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
This post received a 2.6% upvote from @randowhale thanks to @sticker! For more information, click here!
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 .
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.
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Followed you the second I read your comment :-)
That's true, even I received such an email from Coinbase. Let's hope there's not too much panicking or we will loose. Thanks for the post. Cheers. Thanks for the info
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There's blood on the streets! Time to buy!!! Seriously though, it's a lil' bit worrying, but like you say, bitcoin will be fine. The alts will be back... hopefully :-)
Cg
Yes, I am worried this might not be the end of it though, I'd be very cautious buying into the alt market now, when bitcoin is on the verge of a very major move.
it also affect bitcoin wallet like coinbase.i recieved a message from coinbase that i might not be able to withdraw btc after july 30.
Good point, hopefully this will be the "Y2K" for crypto, where everyone is ultimately worrying over nothing... hopefully!
Cg
Have any of the people saying bitcoin will be fine realize bitcoin has more long term problems then some of the newer cryptos ? U guys realize just because it's first doesn't mean it will stay there. Actually the first is never on top for to long. I give it till 2020 till bitcoin is worthless. Cryto with Blockchain will change the world. It's just weird people think the first will stick around not to mention its far by not able to transact the way any payment method needs to. I'd bet on Dash over bitcoin long term having more market share in say 2025
99% of cryptos around today will be worthless in 10 years. And bitcoin is way to flawed to be the last one standing. Anyone who harps on the fact bitcoin has systems built for it so it has to be the one used in the future needs to study history
Dude for God's sake ARE U LIVING INSIDE MY HEAD???!!!
Don't you make a post saying you'd buy BTC for $100 today or for a penny in 2 years cause that's how much you value the great buttcoin.
Safe and logical move seems to me to sell all bitcoin at these nice high prices, then you profit of of any you ever bought. Once trading starts happening again and everything is low price then buy back in.
Alt coins are low and will stay low until reliable bitcoin trading happens again. Bit coin may go up even more but seems like there is a really good chance that the price will drop when trading starts agin because people want to buy into alt coins and also get their profits from the "free" bcc.
And the value of bitcoin continues to go up closer to 1st August and almost all other altcoins take a dip. I read originally most believed that at least part of bitcoin funds would flow into altcoins closer to 1st August, I guess no one knows for sure until it actually happens, all that charting and speculating is just that speculation. Yes, definitely move your bitcoin into a hardware wallet or at least out of exchanges.
Good opportunity to get in on some altcoins at a low price if you're not interested in BCC.
@joseph, thanks for posting! I'll blame it all on the upcoming BTC and BCC influence on the market and current Bitcoin hoarding.
BCC is not the only player, there are others.
yea right
He's right
Already a few forks down the line being discussed
Yes there is another (Yoda voice)
@geneeverett hahahahaha
the alts wil boom once the dust settles
Agreed, question is which early birds get the worms.
There about to be a lot of really angry people on the 2nd
I think LTC is a strong choice, an has a great future ahead of it for a lot of growth.
What makes you say that - about its potential for a lot of growth? I'm holding a few for the long haul but have not been following LTC happenings the last few months.
Extremely fast, low fees, and limited supply. The founder of LTC has been traveling the world informing key areas about LTC. As it gets more adopted, I think the price will rise.
Awesome, thanks for the clarification.
I sold all my altcoins to bitcoin for a nice profit when the chain splits.
Seriously ? 100% ?
Yes, I sold 100% as I only had Humaniq I bought it at ICO price and had a $200 profit at the time I sold it.
Well im buying on those dips, especially those coins i have big hopes for. Not chasing this Bitcon cash hype train and sell alts with loss!
whats u think we put out our coins from poloniex or not
not sure what you mean by the question.
No. Poloniex is a centralized exchange, with past history of trouble during big moves, support can take literal weeks to respond and they blocked Steem/SBD withdrawals for a very long time. With the vast offering of exchanges nowadays, Bittrex, Open Ledger, etc, unless you have a very compelling reason to stay in Poloniex, you should consider moving away from it.
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Hey thats the funniest response I have seen from you yet @cornholio
Based on ur rep though ur gonna have to do a lot better than that.
If one uses bitshares openledger, does that mean you will able to claim btc cash? How does one find private keys of the individual assets on bitshares?
The advice is to take your BTC out of exchanges as exchanges will opt for one or the other. After the fork you should be able to exchanges that either do all the forks or different exchange for each fork and convert to each fork. Eg. you if you have 1BTC that will equal 1BTC and 1BCC after the fork.
The values for each of these are yet to be determined
Bittrex has stated they will support whatever happens, and you'll have BCC worth whatever BTC you had on the exchange on July 31st-August 1st.
Same is true for Kraken http://blog.kraken.com/post/1150/bitcoin-cash-and-a-critical-alert-for-bitcoin-margin-traders/
Bittrex is a much better option than poloniex, hassel free and easy to setup. Never had a problem trading or with deposits and withdrawls, I believe that is also the general opinion from most that use it.
They have also recently stated they will support BCC, if you have BTC there you will get BCC, unlike certain other exchanges.
I've had positive experiences on Bittrex too. never a problem trading there when other exchanges are slowing down/shutting down due to large amounts of trading. My only beef is that the charts are awful and often lag the actual market history.
If the development is very good
Ethereum Classic provides an easy example of why buying bitcoin before August 1st is smart... you can recapture any lost value from the fork through the presence of your additional token. Sounds wise to me.
Thank you For this good development.
For my part I invest in the XPR ripple which for my part has a future as a cryptocurency
I think we need to wait and learn from what is going on in the market right now.
Great Article @joseph :) thank u so much for sharing
I'm following and vote up you please follow me back and vote up my post i need your help and guideline . :)
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I'm looking at this as a possible big sale for the altcoins since I'm in it for the long haul. Let the red river run. =~D
whats u think good coin now
Hello @joseph... There are so many altcoins on the crypto market that one needs to be a genius to know about each one of them. But I beg to differ from your prediction of altcoin 's future. There are several functional coins like ethereum etc. Only bitcoin will exist and every other coin will perish is a bold statement.
I am sorry but I am not sure where you got the idea every altcoin will perish? I am talking about a short term market here.
Ohh yeah. I think I misunderstood it. My bad. ☺️☺️
I kind of agree here also, alt coins won't go anywhere, well some will disappear as time goes on, I think Etherium and Litecoin have a good chance, but then again who knows?
Either way I do believe Bitcoin is a must have, with every other coin using bitcoin to purshase them, I would rather have the bitcoin.
That's changing though
Already u don't need bitcoin to buy at least 4 cryptos
Coinbase is adding dash and others soon. Many exchanges will follow by 2018
Litecoin and etherium Can be bought without bitcoin on a few exchanges now. You'll see bitcoins problems push many developers toward being systems focused on other cryptos. Bitcoin is probably a MySpace To another Cryptos Facebook. This is not even a baby yet in terms of where we are we RT this. The first never ends up sticking around in anything.
After 15th of July I was waintig for another crash of Alt coins, but after the success of BIP91 I thought that the crash would not happen anymore...so I have bought a lot of Alt coins this Sunday in the faith that this is a good decision...what a mistake! :) Luckily I am a long term investor :)
by the way...very good point of yours :)
So we should sell all our steem and steem dollars?
how i wish there is a way to make steem grow its leg and get off the shadow of bitcoin. bitcoin is just like the puppet master, it pulls the string and all other altcoin jumps. i think we can start a peer to peer steem exchange platform that can happen.
great article @joseph
Good advice and thanksI was wondering should I move my ether into bitcoin before 1st of August and I think I still have little time to do so. I just don't know how ether will stay with all the new additions that are popping up like EOS.
Exactly what I did. My life's saving are now on Buttcoin for a small time until I cash them out of Etherum and Dash and HODL Bitcoin Cash (or maybe buy when it crash-only a bit)
It's probably wise to spread things out not have it all in one basket
so its good time to buy now altcoins? before this fork thing in august bitcoin
Yeah, I'm completely agree and i think that is the wiser decision.
Thanks for sharing your thoughts about this. Can I translate your post to spanish and share it? with the respective credits of course and linking your original article as well.
Traders have started hegding their altcoin to bitcoin and usdt to avoid market volatility in the coming days.
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While the hard fork date get closer. Bitcoin price continue going up. It means the demand of bitcoin is high. Base on the stat, in my opinion, I believe bitcoin will dominate the matket for the next ten yesrs.
I am buying altcoins as i think that altcoins will rise up after the fork. I bought DOGE, SC, XRP, DGB today.
What do u like best ?
I'll wait till the dust settles. Bitcoin is not everything and I won't sell my alts with a loss right now.
With the forking on 1st August, based on chaos theory, there is high probability of volatility for alt coin. If bitcoin forks, bitcoin will drop drastically together with all alts. best approach is to keep your bitcoin out of exchanger and to your private wallet. If you do have amny bitcoins, sell all and buy back later at cheaper price. Cheers!!
should i but EOS now ?
I really like your explanations and details
Nice post..
"Whatever motives these parties have is not important now, like I said before, each party wants his own toy branch to play with." That's exactly how looks to me as well.