Many people considered today to be the most important day for bitcoin since its creation in 2009.
It was the first serious fork of the bitcoin chain into two different coins. Many people, including ourselves, were preparing for major volatility. And some people, like Mike Adams, said it was the death of bitcoin.
Well, it wasn’t. And, it wasn’t even very volatile.
In fact, bitcoin holders saw the total value of their two separate bitcoins reach a new all-time high today!
At the time of this writing, bitcoin is trading at $2,735.
And the newly minted Bitcoin Cash coin is trading at $380.
Bitcoin and Bitcoin Cash, combined, then have a value of $3,115 which is an all-time high for bitcoin which hit a high of $3,018.54 on June 11th.
There was a lot to discuss about what happened today and I had the pleasure of being on Press For Truth with Dan Dicks just hours after the fork to discuss all the repercussions.
You can see it all here:
While today was a breeze and resulted in bitcoiners gaining even more wealth, there are a lot of potentially nefarious plots going on which could have massive repercussions for those holding bitcoin.
I’ll be laying out what is going on to TDV subscribers in the next issue of our newsletter going out this weekend. To make sure you get that information first, you can subscribe HERE.
I think that BCC will soar in the coming week, watch out!
Good chance you are right. I read tonight almost 50% of bitcoin blockchain has moved to BCC.
Wow, what a day!
Blockchains don't move. There are now two blockchains that share a common history. What is moving is the HASHPOWER: the computers that add blocks to the blockchain are moving more and more to hashing the Bitcoin Cash blockchain and less and less on the Segwit chain. Bitcoin Cash could survive with minority hashpower because of big blocks.
Segwit Bitcoin will quickly turn to dust if it loses too much hashpower because it won't be able to process transactions with the 1MB limit.
Good chance of it. But don't forget it's fairly new and volatile. patience is a virtue. Followed you and upvoted. Feel free to follow back. Cheers
What happens if the split becomes 60% to 40%? Will the lower percentage lose value as the higher percentage gain value?
To avoid confusion I think its wise to start refering to Bitcoin Cash with it's official "ticker", which is BCH.
BCC is already taken by Bitconnect and also used for Bitcoin Core i believe.
Good catch...Thanks!
Well stated and true you are.
Anything is possible at this point....I cant wait to start taking trades on BCC :)
When bitcoin rises does that also mean this digital currency will go up? Steemit value might increase?
I agree, but having said that, the central banks will be watching it's popularity (thus a threat to them). Central Banks aren't going to simply sit by and cry in their cups of coffee while crypto's railroad them out of existence.
Just something to think about!
upvoted
The banks are going to have a tough time stopping Bitcoin Cash. I expect draconian laws to pop up that ban it, and probably arrests to scare people into compliance.
You might very well be right, @thesaurus. My own humble opinion is that I think it will slowly keep going down for another couple of weeks before it settles. People are still too new to it and too nervous to pick it up before they see it evening out. Once it does, that's when we'll see what it can really do.
Thanks for sharing Jeff!
Positive way of looking at it! Really shocked that Bitcoin didn't drop straight after we all got our Bitcoin Cash!
Very much good news, if this trends is going on then all of the btc holders will be benefited most. Any way thanks for sharing such a valuable information. If you don't mind please give a visit on my post, so that it makes me feel great for your sweet support.
My hope is that bch will take a piece out of the altcoin market. There are a lot of guys saying bitcoin's price is too high to invest, even if it doesnt make a lot of sense.
Thanks for the info, i have transferred my BTC from the exchange
Thanks for sharing
hahahahahaha best part is the coinbase punk!
Its true its shit!
Thanks for the update!
When Ethereum forked last year into Ethereum and Ethereum Classic, I missed my chance to get both. I had sold my ETH and transferred to BTC. I didn't learn... :(
This time, I transferred my BTC to ETH before the hard fork. Could have gotten some free BCC. Well... Going to have to wait for the next one.
What a forking smooth transition, im glad i got all my btc out of coinbase intime, will never use them again. Happy Fork Day all!
I bought Litecoin through Coinbase and then sent to an exchange that supported the split- much faster and cheaper than BTC. Should have invested more :)
It's a surprising outcome considering the hysteria surrounding the fork @wakeupworldnews. This strength could actually propel BTC into another major breakout.
Yeah.....coinbase is the worst....way better exchanges out here.
I expect a boom on btc price, cause the onky thing that could happen will be sell fake btc to buy classic bitcoin.
BCH needs to fight the difficulty of their network now. How long for a difficulty readjustments? They have a pretty bad time ahead.
They implemented an algorithm to adjust the difficulty much faster than in bitcoin. Should run smoothly in a couple of days
Jeff if all of my crypto was in steem this morning and sold it for Bitcoin today did I miss out on the BCC? I think I fucked up lol.
The price of Bitcoin cash right now, it's just speculation, a big bubble that will burst as soon anyone flinches. Bitcoin cash has absolutely nothing to back it up, just a cheap copy of the original trying capitalize on FUD. They have no developers, no institutions backing it up and no miner support. An organization, or in this case a coin is made up by the people in it. There is only one guy doing all the coding right now, coding errors are easy to make specially by one person. This is a disaster waiting to happen. Just one small hole in the code, and hackers will steal millions of dollars easily. People just get dragged by all the hype and don't really think about their actions and consequences. Bitcoin cash is just trash, dozens of alt coins out there have way better teams and resources that this mess. You did the right thing by selling, all this speculation will come down hard once the team behind bitcoin cash, can't deliver their promises. When prices go down to 1-10 dollars, all those people buying at 400 will probably start jumping out of buildings.
Just relax, sell your BCC and do not worry! There are now two bitcoins!
I did, sold at 300 yesterday! No regrets! :D It's flying around 1000 right. That's suchhhh an obvious pump and dump. Just wait for it.
How can I sell my BCH?
The fork happened at 5:20 am Pacific Standard Time. Any balance not IN BTC at 5AM when they took the snapshot on Bitfinex was not credited with BCH. I got 0.7 BCH worth about $225-250 for free. Now its time to convert back to altcoins :)
Fuuuuuu...
Only 1% this morning mining and now it seems like we kicked off big time. Some crazy days ahead for sure!
WOW
You can't combine the two. "Combined all time high"... give me a break. BTC is BTC. BCC is BCC. Separate.
Hence, BTC is approaching it's ATH and may exceed it.
Yes you can - what he said is correct if you hold both BTC and BCC you can sell both for USD and you will have more USD today at current prices than holding BTC alone. Very simple and true. So you can sell the combined two into one pile of good old $$$ cash.
They are different coins, if millions of bitcoin can just be created out of thin air and then sold for dollars then how is crypto better than fiat? This isn't good for crypto's image in the long run.
They are different coins yes. And note that Bitcoin Cash is trading at around 15% or so of Bitcoin. The price is still based on a proof of work in the mining of bitcoin cash and the perceived network value. Ultimately it what the market bears and what people are willing to pay per coin... same as BTC.
This same thing happens in the stock market every week. Companies spin off from other companies - forming separate companies. New companies go public but overall the market as a whole grows. New coins are being added every week through ICO's or in this case a hardfork. I don't see how this is bad for crypto's image. Clearly people are putting money into cryptos and there is a growing interest -- all good.
How is it better than fiat you ask? - you can search other posts - that should be clear if you are in cryptos - the pros and cons...
In the video above he outlines many positives as well..
@sky77, your logic is correct; BUT that is only assuming Bitcoin holders got their "free" BCC when the fork hit. If you didn't, then the combined value is completely irrelevant.
If you buy Bitcoin today, the BCC value doesn't matter. Why? Because you don't get a free BCC by buying BTC today - that has passed.
If you bought BTC last week and didn't transfer to an exchange that would honor the split, (e.g. Trezor wallet or Via BTC) then you still only have 1 BTC worth around $2700. Period.
To combine the two today for a "total value" is irresponsible and misleading because that assumes they are linked, which they aren't (they forked....)
When Etheruem forked last year, no one said "combined value". And when ETH value is referenced today, no one adds the value of ETC. Same will go for BTC and BCC. They are separate, independent and mutually exclusive. To say anything otherwise is incorrect.
@bitbybit, this is all true, and I agree except in the judgement in this context of calling it irresponsible. Yes and many (self included) have communicated exactly this to get BTC off the exchanges into a hardware wallet or one of the exchanges supporting BCC (such as ViaBTC) prior to the fork. To those informed this was clear before and after the fork, but I guess you can argue in defense of those who are uninformed about how the fork works.
@dollarvigilante sir you are spot on as we expected BCC will flop and only bitcoin segwit is the winner its also better for all of us that we have only one bitcoin and that is bitcoin segwit.
good post sir
Bitcoin Cash has replaced Ripple as the 3rd largest crypto by market cap. Like it or not, there's gonna be a lot of money to be made by trading pairs like BCC/USDT, BCC/BTC, and BCC/ETH
Happy Trading! #InCryptosWeTrust #InBitcoinWeTrust
I think there is room enough in the market for both of these to see good gains.
Nice post as usual Jeff. As I see it Bitcoin will remain the main currency and will be treated by users as investment, kind of "web gold" and bitcoin cash will be used for day to day transactions between users. Like this it all makes most sense to me. What do you think @dollarvigilante
Keep the bitcoin ....alive 🤙🏼🥃
Bitcoin is the KING !! All the people that makes money trading altcoins will always return to bitcoin to keep their money safe. Bitcoin is their final destination!
As I wrote in Dan's post there could be a place for both Bitcoin and Bitcoin Cash.
Bitcoin focused on being a super secure store of value, and Bitcoin Cash focused on instant transactions and super low fees for every day commerce.
Personally I prefer something like Monero as a freedom currency, as Bitcoin 's transparency seems a bit too convenient for governments to know and control everything we do.
Bitcoin cash can't do anything any other alt before it could.
Great info ! Thanks for sharing
This is a good post, although they are 2 separate coins now and I don't think you can put the 2 prices together and say that's how much Bitcoin is.
I think bitcoin (BTC) will prevail ;)
Yeah I think Bitcoin Cash is going to continue to rise. Things will get interesting!
Something strange is going on. Bitcoin Cash trades much higher on Bittrex than on Kraken. The BCC/BCH trade pair puts the price of Bitcoin at $1700 or so.
What I think is happening, is that all the Bitcoin Cash miners are dumping their Bitcoins and using it to buy Bitcoin Cash, thereby driving the price up. This theory makes sense since Bitcoin Cash supporters are from Asia and Bittrex caters to Asians whereas Kraken has more western customers, and as such the price on Kraken is far lower by hundreds of dollars even.
It will hit 3k$ alone soon :)
I was watching the whole thing! There was a lot going on and I watched as Bitcoin made its ups and downs. I personally have some Bitcoin, but I moved more of my funds into altcoins cause I felt that the move of Litecoin and others would move up higher.
I have been following you for some time now and really appriecate your info and videos.
I am excited to see where we go from here now. I feel like cryptocurrencies are now going to make a good run higher after all this dust has finally settled. The Fork done now means that the hard part is completed. I am just sitting back and watching to see the results.
This is so exciting...
Thank you for your videos and informative views.
Yeah, I don't personally own much BTC, preferring altcoins and looking for the next huge return.
yup. I am ready for these altcoins to make their moves now.
Been listening to your podcasts and just finished this piece about the ongoing bloodbath in the form of Kenny as bitcoin.
Check this shit out if you haven't already seen it. Tried to send it to you via your site email but just wanted to make sure you saw it. www.artforcrypto.com
Best,
Vesa
It was already possible to mine bcc, so it will be the new currency
Here's a good breakdown if you don't want to slog through a video:
The fork is over and well done to those who made money - i hope bitcoin reaches new heights without BCC and this time is put behind us
I must say it went smoothly than i expected it to be.
Now let's wait for the causatum.
The crappy part is I only got a 85% ratio of BCH credited per each BTC held... Bitfinex adjusted for manipulation days before the split.
That sucks....you should've had your BTC at Bittrex...they offered a full 1:1 ratio: https://support.bittrex.com/hc/en-us/articles/115000808991-Statement-on-Bitcoin-Cash-BCC-
@dollarvigilante sir i really feel good that bcc dont big effect on bitcoin and now we start our work again
Epic day. Lets see how the next 2 month play out. As always tha ks for the update Jeff
I'm very happy to see the direction in which things are going for bitcoin and its sister BCC, congrats to all those who gain wealth from the fork, great post thanks for the share ,, i followed and upvoted , resteem
Remind me if I am wrong, but did the price not climb to 4k?
What's next?
Bitcoin Lite or Bitcoin Zero?
I can't wait to buy some Bitcoin Ewoks...
Throw me a Bitcoin Bone here peoples!
:-)
wow wow wow
So is it better to hodl BCC for now and see where it goes.? Also, does anyone know what's going on w Trezor wallet. Their BCC wallet isn't working right now and I'd like to get my BCCs.
They are currently working on the issue to restore the BCC wallet. Any unclaimed BCC will still be available to redeem when the problem is solved.
Here is a link to the Trezor blog post:
https://blog.trezor.io/claim-bcash-bitcoin-cash-bch-bcc-trezor-wallet-f0a810d5864a
this is such HYPE! It doesn't have a market cap yet, as trading hasn't really started, as deposits aren't being accepted by exchanges.
can't dump bch anywhere yet
Cash, cash, cash - so what will become of the regular bitcoin ..
Is may seem like a silly question, can we now buy Bitcoin cash on its own and when can it be bought?