresh increase above the $50,000 and $50,500 resistance levels.
  • The price is now trading well above $50,000 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support at $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but the bulls are likely to protect $50,000 and $49,500.

Bitcoin Price Starts Fresh Increase

After a strong close above the $48,000 level, bitcoin started a fresh increase. BTC was able to clear the key $50,000 and $50,500 resistance levels to move into a positive zone.

There was also a break above a major bearish trend line with resistance near $48,400 on the hourly chart of the BTC/USD pair. The pair extended its rise above the $51,000 level and traded to a new weekly high at $51,853.

It is now correcting lower, but it is trading well above $50,000 and the 100 hourly simple moving average. An initial support is near the $50,750 level. It is close to the 23.6% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key rising channel forming with support at $50,500 on the same chart. The next major support is near the $50,000 level. Any more losses may possibly lead the price towards the 50% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high near $49,500. The main support is now forming near the $48,800 level and the 100 hourly simple moving average.

More Upsides in BTC?

If bitcoin stays above $50,500 and $49,500, it could start a fresh increase. An initial resistance on the upside is near the $51,500 level. The first major resistance is near the $52,000 level.

A successful close above the $52,000 resistance level could open the doors for a larger increase in the coming sessions. The next major resistance could be $53,200, followed by $54,500.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $50,500, followed by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,200.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://www.newsbtc.com/analysis/btc/bitcoin-turns-attractive-above-50k/

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://coingenius.news/crypto-influencer-ben-armstrong-names-4-cryptoassets-that-could-surge-in-march/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-influencer-ben-armstrong-names-4-cryptoassets-that-could-surge-in-march

Continue Reading

Trending