AskBitcoiner is the First Major Arab Bitcoin Community

It is always positive to see increased interest in the concept of Bitcoin and digital currency. Reaching a global audience is not an easy task, but the Internet is certainly an invaluable tool to do so. Now that the first Arab Bitcoin community has been formed, like-minded people can get together in the region and exchange valuable ideas about Bitcoin and the future of blockchain technology.

Also read: Bitcoin Price Watch; Stop loss Hit, Moving on…

Bitcoin in the Arabian World

Up until this point, there has been very little information regarding the usage of Bitcoin in the Arab world. Even though we concluded the concept of Bitcoin is halal under Islamic law, there has been no word on any exchanges in the region or particular blockchain-based development. But all of that will be coming to change shortly, now that the first Arab Bitcoin community has been formed not too long ago.

The main purpose of this community is to exchange information and pose questions regarding the future of Bitcoin and other digital currencies. Understanding the technology underpinning the protocol is a topic of great discussion, as many forms of innovation can come forth from these debates.

But there is more to it than just that, as this new Arab Bitcoin community plans to push adoption of digital currency across the Middle East and North Africa in the coming years. Bringing the culture of Bitcoin and blockchain technology to everyday consumers and businesses is of great importance to let the ecosystem grow.

Moreover, becoming part of this community is rather easy, as users can sign up through the AskBitcoiner website. Making the signup process as easy as possible is an excellent way to attract new community members in the region, and it looks like the plan is to turn this platform into a Bitcoin version of Quora.

Even though there are plenty of benefits to both Bitcoin and the underlying blockchain technology, a lot of businesses and consumers are either unaware of the options or hesitant to become part of this ecosystem. AskBitcoiner wants to change this situation and recruit some of the most influential members of the Bitcoin industry to be part of this new platform.

Moreover, there are plans on the table to reward active contributors on the AskBitcoiner platform, although not too many details have been revealed yet. Another future addition comes in the form of dedicated guides and courses on Bitcoin and blockchain technology, although it remains unknown as to who will be providing this information.

Source: Ait News

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In this morning’s bitcoin price analysis, we noted that a triangle had formed mid range in our predefined parameters, and that we would look at using this triangle to enter long towards an upside target of 422 flat if – and when – it completed. We classed completion as the breaking of the triangle’s upper channel (also serving as in term resistance) and a subsequent close above this level. However, we also noted that we were already in a trade on the back of last night’s action, and that we would wait until this trade completed (i.e. a stop loss taken out or a target hit) before entering a fresh position. Things have now matured throughout the European morning, and we are about to head into both the UK close and the mid session break in the US.

With this said, what did action in the bitcoin price tell us about what we can expect this evening, and how did our trade and analysis perform today so far? Let’s take a look. First things first, the chart below shows what went on during this morning’s session, and highlights the key levels we are focusing on for this evening’s trading in the bitcoin price.

Screen Shot 2016-03-31 at 16.23.09

So, as the chart shows, we didn’t get the action we’d hoped for, and price broke through the lower channel of our triangle pattern shortly after the publication of our analysis. A spike down also served to take out the stop loss on our previous trade for a small loss.

We remain within range, however, and so the levels we are looking at tonight mirror those we highlighted this morning: in term support at 412 flat and in term resistance at 416 flat.

Sticking with our upside target, a close above resistance will signal long towards 422, while a close below support will put us in a short entry towards 407.

A stop on both trades just the other side of the levels in question will define our downside risk on the positions.

Charts courtesy of Trading View

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Offering Top Quality products is one of the company’s top priorities and that’s why JM Bullion is very proud to offer a large option of quality products, including uncirculated coins, domestic and international bullion, 90% silver, numismatic coins, and IRA-approved metals.

JM Bullion offers the lowest prices in the industry and works directly with well-known mints and reputable distributors.  The company’s coins come direct from the mint, in sealed tubes, and the majority of JM Bullion bar and round products are ship sealed in plastic and fresh from the mint.

JM Bullion always makes sure to have all new inventory inspected in order to make sure customers receive products of the highest quality. The company works directly with distributors, and carefully inspects all new inventories, to ensure that the products customers receive are of the highest quality. JM Bullion accepts

Gold, along with silver, has long been the primary means exchange. Over the centuries, gold has been used in trade. It is real, scarce, cannot be artificially reproduced, and has inherent and intrinsic value and has stood the test of time more than any other form of currency.

Gold is and always has been one of the secure investments. If you’re guessing Gold just might be the kind of investment you are willing to spend your bitcoin, you can visit JM Bullion and learn all about it.

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The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories such as this one.

The Greek financial crisis over 2015 has taught the entire world a valuable lesson, in the form of how quickly the economy can go from bad to worse. It comes as no surprise to find out residents have been looking for alternative financial solutions ever since, and digital barter seems to be a new preferred option. The growing demand for barter trades could eventually lead to a cashless Greece, and even pave the way for Bitcoin.

Also read: Dragon’s Tale – Kick the Bench and Find some Coins

Capital Controls Lead to Barter Trading

The concept of barter trades is nothing new under the sun, as humans have been using that particular system until money in its current form became widely adopted. Trading one item for something else is a great way of estimating value, and for the people living in Greece, the best way to bypass strict capital controls imposed by the government and central bank.

TradeNow is one of the most commonly used barter networks in the country, where users rack up “TradePoints”. For example, people can exchange their old electronics for Tradepoints, rather than taking credit or cash for the transaction. Although this concept seems strange in a society where paper bills and coins have become the norm, there is a huge market for such barter operations.

Despite the Greek economy still being rebuilt as we speak, and capital controls being eased up on, there seems to be less demand for cash and credit payments. But at the same time, it is important to note the Greek economy is not out of the woods yet, as they are still dealing with a bailout impasse right now.

Using barter as an alternative economic model is an interesting, yet not entirely surprising choice. In this day and age, most consumers have plenty of goods, yet very little cash on hand. Changing the goods one doesn’t need [as much] against something more desirable is a tried and tested method to exchange value between parties in a peer-to-peer fashion.

But there is a problem that needs to be solved as well since there are over 200 barter trading networks available in Greece. Albeit TradeNow is the most commonly used solution in the country, a more decentralized approach would be preferred, where all of these “points” can be exchanged against each other without too much friction.

That being said, there seems to be an inevitable shift taking place in Greece towards a cashless society. Right now, there are two different types of barter trades going on: a direct exchange of goods, or using a type of unit approximating the value of services rendered. But there are several hurdles to increasing adoption of these systems, as no service has been able to reach critical mass just yet.

Bitcoin can become an ally in this barter system as the popular digital currency can be embraced by anyone in the world. Moreover, Bitcoin operates beyond the control of governments and banks and does not require centralized services such as TradeNow. Greek citizens seem to strive for financial freedom, and what better way to do that than by embracing Bitcoin? Countering the financial crisis is not easy, but bitcoin is an option well worth considering.

Achieving true financial freedom can only be possible when decentralized systems are embraced. Barter and Bitcoin both have the “free market” aspect in common, where buyers and sellers set their own values for goods and services. But the current barter system runs on centralised servers, which the government can seize and shut down at any moment. Bitcoin, on the other hand, is distributed and decentralized, with no way for anyone to shut it down completely..

Source: Marketwatch

Russian government officials want to exert complete control over the Internet in the country, Although that will be quite the challenge, there are plans in motion to make the usage of currencies not issued by the central bank punishable by law, and the Russian watchdog has blocked access to various Bitcoin sites in the past. According to Presidential Advisor for Internet Development Klimenko, terrorists abuse the Internet for communication and funnelling funds, and something has to be done.

Also read: Bitcoin Price Watch; Mid Range Triangle Signals Upside

Controlling The Internet is the Main Objective for Russia

Based on the statement issued by Presidential Advisor for Internet Development Klimenko, there is no denying terrorists use the Internet in a wide variety of ways. Whether it is for communication over encrypted platforms, or sluicing funds from one cell to another, it is becoming a major threat. Additionally, he also touches upon how state-sponsored hackers around the world are flocking to cyber attacks more often as of late, and proper precautions have to be taken.

However, trying to achieve Internet sovereignty in every country around the world will be all but an impossible task. The Internet was never meant to be controlled by governments or law enforcement, and using encryption backdoors to spy on communication protocols is being opposed by nearly every Western country.

Russia wants to take things one step further, though, as they aim to control the entire Internet. Not just within the country borders, but they seek a global governance of the World Wide Web. In fact, Klimenko mentioned how it is not unlikely Russia will ban all mobile phones in the country, or at least thoroughly restrict their Internet access.

“Bitcoin is a Joke and a Virus”

But there is more to this plan, as the Russian government has been keeping a close eye on the progress made by digital currencies. Cross-border payment solutions that are not controlled by the government or central bank pose a significant threat regarding terrorist funding, as there are no identities linked to individual wallet addresses or funds transfers.

It is not the first time Bitcoin and Russian government officials butt heads, as the Russian Internet watchdog has blocked access to several Bitcoin news sites in the past. Moreover, there is a proposal on the table to make the usage of Bitcoin and digital currency punishable by law in Russia, which could lead to up to seven years of jail time.

Klimenko went even one step further, and openly referred to the Bitcoin legislation in other countries as “figments of imagination”. In fact, according to him, Bitcoin is nothing more than an Internet joke, and even a virus that needs to be abolished sooner rather than later. None of these statements come as a complete surprise, though, considering Russia is not exactly known for their unbiased opinion on innovation and new technologies.

It remains to be seen how this situation will play out, considering how part of the Russian government wants to push for innovation in the financial sector. Fintech efforts – of which Bitcoin is a part – are getting a bit of positive attention, and there is a public interest by the Sberbank to explore the boundaries of blockchain technology.

Source: Rusnovosti

Image via Shutterstock

Just as we did yesterday evening, we’re going to kick our bitcoin price analysis off this morning with a chart. The chart below shows the action seen in the bitcoin price throughout yesterday evening, and during the night. It’s a fifteen-minute candlestick chart, with the framework that we outlined in the second of yesterday’s analyses still overlaid.

Screen Shot 2016-03-31 at 10.16.26

As the chart shows, shortly after we published our analysis, we got a break to the upside through in term resistance. The close that came after this break signaled a long entry, and put us in a bullish trade towards an initial upside target of 422. Since this entry signaled, we’ve been hovering at or around broken resistance (which is now serving as a sort of interim support) and as such, we are still in the trade.

We don’t enter more than one position at any one time, so we’ll be staying out of the markets until this trade either hits the aforementioned target or we get a reversal and see it take out our stop loss. Action overnight has formed some nice patterns, however, and these are actionable for anyone not yet in the game. Take a look at the chart below to get an idea of what we’re talking about.

Screen Shot 2016-03-31 at 10.17.15

As the chart shows, we’re looking at in term support at 412 flat and resistance at 416, and a mid-range upwards sloping triangle. Price is confined within both the range and the triangle at present, suggesting we are getting a coiling of price and – in turn – a building of pressure to the upside. This building, if we get a break, should lead to a nice sustained move.

The plan, then, would be to enter long on a break of resistance/triangle upper boundary, with an initial upside target of 422 flat. A stop at 414 defines the risk on the position.

Charts courtesy of Trading View

Dragon’s Tale is one of the oldest Bitcoin Casinos around. It is an original Casino Role Play game that offers players a virtual world where they can meet other players and play lots of fun games. Dragon’s Tale is a game like no other. It has gorgeous scenarios, an enthusiastic and vibrant community and dozens of unique casino based minigames, which players can choose from.

The minigames can vary between skill-based games and luck based games and some can also mix both styles. One of these fun games is Kick the Bench! That’s it, the Benches you will find lying around aren’t just for decoration or to sit on, they are also part of a game and you can bet on them too. Kick the Bench pays zero, to 150%, 200%, 250%, and sometimes up to 300% of the wager. Bench kicking is a nothing but a luck game, so if you feel this is your lucky day all you need to do is look for a bench and give it some kicks. But before you can start to play the game, you will need to find and read the strange inscriptions on at least eight different benches before you can bet on them.

After that, the game will be quite simple. All you have to do is click a bench. After you kick the bench a drop down list will display. It will show several bet options reflecting your current Bitcoin balance. You will then need to choose the amount of the bet and then click on it. Your avatar will kick the bench and if you get lucky you might just get a 300% return.

Bench kicking is just one among many fun games you that you will be able to find at Dragon’s Tale. If you don’t have an account yet, come along and sign up to kick the bench!

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The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories such as this one.

Bitcoin Price Key Highlights

  • Bitcoin price is still consolidating on its higher time frames, moving inside a symmetrical triangle pattern on the daily and 4-hour chart.
  • Price just bounced off the triangle support and might be ready for a test of resistance.
  • Technical indicators are suggesting that the consolidation might carry on from here.

Bitcoin price might keep forming lower highs and higher lows, staying inside its long-term consolidation pattern.

Technical Indicators Signals

btcusd, bitcoin price

The 100 SMA is below the 200 SMA so the path of least resistance is to the downside. However, an upward crossover appears to be brewing and the indicators could keep oscillating, indicating that consolidation might continue.

RSI is on the move up, confirming that buyers are trying to regain control and push bitcoin price up to the triangle resistance around $420-430. Stochastic is also pointing up to indicate that buying pressure is resuming. If buyers are strong enough, they could even push for an upside breakout and a longer-term climb for bitcoin price.

On the other hand, a downside break below support could spur a prolonged downtrend, likely taking bitcoin price down to the next support at $380-400. Increased bearish pressure could even lead to a test of the major support at $300.

Market Events

The upcoming NFP release from the US economy on Friday could be a major catalyst for a move, as stronger than expected data could renew demand for the dollar. Recall that the US currency lost some of its appeal after Fed Chairperson Yellen reiterated their plans to keep borrowing costs low for much longer.

Another factor that could spur a big move is the Chinese PMI also due on Friday. Stronger than expected readings could reinforce risk appetite and buoy bitcoin price higher while weak results could lead to a flight to safety towards the lower-yielding US dollar.

Intraday support level – $400

Intraday resistance level – $430

Charts from Bitstamp, courtesy of TradingView

Key Points

  • Bitcoin price after moving down towards the $407-05 support area started a recovery, but it is heading towards a major resistance area of $415-17.
  • There is a bearish trend line and 100 simple moving average positioned on the hourly chart (data feed from Bitstamp) of BTC/USD at $417.
  • BTC buyers may find it tough to break the highlighted resistance area in the short term.

Bitcoin price is currently correcting higher, but facing an important hurdle on the upside. Can BTC/USD manage to break $417 and gain further?

Bitcoin Price – Trend Line Resistance

As highlighted in yesterday’s post, Bitcoin price started to correct higher after trading as low as $407. However, the current recovery in BTC/USD won’t be an easy ride, as there is a monster barrier formed on the upside for the BTC buyers. There is a confluence resistance area forming near a bearish trend line on the hourly chart (data feed from Bitstamp).

The highlighted trend line resistance is positioned with the 100 hourly simple moving average, and the 50% Fib retracement level of the last drop of the $426 low to $407 low at $417. So, if the price moves closer to the highlighted confluence resistance area, then there is a chance of sellers appearing and preventing any additional gains.

Bitcoin Price Technical Analysis

One may even consider selling near $417 in the short term, but the stop should be very tight (a close above the 100 hourly simple moving average). On the downside, an initial support is at $410, followed by the last low of $407.

Looking at the technical indicators:

Hourly MACD – The hourly MACD is in the bullish slope, which means the price may move towards the highlighted resistance area.

RSI (Relative Strength Index) – The RSI is just around the 50 levels, and if the level breaks, the price may move down.

Intraday Support Level – $410

Intraday Resistance Level – $417

 

Charts from Bitstamp; hosted by Trading View

Key Highlights

  • Ethereum price was earlier struggling to clear the $11.80 resistance area, but it finally managed to break it.
  • ETH/USD moved above $11.80, which can now act as a support and push the price higher.
  • There is an ascending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a catalyst for the next move.

Ethereum price popped above a major resistance area of $11.80. Now, can it provide support and push ETH higher versus the USD?

Ethereum Price – Move Towards $12.40 Possible?

Ethereum price kept struggling near the $11.80 resistance area, as highlighted in yesterday’s post. However, the ETH bulls finally managed to take the price above the stated level, and there was an hourly close above it. Now, the price is moving down, and the same resistance area is currently acting as a support and helping the bulls to regain ground.

There is an ascending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may play a major role for Ethereum price in the near term. As long as the price is above the $11.80 level, there is a chance of a spike towards the $12.40 level. So, if you are looking to buy ETH/USD, the stop should be just below $11.80.

Ethereum Price Technical Analysis

A break below the stated support area may ignite more losses that could take the price towards the 38.2% Fib retracement level of the last move from the $10.10 low to $11.12 high. In short, we need to keep a close eye on $11.80 if looking for a buy trade in the short term.

Hourly MACD – The MACD is not showing any signs of a major move in the near term.

Hourly RSI – The RSI is above the 50 level, which is bullish sign and may push ETH higher moving ahead.

Intraday Support Level – $11.80

Intraday Resistance Level – $12.12

 

Charts courtesy of Kraken via Trading View