Although August 1 is still hours away, most Bitcoin users are more confident of the community than they were a few weeks ago.
Although Aug. 1 is still hours away, most Bitcoin users are more confident of the community than they were a few weeks ago. As a matter of fact, some sections of the community are expecting the cryptocurrency to achieve new all-time highs in terms of price.
Due to the intensity of the scaling debate within the community, several gloomy predictions arose about the future of the cryptocurrency. In retrospect, such debates and predictions may be seen as a blessing in disguise even though it is not Uhuru yet for Bitcoin users.
The curiosity generated by the level of debate between factions of the community motivated Bitcoin users to seek knowledge of the technology as a whole.
Also, as users try to protect their digital assets, they sought clarity about the entire process and the various possible consequence of any eventual outcome.
One group that has played a huge role in creating awareness about developments in the Bitcoin community are the services providers. These service providers include exchanges, wallet vendors (especially hardware wallets) among others.
Kumar Gaurav, Founder of Cashaa – Auxesis group, tells Cointelegraph:
“Whereas in the next couple of hours some may still sell their Bitcoin due to uncertainty or not knowing how to deal with the situation, it is more likely we see Bitcoin increasing over $3,000 and to all-time-highs, as there has been plenty of information and guidance concerning this time so the majority of the community is well-prepared.”
Gaurav notes that some other reasons that may be responsible for the prevailing attitude within the ecosystem include:
- People are happy about the scaling “civil war” being over.
- All major players considering BCC as just another altcoin.
- Bitcoin is becoming more usable.
- The prospect of some “free money” which they can keep as new altcoin or can buy more Bitcoin for.
Retaining a long-term approach
However, he also recognizes that Bitcoin users can expect possible uncertainty at some point within the period, a phenomenon which he expects to settle after a few days.
Gaurav advises users not to be worried if there is an initial decline in Bitcoin price. He explains that such would only reflect a portion of the community investing in BCC in the beginning, a factor likely to be surpassed by the longer term factors in favor of Bitcoin mentioned above.
Looking into the future, Gaurav notes that BCC may eventually grow into one of the largest altcoins, comparable to how Ethereum Classic became the seventh largest altcoin, starting from $0.75 and currently being around $13. Thus it may be advisable not immediately dump the new coin but wait and see if this replicates.
