Today I just want to discuss the news going on recently surrounding Bitcoin. I have been keeping quiet about this for the past two days to determine if this was true or not. So apparently folks are saying that there will be another forked alt-coin after Aug 1st similar to Bitcoin. So if you hold Bitcoin right now until sometime after Aug 1st, you may own another alt-coin. If your Bitcoin is currently on an exchange, then check with your exchange to see if they will be supporting the forked coin. It's hard to say what this means and do not quote me on this but do your research on it. I will have a link on where you can find more information about this subject.
So several things come up from my head as to what the hell is going on. But I’ll start with the first.
- Feels like this is something that has been put out last minute. Has any of the miners thought of the ramifications of spitting out this alt-coin last minute? I will leave that as an open question.
- There is something going on in China. And I am not familiar with the politics over there. But whatever the case is there is a big chinese miner supporting this alt-coin. In addition, about 3 relatively sized exchanges linked to China will be supporting this coin.
- This can have some huge ramifications for the regions I cover from Latin America, Africa, Middle East, and Asian Pacific where they actually use Bitcoin. So this could add to a lot of short term confusion. I will try to keep you guys up to date with how this will impact the markets talked about on this channel.
- The alt-coin supposedly will have a balance on it though not anywhere close to the recent Bitcoin price. Right now the alt-coin is currently trading at around $400.00.
- Folks around the space say this reason was driven by greed. Others are saying that this coin was driven by efficiency and control.
But whatever the case is, time will tell how this new alt-coin will trade. Currently, the sentiment by the Bitcoin community is low on expectation. So folks might in fact just cash out quickly on this new alt-coin. Again, I will keep you guys posted on whether this will have any impact on the markets I cover when this coin goes live within the next few days. So stay tuned on this channel. Have a great day.
Recommended Readings:
https://bravenewcoin.com/news/viatbtc-plans-to-launch-bitcoin-alternative-bitcoin-cash-on-august-1st/
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