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People were always trying to tie Bitcoin's rise to some political events, but it's simply wrong to say that Bitcoin rises because something bad happened in some country, as it can't really explain how Bitcoin increased in its value more than 10 times during the last year. This effect of people buying Bitcoin as a hedge against governments or traditional assets might be true in some cases, but Bitcoin is still risky and volatile, so most traders tend to ignore it (or just hodl long term) - so Bitcoin is unlikely to actually react to some news that don't directly involve it. The simpler explanation for Bitcoin's rise would be natural adoption, interest from investors and just speculation.
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Very interesting, we had similar plans for worst case scenario during August 1st, when some people were suggesting that in case SegWit won't get activated on the main chain, we should fork to switch PoW to cut the grip of miners. Bitcoin works on assumption that miners behave rationally and do everything to maximize the profit, meaning that they follow the most valuable chain, but all these years we've been witnessing how miners are trying to get more control over Bitcoin and dictate the course of its development. SegWit2x will show whether they will keep being rational and will follow the more valuable chain - the original Bitcoin, or if they will try to attack Bitcoin with their fork. In this light, changing PoW sounds like a very logical step for users in case Bitcoin network will get completely abandoned by miners for a long period of time.
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as i am watching bitcoin since 2013 . i think this time is not a newbie time as its about 5 year while this bold Crypto in ups and downs . people called this bubble but they adopted it later.
my opinion on bitcoin in coming some years about bitcoin is that in future this will be the money of rich people just because of 2 points according to my study , may be i am not correct .
1. the low supply of this is the main reason due to which its being demanded high . and day by day its price is rising like hundreds and thousands of USD .as from December till now in 11 to 12 months this got about 10 times higher price. and its getting more higher to make rich who are already rich . if in 2020 it goes to 100,000.so the holder of one bitcoin just will also be an owner of 100k USD that means he'll be rich .
2. the fee in the transaction is about 0.0001 . this amount is about 7 USD today more or less but approx. in future if its price rises like 100.000 then its fee will be around 70 100 USD or more or less may be . that means alot for a poor person . this will be making distance from poor with the bitcoin . and slowly this will be the property and possession of rich people . i am not in its high fees favor but its becoming fact. in past i am eye witness that we were paying like 13 cents and some more before December 2016 and now we have to pay 5 to 7 USD for each transaction .
suggestions and ideas to my opinion will be appriciated. thanks alot to reading my words.
1. You don't have to own one whole Bitcoin to use Bitcoin, when the price will be at hundreds of thousands, regular users will make payments in thousands of satoshi's. Since every coin can be split into 100 millions smallest units, there's no problem with money supply, even if many coins are lost, or "hodled". 2. 0.0001 BTC is $0.74 today, which is a very cheap fee if you are transferring anything higher than $50. Fees are a problem because cryptocurrencies are not ready to process as much transactions as traditional payment processors - and forks or altcoins like Bitcoins Cash or SegWit2x won't solve this problem. The best hope we have is the Lightning Network. |
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I had been moving mine to a wallet for the fork. But then I'd have to deal with how wallets are going to recognize the forked coins and have to worry about figuring out how to split the coins and whatnot. Saw Coinbase said they are planning to have the B2X coins available 24 hours after the fork, so now I'm just holding all my coins on Coinbase for the fork as that just seems like the easiest solution. Once the dust has settled and the danger has passed and we know which chain is the main chain I'll sell the minority chain and throw all my Bitcoin in a paper wallet.
How about you guys? Coinbase? Exchanges? Wallet?
For holding Bitcoin, there are two main options - doing it by yourself via software or hardware wallet, or keeping it on some online wallet - blockchain.info, exchange or some other service. The first options provides the best safety - as long as you hold private keys you will own coins on both chains and no one will able to force you to use only one of them. The second option is risky, because your funds may be lost due to some network disruptions, wallet provider might decide to support only one chain or just get hacked like it sometimes happen. But there are a few benefits to it - if it was stated before, they will split your coins for you so you won't have to use segwit2x software, and if it's an exchange, you might be able to sell your B2X coins earlier than others. |
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Exchanges will list B2X as an altcoin, so you should ask instead would people move to an altcoin? And I believe the answer is no, all these years we had thousands of altcoins with bigger blocks, faster block time, some even adopted SegWit - yet none of them reached the same adoptions by merchants and users as Bitcoin. If B2X won't provide adequate replay protections it will be even worse than any altcoin, because people would have to forfeit their Bitcoins to use it if they will choose to claim their airdrop.
As for miners, hashrate does not determine what Bitcoin is, B2X miners will be mining invalid Bitcoin blocks so it will have no impact on Bitcoin's network. If you could so simply dictate your will to others by having majority of hashpower, than Bitcoin would not be decentralized and secure.
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Bitcoin already reached more than 7200. When to wait for correction and it will be how strong?
Everyone understand that correction surely will be. Guys, your forecasts: when and how there is a lot of?
Corrections are often preceded by stopping of any big price movements for some period of time, so if the price won't try to break past $7,300 the risk of correction will be higher. But since it's a purely speculative price drop, it will be very short-lived and relatively small - around $6,500 or $6,000 in worst case scenario. There are also tiny "corrections" happening all the time when the price drops by a few hundreds for a couple of minutes or hours. |
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With the rise of Bitcoin's adoption comes the rise of scammers and hackers who will target Bitcoin users. And new users are especially at risk, because they don't know all the details of security, because no one actually talks about it - you have to read Bitcoin forums regularly to get knowledge about all the possible attacks and how to prevent them. Also, there's a problem with usage of Bitcoin - it's easy to tell people to use hardware or paper wallet and hodl, but if you want to spend Bitcoin, you'll have to face the risks of storing your wallet on PC or smartphone, which might make it vulnerable to malware.
I hope that in the future security of Bitcoin clients will vastly improve so Bitcoin will be easier to use for everyone.
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Are hard forks the poor developer's ICO?
Two attempts since August to hard fork bitcoin, two more ahead of us. These developers just want lay claim to the best cryptocurrency and instead of creating it from scratch they feel they need to hijack bitcoin - why?
Developers who pursue hard forks really are trying to get something for nothing. And they give us something for nothing (in the airdrop) to try to get us to subscribe to their sheisty intentions.
Hard forks are great for Bitcoin, because the prove that Bitcoin is right and strong. But I don't see how anyone can have pride in supporting or developing a hard fork.
Can you?
With ICO's developers create new coins and sell them for BTC or ETH, but with Bitcoin forks you have to own BTC to get forked coins, so it's not as profitable as running an ICO unless you are a whale. However, forks are attempting to hijack Bitcoin's name and all their value is based around it, since they don't have any improvements besides a few changed lines of code that raise the limit of blocksize. So, it's quite easy to fork Bitcoin, but the hard part is promoting it - you have to spend much more than on promoting some ICO's, while ICO's are not much harder to launch - usually they don't have any prototypes, only whitepaper, ANN and site. Both forks and ICO's can be viewed as potential scams, so newbies should be very careful before deciding to send their BTC to someone promising them high returns or "the real Bitcoin". |
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Meanwhile, Ukraine's National Banks opposes all recent cryptocurrency bills, and they even refuse to call it currency, because in their eyes there's no currencies except national currencies. So, they want to see Bitcoin having a status of commodity or asset, just like in many other countries. But it will be the Parliament who will vote for those bills, so National Bank really has no influence here.
But for now it's hard to say whether those bills will pass or the government instead will try to oppose cryptocurrencies. There's also a possibility that cryptocurrencies will stay in legal limbo for years.
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Your statement is not backed by any research it's just your personal feelings that most likely don't represent reality. People discuss the price because it's representation of Bitcoin's value, so there's nothing wrong in getting excited when the value increases, it's an important step in becoming recognized as global currency and asset. And hodling Bitcoin is just as important as spending it - it drives the price higher by limiting supply, and higher price attracts more people to the community and boosts confidence that Bitcoin really is the future of money. Also, there's a good proof that investors do care about decentralization - centralized altcoin Bitcoin Cash has failed and SegWit2x is about to fail too, so people are sticking with decentralized bitcoin despite miners and businesses threatening to move on to alternative chains.
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SegWit2x will not be a free money or an airdrop if it will fail from the begging for technical reasons, or if it will quickly overtake the real Bitcoin, or if most users won't have access to replay protections. If none of this will happen and if markets will be open, than after a process of claiming (which might be more complicated than claiming of BCH was) users will be able to get their free altcoin and dump it for somewhere between 0.05-0.15 BTC per coins, which is a nice 5-15% bump to their BTC portfolio. But since this fork is different from BCH, it's better to not make any hasty moves in order to not lose any coins due to replays or other disruptions.
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Well, I think it is indeed too much complicated and harder to use, you have to have knowledge about how it works on internet. You have to make an account, buy bitcoin from different sites ( which takes 5% to 7% Fees) then transfer to exchanges for trading or to use.
How can a normal people, who usually watch youtube video, use fb or other social media, you expect him/her to know all these things? I seen people give up easily, and think it's too techy.
I believe if Bitcoin sell coins on their official website, with lower fees, such as 1% to 2%, and make a simple wallet for people to use, more & more people would buy and use it.
What is your opinion on it? discuss..
It's true that Bitcoin might be too complicated for less tech-savvy people, but the thing is, younger generation is very comfortable around computers and apps, so it won't be a problem in the future. And since Bitcoin is still young too, this is not really a big problem, in 10 years most people below 40 would be quite comfortable with using Bitcoin. And when something is being mass adopted, younger generation will help older generation, just like it happened with smartphones and the Internet. |
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$10,000 is very much possible if the current rally will continue with the same rate. However, there's always a risk of short-term correction that might stall the bull run for some time, or even full reversal into bear market. We already had big crashes after big gains, so it's possible that Bitcoin will crash to $3,000 as the market is not mature yet - Bitcoin is not traded institutionally, it's not embraced fully by any government and it's not accepted as a currency in most places. However, Bitcoin still looks extremely strong in the long run, so while the near future is very uncertain, it is safer to assume that Bitcoin will go five figures in 1-3 years.
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Hello Everyone
I always want to know the situation of cryptocurrency and stocks relatively. Current marketcap of stocks is 70 trillion and cryptocurrency market cap is 178 billion.Speculators says that cryptocurrency market reaches 1 trillion marketcap in 2019. What do you think, will it takes few years for crypto market to reach stock market cap or is impossible? or can it overtake stocks?
I think in the future they might be merged together. If you'll look at cryptocurrencies, only a little portion of them are currencies like Bitcoin or Monero. Many other are more like securities, people buy them because they expect to make profit from owning them, so a lot of ICO tokens are digital stocks. In the future it might become an industry standard to issue stocks on blockchain. As for true cryptocurrency it's better to compare it with precious metals or fiat currencies rather than stocks, because they are so different. |
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Not so long ago Bitcoin's market share was at 37% and people were seriously discussing how Ethereum will flip Bitcoin soon and look where we are now. It's a very bad time to hold altcoins for long term now, as Bitcoin's keep breaking new ATH's while alts tremendously lose in their BTC value, so people who have bought them during or after the altcoin rally of this year are most likely in loss of their BTC value. And with worldwide crackdowns on ICO's things are looking even worse for altcoin markets.
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We've recently seen a lot of similar statements from other countries, especially Asian, and this was probably influenced by China, but it has no effect on Bitcoin's price. "China bans Bitcoin" FUD doesn't work because China lost it's leading position on Bitcoin market volume, so it would take US, Japan, South Korea or Europe to ban Bitcoin to crash the price - any other countries would have almost no visible effect on its price.
As for governments, they are risking to miss out on opportunity to join a new kind of global economy without borders, and we might soon see the opposite approach - embracing Bitcoin on a state level and even using it as reserve currency.
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We might be far from Amazon accepting Bitcoin, but I believe those rumors were not completely baseless, and these news are a proof that Amazon is actually interested in cryptocurrency. And I can definitely see how global currency like Bitcoin can benefit them - it can be used in any country, unlike systems like PayPal which are not present in some countries; it has only one fee, so it's cheaper than banks with their multiple fees and conversion rates. Plus, there's no chargeback so there's less costs for them to cover. |
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Miners are here for the profit, most of them are not cypherpunks or libertarians, so they will do whatever is the most profitable for them. They signal their support for SegWit2x because they think that it would be profitable for them if everyone switched to it, but I'm sure that if people will stay with the original Bitcoin (which seems like the most likely outcome), they will stay too. So, SegWit2x would be similar to Bcash - difficulty fluctuations and periodic hashpower switches to whatever is more profitable, but eventually it will die off when the money for supporting it on exchanges will run dry.
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Every asset or commodity or currency will always have some risks that can crash its value. With gold it's the risk that someone will find huge new deposits, especially if we'd take into account asteroid mining or other planets. But Bitcoin also has some risks, because scarcity isn't the only thing that gives it its value - there's a risk that someone will come up with a better network design, that will be more decentralized and faster and have more capacity. Bitcoin is a software, and there's always competition for a better software.
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I don't think it could be part of the Segwit 2x plan. This would increase confirmation times and time to find new blocks, but it wouldn't kill the old chain. As others have said - I think it is market related. New mining capacity coming in and miners moving from BCH.
you kill the old chain with a bunch of gradual steps. you don't kill it stone dead instantly. you make it unattractive to mine and use by making it slow and expensive. it's a snowball effect. once a few people abandon it then more join. before you know it it's having its life support turned off. no one thinks a move of this magnitude isn't slightly aligned with the upcoming fork? If it's slow and expensive that it's actually attractive to mine because it means more fees for miners - and as more miners come in, the network returns to it's maximum speed of 1 block every 10 minutes. And BCH has proven that you can't easily damage Bitcoin by introducing competing chain to bribe miners with its profitability - this is hard to sustain and the market seemed to not care at all about disruptions in Bitcoin's network. Of course SegWit2x will try something similar, but eventually mining economics and the market will sort everything out and Bitcoin will be a winner again. |
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