What's happening to Altcoins as Bitcoin Crucial Dates get closer?
As the crucial dates gets near, the markets reacts to a possible one or many bitcoin forks. This was expected.
Some Exchanges are adding to the turmoil and setting the market on fire by sending emails warning of none support for certain forks, and shutting down bitcoin withdrawals/deposits during the time of uncertainty.
Success of BIP91 and the miners signaling for Segwit almost unanimously, did little to stop interested parties from going forward with plans to fork bitcoin regardless. Whatever motives these parties have is not important now, like I said before, each party wants his own toy branch to play with.
What will happen to Altcoins?
Obviously having your bitcoins in your wallet with your own private key will give you access to a strong bitcoin and a number of new forks based on bitcoin in a matter of a month. This will most definitely be much better than having your wealth in any altcoin. The altcoin market will suffer from lack of support as more people move out of exchanges into private wallets and hardware wallets. The Exchanges warning customers of none support for all resulting forks is adding oil to the fire, in the next two days more and more bitcoins will leave exchanges to a safer ground.
The migration from alts started today, there are opportunities to make money from falling altcoin prices, but lets look at a scenario where bitcoin actually forks into more than one:
- You have X bitcoins in your private wallet
- In a month time you will have either a much stronger X Bitcoins or X bitcoins with equal amounts in the bitcoin branches that will pop up
- If you hold your X Bitcoins then the value will include those Bitcoins plus the value of all resulting branches. If you invest your X bitcoins in an alt coin, that altcoin must hold or exceed that value.
- in the short term I do not see any altcoin able to do so, with the dwindling support on exchanges. In fact we will see new markets that will take away attention from current altcoins to newly created branches of bitcoin.
My recommendation:
- Hold on to your bitcoins in your own private wallet, enjoy a strong bitcoin, and/or the free coins from bitcoin branches.
- Invest in altcoins that you think will increase in price by a factor of four in the short term. I do not think this is an option unless you know better.
- You might do well holding some altcoins, but I am not convinced, some altcoins will come back strong after all this passes.
This is all good for bitcoin. 😏
Good time buy some altcoins :D
HODL and wait for Bitcoin to moon!
I agree with you as people moving their coins to secure wallets from exchages there is a shortage of bitcoin. As bitcoin act as a middle men in all exchanges most of alternate coins are in down trend.
People are selling their alts for BTC. Once we get over 1st of August, alts rally will be back.
btc is going to hit the floor
Totally agree with it! I also posted something similar, I think Alts will have their comeback!
i think it would be better to hold both .u never can tell what would happen next.but i think holding bitcoin would be more preferred on the long run it would still gain value .
For now altcoins will suffer from lack of balances being left in exchanges. Simply because exchanges can't currently be trusted to have your back when the Aug 1st changes occur. But altcoins will come back strong as soon as the Aug 1st event is complete. In fact it will be the ultimate time to buy Alt coins!
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Because the alt coins are going to loose value it will be the prime time to buy once exchanges start happening agin is the time to buy. The question will be which early bird gets the worm!
nerve wracking times we live in!
most peoples are selling alts for to get free bcc i think thats why alts dipping
I think the same
Great explanation @joseph, thank you! What do you think is best to hold "stable" alt coins like SBD or actually hold BTC and wait for the possible profit?
Cheers!
You shouldnt really keep coins on exhanges anyway. Hacks, Mt Gox loss and recently the closure of BTCe are alle xamples of why you should ensure you retain control over your private keys at all times. I would only recomend moving coins to exchanges to trade. I appreciate that it is difficult to day trade without trusting the exchnages and leaving coins there, but this is one of the main reasons I dont day trade!
I day trade with about $20 worth of coins. Just for fun really. Would not like to leave any more than that in any exchange.
I agree. There is a lot of money to be made in daily trading but so much risk.
On the other hand if you got etc at 400 and just left it in a wallet safe all this time then there would be 7x+ profits without doing anything or almost any risk!
It is the market pricing in the uncertainty. IF bitcoin fails the overall market will suffer. Once this nonsense has passed we will see a relief rally in all altcoins.
It is kind of scary to wonder about the fate of altcoins, but I think they will still be around. I mean, it's kind of like we still use and need quarters, nickels, dimes and pennies even though we have the dollar. I think this is a similar concept to bitcoin and altcoins.
Still be around ? Alt coins haven't even started compared to where things will be. Bitcoin has lost half its market share on the last 6 months. It was 90% back then and now under 50%
By next year bitcoin will likley have 10% of the market cap as other players without the many problems bitcoin has. Bitcoin was first to the party
It will not be the largest cryto for much longer. It has a head start but it's literally one of the worst coins in terms of actually being used for quick transactions. It will be a MySpace to another cryto' Facebook. Don't let anyone tell you otherwise without looking at bitcoins major issuies. Just because it has a head start doesn't mean anything on the long term.
God i cant wait for these noobs to loose all their money. Just watching posts like yours get 0 upvotes is fucking nerve wracking
Dude! are you for real or am I imagining things? I've been trashing Buttcoin and calling the end of death of BTC in 3 years. You are the first person I found that state this except for some people involved in DASH.
https://steemit.com/bitcoin/@vimukthi/bitcoin-is-the-the-internet-explorer-of-2006-own-it-but-don-t-mine-it
https://steemit.com/@vimukthi/comments
Followed you the second I read your comment :-)