Bitcoin surges past $4,300 following controversial hard fork

Shawn Knight

TechSpot Staff
Staff member

Bitcoin earlier this month experienced what was arguably the most controversial network happening to date: a hard fork. The move generated a massive cloud of uncertainty that encompassed the entire cryptocurrency community. Two weeks removed from the storm, however, things look brighter than ever.

The value of a single Bitcoin has skyrocketed from an already impressive $2,735 on August 1 (the day of the split) to $4,323, an increase of nearly 60 percent. To put things into perspective, Bitcoin’s market cap as of writing is now higher than PayPal’s ($71.43 billion versus $70.37 billion).

Bitcoin’s meteoric rise since its creation by the mysterious Satoshi Nakamto (likely a pseudonym) has been nothing short of astounding and has highlighted the desire for a decentralized currency. Many, however, aren’t quite sure what to make of cryptocurrencies in general and struggle to wrap their heads around the idea that a digital, non-tangible “currency” can be as valuable as it is (or for that matter, have any value at all).


For those grappling with the idea, I point to a recent tweet from technology pioneer John McAfee (of anti-virus software fame).

While it’s true that something is only really worth what someone else is willing to pay for it, McAfee’s statement analyzes Bitcoin’s value from a practical standpoint. Creating a single Bitcoin now requires loads of processing power and in turn, electricity.

Bitcoin is soaring at the moment which makes it easy for investors and the public in general to put on blinders and temporarily disregard the cryptocurrency’s extremely volatile nature. Its value could just as easily be cut in half by this time tomorrow and nobody would be all that surprised.

If you are on or planning to ride the Bitcoin roller coaster, be aware that you’ll likely experience incredibly high peaks and extremely low valleys along the way.

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Trillionsin

TS Evangelist
Remembering when bitcoins cost 10 cents each and I was too little to buy any myself...this hurts
Yea? But you'd have likely sold when it hit 10 dollars, if you held it longer maybe you'd have waited till it was $100. Hindsights a *****, don't think that if you went back, you'd have held it till it was at the point it's at today. Sure, you'd make a ton, but you wouldnt be filthy stinkin rich like you'd be hoping right now.

Edit: One of those dips, at some point would have made you concerned and you would have likely sold some at SOME point.
 

andrewdoyle88

TS Addict
I've been noticing a lot of 'articles' on financial websites that are basically wrapped up as sales pitches. An investment that garners rapid value will most likely devalue just as quickly. The Dot Com bubble wasn't too long ago so many of you might remember companies going bankrupt and most tech stocks losing 80-90% of their value.

Unless you are an experienced investor you're likely going to buy high and sell low. Most novice investors get excited when they hear news of huge gains and think that could be them. Once your stock is in the news it's too late, you've missed the gain train... it's more likely going to be a pain train.
 

domyz

TS Booster
Don't agree with you folks... the right way to invest in bitcoins for an amateur is like me last year: buy a relatively low amount (500, 600, 700$) and plan to forget about it for the next 20 years. Then lose it all (not much) or profit huge gains.
 

Trillionsin

TS Evangelist
I've been noticing a lot of 'articles' on financial websites that are basically wrapped up as sales pitches. An investment that garners rapid value will most likely devalue just as quickly. The Dot Com bubble wasn't too long ago so many of you might remember companies going bankrupt and most tech stocks losing 80-90% of their value.

Unless you are an experienced investor you're likely going to buy high and sell low. Most novice investors get excited when they hear news of huge gains and think that could be them. Once your stock is in the news it's too late, you've missed the gain train... it's more likely going to be a pain train.
Not experienced here. I'm making money off bitcoin. I didn't invest early. Please take a trip over to reddit.com/r/bitcoin

There's something I could agree with in your opinion, however, it's unrelated as far as I'm concerned. These are not facts.
 
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Trillionsin

TS Evangelist
Don't agree with you folks... the right way to invest in bitcoins for an amateur is like me last year: buy a relatively low amount (500, 600, 700$) and plan to forget about it for the next 20 years. Then lose it all (not much) or profit huge gains.
You got the right idea buddy. Or just buy a little when it's low and sell a little when it's high. I started doing this with 20 bucks.... Only its not just 20 bucks anymore!!! Lol
 

Trillionsin

TS Evangelist
Uhh...you're obviously going to the wrong place? I can sell btc instantly on coinbase and get my money right then and there.
Yea, it's funny how much info people lack when they are posting on here... "Good luck selling..." Now, it COULD be different if Coinbase is being slammed by a **** ton of people trying to access it at the same time. That happened, and all it did was slightly delay things.

Well... you got to wait on the transfer to your bank still... lol but hey, maybe you know something I don't?