Episode Highlights:
- 00:02 – What Advice You Will Receive Form This Video
- 00:32 – Changes In Bitcoin Price
- 01:18 – Bitcoin Gold Versus Bitcoin Cash Hardfork
- 02:42 – Market Speculation About Bitcoin Gold Hardfork
- 03:57 – What To Do With The Bitcoin Gold Hardfork
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Transcription:
Hey guys it is Dan again from cryptocamacho.com.
00:02 What Advice You Will Receive Form This Video
In this short video I wanted to ask you what are you going to do with your Bitcoin, how are you handling the upcoming hardfork of Bitcoin for Bitcoin gold how would you handle the recent price surge of Bitcoin that has gone through the roof, and how do you plan on holding your bitcoins or not holding your bitcoins in the future? What is your plan with your Bitcoins?
The reason I am making this video is because I’m very curious what the community, what you guys think would happen with the hardfork? If you guys think the price of Bitcoin will continue to go up or if you think it is going to dip back down and make a correction at some point?
00:32 Changes In Bitcoin Price
So we have recently seen a very big spike in the bitcoin price. Just a couple of weeks ago the price is down to about $3000 for a price of a single Bitcoin. Today the price is up about $5700 at the time of this recording. And in the last few days, over the last weekend, Bitcoin has really gone through the roof. It has shot up from $4500 to almost $6000 in a matter of a few days. And I’m curious do you guys think that it is going to continue going up and break $6000, break $7000, maybe even go up to $10,000 I do think that it is going to do it but don’t into the $4000 range or maybe the $3000 range and make a correction before it makes another big bull run. What do you think? What do you think is going to happen?
01:18 Bitcoin Gold Versus Bitcoin Cash Hardfork
With their hardfork coming up with a Bitcoin gold which happens on October 25, what are you going to do? How are you going to handle that? Are you going to be holding your Bitcoins? Are you going to be selling your Bitcoins? Do you plan on getting equivalent Bitcoin gold as part of the hardfork just as you did with Bitcoin cash? For those of you that participated in the Bitcoin catch Hardfork, what essentially happened was Bitcoin split in two. The software was upgraded on one chain and it remained at the same on another one of its block chains. And Bitcoin cash initially went way up and almost went up to $1000. And a lot of people sold at that point. I think right when the fork happened it was about $400 and it shot up to about $900 and then it dropped all the way back down to $300 and it has been steadily declining since then. And I don’t even know what it is at today. But with a Bitcoin gold hardfork that is coming out October 25, how are you guys going to handle it? Are you guys going to plan on getting your free Bitcoin gold, are you going to be keeping your Bitcoin on a particular exchange or are you going to be keeping it in a particular wallet to be secure? How are you going to handle this? And what exchange, if you are keeping it on an exchange, what exchange are you going with and why? And what wallet are you going with and why?
02:42 Market Speculation About Bitcoin Gold Hardfork
I really want to know your thoughts on this because there is a lot of speculation in the market. Most people think that it is going to be the same thing that happened with Bitcoin cash that is not to happen with Bitcoin gold – Everybody’s been to get a bunch of free Bitcoin, a bunch of free money essentially. I’m not so sure that is going to happen this time around. If there is one thing I have learned with investing, with new technologies, the direction the crowd typically goes is not typically the best way to go. It is not typically the way that makes the most money especially in investing. When you’re investing typically the crowd is going with what they are seeing in the media and the news, in the blog sphere and so forth, they don’t really have any insider information and I just kind of going with the masses. Using that group mentality to do what everybody else is doing and riding the wave. I think everybody’s going to be doing the same thing for the Bitcoin going to Hardfork. But I don’t know if it is going to turn out quite the same. I really don’t know. I’m speculating. I have no idea. But I don’t think it is going to go quite the same as Bitcoin cash. And I’m curious how you guys are going to handle that. It would be fantastic if we all got our free money. But are you going to be buying a lot more Bitcoin before the Hardfork in anticipation that you’re going to be getting free Bitcoin gold. I would love to know your thoughts on that.
03:57 What To Do With The Bitcoin Gold Hardfork
I have been debating whether or not I should buy more bitcoin or if I should actually be removing some of my Bitcoins stash not knowing what is going to happen with the fork. I do think the price levels will maintain themselves at least up until the fork. At the fork – no idea. It is kinda game on, anything goes, so I don’t really know. But I do think at some point they are also due for a correction. I don’t know how low that is going to go but I would look at the bases, the lowest bases that you have seen and I would put alerts there to be ready to trade in the case that Bitcoin does tank and there is a panic and everybody starts selling their Bitcoin and it goes way way down. It breaks the base and then right when it breaks that base, about 5%, 10%, 15% lower than that base is where you could buy up all of the Bitcoin you want and you can expect a bounce back above and beyond that base. If you don’t know what I’m talking about, if you don’t know what bases are in crypto currency markets, look at some of my older videos. There are a couple of tutorials about base trading and how you effectively base trade. But essentially what it is is a base is a level of support which a particular coin, in this case Bitcoin has seen, there are levels of support where there is a number of folks that just buy and buy and buy. And you will see that there is hard dips and hard spikes. Those are essentially bases. I was show you in another video like I said because right now I’m not in front of a computer, I am in front of guitars.
But I would love to know how you guys are handling the upcoming fork, do you think the Bitcoin price is going to search, if you think it is going to drop due to a correction, what do you think is going to happen? Is it going up to $10,000, should we all be buying a Bitcoin? Love to know what you think. Again I am Dan from cryptocamacho.com. Follow me on this YouTube channel or you could follow me on steem it or just go to cryptocamacho.com and sign up. And I would give you updates with current news on Bitcoin, on alt coins, on crypto currencies, on how to trade effectively in the crypto currency markets. Again I am Dan, I will talk to you next time. I look forward to your comments.
