I have a Question, I have heard that with the Hard Fork coming this 1st of August, if you own BTC you will get also the same amount of BCC, but the question is how will you get the BCC, will your wallet or exchange open another wallet for you and get you there the BCC or how will that work?
For instance if you have your BTC on the wallet blockchain.info, will they get your BCC in the same wallet or in another one? In case you have BTC in a exchange like Kraken or Coinbase, will they also get you your BCC? or how will it work?
Most of the exchanges have made their stand clear whether they will be supporting BCC or not and most of them aren't supporting two blockchains. So it is better to keep your bitcoin in a hardware or software wallet and hold your private keys. After 1st August you can import your private keys to the wallet which will be supporting BCC and can claim your BCC equivalent to BTC you hold. |
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Is it a coincidence current bitcoin price ($2573) plus the speculated price of the upcoming bitcoin cash ($453) is just above bitcoin all time high (Combined $3026 compared to all time high approx $3000)?
Is the valuation of bitcoin cash already included in current bitcoin price? If that's the case, then it might not change much on aug 1. My experience is that known upcoming events often are included in price long before it actually happen.
BCC price is what miners have decided. It isn't related to Bitcoin price. Miners would have priced it $3000 if they wanted. It is their choice. The price would be decided by the holders after 1st August. Most probably their would be huge dumping because Bitcoin community isn't really welcoming to the fork and BCC. Bitcoin will keep on surging independently. |
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What do you believe bitcoin is better than gold, explain?
I do not think that bitcoin is better than gold, we do not have any basis to assert it, people are just discussing it by value, that is one-sided evaluation. I like the general look and clarity when I compare anything. It's just most people in this thread who are just comparing values and therefore coming to the conclusion that Bitcoin is better. I don't think it's that simple and I'm more sided towards gold being a bit better do to it's real world applications as conductor etc. I'm sure it could be replaced my some other metal, but you would lose conductivity, I think. Bitcoin also has enough real-world applications, but atm nothing that the world really needs to keep functioning. Bitcoin has been beating gold by a big margin so far this year. It is getting popular among investors. Indeed gold has ornamental and metal advantage. But Bitcoin too has its advantages. It can be used as a convenient medium of payments, though for a limited number of transactions, a function gold is missing. Second, the Bitcoin supply is expected to be limited to 21 million. The supply of gold, on the other hand, is expected to increase anytime its price rises, as it provides an incentive for gold miners to mine for gold. They both have their advantages. But for now Bitcoin is outperforming gold in investment asset. |
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Somewhere i am seeing that in 1st august who will have btc in his wallet or bittrex exchange he get BCC coin on the basis of amount of btc. So i think after heard that news everybody try to convert alt coin to btc by panic sell for earning BCC coin. For this situation i think until 1st august alt coin will dumping persistantly and after passing 1st august people will buy alt coin panicly. What do you think about 1st august?
Altcoins' prices will be bumped when it gets near to the 1st August because after the 1st August, Bitcoin price will surely go down, traders want to keep their profits so they will exchange all their Bitcoin into Altcoins, that will make their prices go up I doubt if that is the case. Bitcoin and Altcoin market aren't inversely proportional. Instead they tend to follow each other. For example, in the whole month of July we saw a huge dip in Bitcoin valuation due to speculations and as a result we saw a huge dip in marketcap of Altcoin as well. They again gained momentum when Bitcoin rebounded. Altcoin market is definitely dependent upon bitcoin to a good extent. |
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I don't think Bitcoin would reach $3000 before 1st August. It will keep on hovering over $2800 like before. There is some uncertainty still left which would limit the buying activity on and before Aug 1st. For safety, people wouldn't be buying much in these 3 days. Therefore, price isn't going to climb much. But after 1st August, it would definitely reach $3k in a week or two.
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What do you think guys about these problems nowdays? Is bitcoin going as it was planned or is everything opposite?
It was planned to be low fee payment system but we had to pay so huge fees in near past, now it's lower and pretty good. But we see coming hard fork on August 1. Bitcoin is used for illegal activities, even bitmixer said that they received 1M btc and there is no doubt that 99% would be for illegal activities. Is it out from it's way? yeah but what will happen in near future? Will we see much worse results?
Negative trends are inevitable in any form of currency. Initially Bitcoin was all centered in Dark web. But quite contrary to what you are saying. Bitcoin started gaining mainstream attention and now it is more than a currency used for illegal activities. I don't believe your claim of 99% illegal use (care to show some data). And like any new invention be it smartphone, internet or PayPal, all have potential to be used in illegal activities. Bitcoin is no exception. Nobody has planned anything about Bitcoin future. It is quite uncertain specially in case of something based on technology. There is always a need of upgradation. Take example of Quantum Computing which is being perceived as a threat to Bitcoin. We will see some changes again. Bitcoin is not a currency without any flaw. But all those flaws could be eliminated with time as nobody can predict what all challenges a technology of today would face in future. |
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know the fact Bitcoin is limited and was not created for people who want to use it for buying "groceries".
This is indeed the fact. The currency which has limited supply that too of some millions and is worldwide currency would automatically become a great asset for investment due to supply and demand curve. It is not meant for everyday shopping unless you don't have any fiat left to shop. |
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Definitely, I am agree with you, when i know about bitcoin deeply, then i also have thought that bitcoin couldn't change in currency. Bitcoin would be faced too much difficulties if bitcoin become into physical appearance. First of all, i am not thinking about it now and also in future. People like to use bitcoin as it is.
My point of view for this, bitcoin cannot replace the world currency for now because price is not stable. You were right on this, its not stable and it has normal fluctuation of its value ever since when its started to hit in the market. I dont think it will replace the currency in the world as it is not yet accepted globally. Bitcoin wasn't even created for replacing fiat currency. Otherwise its supply wouldn't be limited or would have a lot more than 21 million. Bitcoin was created to coexist with fiat and gave this world a new form of monetary system different from centralised form of currency or financial system. |
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Many prominent BTC people are in US jails.
When you hear some service or website related to crypto has been closed, anywhere in the world, the FBI/US authorities are always involved.
The US dollar is of course the biggest currency in the world, and the US is printing it.
Don't you get the feeling the US is trying to kill a currency that could compete with its own, and that it couldn't control ? I do.
Discuss !
Those prominent BTC people are in jails because of any illegal activity (just like any illegal activity with fiat) not because of Bitcoin. I am glad governments and law enforcement agencies are curbing illegal activities. This will increase the trust of people in Bitcoin and this will make those criminals realize that they can't hide behind Bitcoin. It is not completely anonymous and thus Bitcoin is not the one which helps criminals rather it helps law enforcement. |
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The kind of volatility that Bitcoin exhibits has extreme consequences for anyone doing commerce (selling goods and services) and accepting Bitcoin as payment (a currency). Most businesses cannot sell a product/service at 100, and then see the proceeds from the sale turn into 72 in a matter of days because of high volatility (it can be other way round but still uncertain). This would risk turning profitable sales into unprofitable ones. Of course, those businesses could accept Bitcoin and then trade out of the accepted Bitcoin immediately (for USD or another currency).
That seems like a solution, doesn't it? It so happens that this solution - which would be perfectly necessary - also represents the failure of Bitcoin as a currency. Then the question is why not fiat?
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Before considering Bitcoin as an aid to the problem of unemployment. We should understand the reasons which cause unemployment. Reasons for unemployment ranges from voluntary unemployment, lack of skills, job outsourcing, automation, large population and many more. Bitcoin is quite little a thing against how bigger the problem of unemployment is.
Bitcoin is good for extra income but it doesn't employ people directly. Unemployed people are from different area of expertise. Not everyone understands Bitcoin and can earn through it.
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For increasing the use of bitcoin,we have to individually approach retailers and explain them the benefits and usage of bitcoins.They should be mentioned that once payment is done in bitcoin,it could not be reversed.They must be explained that payments made in bitcoins will not be taxed until governments legalizes bitcoins.
But the question remains, will most of the holders of Bitcoin be willing to pay in Bitcoin instead of its inflationary counterpart fiat? Most of the bitcoin holders consider it as an investment asset and not a currency. Holding Bitcoin now will give decent returns in future. This limits the bitcoin spending. Hence, doesn't make much difference for retailers. |
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Hey guys,
Hearing so many things about the August 1 fork that i really don't know if i should keep or remove my BTC from Coinbase.
What you guys think? Its safe to keep them there?
Thanks.
You better transfer your Bitcoin from Coinbase to cold storage or any desktop or mobile wallet where you can have access to your private keys. This would be best. Don't trust any exchange for now with your Bitcoin. Most importantly after hardfork you will have access to BCC as well if you hold your private keys. |
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Believe me, prices will be nothing more than 0.005 BTC in a week or so after release.
Too early to say that. I heard that Bitmain (and its mining wing AntPool) is considering to support BCC. If that happens, then the value of BCC may rise sharply. And if Bitmain decides to support this coin, then at least some of the other miners may rethink their original decision. Indeed it is quite early to predict that. But I can say for sure that Bitcoin community as a whole isn't really welcoming to BCC. They are hating this hardfork move for splitting Bitcoin. Most of them are ready to dump it on 1st August. It would be hard for BCC to survive in market in such conditions. Else see what happens. |
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Should I invest On BITCOIN right Now or Later of August 1. Or
Should I go with Altcoin, If Altcoin Than Which Altcoin is Best for long run investment like 1 year .Please mention the altcoin names
As being a newbies your advised will be Very helpful to me in long run .
In my opinion it is better if you invest on bitcoin later of august 1 because there are many news spreading that bitcoins price will be totally zero that I think is impossible to happen but to make sure and to avoid the risk you should invest after the august 1. However, if you insist and you wanted to make a profit then try to invest on altcoins. You should conduct some research on what altcoin do you prefer. Another try to spread FUD. Stop spreading lies. Bitcoin is not going to be zero after August 1st. Infact what so ever dip we are seeing now is most probably going to end and Bitcoin will jump back to $2800 in no time. BCC is most probably not going to survive longer. Should I invest On BITCOIN right Now or Later of August 1. Or
Should I go with Altcoin, If Altcoin Than Which Altcoin is Best for long run investment like 1 year .Please mention the altcoin names
As being a newbies your advised will be Very helpful to me in long run .
Offcourse, you should. I can assure you that Bitcoin is the best asset to invest in when it comes to long term. Many a times for short term as well. You will definitely gonna double your todays investment by next year. If you want, go and check the track record of Bitcoin through some charts. How Bitcoin market expanded and grown in years since its inception. Still a lot of market potential is available to Bitcoin. |
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Hi , I'm new so basically I still have a lot to learn about the cryptocurrency , but I would like to know if it would be possible for the bitcoin to start the downfall ? I mean like what scenario can happen that the bitcoin would be pushed back like 5-6 years ?
Sorry if my post is in the wrong place or it's not relevant.
No,bitcoin could only lose its value is there is no one ready to buy bitcons.but we could see that bitcoin is legalized in some countries and there is an emerging rise in demand for bitcoins.Mass adoption of bitcoin is taking placer.So,its hardly im possible for bitcoin to lose its value.Rather it would soon cross $3000 and would rise even high. People learn from past mistakes and so do the bitcoin community. We have seen before incidents that lead to the price of bitcoin tumbling down (Mt. Got comes to mind first) then the price has more than recovered from that. I am not saying that nothing like that would happen again, but with the continuous development and a growing userbase, there's no real threat to bitcoin going down and losing most of its value. Actually Bitcoin has became a lot stronger than it was during Mt. Gox. Now investors very well know the potential of Bitcoin and most of them wouldn't abandon it during such happenings. Thus, possibility of crash due panic selling during such incidents have reduced significantly. But if happens it would rebound back in short span as happened in this month. Bitcoin has proven to be the best asset to invest in for long term. Crashes will happen but wouldn't stay for a long time. |
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What would it take?
Does the volatility settle if certain amount of merchants accept payments in crypto? Or should there be more people that would get paid in crypto? OR should there be a cryptoeconomy where people and businesses get income in crypto and spent the crypto?
Furthermore, could the volatility be even solved? I mean of more and more people are getting into Bitcoin, when would such demand cycle cool down?
I would like to know the economics behind it.
There have been many such threads. But let me answer it again. Practically if we look at marketcap of Bitcoin, it will take many years to reach a state of less volatility. Bitcoin has a $42B market cap. This is nothing. Until this market cap grows into the trillions I don’t think Bitcoin will be stable enough. There just isn’t enough liquidity. When the Bitcoin is distributed in large population. It will tend to be stable. Market wouldn't be driven excessively by a single investor holding millions of Bitcoin. Marketcap even just give a little CONTRIBUTION to bitcoin volatile, because : - marketcap = price * amount in circulation. - imagine someone who has huge amount of bitcoin such as BTC500,000 or BTC1 Million, he could still manipulate the price. I think it's better if bitcoin amount is spread widely instead of just one man holding huge amount of bitcoin. Then, it refers to bitcoin usability, when more merchants accept bitcoin payment and it has spread widely, then the volatility of bitcoin could be reduced. I have very well stated the point of more liquidity and a better distribution of Bitcoin among masses. More the liquidity, more Bitcoin will be in circulation and hence lesser is the chance of someone hoarding millions. Offcourse, marketcap is of little significance. But there is a huge interlink between Bitcoin price (in turn marketcap) and demand. More will be the demand more will be the liquidity and hence more is the price and marketcap of Bitcoin. They all are quite interrelated. |
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What would it take?
Does the volatility settle if certain amount of merchants accept payments in crypto? Or should there be more people that would get paid in crypto? OR should there be a cryptoeconomy where people and businesses get income in crypto and spent the crypto?
Furthermore, could the volatility be even solved? I mean of more and more people are getting into Bitcoin, when would such demand cycle cool down?
I would like to know the economics behind it.
There have been many such threads. But let me answer it again. Practically if we look at marketcap of Bitcoin, it will take many years to reach a state of less volatility. Bitcoin has a $42B market cap. This is nothing. Until this market cap grows into the trillions I don’t think Bitcoin will be stable enough. There just isn’t enough liquidity. When the Bitcoin is distributed in large population. It will tend to be stable. Market wouldn't be driven excessively by a single investor holding millions of Bitcoin. |
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