Bitcoin surges past $3400 to hit record high

Wednesday, 09 Aug, 2017

"We were overwhelmed with the tests trials that were run in Kenya in terms of volume and have therefore made a decision to launch Bitcoin exchanges across the continent in the coming months", Kumar stated. Others push for still bigger changes for the currency.

The results, so far, have been stellar. The number two on the list, which is still Ethereum, is more than US$30bn behind Bitcoin right now.

On August 1, the cryptocurrency community experienced a fork that led to the creation of Bitcoin Cash as a new form of cryptocurrency spinning off the original Bitcoin.

With that said, let's take a look at the details and expectations for the cryptocurrency's future.

Amid constant headlines about huge increases in the values of cryptocurrencies bitcoin and Ethereum, the dental profession recently launched its own cryptocurrency, Dentacoin.

The digital currency hit an-all time high of $3,525.04 before pulling back to around $3,481 early on Tuesday. Jeff is a prominent speaker at numerous world's freedom, investment and gold conferences as well as regularly in the media.

While the markets will ultimately decide, Taylor doubted Bitcoin Cash will be successful in the long-term. And bitcoin's surging price is a pretty good wave to ride.

Despite efforts to market Bitcoin as a currency, investors are effectively buying into a share of an asset when they stake their cash as governments refuse to recognise Bitcoin's virtual status. Bitcoin continues to climb and trades at all time high, $3437.6 at the time of the report.

You can find more details about the BTC/BCH fork here.

Bitcoin Cash was born on Tuesday morning when a minority of the developers chose to go ahead with an upgrade process. The answer is twofold. Both Bitcoin and Bitcoin Cash are functioning well, with miners happily mining on both networks.

As it turns out, what goes up must come down, at least for Bitcoin Cash, whose priced crashed to as low as $205, though it stands now at $251.

Because businesses only have a small window of time to prepare for the newly forked cryptocurrency, issues regarding security of user accounts and funds may occur during the process of crediting user accounts and withdrawing the newly forked cryptocurrency.

For Belfrics, the African bitcoin markets possess considerable growth potential, with the company expecting to target approximately 100,000 African investors during its first 12 months of operations.

"You start with a user base of millions, which I think is really important to getting a new cryptocurrency up and running, that's the hardest part - how do you get your first million users?"

Following the fork, Bitcoin owners possessed one unit of Bitcoin Cash for every Bitcoin unit they owned.

The value proposition here is unclear.

Overall, it appears bitcoin was responsible for much of the upward movement.

The bitcoin price rally shows no sign of slowing down amid growing investor confidence in the future of the cryptocurrency.

In the end, Bitcoin Cash's fate might be similar to that of Ethereum Classic, a fork of the Ethereum (Ether) cryptocurrency that began trading previous year.

But Bitcoin is not fully out of the woods yet. "Now that it has happened with a favorable outcome (Bitcoin + Bitcoin Cash Bitcoin), new money is entering into the space".

In the simplest of terms, Bitcoin now has a clone that is waiting for it to stumble.

Some pundits expect Bitcoin prices to increase even more this year.