Is bitcoin value going up
The answer is twofold. Short-term, everything is looking hunky dory. Both Bitcoin and Bitcoin Cash are functioning well, with miners happily mining on both networks. After the initial uncertainty, many exchanges started offering the ability of trading with Bitcoin Cash, so Bitcoin owners who suddenly came into ownership of Bitcoin Cash are free to sell or buy BCH as they please.
Longterm, however, things are less clear, both for Bitcoin, and especially for its newly created cousin. Let's start with Bitcoin Cash. Some miners and some exchanges have adopted the new cryptocurrency — and poof! Owners who got a few hundred dollars per Bitcoin are undoubtedly happy, but that doesn't mean the new cryptocurrency will actually get used the same way as Bitcoin, and it definitely doesn't mean that businesses will embrace it.
Bitcoin Cash currently has one distinct advantage over Bitcoin: But that's the very thing Bitcoin's next upgrade is aiming to achieve, and since the first part of the SegWit2X upgrade is now complete, it looks like Bitcoin Cash will soon lose that advantage. The value proposition here is unclear. Right now Bitcoin Cash looks to mostly be an alternative that can take over Bitcoin's place in case it falters in some way though you could argue that several other cryptocurrencies, such as Litecoin , are equally good or better alternatives.
This does not mean it holds no value at all, but there's currently no good reason why its price should go up or even stay where it is. Bitcoin, on the other hand, is doing well because it experienced no noticeable problems despite the soft upgrade of its own protocol and the split with BCH. With every day that Bitcoin keeps ticking without issues, the insecurity that drove BTC's price down in July goes away.
But Bitcoin is not fully out of the woods yet. Because miners now have a near-identical alternative to switch to, any problems in fully implementing the SegWit2X upgrade which should happen around November could result in miners massively switching to Bitcoin Cash.
Also, Bitcoin Cash was designed in such a way that mining it will become more, not less, lucrative as time goes on at least in the beginning. In the simplest of terms, Bitcoin now has a clone that is waiting for it to stumble. It's unlikely that all users would just switch from Bitcoin to Bitcoin Cash in a short time, but even if the clone only begins to appear a viable option for replacing the original, Bitcoin's price might suffer. We're using cookies to improve your experience. Wences Casares is an Argentinian technology entrepreneur living in the US.
The tech giant bought his first Bitcoins in His math works like this: First, he assumes that Bitcoin can logically replace all of the gold bullion currently held by private investors—in other words, the gold bars that people keep in a safe-deposit box or bury in their backyard, simply as a way to park their money in something more dependable than paper.
Pfeffer has even higher hopes for Bitcoin — that it could eventually be to central banks what traditional foreign reserve currencies are today.
John McAfee is the founder of McAfee Associates which launched first commercial antivirus software in the late s. McAfee recently made waves in the cryptocurrency world after claiming that each unit of Bitcoin would be worth half a million dollars by He did not stop there. There is no way of knowing whether McAfee did this to get attention or if he actually means it.
Only time will tell. Jeremy Liew is a partner at Lightspeed Venture Partners, famed as the first investor in the social media app Snapchat. The estimate was made on May 4, It is gold equivalent…there are about 20 mln Bitcoin available today. When transactions are verified on a Blockchain, banks become obsolete. Roger Ver is an early investor in Bitcoin and its related startups. By early , Ver had begun investing in Bitcoin, now with a portfolio including startups like Bitinstant, Ripple, Blockchain, Bitpay, and Kraken.
Kay Van-Petersen is an analyst at Saxo Bank, a Danish investment bank which specializes in online trading and investment. Lee and Fundstrat used an average of the percentage gained in price after each dip to arrive at the figure.