This Is Why Your Beloved Bitcoin is Correcting....
The debate which has been simmering in the bitcoin world for years will soon take center attention as key decisions in determining the future of the cryptocurrency are made in the next couple of weeks.
The Run Down
As you may know, there is a cap on how many transactions can be processed within any given block in Bitcoin, which causes slower transaction times and higher processing fees (I touch on this alittle in this video).
A segment of developers within the Bitcoin community have proposed a solution called SegWit which would manage some data outside of the main network (sidechain), however this would reduce Bitcoin miners' profits pretty handsomely.
The compromise agreed upon back a few months ago was SegWit2x, which implements SegWit while doubling the block size limit.
The question remains whether the implementation will lead to a split in the cryptocurrency.
Putting 2-and-2 Together
If you look at the price action of Bitcoin and match-up fundamental news events, we can clearly see that Bitcoin hasn't seen a higher high since June 12, which is ironically the same date as Segwit2x consensus between miners was announced.
Thoughts/Questions
- Do you think this is just a coincidence or true correlation?
- How are you positioning yourself ahead of this Aug 1st event?
- Is the bloodbath over?
I thin the bloodbath isn't over and won't be before August. After August we should see some stability and at the start of next year we should see the price go up.
My honest opinion about Bitcoin and the entire Crypto economy: With so many ICOs popping up daily and advertised even on Facebook, I see a downward trend in the coming weeks for all Cryptos, bitcoin inclusive...
But Bitcoin will come out better, stronger and widely accepted as the only authentic cryptocurrency after segwit and hard fork..
I'd say, wait awhile till August, then buy bitcoin once hard fork is done... We may see price pump to $3000-$5000 in short while
i think bitcoin is in for a bumpy ride downward for a while. In all actuality ALL crypto-currencies are going to feel a bit of a depressing feeling for the next several months. Possibly into the new year. It all depends on how sharp the initial correction is... it it is only in the neighborhood of 2.5-8% it might hold there for a while then late into the year begin to climb again... If it is a full 10-15% correction abruptly, you might see it continue down as low as a 30% correction. this all depends on how many people keep their heads and don't panic... To be honest, with the growth Bitcoin has seen this year it could sustain a 50% correction and would actually become instantly a buy at such a depressed price point.. but as with any investing, people lose their damn minds and cannot see past the losses and sell off... so who the hell really knows...but much like the 07 crash, when financial stocks were selling at single digit price points they came back with a vengeance...I made a huge profit on my bank of america stocks, almost tripled up... and it would have been a lot higher but i didn't have any disposable capital to buy it when it was 1.08 a share back in '08... anyhow, as with the financial stocks... Bit will do the same.. it will correct, the how much is irrelivant....what is relevant is how much you have on the sidelines to buy when it hits it's bottom.
If I had 0.00000001 bitcoin for every time any one said bitcoin is doomed. I would be a rich person now.
Naw I know it's not doomed but I had to click-bait them. I 've been in Bitcoin since 2013, believe me I've seen it all. lol
So what's supposed to be our safe haven now apart from changing to Fiat. Cos last I checked on bottles no btc/user exchange
Bittrex has BTC/USDT, HitBTC does as well. I even believe Kraken has USDT. USD Tether is not actually USD but it is very close. They try hard - and have been doing a good job at - keeping it 1-to-1 with USD
Ok thanks mahn I eventually did it
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