At every turn yet there is another challenge for Bitcoin. Yesterday, BTC crested over $10,000.00 and some of the exchanges ‘crashed’ due to high volume. Is this bad news for Bitcoin?
This is not bad news for Bitcoin, but is bad news for the users of some of the cryptocurrency exchanges. The coin itself is fine, but clearly some of the exchanges do not have the infrastructure to handle the volume of trading seen yesterday. This could be a minor setback for some of the coins, but as soon as trading resumes on the exchanges, volume will quickly rise again as well as impacted coin values.
I see this as an opportunity, not as a roadblock. The exchanges impacted will have a new standard for system specifications and some investors will have an opportunity to buy a lower exchange rate. Those who do not understand cryptocurrency will continue to doubt its resilience and validity. That is also good news for investors. I suspect that those investing in digital currency will fare much better in the future than those who deny its validity.
November 2017 has proven to be a good month for crypto. Bitcoin has crested $9,000.00 and seems to by on it’s way to the moon. Based on the last year given the roadblocks and milestones, BTC could reach over $20,000.00 by the end of 2018.
I believe that the exponential short term growth will be followed by some skepticism in the markets regarding planned business developments in 2018. This will prove to be a short term setback for Bitcoin, and BTC will recover quickly. Buy when you see the price drop!!
Developers will continue to have dissent regarding the “correct” implementation of bitcoin technology. This is inevitable as developer egos are not very adaptable, and the development schools are not well suited to progressive thinking even though blockchain is a progressive and disruptive technology. Look for this developer dissension to prove inconsequential in the long run. BTC has proven to be resilient and as a global currency less impacted by politics and regional disputes.
Alt coins will continue to grow to some degree, but will only be an aside to the growth of BTC. Litecoin will continue to grow in value and will maintain its standing as the most stable coin. However, being governed by a central org, and as decentralized as Bitcoin, will prove to limit its growth. This being said, the centralized organization should in reality be the reason some investors will continue to invest in the coin.
Don’t dismiss Bitcoin Cash at this point. There continues to be a following, and some investors who see a future in this coin. At over $1000.00 per coin BCH could begin to see serious growth in 2018. BCH may prove to be the best investment opportunity in 2018, if more exchanges begin trading this coin.
I had some unused bitcoin sitting in a wallet and decided to use that money to try my hand at cloud-mining. For this experiment I used a well known mining site on the internet. I choose not to mention the name of the company here, you will have to take my evaluation here as a general overview of my experience.
First of all, you must select a pool as the destination of the hashpower that you plan to purchase. I found that even this was difficult. The cloud-mining site didn’t seem to really like any of the profitable multi-con pools or some of the single coin pools that I normally use for hardware mining operations.
I had to select an older pool for the destination of the purchased hash power. This pool has not proven profitable for me in the past. (Also, after my evaluation, it will not prove profitable in the future either. Again, the name is withheld from this post.) With all of this finally in place and several canceled orders under my belt, I was able to finally place an order which was accepted by the “pool”.
After a day of messing around with this, and some additional tweaks after the order froze due to the pricing, I successfully mined over 300 dogecoin, worth about fifty cents. The cost to produce these dogecoins was way more than that!!
My advice at this point is that cloud-mining may work for some, but the learning curve is likely going to cost you up front! Unless you have the time and bitcoin to invest in this experimentation, I say don’t do it. 🙂 Keep on buying that hardware…