One bet, winning three races!
No matter which one get gets the most value, it is the addition of them all.
Bitcoin private keys ready?
In a cryptocurrency market that is in the red, also know as cryptos on sale!, it is usually the value of Bitcoin {BTC} itself that is the lead. So, at first I was a bit suprised to see all cryptos being on sale again, while the price of BTC wend up. Market movement is quite calm, relatively low trade per 24 hour period. Not 5 to 6 billion anymore, but half of that at the most. The total cryptos market ceiling seems to be hovering between 85 and 97 billion US Dollar. While it still gets flooted with new cryptos. And only the more valued ones are counted for. In reality there are almost 3 thousand cryptos out there. At least that are known until now. Not even counting the endless amount of Assets, ICOs and ITOs.
Bitcoin is still the number one, the one that started it all, the root of all forks. And the price is still way too low for it to become a real storage for very high capital value. And the BTC price going up again the past few days, during a downward market trend, is about something else. It is about getting a piece of the pie, at least that is why I think, there is a kind of Bitcoin Run going on. Because those who get their own Bitcoin now, also being in charge of the private keys that hold the BTC, could win a three out of one bet. Even though I still consider a Bitcoin blockchain split improbable, it is not impossible. And if that happens Bitshares will launch its own version called Bitcoin United. But that is not a real fork, nor a split, it is just getting the owned BTC value also on the Bitshares blockchain. Provided there is a split, that creates Bitcoin Cash, besides the current Bitcoin SegWit. And then there are three that accept the same private key...!
Therefore Bitcoin is hot right now?
Well, I do believe so. The demand for BTC could continue the next couple of days, before the first august 12:20 UTC. During a downtrend in the crypto market that means Bitcoin will get hold of more than 50% of the total capital again. So why is buying the original Bitcoin SegWit prefered over the Bitcoin Cash Future? Because with the current Bitcoin private key(s) under ones own control, it is possible to get in on all three different Bitcoin versions. Those who buy Bitcoin Cash Futures will not have that opportunity, because a centralized exchange controls it. There are no private keys to be gotten, it is a future, that has no guarantee of ever getting real value. And the market trend for the Bitcoin Cash future is downwards. With a very low 24 hour trade volume, 1.2 million, that means a lot of selling going on. While Bitcoin SegWit does trade at almost two billion in an upwards trend.
Speculating in so called futures is a risky business, so I do think most bets are on Bitcoin SegWit right now because of the private key(s) that can get one in on all three. But that would mean that the BTC are in a wallet one controls and the private key(s) can be made visible. Wallets that support this are Electrum and JAXX for instance. But some do also use a so called Paper Wallet to store their BTC value, so they have control over the private key(s). It is an option though, because it is very well possible that exchanges will support both types of Bitcoin SegWit and BigBlock, also known as Bitcoin Cash. And when they do so, there should be a wallet appearing that is called Bitcoin Cash, the big block version, that has the same amount in it as the Bitcoin SegWit version. All provided that there is going to be a split on august the first 2017 at 12:20 UTC...
Bitcoin United only with private key(s).
This one I call the UltraFast version of Bitcoin. It will only become available on the Bitshares blockchain if Bitcoin splits into a SegWit (Core) and a BigBlock (Cash) version. It will be a Bitshares Asset that can be claimed with the use of the BTC private key(s), that held value before the split occured. It will run independend from the POW mined Bitcoin versions. As it is a Smart Contract on the Bitshares Decentralized Exchange. There it can be traded and it will be possible to use it in a Bitshares specific wallet and point of sales system. At very high speeds like at Steem, 3-2-1-DONE. No more waiting for confirmations and the market will decide the price, without wasting lots of energy. As Bitcoin currently burns a lot of energy for POW {Proof Of Work} mining at 7 Exa Hashes per second mining. (About 7 Giga Watt hour, or 168 GW per day...)
So, the Bitcoin Run could very well be related to this all. Last minute buy before the possible split. Getting a hold of the Bitcoin private key(s) that hold value and might get trippled from august the first 2017 at 12:20 UTC. However improbable a split will happen, stranger things have happened... But currently Bitcoin Cash would need a lot of POW mining power to enforce a split and is still at only 0.3% Hashin power of the total of 7 Exa H/ps. The rest, 97.7% is mining for SegWit. Looks like a done deal for now, but I made sure I got hold of the Bitcoin private key(s), because when it happens, I will at least enjoy the fun of the Ultra Fast Bitcoin United version. And in fact with one bet get a hold the same amount in of all the three versions.
And remember, only invest in cryptos what you are willing and able to lose. Also your speculation might be as bad, or as good as mine...
Have a great one!
The Bitcoin Run, of summer 2017.
image cc-by-sa @oaldamster
EDIT: Text corrections and links added.