August to be a BREAKING month for Bitcoin ?

in bitcoin •  2 years ago 

We all know BTC is already in ATH and killing it.

BTC has scalling issues, there were many fixes but it seems one can really work out - UASF. User Activated Soft Fork.

Some people predict there might be 2 Bitcoins after August - depending on how politics work out. So we can have again scenario of what Ethereum faced with ETH and ETC. This is because some nodes will be skipping some transactions and some (old ones or not liking it) will not. This may get into disruption of whole network.

1st August 2017 is called by some people Bitcoin Independence Day.. Hopefully wont be a suicide day.

Current Top Volume Exchanges

Kim Dot Com Launches MegaUpload 2.0

In August beta of the popular file hosting service is going live. Whats its BTC connection? He will use some trick (called BitCache technology) to make microtransactions for uploading and downloading the files. Interesting to see how this works out with USAF fork going on by then.

Some people dont like Kim or dont believe in his product but still if it launches and really uses BTC like it says its gonna be huge media run for news on the coin.

tldr; Prepare for August, big things may happen!

To avoid questions in comments or making me write whats USAF exactly, this video is perfect to explain how this works.

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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Keep in mind, July 1st Australia will recognize Bitcoin as a currency in their country. That is going to cause a nice wave going into August. I agree, these developments you mentioned will make August an interesting month, though I would not discount what is going to happen in July either.

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is there a source article or video for this information about australia? id like to read up on it. thanks

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indeed! we simply cannot underestimate the untapped market potential of cryptocurrency. still only a small portion of the world is aware, less than that are involved. even with the current spree of crypto adoptions in major countries, remember that a huge portion of the world is still not online, or does not own a cell phone. there are so many new users available to crypto that it's very hard to imagine any kind of real slow down for years to come. add to this the movements of china and others to return to gold-backed monies and away from the petro-dollar, and things should really be just fine!

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Here is one article discussing Australia's move towards it. https://news.bitcoin.com/bitcoin-double-taxation-ends-australia-july-1st/

I will get some more sources for you tonight after work, currently on a cell phone and links suck this way.

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I think it's a great move by Australia to do this. But removing GST from the purchase of cryptocurrency isn't necessarily the same as recognizing it as a currency, though. And to be honest, I'm not so sure if having states and central banks recognize cryptocurrency as a currency is even a good thing. It's great to avoid the tax, but there may be broader implications that ought to dampen our enthusiasm for such a move.

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Thank you for the reminder about getting more sources on @Australia and their move concerning #Bitcoin. I am home now and can provide more links:

https://cointelegraph.com/news/australia-will-recognize-bitcoin-as-money-and-protect-bitcoin-businesses-no-taxes

Well, maybe not many more sources as everything I have found links back to the Coin Telegraph article so no use in posting them all.

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Good addon :)

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Very interesting ... triverse, what do you think will happen in july

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I am obviously hoping for great adoption and exponential growth. I fear we will see government regulation and interference.

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Here's the relevant section of the Australian Budget 2017-18 entitled "Backing innovation and FinTech"
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.

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Most of the countries are sensing the future of the coin market and trying to enter into that, IMF is planning something else to stop the bitcoin. Unless they did with Gold and Silver to manipulate to bitcoin, It will not stop as they wanted. Go Higher Bitto !!!

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Japan has done something similar too. So that's telling me I need to start putting money into cryptos each month now as this is going to really explode! This should definitely benefit Bitcoins competitors too

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This will be interesting in Australia, I wonder how it will effect all the other currencies, especially Litecoin?
Perhaps could finally go up, fingers crossed :)

Great article KC, it will be interesting to see how it plays out. 👍

In the meantime, confirmation times and fees are now annoying as hell. If we could get back to blocks with room enough for all transactions, and fees under 50 cents I would be a bitcoin lover again.

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Oh ive made posts on fees and such before, we cant do much on those now

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Yes that's true, which means I'm hoping to see other crypto for daily transactions. It's hard to spend $4 in fees if I just want to spend 10 or $15 and play a little bit at a casino, or cash out other crypto to debit card.
... But anyway I guess I went in a whole different direction 😆

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Fees are annoying, but small fees after SegWit will also mean small income for the miners. MIners keep the wheels turning and the transactions going. If they move away.....like on LTC......

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Fees are beyond annoying they are way too high. I mined when fees were about 5 cents.

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Smaller transaction fees depend on less competition for blockspace and it remains to be seen what the actual ratio of off-chain and on-chain users will be.

what will be the best wallet to keep your BTC before the start of UASF?

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Just have your private keys, then you can import to any wallet.

Good question for people with less knowledge though - thanks!

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Hi kingscrown,great post, do you know of any links to info for newbies like me about this subject,upvoted.

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what if we use online wallet instead?
does that make any potential to loses?

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An online wallet is never a good idea, yes you would be at risk. Download a wallet, there are many options.

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thanks, I will check some offline wallets :)

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As in all of those words and numbers when setting up a new wallet?

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If UASF has the potential to result in two Bitcoin networks, wouldn't that make it a hard fork? What else can UASF do? And why is it so geared toward off-chain scaling proponents?

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what if your investment is in other altcoins? hm?

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I would recommend a Ledger Nano S. https://www.ledgerwallet.com/products/ledger-nano-s You need to be on a system where you control your keys. Do not leave on exchange before USAF.

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Why? What will happen if i havent transfer any? Hardware wallets are in demand nowadays and will have stock this coming september..

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Make sure your computer security is absolutely sound. That is the most important thing. I would use a dedicated mini computer as your wallet. A fresh install, no bloatware, good anti virus, anti malware and a good OS.

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Or paper wallet.

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  ·  2 years ago (edited)

Purchase a hardware wallet! About the safest you can be : store your private keys inside an external device. I don't regret buying a trezor some time ago. During the process of setting it up, you also need to put a token sequence down on paper that you need can store in a safe place and use to restore your wallet if you ever loose it.

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  ·  2 years ago (edited)

Ledger Nano S. I purchased one recently, you may need to order it from overseas. Order it now, otherwise you may not get it before Aug1st. You will find Utube instructions on how to instal - it's very easy xx

Heard so many things about Kim dotcom not sure what to believe with him! Hope it can work though as it benefits the whole crypto world.

Since ether is gaining value from the hard fork, maybe we have to expect same will happen to Bitcoin. And if we keep the private keys of our Bitcoins we will be part of the two forks. Aren't we?

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Surely in future, hopefully soon ;)

Nice post! Thanks. Please follow me: @martinst

Congratulations @kingscrown!
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Fore Sure it will break a way more better.

Is going to break through $3K soon......up up up....bitcoin :)

  ·  2 years ago (edited)

Much thanks for this post, re-steemed and upvoted!

good!

Play safe, convert your BTC for Steem or ETH :)

"Stick a fork in Bitcoin cause it's done!"

amazing info just saw this info too hope you like this one.
On May 12, CCN reported that bitcoin price surged past $2,070 in South Korea, when the global average bitcoin price was at around $1,800. During that time, the South Korean bitcoin exchange market demonstrated a 12.7 percent premium over other major markets such as the US, China and Japan.

Bitcoin has a lot to climb; In my point of view this is only a few conflicts that are about to be solved.

If all goes well I expect we will see Bitcoin reach $4000 end of August!

es una locura comoel bitcoin se dispara

5k before july?

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Very possible we break 5K in July for the BTC price. It sounds nuts now but I think $10K will come sooner rather than later. If we finally get Segwit activation its huge. A lot of BTC underperformance is coming from the high fees, long wait times.

Great post, short and sweet and jam-packed with points and perspective.

I'm somewhat giddy to see what happens in crypto this summer. Can we see $4k BTC and $10 STEEM by 1/18?

@thejohalfiles whats up ?

Bitcoin will continue to BOOM. All the way up!

emo2.png

wow! that would be a milestone then

  ·  2 years ago (edited)

I'm scared that bitcoin will split. It wont just effect bitcoin. It will effect the whole of cryptocurrency space. It also depends on the news negativeness about it if it splits.

Nice post!

This will not affect bitcoins printed to paper wallet, correct?

thank you for the info!

nice

  ·  2 years ago (edited)

Fantastic article, sir.

The disadvantages you pointed out don't seem to be hindering the rampage Bitcoin's price is on. With the topic of splitting BTC looming on the horizon, USAF may well prove it's biggest test yet. Such an interesting time (and year!) within the arena of cryptos!

Really informative piece of information. the concept of 2 bitcoins is not desirable i guess. Thanks for the post. Cheers!!!!!

First bitcoin atm soon coming to to Oslo, Norway :) Great article btw! Upped.

Nice pun in the title. Thank you for the info about Kim Dotcom. I wasn't aware of his new venture.

It may happen.... but thinking like a trader, what if it doesn't?
So keep that risk in mind as well while we keep going up.

How about those sidechains though? Couldn't those be used to scale or would they depreciate the value by decreasing fungibility?

I wish we do not have bitcoin and bitcoin classic,
but who knows!

It will be very interesting for next two months best sleep with one eye open on the market

Nice post. Thank you!

More interesting to follow, thanks

It would be a great birthday gift if that happens 😍

We may have two Bitcoins, just like Ethereum.

congrats.gif

  ·  2 years ago (edited)

I saw an article that NYSE has a new Bitcoin index. Steem is about to boom!

August would be not breaking but a cracking month!!!

Moving all if my crypto into Alts. I don't want to get caught in that cluster fuck.

Don't miss Byteball Fair distribution A I R D R O P! Its better more approachable than Ethereum
Just register your btc address to get coins
https://byteball.org
Please share the news

Today we took a bit of a dip. I hope we aren't about to hit a dump.

@kingscrown kingscrown

I follow all of you here and I just joined in steemit please visit my friends all who are here

It's time for Bitcoin to face their scalability trouble! I've heard that some transactions required a fee of almost 40$ today, and took ages to fulfill. I really hope that everything goes well with this UASF, as the whole crypto system would be hurt in case of failure!

  ·  2 years ago (edited)

I currently have investments in a few alt coins, is it recommended i convert back to btc before the "big day" ? Or the alt coins will likely rise too?

Edit: i have ripple, digibyte, siacoin and Steem of course.

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Yes you will need to have BTC by then :) But theres a lot of time

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Uhm.. But haven't the alt coins been increasing at way faster rates?

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So if like last time, the alt coins follow bitcoin , I'd stand to make more profit. Then the question is will the alt coins behave the same way as bitcoin during this period?

Excited to see bitcoin rage forward and absolutely crush all them naysayers on cnbc etc lol

  ·  2 years ago (edited)

hi, again, is this about the fork into BTC and BTU? will it be safe to keep your BTC on an exchange? will the exchange create a BTU wallet for you? or will they pocket the BTU?

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We have time so exchanges will decide what to do, but surely best to hold BTC in wallet that you have private keys of by then

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What do you do with private key then? Can you import that private key into both BTU wallet and BTC wallet?

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Yep that will work, same as it worked on ETH/ETC or even... STEEM/GOLOS :)

Thanks for the info

I'll give this hangout a try. I've look into the subject a bit but I feel like it wouldn't hurt for me to know more.

every day is a breaking day for bitcoin, as it seems.

I'm still considering whether to hodl in a cold wallet or to convert to a few altcoins... Also I think there will actually be a lot of opportunities during the uncertainty phase after Aug 1st - in lending and shorting on an exchange - if you're willing to accept the risk.

The price may fluctuate a lot during this period but in the long run I think there will be a correlation between the cost to mine a coin and the actual value of the coin.

great post! go, go! for our bitcoin indipendance day!!...;-)))

Very informative article. I like.