Today was quite the roller coaster for anybody who follows, or has vested interest, in Bitcoin (BTC) or any other crypto currency. Many people have been closely watching the upcoming hardfork for the BTC blockchain, and there has been much back and forth on both sides of the aisle.
The proposed hardfork was nicknamed Segwit2x, which combined Segwit technology and a hardfork to 2MB (this would be an increase from the current 1MB block size that BTC miners can mine), and had many people on both sides of the aisle for whether it would ultimately be a positive or a negative for the future of BTC. For those of you who are unfamiliar with these terms or what goes into the making of a crytocurrency, think of it as a proposal to change the core technology of your company that could potentially create a windfall or could be said company’s downfall. I personally did not think it would ultimately be a negative for BTC, but people smarter than me obviously thought differently.
At approximately 11:00 a.m on November 8th, Mike Belshe, BitGo CEO called off the Segwit2x hardfork via a post on the Linux Foundation, causing a huge stir in cryptocurrency and financial communities worldwide.
After this went viral, we saw a wild swing in BTC price. On two of the popular and respected BTC platforms, Coinbase and Bitfinex, we immediately saw prices as high as ~$7,840 (per coin) and ~$7,900 (per coin) respectively. This was up from ~$7,400 from the day before. These prices shot up in less than an hour, but immediately came “crashing back down” to as low as $7,172 (per Coinbase platform) within three hours. As of now the price of BTC this evening sits at ~$7,350. And if you are wondering why there is an approximation by these numbers just pull up a BTC price chart and see how rapidly it fluctuates literally every few seconds.
This brings me to my next point, today’s extreme volatility ended up being much to-do about nothing. But if you were long or short on BTC then you likely had a heart attack (or two) during this episode. Like every tradable commodity, there is of course going to be up and down swings that you have to weather. BTC definitely takes those swings to a level that we have rarely seen before. If you are not prepared to see that ticker violently swing up and down and be completely fine with that, then maybe some 30 year mutual funds are the way to go for you. If you are a savvy trader then the volatility of BTC is right up your alley and there is ample money to be made with these every hour swings.
If you are looking for something somewhere in-between then you may want to look at Bitcoin Cash (BCH) which is rumored to become an accepted deposit method at a few of our online sportsbooks. BCH took a hit after its initial hardfork split from the BTC blockchain that saw its price shoot up. But since then in the past month the price of BCH has steadily increased and has doubled. The volatility of BCH is not quite as high as BTC so for those of you who are prone to heart disease this may be a better offering for you. The same can be said for Litecoin (LTC), which is accepted at BetOnline. There is much less volatility and there is the same potential for steady growth as with BCH. Both of these cryptocurrency are undervalued and have the potential for quality growth for your bank account with a little less volatility as seen with BTC.
And what better way to spend those bitcoin profits, or chase those losses, than buy taking a crack at any of our recommended sportsbooks. Before you do that, make sure you have plenty of top shelf information at your disposal via our NFL gambling picks. Information is king, so better you chances with the Sports Information Network.