Bitcoin Hits New Combined All-Time High Above $3,000 After Bitcoin Fork

in bitcoin •  last year

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.

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!
Sort Order:  

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 :)

·

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.

·

When bitcoin rises does that also mean this digital currency will go up? Steemit value might increase?

·

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!

·

It's a surprising outcome considering the hysteria surrounding the fork @wakeupworldnews. This strength could actually propel BTC into another major breakout.

·

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 :)

·

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 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...

·

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?

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.

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

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

Screen Shot 2017-08-01 at 11.12.30 PM.png

Happy Trading! #InCryptosWeTrust #InBitcoinWeTrust

It was already possible to mine bcc, so it will be the new currency

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

I think there is room enough in the market for both of these to see good gains.

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.

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?

Is BCC big brother!

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.

@dollaevigilante wasnt this calculated??? I mean we have a psychological effect here and a broader market now. All those people for whom the original bitcoin was to expensive and invested more in altcoins perhabs see now the possibility to be part of bitcoin (cash)

...could be.... !.... ?

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

@dollarvigilante wow you got 3 bucks with my vote.... How can this be???

Great info ! Thanks for sharing

Good luck with your conference sir


I must say it went smoothly than i expected it to be.
Now let's wait for the causatum.

Good overview - one correction Bitcoin is 1MB not 1 Mb (megabyte, not megabit) max / block. Bitcoin Cash goes to 8MB max /block.

One important thing to keep in mind; it's literally not even been 24 hours :) A lot could change in the coming week

Lets see how the bitcoin cash (Fake Chinese bitcoin) performs in the market, I think people already know about this scam to make quick money rather than ICO !

Information played a major role here, alot of people want to take advantage of the btc-fork to earn more and there were different strategies on how to do that accross different platforms which later cushion the panic effect.
However, alot of people might not just sell bcc atleat not now, i see bcc pulling on more stronger this coming week, enjoy.

I think bitcoin (BTC) will prevail ;)

It will hit 3k$ alone soon :)

Hey man! great post, i love the valuable information. Keep up the good work.

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-

BTC prise is still 27xx dollars right now! :/

Up voted 100%
If you need 5x more & faster STEEM power, register with my link: https://steemfollower.com/?r=195

Very good video... I was look this..and I wait a new video :)

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.

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

Jeff,I have been following you since July(early) and am a subscriber.
I got a little piece of bitcoin just in time! (transfering from coinbase under the gun) I am in the Philippines right now.When the dollar bubble bursts,what do you believe will happen to the Philippine peso?

Pump and dump bitcoin cash scam! Let's see 5k btc already

Please disclose BITCOIN.COM (Roger Ver) is your main sponsor for Anarchapulco, regarding your views on Bitcoin China (aka Bitcoin Cash). Either way, for technical savvy users its a freeroll coin. However, the doubling of supply of very similar crypto assets with similar mining equipments gives me the creeps.

Pardon my ignorance, but hasn't the BTC fork just created 100% inflation? And what is to stop these people forking again, causing another 100% inflation?

Wasn't "controlled inflation" one of the advantages of BTC over fiat currencies?

What would Satoshi Nakamoto think?

great work .. thanks for sharing

Thanks for quick insights of the fork. I'd recorded some historical moments and the surprisingly sharp rise of BCH(BCC) at night and over the day now.

animation from giphy.com
But how sustainable would that be in such a speculative heated sentiment?! Currently huge amounts of fresh money floating into BCH(BCC). The Bitcoin market cap looks calm until now.

I got the feeling many people think of a new and fresh Bitcoin like a fountain of youth. The branding name supports that greatly.

Thanks for sharing, great video too!

@dollarvigilante sir i really feel good that bcc dont big effect on bitcoin and now we start our work again

Segwit2x(I think fully legit in Nov??)+ lightning network + bitcoin = explosive 1St quarter '18. Let's be real, there was never an issue of bitcoin dying or even crashing for that matter. However by pulling a classic Nathan Rothchild (post battle of Waterloo-Creature from Jekyll Island pg. 226-227) a lot of people who know what's going on with blockchain rich all over again.
Not at all saying it was a conspiracy
Just that it's a lot easier to make money investing in something moving from 1500 to 3000 than it is to make money when moving from 3000 to 6000.
People want to make money and the collective herd listens.
bitcoin will rise because fiat currencies suck. period.

Gorgeous your post

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.

Great post Jeff. Thanks for the clarification. Look forward to the event next year in February. Cheers.

thanks so much for making things easier to grasp :) I also learn a ton of info from comments others make as well from following you! I am getting good at this stuff, still can't figure out my new cell phone, but I get this :)

So now to find the true value of the bitcoins you have to add each side? Someone said in the post that the balance is off by $200? Does that even make a difference?

Seriously crazy... it was like 620$ like six hours ago and now the value is kinda put in half (317$).

Epic day. Lets see how the next 2 month play out. As always tha ks for the update Jeff

Hi Jeff, I really enjoyed your video interview with Dan Dicks.
Princess Hotel is Beautiful.
EOS rocks!
Keep on Cleansing bro.

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!

Yeah I think Bitcoin Cash is going to continue to rise. Things will get interesting!

Bitcoin Cash has no chance to make real competition to Bitcoin. King is the only one. We all know it :) I'm sure we will see new record prices soon :)

$4,000 Bitcoin soon?

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

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

  • Upvotes - Ranked 6 with 634 upvotes

surely cross 400 mark at the end of this year

Great post.

Very informative :)

Let me to resteem it
I am proud to know your
Let me to be your loyal follower

Keep the bitcoin ....alive 🤙🏼🥃