As of now bitcoin is plunging to less than $2000 at the moment. At it stands it just $7 from $2000, last time it was less than $2000 was May this year. What do you think are the causes? As we all know the impending Soft Fork on Bitcoin is on August 1. I think that is the main cause 15 days from now everyone is a little cautious in investing on Cryptocurrencies. The Soft Fork has generated a lot of uncertainties, with a worst case scenario a chain split will occur.
I have compiled 3 basic rules to survive the impending BIP 148 UASF if a Chainsplit occurs Bitcoin Legacy or Bitcoin 148
- Control your private keys.
- If a chainsplit may occur, Make absolutely sure you are not holding more value in bitcoin than what you are willing to lose. If you do decide to hold onto your bitcoins, the single most important piece of advice is this: Ensure that you control your own private keys. If you are storing your bitcoins on an exchange, in a custodial wallet like Coinbase, Circle or Xapo, or on any other service that holds your private keys for you, you may or may not eventually receive coins on both ends of the chain.
To be on the safe side, avoid any transactions a day or two before, on, and shortly after August 1st. (How “shortly after” depends on what happens; it could take weeks.)
If there are still two (or more) chains when the dust settles, split your coins into different wallets.
Resources:
Basic Rules: https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/
Thank you for reading my post. Hope it helps you. Cheers
Most cryptos seem to go down during the summer months. Should go up during the fall and winter.
Okay, did not know that. Thank you for sharing it. That may as well be another factor why it went down.
At the moment there are probably other facters as well, like bitcoin's upcoming hardfork.
Good info. It's good to diversify anyway IMO
Yeah, I myself have pledged not to invest in bitcoin before August 1 even though I am itching to invest right now haha. Will wait for the dust to settle first. As of now my bitcoin investments are all converted to altcoins and most of it now on steem so when August 1 comes, no matter what happens I will not lose bitcoins if chain split occurs.
I guess steem would be 1 good option while it's low.
Yes, it is best to get while it's low. I don't normally trade when it is high. I noticed also when the weekend comes all of the coins drop in price. As some people do not do business on weekends.
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