August to be a BREAKING month for Bitcoin ?
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.
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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.
is there a source article or video for this information about australia? id like to read up on it. thanks
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!
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.
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.
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.
Good addon :)
Very interesting ... triverse, what do you think will happen in july
I am obviously hoping for great adoption and exponential growth. I fear we will see government regulation and interference.
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
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 !!!
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
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.
Oh ive made posts on fees and such before, we cant do much on those now
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 😆
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......
Fees are beyond annoying they are way too high. I mined when fees were about 5 cents.
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?
Just have your private keys, then you can import to any wallet.
Good question for people with less knowledge though - thanks!
Hi kingscrown,great post, do you know of any links to info for newbies like me about this subject,upvoted.
what if we use online wallet instead?
does that make any potential to loses?
An online wallet is never a good idea, yes you would be at risk. Download a wallet, there are many options.
thanks, I will check some offline wallets :)
As in all of those words and numbers when setting up a new wallet?
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?
what if your investment is in other altcoins? hm?
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.
Why? What will happen if i havent transfer any? Hardware wallets are in demand nowadays and will have stock this coming september..
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.
Or paper wallet.
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.
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?
#BTCto10k
Surely in future, hopefully soon ;)
Nice post! Thanks. Please follow me: @martinst
Congratulations @kingscrown!
Your post was mentioned in my hit parade in the following categories:
hi fees long waiting time is good to split it so we can order food with bitcion you don't want to wait for your food to long.and those ho want to by cars and boat can do that with bitcoinclasic.
Fore Sure it will break a way more better.