Bitcoin Could Actually Skyrocket Here

July 28, 2016 TK 0 Comments Bitcoin, blockchain, cryptocurrency

I don’t like what I’m seeing in Bitcoin recently. Or, more specifically, what I’m seeing is very good news for Bitcoin holders potentially – which is bad news for a more diversified user like me, as I reduced my bitcoin balance at around $661.20. But now, at $654, I’m uniquely bullish. I had a feeling about it earlier today; yes, a feeling. I was thinking about how perhaps the block halving has a delayed impact, but when it does kick in, it might kick in more severely than if prices had immediately exploded in response to the reduction from 25 BTC to 12.5 BTC reward per block.

Also, I like the recent Bitcoin trading volume. US $140,069,000 around the world over the last 24 hours and no sign of letting up.

Also, the recent Ethereum vs. Ethereum Classic collective hysteria has sadly – I think – made a compelling case study in favor of the camp that believes it is wise to separate the “pure value transfer blockchain” (Bitcoin, that is) from the “decentralized apps blockchain.”

That isn’t to say the second of those, decentralized apps, might not have enormous value one day – in the wake of complex crises, first the $50 million DAO hack and then the rise of the Ethereum Classic activist rival chain, Ether has managed to remain above one billion dollars; $1.06 billion of Ether in the Ethereum right now, while so-called Ethereum Classic is $1.60 per Ether Classic, or classic ether, or something. You get the idea… or maybe you don’t.

And that’s the point. The DAO hack, which got a lot of interesting media coverage at the time, sounded preposterously complex to your average Bitcoin user, much less to your average person in the financial industry or tech world. Ethereum Classic makes things even more confusing.

What all this might do is crystallize a view in crypto that the “pure value transfer blockchain” will become the decentralized currency used to transfer and store trillions of dollars worth of value one day, because it is so much simpler – so much dumber in its capabilities – than the risky newer blockchain that’s Turing Complete.

If crypto becomes a field with two dominant technology standards, Bitcoin and Ethereum, then the antagonistic relationships between some users of those communities will probably fade over time. There might even be a realization that such a circumstance, as long as Ethereum was not intentionally cutting into Bitcoin’s “pure value transfer” crusade and as long as Bitcoin was not obsessed with sidetracking Ethereum’s smart blockchain lunar mission, the communities might become synergistic – maybe Coinbase knew what they were doing in giving Bitcoin a companion to play with on their platform. Bitcoin as the Internet’s immutable checkbook, and Ethereum as the next generation R&D platform for discovering what else blockchain can be used to disrupt.

If you’re itching to figure out how to get your very first Bitcoin or Ether, watch the tutorial video below: