Great chance to make money on Bitcoin fork

in #bitcoin5 years ago (edited)

EDIT: SegWit2x was canceled so most of the article is irrelevant.

If you don’t own Bitcoin yet, you might just have the best opportunity to do so. On November 16th is expected fork of Bitcoin which will result in creation of new Bitcoin SegWit2x. If you will own a Bitcoin at that time and have it stored at a right wallet, you will receive same amount of Bitcoin SegWit2x. It is not the first time Bitcoin is going to split. It happened already twice this year when Bitcoin Cash and Bitcoin Gold were created. Both situations were very similar and it will most likely be very much the same this time. Both previous forks were great opportunity to earn free money overnight with very little risk. You can just buy a Bitcoin (you can buy even fractions e.g. 0.0003 BTC) few days before the fork, wait to receive new Segwit2x and immediately sell both coins if you don’t want to hold any cryptocurrency.

Previous forks

  • On August 1st Bitcoin costed about 2860 USD, the next day price decreased by about 6 % but it didn’t take event five days for the price to recover and exceeds the value ever since. It means you would earn money just by holding Bitcoins for a few days but you also received Bitcoin Cash that had value about 10 % of a Bitcoin and if you sold at the best time, you could have make 25 % gain.
    bitcoinAug1view.png
    Price of Bitcoin with line on August 1st
    bitcoinCashView.png
    Price of Bitcoin Cash since its inception.
  • On October 23rd Bitcoin costed about 6000 USD, after two days the price decreased by about 10 % before it started climb again and on October 29th the price surpassed the 6000 USD threshold. Bitcoin Gold started with price of about 8 % of Bitcoin and after a while fell to about 2 % of Bitcoin. This fork was much smaller and much less publicized but you could have gain easy many on that event as well.
    bitcoinOct23.png
    Price of Bitcoin with line on October 23rd
    bitcoinGoldView.png
    Price of Bitcoin Gold since its inception.
  • The November’s fork is required due to much bigger technical change in Bitcoin and therefore there is much higher potential for gains. Current price of futures for SegWit2x points to chance of earning about 20 % if you sell your new coins when you get them.

Caution
If you bought a Bitcoin a year ago, you gained 10 times your investment. While bitcoin continues rising, no one know how long it will continue or what should be the correct price for a Bitcoin. There is still space for increase but there is also possibility of losing most of its current value. Don’t invest anything, you cannot afford to lose! Bitcoin is still very risky investment and it could cost 0 tomorrow event though it is not very likely. This fork could be also different than the previous ones but it is also not much likely. There could be sharper drop of the price this time and even if bitcoin will continue to rise, it might be slower than before. The future is unknown.

How to buy
There are many ways how to buy Bitcoin I will describe you the way I did it. Create account at Coinbase, you will need to take a picture of your ID and then send USD or EUR to your wallet. When money is received, you can exchange it for Bitcoins. This is the easy way but exchanging USD or EUR for Bitcoins will cost you a few percentage. You can use your Coinbase account, verify it by one more ID document and use Exchange GDAX.com. It uses the same Coinbase’s account but allows you to trade with fee of 0.3 % or none at all. The important thing is to own Bitcoins 24 hours before 16th November because Coinbase (as many others) will suspend all operations (buy/sell/transfer) with Bitcoins during that period.

Conclusion
Bitcoin is one of the most revolutionary technology that will attract lot of new applications, the price increased 10 times over a year to all time high but the market capitalization is comparable just to all companies of Ireland and there is still a lot of space to grow. This fork could be the best opportunity to buy a Bitcoin with low risk. There is only limited number of Bitcoins which means it will not lose value due to inflation as fiat currencies like dollar or euro. Bitcoin is distributed, quick, secure, you can send any amount with only small fee, it is the future. It is also great Christmas gift; you can look at a hardware wallet at ledgerwallet.com.
One graph at the end, if you invested a year ago in Apple (AAPL), Google (GOOG) or Amazon (AMZN) it is dwarfed by gains of Bitcon (black line).
btc_other.png

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