While many have called for a short term sell off of Bitcoin due to its incredible run up in the last few weeks, Bitcoin continues to defy the "Tulip Mania" comparison. There has been nothing but good news for Bitcoin in the past few weeks, and it has overcome the "forking" of Bitcoin Cash without a glitch. Again, another set of crypto-currency enthusiasts plan to "fork away" from the current Bitcoin Chain to start Bitcoin Gold.
Technically, the Bitcoin Gold team and some supporting exchanges, have already taken a snap shot of all the Bitcoin wallets. Wallets with Bitcoin in the those wallets, as long as they have access to the private keys, will be able to claim their Bitcoin Gold once the Bitcoin Gold Mainnet goes live. I believe they are still working and testing the software on a Testnet, and have recently added code for replay protection, making it safe to transact in Bitcoin Gold without fear of losing your Bitcoin. It seems many are writing this Bitcoin Fork Not a Fork off, and believe that it will be dead before it gets started. No real word from the Bitcoin Gold team as to a launch date for the Mainnet to go live, which will then allow for the claiming of the Bitcoin Gold coins. I believe it was stated to be Mid-November, but I can't confirm that.
In the mean time, Bitcoin has shrugged off the last fork, Bitcoin Cash, and this Bitcoin Gold Spork as well as the confusion over Segwith2x, which is yet another coming Fork/Update to the Bitcoin Network. The proof is that Bitcoin continues to make new highs in price, now at $7580. In my opinion, Bitcoin's price resilience stems for at least two current major factors; Zimbabwe and the Bitcoin Investment Trust.
It is my belief that these two will keep the current price sustainable, and will lead to further Bitcoin price LEAPS. Zimbabwe is having a major financial crisis that is causing daily inflation, and the only relief from that is to hold Bitcoin. There 1 Bitcoin will cost somewhere in the range of $12,000 USD. While in the U.S, if you are barred from directly investing in Bitcoin, or simply don't want to deal with the technicalities of owning Bitcoin directly but still want to invest in Bitcoin via traditional methods, i.e. the "stock market," then there is the Bitcoin Investment Trust. Here you own a share of the Investment Trust Company itself, and each share represents a percentage of a Bitcoin held by the trust. Currently, the value of each share is worth $950, divide that by the actual amount of Bitcoin it represents, (0.09212) and it works out to $10,300 per Bitcoin.
Of course there are other import factors currently sustaining Bitcoin's meteoric price increase, like the recent announcement by the CME Group to begin trading in Bitcoin Futures soon. There is also the possibility that China allows the Bitcoin exchanges to operate again, after possibly enforcing stricter Know Your Customer rules. At this point, Bitcoin is on fire, and it is looking to go Full Fusion at any moment. Let's hope that it is not a quick burnout, but rather stays self-sustaining, much like our Sun.
Let me know what you guys think and how you plan to play Bitcoin.
11/5/2017
@streetstyle
thanks for giving about bitcoin but can i have your predictions on steem price ? @streetstyle ! :) Sir !
Now my mining contract on genesis mining has turned out to be profitable. I will buy more contracts there too.
@rocksg That is pretty awesome! I have a code for you to get a 3% discount.... rT5ix8
if you use this code, I will return the favor in Steem to you. Let me know and congrats on that mining success. I am close to breaking even but not yet.
well it just keeps climbing up. I try to gain as much satochi's as possible from multiple incomestreams and wil hold them. For how long? who knows.. But i'm making more profit every day ;)
Some issues will get fixed as soon as the Segwith2x fork ,will look forward to that .
Nicely explained info buddy
Thanks for that
Does that bitcoin trust premium include all the btg and bch it owns? I think the sell off will be two days before the 2x fork
Excellent article, for the last month Bitcoin has risen in price by 60% and forecasts are now very different. Who says that by the end of the year it will rise to $ 10,000, others say there will be a correction to $ 5,500, we'll see what happens. Thank you @streetstyle, excellent analysis!
Excellent communication, it is now difficult to predict what will happen to Bitcoin's price. I think we need to wait until the end of the year, and then we'll see.
i like cryptocurrency ..good informition...thanks for sharing
wow Bitcoin is very high rate.
btc on rise until segwit i guess
worth reading
pretty hot kind of spamming ? eh ? here is a proof ! Worth downvoting lol ! :P
@streetstyle sir have a looks please
really helpfull & learning blog thx for share👌👌re-steem
well i agree with you, you describe nice fundamental analysis for the current bitcoin growth and they surely help bitcoin to maintain it's price, in case of china it already ban bitcoin in 2013 and then regulate it in 2017, i hope they will also allow exchanges to operate again, thank you very much for sharing good information with us, it's really helpful.
So is bitcoin actually being used as a currency now or is it essentially just electronic gold? If you have bitcoin now would you even buy things with it now since the value is shooting up so much?
@kouba01 I believe it is both a currency and a storage of wealth such as gold.
I am grateful for those that do use Bitcoin as currency when purchasing item because it furthers it cause and value. The early Bitcoin users are a major reason why Bitcoin is where it is today. Think of that guy who spent 10,000 Bitcoin several years ago to buy 2 pizzas, and the many others who have also spent Bitcoin before it current price increase.
Without Those pioneers, and even martyrs maybe, Bitcoin would not be what it is today.
Bitcoin...price is rising as like as jet aeroplane.
excellent information, we all have to spend fiat and save bitcoins and steem, i am sure both will go to the moon.
i think one silly reason which is not match fact that is bitcoin price rise due to show on to china, it can lead the cryptoworld without invest there, i know its wrong idea but explore myself.
nice article, full of information and i think the way it is moving now every one wants bitcoin instead of gold.
Very Interessing post , im so confused between B2x and Bitcoin ?
Can B2x win and destroy Bitcoin?
Bitcoin next price 8000$
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Always buy BTC!
Good friend ..plz visit my profile and give me a suggestion
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STOPReally geart post about bitcoin. I restreem your post sir @streetstyle