I bet you've all been wondering why we haven't seen a 20k Bitcoin price again since before Christmas.
To the best of my knowledge just based on looking around at how things are moving along, we should start to see a nice steady incline in prices coming wothin about a month's time.
What am I talking about?
Just before Christmas, china passed a new law that there was to be no cryptocurrency mining taking place in their country.
Now we all know about Genesis mining company, and Bitclub network and a handful of there's operating in Iceland etc, but did you know that China had the largest Bitcoin mining companies in the world??
They've all been forced to shut down and relocate to a non hostile zone. This will happen, these companies are not about to fold on their plan after investing hundreds of millions worth into mining equipment.
I figured it would take about 3 months to fully relocate their operations and get their rigs back up and running,and it seems things are on schedule regarding that.
We are seeing a Canadian company surface as a new mining contract company which I believe is tied to one of the larger Chinese ones that went down.
So by about the end of February things should start to pick up and along with it all the other coins that are pegged to it.
Just keep hodling and ride this wave out. Calm sunny days still await us once the confusion is all sorted!
Bitcoin Future:
Some gurus are saying that Bitcoin will diminish over time now in value as other better options like Bitcoin cash take over the wealth store in the active market. I cannot see this happening, just as gold still exists today at a much higher price than 10 years ago even though we use dollars to purchase things today.
I definitely see a change coming where transactions are not viable anymore due to high Bitcoin network fees but that doesn't mean that it's still not the most secure storage element in the crypto market. For instance, I hold a mining contract with Bitclub network, and they are officially switching over to mining Bitcoin cash starting in February. They also believe that it will become a much busier coin adopting the daily transaction flow that Bitcoin has been handling. They still pay in Bitcoin though as a wealth placeholder. You have to remember that there's still a solid 20 years of mining before the last bitcoin is found. There is still huge room for growth in value due to scarcity.
Let's see where we are at by the end of 2018. I've always operated under the premise that you have to think longer term when dealing in crypto. Its not easy watch day to day, but over time you see the difference.
I wanted to quickly share a notable ico that is taking place right now called sp8de which is a new ethereum token based on providing smart contract execution for the gambling industry. There is currently a 1,000,000 coin giveaway taking place where once it's full, there will be no more available until after the ico. Go get em if you want!
Cheers,
Chris
It's very true to you have to take a look at the big picture, but that isn't always easy. To make it more clear to myself, that it has no use the compare yesterdays prices with today prices, I did change my spreadsheet. I now only record and compare the prices from last sunday with the current prices, the charts have been adjusted to weekly updates, and so on.
I still follow the prices on a daily basis but my profit/loss is calculated on a weekly basis. This way it is easier to deal with the red markets. Cause they are never red all week long. We still have some upwards movements. Most coins are even in the green compared with a week ago. Comparing daily prices only has usage for daily traders, not for investors!
You could even go to a wider date range for comparison, oean look at the 1 year, 2 year, and 5 year changes
I don't see many newcomers talking about BTC. BTC is the crypto version of old money at this point. I am sure it will never go away, if anything just due to its historical significance from a collector's point of view. That alone gives it actual value.
Remember as well, any forks off the Bitcoin network like zcash are all pegged to its rate so they will always follow the rate of btc.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by christheaudioguy from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
there were several factors that have made it crash like that but it happened every year and will rise again.