Bitcoin Investors Move into Altcoins

Investors move to altcoins

Bitcoin’s scaling fight has led to a record low in its percentage of cryptocurrency’s total market cap as investors hedge with top altcoins.

As its user base expands, Bitcoin’s transactions have also grown, leading to blocks, capped at 1mb, to be filled to capacity. As a result, transactions have slowed and fees have spiked. An effort to solve Bitcoin’s scaling issues has led to a civil war of sorts between the Core development team and its supporters backing the Segregated Witness (SegWit) soft fork, and the Bitcoin Unlimited miner-directed block size hard fork and its supporters.

In contrast to previous hard fork attempts (XT, Classic), Unlimited has gained speed, occasionally passing SegWit in adoption by miners. Recently, Unlimited has secured a solid lead, due in part to a major mining pool, Antpool, switching to Unlimited.

“Bitcoin Jesus” Roger Ver, who has led the opposition to the current state of Bitcoin and its hard cap of 1mb blocks, has stated that he believes that the current inability to find a resolution to the issue has cost Bitcoin billions of dollars already:

As a result of increasing uncertainty, lack of usability and conflict surrounding Bitcoin, its growth has stagnated- even receded, while other coins have seen exceptional gains. Ethereum, cryptocurrency’s number two contender, has seen a massive increase, more than doubling in market cap and price in the last 10 days alone. It currently sits at about $4 bln total and $45 per coin, with a current trading volume of over $200 mln.

Dash has seen even more impressive relative gains, multiplying its value and market cap five times over since one month ago. It has broken the three-digit barrier and appears to have settled above $100, having also broken 10 percent the price of Bitcoin per coin. As a result of this growth, Dash’s treasury, 10 percent of its block reward set aside for development and other projects, has passed $500,000 monthly, closing in on a million dollar monthly budget for the newly number three ranked coin. Monero has also picked up on the Bitcoin exodus, doubling in value over the last 10 days, maintaining a solid fourth place and passing $300 mln in market cap.

This growth and reshuffling of the cryptocurrency field has led to a slipping in Bitcoin’s dominance. Bitcoin’s share of the total cryptocurrency market cap has sunk to 70 percent, a new all-time low since the previous low of 74 percent during Ethereum’s initial boom last year. Total cryptocurrency market cap remains slightly lower than its all-time high, while combined altcoin value has grown from approximately $2.2 bln at the year’s start to over $7 bln now, nearly $4 bln of that growth over the last month alone.

The scaling debate gets ugly

In spite of this growing shift, the Bitcoin scaling conflict continues to become more heated. Ver alleges that many Unlimited nodes identify as Core in order to avoid DDoS attacks, which have plagued Bitcoin.com all last week. Unlimited supporters have documented a pattern of alleged censorship on the Bitcoin subreddit, filtering out comments in support of an alternative implementation of Bitcoin than the one stewarded by the Core developers.

Meanwhile, faced by increasing resistance from large mining pools, such as Antpool, Core member Peter Todd publicly mused about a proof-of-work algorithm change in order to reshuffle mining power as a “backup plan”:

David Ogden
Entrepreneur

 

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Make Money when Bitcoin Crashes

Last week the Winklevoss Twins had their Bitcoin ETF denied and panic selling ensued, it’s a good time to talk about what to do when the prices drop sharply in a short period of time. Bitcoin was at a high of almost $1300 and within hours had dropped below $1000. It appears to have slowed down around there, now having climbed back up to over $1100.

If you’re business-minded, you already see where the opportunity was here. If you had been able to get anyone to sell you bitcoins at around $1000 as it fell, you’d already have made more than $100 on each one. That’s a tidy, fast profit. Bitcoin traders love the volatility of the market.

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The solution that many people are turning to is Trade Coin Club which has an automated trading system which not only trades in bitcoin but other popular Cryptocurrency such as Ether or Dash plus others. This creates many more opportunities to put your bitcoin to work and earn more bitcoins as the markets move up and down.

So how do you get started. The first step is to purchase some bitcoin. Then transfer them to Trade Coin Club, Minimum 0.3 Bitcoin or up to 5 Bitcoin. Once you have bitcoins in your trading wallet, you need to set your level of risk and put on a trade on Monday. Your coins will be traded until Friday and you can see the results prior to setting a new trade on the following Monday.

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I have previously traded currencies but Cryptocurrency are a more volatile investment which is why Trade coin club have a built in stop loss system to protect you bitcoins and reduce possible losses.

If you have any questions, I suggest suggest you join without obligation and I will be happy to contact you and discuss the matter further

 

David Ogden
Entrepreneur