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Bitcoin is about to get hit with a short squeeze on the exchanges. The result will be a price rise, followed a few days later by a retreat. Yes, this will probably affect you even if you don't care about Bitcoin Cash. For the purpose of this article, we do not care what the reasons are for the fork or the politics involved. We only care about that fact that "Hard Fork is Coming" on August 1st, and how we can benefit from it, or at minimum what we need to do to protect our assets.
The reason this hard fork is significant is that those who hold Bitcoin in their own wallets will be able to hold their coins on both chains after the fork.
Several miners, wallets and exchanges have announced support, including:. This is being called "the air drop" in the forums. For the full, updated list of which exchanges do or do not support the BCC split, go here: The problem for the exchanges is that ABC's hard fork announcement was only made two weeks before the hard fork date.
This is not enough time for most exchanges to put in place measures to support the why is the crypto market crashing bitcoin futures chinese new year $bitcoin depreciation coin. Several exchanges have announced that they will not support the new coin. Bitcoin Cash is likely to trade far below the price of Bitcoin, especially if lots of Bitcoin holders collect the "air drop" and dump their coins on the markets that support it.
Rational actors don't usually leave money lying on the table. There are a few days left until August 1 and those looking to acquire Bitcoin Cash should remove their coins from third parties into a wallet they control. This will put major upward pressure on the price of Bitcoin, possibly setting a new record high.
A flood of incoming Bitcoin will be sold for altcoins and fiat on the markets. Depending on how much of the market does this, it could very well cause the Bitcoin price to retreat significantly.
The hard fork seems very likely to cause a "Bitcoin Run" on the exchanges that will "stress test" them all. Don't panic, Bitcoin is anti-fragile. Any exchange that is full reserved should not be threatened. But the problem is that we never know which exchanges are fractional reserve until AFTER they collapse.
Any exchanges who have been running on fractional reserve have a high likelihood of failing this coming week. The exchange BTC-e is already down, though for a different reason, the operator was arrested. Yes, I realize that saying this can cause a run by itself, but I am merely pointing out the obvious. If any exchanges fail this year, they're probably going to fail between now and August 1st. As the day approaches, the withdrawal orders could also overwhelm the exchange's ability to fulfill orders, leading to delays.
The question is do you want to get your Bitcoin out now, or wait until the last minute? Or do you want to keep your Bitcoin on exchange while keeping your fingers crossed? Hold your Bitcoin in an exchange that you trust to be solvent and sell for fiat or gold into the short squeeze which will probably peak on the last day of July, then buy back in after the price retreats; or.
Open an account at ViaBTC. This would allow you to trade one side of the fork for the other. As always, the safest way to hold Bitcoin is in a cold wallet for which the keys are not stored on a computer.
Second best is a trezor or other hardware wallet why is the crypto market crashing bitcoin futures chinese new year $bitcoin depreciation holds the keys for you. Exchanges are the most why is the crypto market crashing bitcoin futures chinese new year $bitcoin depreciation places to hold your Bitcoin. This is not a new problem. This is not accurate. There is no ABC Mining pool. Bitcoin ABC is the client that was created by a very large group of early bitcoiners fed up with the stalling tactics of govt-sponsored Core developers to raise the block size limit.
Because it has been in the works for so long, there are many miners and users ready to switch to a big block chain. Oh its a hark fork for their a chain split, a new altcoin won't contain any history of bitcoin.
Bitcoin cash is a hard fok of bitcoin trying to become bitcoin its weird! It is the result of a power struggle for control of the vision of bitcoin turning into a divorce. This fork made me buy a trezor and after I did I feel so good knowing that my BTC is now actually safe.
I was thinking the same thing would happen in the market. If Bitcoin is going to the moon, it will be the first cryptocurrency on the moon. One small boost for bitcoin, one why is the crypto market crashing bitcoin futures chinese new year $bitcoin depreciation leap for the blockchain.
I had also a news comes out. I resteemed your informative blog and followed you https: Will we be mining on the moon then? I hear the hashing rates there are "Out of this world": Very interesting and informative. So it sounds like most of the entities supporting the fork are Chinese? That makes it even funnier that their declaration was using all this "We The People" patriotic language. A "hot wallet" is an account controlled by a computer program that holds the keys.
It can make transactions in real time, but if a hacker gains access to the computer on which the program is running, he can steal the keys, and therefore the balance.
A "cold wallet" is an account for which the private key is stored offline, either on paper, in the brain of a person, or on a device like a Trezor. Since the private key is not online, it is theoretically impossible to hack a cold wallet. I like your writing, very informative! But i don't think that BTC will rise massivly on the short term - more the opposite.
But thats just my opinion. Well, I have my money moved to Waves some time ago, and only have few of my Bitcoin left. I better be on the safe side even though waves itself isn't safer as its price is decreasing a lot lately, I still believe in waves. That's the only thing I might regret by not keeping BTC in my electrum wallet at the time of forking.
Thank you for the clear information and especially on which exchanges and wallets will not support the new coin. Americans never get to do any of the fun why is the crypto market crashing bitcoin futures chinese new year $bitcoin depreciation no fair!
Whoever ends why is the crypto market crashing bitcoin futures chinese new year $bitcoin depreciation holding the original btc after all the dust settles will be the victor. Thanks for explaining what's going down. I think I'm going to sit this one out because I feel the prices will drop too quickly to react to it.
I did not listen to you. I should have sold altcoins and buy bitcoin. Now i think it is too late: This detailed yet explained in a simple manner post should have certainly received more votes as it concerns almost all of us.
At least crypto newbies like me found it very useful! Very frustrating and harmful to the Bitcoin community. It is definitely good advice to move your bitcoin out of the exchanges as well. This could play out in so many ways. Thank you for the highly informative post! This is good news for Bitcoin investors and no time to panic.
Still highly suggest you take your Bitcoin to a paper wallet everyone! They have decreased their values almost twice against BTC since recent peaks. Hold them for a week or two, Wait till they regain the previous level and then sell on the peak. As result you will get 2x. Bitcoin Cash will be depreciated almost to zero at August 1st.
Wait till that moment and they buy cheap. Then wait undefined amount of time to see how is growing. Then sell anytime you think it is appropriate. As result you may get something between 10x and x. Don't think you will be able to benefit from free BCH at August 1st. The sell off is going to be huge. You won't have a chance to realize your gain because other people will sell at huge volumes.
They all hope for free money. In fact, Bitcoin Cash team is not going to buy back until it reach almost zero.
Then they will come and "save" Bitcoin Cash by taking it almost free. But it will happen later. Chinese players want absolute control of their Coin, therefore they may need as much as they can.
Obviosly they would have more coins, should they start buying at low price, rather than opening price. Therefore they let their currency sink first and then buy it ALL almost for nothing. Good points from a market perspective.
