Money Flows into Bitcoin Ahead of Split bitcoin rate chart

Bitcoin is headed for another split or fork. On 1 august, bitcoin went through a hard fork which resulted in a new crypto token called bitcoin cash or bcash.

The two coins, while similar, have some distinct differences that are governing their future direction. Now bitcoin, the original, is heading for another fork. This time the spin-off token will be bitcoin gold.

When the fork happens, anyone holding their private bitcoin keys will receive the same amount of bitcoin gold — for free.

Free money certainly has a lot of appeal. Just look at bcash today, it’s worth US$330. That’s a significant amount of money, especially for free. Naturally, that kind of allure has seen crypto traders flock to bitcoin hoping that the bitcoin gold fork could bring similar returns.

The signs aren’t particularly promising

bitcoin rate chart

We’re literally days out from the fork and bitcoin gold only just got its official website up and running. Though it’s rather light on information as to what bitcoin gold actually offers.

If you’re looking for clarity, you certainly won’t find it on their site. The merkle comments:

‘ on the new website, there is mention of how users can obtain bitcoin gold. Unsurprisingly, the information doesn’t help anyone by any means. We know there will be a rate of 1:1 relative to BTC held in user wallets at the time of the fork. However, there is no information as to how users can actually obtain or claim their balances in this regard.’

The alarm bells are well and truly ringing at this point. It gets better though.

A better bitcoin?

The team behind bitcoin gold are relatively unknown. Even within the bitcoin community.Bitcoin rate chart their only claim is that they believe they can make a better bitcoin. Though they have little to show how they are going to go about that.

The merkle sums it up rather nicely, I think:

‘ in the end, it remains to be seen how things will play out for bitcoin gold. No one has high hopes for this project right now, which is only understandable. Based on the current information, there will be a major BTG premine and no way to effectively distribute the coins. There isn’t even an official bitcoin gold wallet, for crying out loud. This project does not instill any confidence whatsoever; that much is rather evident.’

If you’re holding any bitcoin you’ll get your free bitcoin gold, just don’t expect to get a whole lot of value out of it. That is even if you can get access to it.

Regards,

Ryan clarkson-ledward,

bitcoin rate chart

Junior analyst, money morning

PS: if you’re looking to get a hold of real bitcoins, we can help. Don’t miss out on this once-in-a-lifetime chance at making some serious returns. Get all the details, for free, right here.

At money morning our aim is simple: to give you intelligent and enjoyable commentary on the most important stock market news and financial information of the day – and tell you how to profit from it. We know the best investments are often the hardest to find. So that’s why we sift through mountains of reporting, research and data on your behalf, to present you with only the worthwhile opportunities to invest in.

Become a more informed, enlightened and profitable investor today.

Click here to take out your FREE subscription to money morning. Featured… Stock market

• this figure could cause the next crash

bitcoin rate chart

As US bond prices collapsed, so too did bond prices in most developed countries. The rise in yields not only devastated bond portfolios, it encouraged thousands of investors to jump out of stock and into high yielding bonds. It caused the all ordinaries (the 500 largest aussie stocks) to fall more than 22% from its high in 1994. Question is, could we see a similar situation play out in 2018?

Investments

• this figure could cause the next crash

As US bond prices collapsed, so too did bond prices in most developed countries. The rise in yields not only devastated bond portfolios, it encouraged thousands of investors to jump out of stock and into high yielding bonds. It caused the all ordinaries (the 500 largest aussie stocks) to fall more than 22% from its high in 1994. Question is, could we see a similar situation play out in 2018?Bitcoin rate chart

Economy

• the ‘magic’ of the aussie dollar

Australia, as an investment destination, suffers from an increase in risk perceptions. Foreign capital is less willing to invest here, or buy debt issued by the banks to fund the mortgages of aussie battlers. As a result, the aussie dollar falls. However, the ‘magic’ of a falling dollar is that it increases the purchasing power of foreign currency.

Commodities

• the ‘magic’ of the aussie dollar

Australia, as an investment destination, suffers from an increase in risk perceptions. Foreign capital is less willing to invest here, or buy debt issued by the banks to fund the mortgages of aussie battlers. As a result, the aussie dollar falls. However, the ‘magic’ of a falling dollar is that it increases the purchasing power of foreign currency.

Gold & silver

bitcoin rate chart

• CSG share price suddenly comes crashing down

CSG ltd [ASX:CSV] stocks crashed a deathly 31.72%.

Property

• aussie property: generational crunch time approaches

The divide between the generations is real. And although starting off has never been easy — and it’s not meant to be easy — it’s still fair to say no generation has had to start off at such a disadvantage when it comes to buying a roof over your head.

Financial system

• this figure could cause the next crash

As US bond prices collapsed, so too did bond prices in most developed countries. The rise in yields not only devastated bond portfolios, it encouraged thousands of investors to jump out of stock and into high yielding bonds. It caused the all ordinaries (the 500 largest aussie stocks) to fall more than 22% from its high in 1994. Question is, could we see a similar situation play out in 2018?Bitcoin rate chart

Other financial news

• fletcher building share price fell 8.95% today

14 feb 2018

• weight watchers shares go up

8 feb 2018

• snapchat remains ahead as stocks continue upwards

8 feb 2018

• growing your income in today’s market

8 aug 2017

• transurban share price disappoints despite an 850% rise in net profit

8 aug 2017

Investment resources