Bitcoin Soars As Everyone Wants a Bitcoin Cash Lottery Ticket on August 1st

4년 전

Bitcoin has been soaring in recent days and it is likely due to the fact that there will be a bitcoin hard fork on August 1st.

BIP91 has already been activated but a hard fork called Bitcoin Cash will still occur in just a couple of days.

Many speculated that a fork would cause the price of bitcoin to drop. But that is far from the case. And it makes sense that the price is actually increasing on this news because if you hold bitcoin properly (more on that soon) you will end up with both Bitcoin (BTC) and Bitcoin Cash (BCC)... and we know from experience with the Ethereum fork into Ethereum and Ethereum Classic, that the two combined can be worth much more than just the one.

Here’s what’s happening.

BITCOIN CASH

If you pay attention to the cryptocurrency space, chances are you probably have heard talk about the scaling debate as well as a potential fork including Segwit.

With BIP91 already activated, the likelihood of BIP148 happening, (a proposal which sought to upgrade the network to SegWit using different code) is slim to none.

To many, this was a relief that one path toward a split in the blockchain was basically eliminated. However, there existed another scaling proposition called Segwit2x which aimed to ameliorate the scaling issue by joining the two major code-change ideas together.

What ended up happening in part, was that many of the major players who had originally backed the Segwit2x proposition realized that the measly increase in blocksize wasn’t worth standing behind. So they decided to make their own version of bitcoin which will be, in effect, an entirely new currency.

So, at exactly 12:20 UTC on August 1st, this group which is being led by the Chinese bitcoin exchange and mining pool ViaBTC, has stated that they will split off from bitcoin, and create the new currency called Bitcoin Cash.

The new coin which is already trading on futures markets, goes for about $461, meaning it's worth about 15% of bitcoin's current price of $2816.

Those who stand behind Bitcoin Cash like it because it increases the block size to 8MB and also removes Segwit. It has been rumored that some of the miners such as Bitmain, dislike Segwit because it renders their ~20% Asic Boost computer chip advantage, useless. Therefore, the removal of Segwit is of course attractive to companies that use this chip in their mining hardware as they stand to lose money with the inclusion of Segwit.

But, a company called Blockstream employs many of the key contributors to the Bitcoin code which has it in its best interests to make bitcoin slow and expensive as Blockstream develops sidechain networks.

And, those behind Bitcoin Cash believe that miners signaling for BIP91 will not honor the move to 2MB after SegWit activates and are forking now to ensure a block size increase.

This will continue to play out between now and November.

WHAT DOES THIS MEAN TO YOU

If you are just a general bitcoin user or holder all of this doesn’t mean too much at the moment. The key for all holding bitcoin is to ensure that after August 1st they hold both BTC and BCC, however.

In this way you continue to hold BTC and then get a lottery ticket in the form of BCC. If Bitcoin does not continue to improve its speed and costs then BCC could gain ground. If BTC really continues to be slow to upgrade we could even see BCC supplant BTC as being the most valuable iteration of bitcoin.

If that were to happen you’d be sad that you didn’t hold both… especially when it is as easy as owning and holding bitcoin properly before August 1st.

WHAT TO DO

If you hold your own bitcoin with your own private keys then you have nothing to worry about during this transition. After August 1st you will have both BTC and BCC.

Most bitcoin wallets allow you to hold your private keys but just do a Google Search for your wallet and “bitcoin cash” and you should be able to quickly find out if your wallet will be supporting Bitcoin Cash or not.

If you hold your bitcoin at an exchange then I just have one word for you: “don’t!”

With or without the fork, holding your bitcoin at an exchange means the exchange owns your bitcoin, not you. And it’s not like we’ve never had exchanges lose people’s bitcoin before… whether it be due to theft, fraud or just incompetence.

So, if you have a large amount of bitcoin that would affect your life if you lost it, never hold it at an exchange. The only time it should be at an exchange is if you want to sell it.

That said, if you are a trader or just want to hold your bitcoin at an exchange despite our warnings there are exchanges that will support the BCC fork and those who won’t.

Most won’t.

Coinbase, in the US, has already said it won’t. In fact, it is easier to list the exchanges we know of who will support Bitcoin Cash than it is to list those that won’t.

The two we know of at this time who have announced they will support it are Bitfinex and Kraken.

So, if you hold your bitcoin at those two exchanges you can expect after August 1st to hold both BTC and BCC. If you hold your bitcoin at most other exchanges you either will be unsure if you will have both or you explicitly will not have both depending on their policies.

If there are other exchanges that have announced support for Bitcoin Cash that we have missed please feel free to mention it (with a link to their announcement) in the comments below.

I should mention also that my favorite cryptocurrency exchange is Bitfinex because its software is the most advanced I have seen. They will be supporting Bitcoin Cash. And you can get a 10% discount off your trading fees in your first month by clicking here.

CONCLUSION

If the reason bitcoin is rising is because everyone just wants to make sure they get the Bitcoin Cash lottery ticket… and many plan to sell soon after getting it to reinvest in the other altcoins… then we could see a major drop in bitcoin in the days after August 1st.

If, however, people are buying because it looks like we will get through these latest bitcoin problems without any major issues, then we could be headed to a much higher bitcoin price.

And, probably it is both, which means we could see a volatile few days ahead. And you’ll want to make sure you subscribe to The Dollar Vigilante newsletter HERE to get access to all of our realtime analysis and recommendations as it happens plus access to our subscriber only Facebook group with thousands of TDV subscribers who all keep on top of and can help you with any questions or concerns along the way.

And stay tuned here tomorrow as I’ll publicly announce which cryptocurrency could be the next Ethereum.

It’s never boring times in the cryptocurrency world!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending
·

GOOD INFO THANKS FOR THE READ

More things to learn, thank you

Thanks for sharing!

It's always good to DYOR before selling off or buying any coin, so far bitcoin has defiled all gurus predictions of a huge dip and stood tall. Everybody predicted a huge from 21st July, my calendar says today is 29th July and bitcoin is $2778 on coinmarketcap ( or how do i update my calendar).
I have come to understand there's only a slim accuracy in predicting bitcoin.

·

Same thoughts! I've been waiting all this time for the "predicted" bitcoin drop leading up to Aug 1. Notta..

·
·

Don't trust the 'experts'!

Yea you're right, in the past months all altcoins rise and fall in a uniformed pattern with bitcoin against Tether (Usdt) but since bitcoin cash developers decided to use the replay action which enable bitcoin holders get a bitcoin cash lottery, most traders have started moving their funds from altcoins to bitcoin to get the free bitcoin cash.
I think after august 1st money will start moving to other altcoins again and market will moon, it's akways advicable to Do your own research (DYOR) always.
Blockchain is here to stay, it's not a ponzi scheme

Good luck to all us Bitcoiners I say!

I don't support BCC and I am ashamed of btc-e for supporting it. I wouldn't trust my real bitcoin on viabtc for the chance of selling off my trash bcc for a few bucks when it crashes first day!

Thank you @dollarvigilante for addressing the upcoming fork as well. With many folks helping to cover of this topic, it strengthens the community and helps everyone better understand the issues that face Bitcoin.

I have already created a helpful guide that anyone can use to ensure they get all the free coins coming to them in the fork right here on Steemit:


[How to] A Helpful Guide & Complete Compendium to the whole NEXT WEEK of BITCOIN: From Price to Fork(s) and MORE

My page regularly posts about Steemit, Bitcoin and other crypto related material, check out my well written and easy to read content; follow for the FASTEST active news you can run with!

Thank you,

Jeffrey Anderson
Editor in Chief
The Anderson Report
@cryptoNEWScoins on Twitter

Screenshot_2017_07_24_at_10_50_28_PM

·

The main thing to learn from this article is people Please Please Please get your BTC off of exchanges!!!!!!!

·
·

Yes, especially Poloniex...

·

Good quality of vedio

I think once BCC hits exanges eveyone will start exchange it for BTC as soon as they can - I know I will and that will make the price of BCC go down and with mpt uch future for BCC

This is probably one of the best write ups of the situation I've seen from a big name on here.

Thanks, Jeff!

Thanks for the info. You rock.

  ·  4년 전

BCC some kind of nightmare. I'm still not convinced what it is for real. Bitcoin just about to have segwit turned on, that else thise people need? Why to behave so hostile?

Good report and one good news is that BTCC will give the same price to The users who have Bitcoin assets in BTCC and all BTC will converted to BTC cash in same price.

·

Ah no... just no..... BCC = (poo emoji) so you will get the same number of poos for your BTC and then BTC will crash and you will lose a heap of money

Do you know if bittrex is going to support the bcc fork?

·

They will support it. If you go on their website you can see :)

·
·

Thanks :)

·

Don't leave your coins on there. Move to Electrum or a Trezor or something. If you want to move your BCC or BCH or whatever the hell were calling the new Bitcoin over there to dump it you can do that.

·
·

the majority of my btc is on my trezor but I have some on bittrex that I use to trade, so I just wanted to see if it's going to be safe.

·
·
·

Same here, I do have a little trapped on Coinbase but not really worried about it as I don't think Bitcoin Cash is going to be a big deal anyway

If Everybody Starts Dumping BCC On Augest 1st There Probably Won't Be Any BCC Just Like BTC Unlimited :), Besides It's Free Money After All !!!

Good run down of whats happening. I;m sure someone has mentioned it already, Bittrex will also honor BCC and will credit accounts holding BTC. It states in their announcement that they may or may not have an exchange for BCC. So heads up!

I think the fork has attracted much attention to Bitcoin but I think it is stupid to buy Bitcoin for Bitcoin Cash. Think Bitcoin Cash is going to be worthless.

·

It's either worthless or it's going to take its value from real Bitcoin but either way it's not free money imho

·

Feel free to sell me yours for bitcoin at the current rate!

now looking at the graft it will drop again in august before going up

·

No one knows what the future holds for Bitcoin. Some people think it can reach $500 000 in the future so for them Bitcoin is still highly undervalued.

·

fairy tales !
No one knows whats gonna happen.
Could you explain to me what a security is?SEC thinking

BTC out of cloud exchange. Thank you.

Bitcoin fees doesn't bother me much, it's the 10 minutes confirmation that's pissing me off.

·

rogerkver Roger Ver tweeted @ 25 Jul 2017 - 14:50 UTC

"SegWit seems like a creepy church cult where you aren't allowed to question it - just accept and believe in it." reddit.com/r/btc/comments…

jimmysong Jimmy Song tweeted @ 24 Jul 2017 - 14:20 UTC

I just published “Bitcoin Cash: What You Need to Know” medium.com/p/bitcoin-cash…

Disclaimer: I am just a bot trying to be helpful.

1t931p.jpg

This post is phenomenal.

Can't wait until tomorrow to hear what the next Ethereum is going to be!

McCain would vote thumbs down but I sure will be giving this an upvote like crazy!

·

The next Ethereum is Waves! 😘

Interview with @rogerkver where he explains the Bitcoin Cash and Segwit2x forks of Bitcoin.



Published on Jul 26, 2017
Interview by Mai Fujimoto-

https://maifujimoto.com/



http://twitter.com/@rogerkver Jul 25
"SegWit seems like a creepy church cult where you aren't allowed to question it - just accept and believe in it."
https://twitter.com/rogerkver/status/889860483121004544

·

Why do japanese women nervously giggle do much? This isn't the first time I've seen this.

·

rogerkver Roger Ver tweeted @ 25 Jul 2017 - 14:50 UTC

"SegWit seems like a creepy church cult where you aren't allowed to question it - just accept and believe in it." reddit.com/r/btc/comments…

Disclaimer: I am just a bot trying to be helpful.

Prepare your coins peeps 🙌🏼🙌🏼🙌🏼

  ·  4년 전

Well said, I really like this that you've laid out. And I definitely share the viewpoint with you. I also hope to leave my legacy here on steemit, and what I share here is what I would want to be remembered for. I think we can all look for something new! Thank you for being here. :)

Thanks for the direction. I found my wallet (Exodus) won't hold BCC (the new currency) but can export the key for a wallet that can.

Additionally, I view this advice like most stock breakups. Over time the sum of the parts will be worth more than the whole. Look at what happened to AT&T... Holding the split up shares made good money for a basic hold technique.

Brilliant. I needed this article.
People have been so excited about this fork and saying Bitcoin is going to the moon following August 1st. Well yeah, long term, but in the days after, this is no doubt going to lead to quite a correction. We'll also see a lot of overvaluation.
All the same, exciting days ahead! :)

·

A lot of people have purchased bitcoin recently as shown by the increase in Bitcoin and fall in alt coins .

If even half of them switch back after they receive BCC the effect is sure to reverse.

Nice Article! Worried about your Bitcoins and where to store them? How to get free Bitcoin Cash? Come check out my blog!

Can someone tell me that coincafe will support it ?

Jeff you the man brother! Great work!

Great read, you clearly laid out the details, thanks

Alot of exchanges have released statements about the split, alot are accepting BCC (I don't think it will end up called BCC a coin already exists with that, I think it will be BCH)

Paranoid, cautious or just don't know, take bitcoins to a wallet play it safe.
Want to be there be see what happens as it happens or to sell off quick stay on the exchanges accepting both and taking a neutral stance.

good good good post!

Please Please Please people get your BTC off of exchanges! Its good practice to keep at least the majority of your coins off of exchanges as they tend to be much less secure but now more than ever its key to do so!

I'm so keen to cash in on BCC. As soon as I get it, I'm investing half of my BCC into altcoins that have potential :) Because as soon as this fork panic is over, the prices will correct and there's more leverage with small value altcoins.

@dollarvigilante where do you recomend we store our bitcoin if not in an exchange?
what wallet do you recomend

·

Electrum version 2.9 would be my suggestion. They have announced support for Bitcoin Cash. Electrum allows you to export your private keys.

·
·

thanks what about exodus what do you think about it

·
·
·

I use Exodus and like it a lot, but I am not sure how it will handle the Aug. 1 fork.

Thanks jef for the info, you seem to know a lot about cryptocurrency whats the secret?

This bitcoin split talk is scary, just cuddling with my NEM and watching the movie though.

hey @dollarvigilante that is WAY too much trext man, where is your video !

By the way see the stuff happenning over at the Netherlands.
Here in Europe we are fucked !
https://steemit.com/transgender/@limbodrones/there-is-a-new-species-the-transgender-human

Bitcoin cash would be really a game changer in the near future. People are pulling their crypto shares from other altcoin just to get this in the future. I think this method is good for those who are holding substantial amount of bitcoins. For those who're holding just half or 1/4 of a bitcoin, they wouldn't get benefitted by this method. Instead, they could suffer a loss while moving their bitcoin shares from moving one platform to the another. So, the less bitcoin holders should remain calm and should kept their shares in alt coins itself. They will boom for sure in coming 2-3 days.

You always do good analysis.

I think the price of bitcoin grows, because people want to get 2 coins instead of one on August 1 :)

I'm with ezBtc.ca & this is what they said

"ezBtc has no preferred outcome to the event on August 1st. Since inception and continuing through this time our only focus is on you the user and acting in your best interest. As many of you know, user experience, security, and personal service is a cornerstone of our business model."

Solid article. Thanks for bringing this to my attention. The biggest group of uneducated investors in mankind get's a shot to determine the price of a crypto. It's an interesting world we live in. I found this amazing platform: https://www.coincheckup.com I don't know any other site that gives such good inisghts in the team, the product, advisors, community, the business and the business model, etc. See: https://www.coincheckup.com/coins/Bitcoin#analysis For the Bitcoin Indepth analysis

This is stuff is just like studying law, it's constantly changing and it takes hard work and dedication to stay on top of things! Hat's off to you guys!

This post made my day !!!
Thanks for sharing it !!!!

thanks guy

This is a lot of worry about nothing. Just buy and hold, don't listen to/trust people telling you bitcoin is not scaling, and think for yourself. The price is quite solid above $2500. We're going up. Bitcoin cash is a distraction, ignore.

And ig this not happens and you lose everything??

So whenever you see @Dollarvigilante BE AWARE 'cause this guy is going for it!
Totally narcistic, only out for your money !
More of them out there !

Only their profit and never ours

I like your post! Good luck!

great post to increase people' understanding. I have seen many people switch their altcoins to BTC now to profit from bitcoin cash but i think that is a mistake to do now. I outline that in one of my posts. Maybe it is something you are interested in? In any case, thanks for sharing and looking forward to your next one. Cheers!
https://steemit.com/bitcoin/@attalis/3-reasons-why-buying-bitcoins-now-from-your-alt-coins-is-a-losing-trade

Ecellent article and thank you for clearing up some information I rrquired, keep up the great job and thank you.

I should have bought BTC on time.

Amazing, man. The next Ethereum? Sounds pretty interesting.

Awesome article @dollarvigilante..!!
I think BTC & BCC both will do well in the times to come. But at the same time, I would like to see other alts to also do well. Monopoly of anyone is not right for the market

Very informative for Bitcoin holders like us. Thank you, I upvoted and resteemed this post.

Interesting times in the crypto world. Good to know everything will be ok and bitcoin will continue to grow :) Thank you for sharing

Thanks for info

Don't know about lottery ticket, but at least a hedge against possible outcomes following 1 August.

Your topic is very good, i like you, thx you for sharing @dollarvigilante

Plis vote me
https://steemit.com/uprovet/@ril21/broken-hearts

Well stated Jeff. As an investor, I like that I'll be getting BCC, which I plan on holding on to a little bit of it for the long-term, but as a trader, I can't wait for all of the volatility that'll happen from now to November....not to mention...LedgerX will have Bitcoin Options available this Fall. The remainder of this year is going to be reallyyyyy interesting.

Are you going to publicly announce EOS as the new ETH? As long as everyone is obsessed with BTC/BCC for the moment, I think this is an ideal time to pick up Bitshares while it's under 50 microbits. ARDR/NXT as well. People seem to have forgotten about smart contract platforms, and meanwhile Ardor main net is set to launch directly after this BCC drama calms down. The sleeping giant.

The uptick of drama between the alphabay and BTC-e arrests, the SEC statements, DDOS attacks on exchanges, spam on the mem pool- it's quite a bit of nonsense at once. Topping this off with some extreme volatility from someone dumping coins and clearing out a couple order books sounds like some grade A FUD to top this off. I certainly have a couple lowball orders set at the moment just in case. How many coins do you think Roger Ver could unload and still be stinking rich?

That is a dangerous comparison. You know what happens with lotteries - millions lose so that a handful can win a lot. I'm very suspicious and skeptical, so I see it like this - if they're giving you a free $100 for every $770 you spend on BTC, or approx. 13% at current prices, you'll probably end up losing more than that. There's no such thing as a free lunch. Only the fastest and biggest whales are going to profit and drive the price of BCC down to the ground. True, while the act of selling BCC means you're buying BTC, we can expect a further rise in BTC price, but the time for a correction will come, people will be overtaken by even more greed and it'll be a bloodbath.

BTC-E Domain Seized by Authorities

Alleged Operator Alexander Vinnik Charged by U.S. Grand Jury
The Russian national has now been indicted by a U.S. grand jury over the alleged money laundering.
He has including laundering stolen funds from Mt Gox, as well as computer hacking and drug trafficking. So far, Vinnik has made no public comments but, according to the BBC.He was the brain of behind the whole operation head.

The indictment alleges that Vinnik received funds from the Mt Gox hack. Given the motive of his arrest, he then presumably laundered these funds, either for himself or others.

"Just as new computer technologies continue to change the way we engage each other and experience the world. They are much will trand criminals with new technologies.

Source : - https://www.cryptocoinsnews.com/111767-2/

Nothing instills confidence like reading from someone who knows what they are talking about . Great info as always .

https://steemit.com/contest/@edolo/stupid-stock-photos-1-contest
Check out my CONTEST post guys! The prize is small for this first one, but I will do more and more ;)
P.S. im not using a bot in case your wondering.

All SBD earned from this comment + more will go into the next prize pool. So upvote it ;)

Hold and have patience. Bitcoin will grow this is for sure. Bitcoin Cash is a great concept for the future.
At the moment I believe, its just predictions and conversations everywhere, adding to confusions and ambiguity.

bitfinex said they will decide if they support bc cash after the fork

·

Yes but they also said they will give the BCC to BTC holders

This is the most informative post about Bitcoin fork. This clear things out for those who don't know what to do with their Bitcoin during the fork. Thanks for posting this article.

Still, to do this day - fork or not, I can not for the life of me understand why anyone would allow any exchange to hold their keys.

BTC's still so new on the market - sure, there are some pretty trustworthy ones around, but I still think the market is too new to really cull out the good from the bad. Please, just learn the basics and hold onto your own keys! (get to know paper wallets, redundant back-ups, etc. etc.)

Great information Jeff.
Thanks!

i follow you on youtube and because of you i got in to steemit thanks for the info

I love money and also belive in bitcoin.

Hello Jeff, I have been following you for a little while now and really like what you do for steemit platform which is helping it to head in the right direction. This made me to think what is there I can do to contribute. I did make a post today for a Steemit meet up in Prague that I would like to organize and could use some of your influence to spread the message across. It would be great if you could resteem it for me, possibly give me some feedback or point me in the right direction. Thanks ever so much and steem on! Thank you Tomas. You can check my post here: https://steemit.com/travel/@czechglobalhosts/steemit-quarterly-meet-up-in-prague-october-2017

Jeff, your analisys & projections have helped me make gains in the criptospace. Thank you for all of your work...it truley shows you care.

Too bad I can't join in the merriment at the moment as I've no bitcoin so far. :(

I want to know more, do you know i am your follower @ronaldmcatee

I'm afraid a lot will hold out just to sell out later. There could be a lot of ups and downs from this. I hope more people just hold out long term.

I belive , writing good content , is very important to engage followers .. :) @ronaldmcateer

Thanks for the advice. I had to exchange some uncommitted coins for bitcoin so I wouldn't miss out on it. I only wish I had more. One thing I am learning is that there will continually be new opportunities in crypto currencies.

Thanks jeff for the post.
I already subscribed to your membership.
Im learning quickly because of you!

Congratulations @dollarvigilante! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Your post was the most upvoted on one day

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

i know all of your posts are wonderful, and i read them @ronaldmcatee

well explained am sure will be following more
https://steemit.com/steemit/@moniev/genuine-upvoting

well i really think holding btc to get just 20% doesnt worth it, its better to just hold the alt bcos i see them pumping hard after august 1st

Hello! I just upvoted you! I help new Steemit members! Upvote this comment and follow me! i will upvote your future posts! To any other visitor, upvote this post also to receive free UpVotes from me! Happy SteemIt!https://steemit.com/steemit/@rakiblove/today-529-75-profit-sativacoin-stv-cryptocurrency

Congratulations @dollarvigilante!
Your post was mentioned in the hit parade in the following categories:

  • Upvotes - Ranked 2 with 602 upvotes
  • Comments - Ranked 5 with 131 comments
  • Pending payout - Ranked 8 with $ 230,19

Seems China guys want to take more control and make Bitcoin cash more popular ? Would that not cause bitcoin down in near future ?

Lotto is for losers... Just sayin' ... check your reality, check the lotto, and get back to me after the drawing.....

I know you said don't hold bitcoin on an exchange, but what about other crypto currencies? I'm assuming it's the same. What's the best wallet for them. Preferably, one wallet for all. Thanks in advance for your help :)

More realistic strategy regarding Bitcoin Cash ( BCH)

  1. Sell your BTC now and buy decreased in value altcoins like ETH, ETC and so on. You will get 2x in a week or two

  2. Don't hope to get any free money from selling Bitcoin Cash. It may or may not happen. BCH value is going to depreciate very fast as soon as it hits exchanges. You simply won't have a chance to sell it on peak

  3. Wait day or two after the fork, and get involved with BCH, when it is really cheap - like penny. Buy it then

more about it here https://steemit.com/bitcoincash/@labeotairovo/bitcoin-cash-or-altcoins-what-is-better

great information...thank...

we already know which cryptocurrency could be the next Ethereum. It's EOS

·

EOS sounds pretty interesting but Waves is much further along in dev

·
·

I like Waves too. I was right though he was talking about EOS

All alts on sale from now till Aug 1st!

Great, keep up the great work. Thank you for sharing.