Bitcoin has been down since it hit a high on 08/17/17 but has once again turned north and is setting new all time highs.
ProtectingCoin.com had asked this on 08/14/17
“Do we break $4,500 this week or is it time for a pull back under $4,000?”
The pull back to under $4,000 came just 1 week later, on 08/21/17. Now that the pull back has passed, is $5,000 coming by early September?
The gains today are most likely aided by the go-live of SegWit (Segregated Witness) that went active this week on Bitcoin. What is SegWit, you ask? I won’t go into the technical details of SegWit but will sum it up to say it is a more efficient way to process/store transactions on the Bitcoin network. This can increase the speed of transactions over time which will be needed as the popularity of Bitcoin continues to increase. Just how popular is Bitcoin becoming, you ask? Well, recent Google search reports show Bitcoin searches have become more popular than Beyoncé! Pretty sure that is the be all, end all yardstick for measuring popularity.
Trezor Hardware Wallet released Firmware (the software that is installed on your hardware wallet) version 1.5.2 this past week. I have upgraded a couple now and recommend everyone upgrade your wallet to the latest version. It takes all of 2 minutes.
- Login to htttps://trezor.io and click “Wallet” in the right hand corner
- Plug in your Trezor Wallet and enter your PIN #
- The top of your wallet screen will show an announcement for the new firmware release. Click “Show Details”
- You should now see instructions to disconnect your Trezor Wallet from the USB port, hold down both buttons on your Trezor Wallet and reconnect to the USB port.*It can be a little bit of a juggling act to hold down both buttons and plug it in but the buttons don’t need much force so you can hold those with one hand.
- Once you receive the screen below, you can release the buttons and click “Yes, update”
- On your Trezor Wallet you will receive a message to confirm you want to upgrade the Firmware, click “Continue” (*Note* Always make sure you know where your 24 word backup seed is before starting. You should not need it for this process unless the update was to fail for some reason. It would be rare that it would fail the update but as insurance make sure your 24 word paper seed is where you think you left it!)
- Your Trezor Wallet will now erase your old firmware and install the new firmware.
- After the install is completed you will see a Fingerprint code on your computer screen and on your Trezor Wallet screen. Confirm that these numbers are the same on both screens and click “Continue” (*Note* fingerprint scrambled in photo below but yours will be numbers and letters that are legible)
- That’s it, your Firmware is upgraded to the latest version in all of 2 minutes! You can now disconnect your Trezor Wallet.
Trezor has released firmware update 1.5.2 for the Trezor Hardware Wallet.
Today, SatoshiLabs released a security update to your TREZOR; a new firmware version — 1.5.2 — was pushed out to all users. This update fixes a security issue which affects all devices with firmware versions lower than 1.5.2.
TREZOR Wallet will notify you about this update. Please make sure you have your recovery seed nearby, before starting the update process. Refer to the User Manual if you need assistance with the firmware update. For users with Bootloader version 1.3.0, please consult this guide first.
Make sure you have your paper copy of your 24 seed words and allow the firmware to upgrade to 1.5.2 by connecting your Trezor and opening your wallet. It should auto detect that you need the firmware upgrade.
ProtectingCoin.com will be giving away .005 Bitcoin (valued at more than $21 US as of 08/14/17) on 08/25/2017 to one lucky winner in celebration of BTC breaking through $4,000. ProtectingCoin.com will also assist you with setting up a free BTC wallet (the value of this personal lesson is priceless and only takes minutes to complete).
How to enter: Share, like and comment on our Facebook post. You may also want to like the ProtectingCoin.com facebook page for future updates and contest.
How to win: A random winner will be selected at 9PM ET on 08/25/2017
How to claim your prize: You do not need any current Bitcoin wallet or knowledge. The only thing you will need to win is a smart phone so you can download a wallet app to receive your winnings. ProtectingCoin.com will assist you to setup your wallet and transfer your winnings to you if you are new to Bitcoin.
What do you do with the BTC if you win: Well, that is up to you. You can leave it in the Bitcoin wallet and hope that it grows in value if BTC continues to appreciate in value. You could move it to an exchange and cash it out to your standard currency. You can use it to purchase good/services from one of the thousands of vendors that are now accepting BTC for payment.
Other: Must be 18+ to win and have a smart phone.
Bitcoin continues the march upward as it breaks $4,000 and sets new all time highs. The cost per coin has increased more than 27% in the past 7 days. Do we break $4,500 this week or is it time for a pull back under $4,000?
Walk through on how to set up an account on Coinbase and buy Bitcoin.
Bitcoin has increased over $250 in the past 24 hours and has breached the $3,800 mark and continues to trend upward. Will the new all time high break $4,000 this weekend?
The current market cap (value of all Bitcoin in existence) is just shy of 63 billion. The market cap has increased by approximately 29 billion in the past 30 days. This may sound like a large sum (and it is) but it is a small fraction of what it could achieve if it replaces any part of Gold holdings or US currency. The estimated value of all mined gold is 8.2 Trillion (8,200,000,000,000…that is a lot of zeros!). The value of gold is 130x larger than the market cap of Bitcoin. In other words, the market cap of Bitcoin is less than .8% of the value of gold…yes, that is less than 1%. If a mere 5% of value stored in gold moves to Bitcoin it would increase the price of BTC by more than 600%, increasing the price per coin to $22,800.
This is only when comparing a mere 5% of the value of gold and does not include people and countries that accept BTC as a replacement or compliment to their current fiat currency. Many countries with unstable governments may accept BTC with open arms as an alternative. Japan actually just passed a law in April, 2017 that will make BTC a legal method of payment for business and merchants. All signs point to BTC becoming a mainstream, global, method of payment in the next few years.
*Note – This recent run up increases the value of Steve’s locked Bitcoin (in a safe with no key) from $50,000 to almost $65,000! Full story can be found here.
BTC broke through the $3,500 price point on August 11, 2017 and it looks like there is a very good chance it will reach $3,600 by the end of the day. What will it do this weekend? Do we see new all time highs set this weekend again?
BTC has gained close to $500 in the past 7 days and more than $1,200 in the past 30 days.
BTC briefly jumped over the $3,400 price point today but has moved back to just below the mark at $3,372 as of 8/7/17 12:30pm et. The movement over the past week represents an increase of more than $500 or 18.63% from 7 days prior. The increase from 30 days prior is approximately 33%.
Do we see $3,500 by the end of the week?