Bitcoin Surges In Value. How Far Can It Rise? Are There Any Cryptocurrency Alternatives?

In the last few weeks, bitcoin has seen a comparatively huge price hike. One bitcoin, which was hovering around $240.00, has now gone to around $279.00 at a point and now down to below $270. This article will explore what the pundits are saying about how high the price of bitcoin can rise for the rest of this year and especially for next year. It will suggest another alternative that can prove to be a better store of value that bitcoin.

In the light of the imminent exit of Greece from the Eurozone as a result of defaulting on her loan repayment to IMF and the Eurozone partners and spending 20million euros to reject Eurozone bailout conditions, the Hellens were expected to shift to bitcoins as one of the best stores of value aside gold. Analyst have taken a cue from what happened in Cyprus a few years back in relation to a similar surge in bitcoin price. Even before the 30^th June deadline, bitcoin had started rising and since the “No” vote to reject the new Eurozone bailout, bitcoin has seen more rises.

It is not only bitcoins that has seen a price hike. Litecoin has topped $4.00 and Hellascoin, the Greek version of bitcoin has doubled in value since June. It does seem that the predictions of pundits have largely come to pass.

With limits on the amount of euros one can withdraw from ATMs in a day, things are getting tough. The Greeks are under pressure to come up with a proposal for bailout and the Prime Minister has promised to present one on Monday, it seems the Greeks just wasted the 20million euros on the recent referendum.

Cryptocurrency looks like one of the best legitimate ways to convert personal and family wealth to avoid the lost of value in the event of an exit from the EU and a return to a weaker currency like the drachma.

How high can the bitcoin rise?
In a similar situation in Cyprus in 2013, bitcoin rose to $1200.00. Can the Greek situation pull the bitcoin price up to $1200.00 or even beyond?

Assuming, without admitting, that bitcoin rises to $1200.00, how many can one buy before the price gets there? If you bought 100 bitcoins at an average price of $300.00, for example, and the price rises to $1200.00, you would make a profit of $90,000.00. That is a lot of money. If you bought 10 bitcoins, you would make $9,000.00 profit and that is still a lot of money, but is there a better alternative?

Virtacoin was launched on 1^st July, 2014. It is a new digital currency that enables instant payments to anyone in any part of the world. virtawiki It is based on the same code base as bitcoin so it works just like bitcoin. It also uses peer-to-peer technology, just like bitcoin. It has no central authority: meaning managing transactions and issuing money are carried out collectively by the network. The open source software which enables the use of this Virtacoin currency is called Virtacoin core. Its technical specifications are: Scrypt proof-of-work algorithm, 60 second block time target, ~21 billion total coins, 8000 coins per block, reduces by 0.5% each week starting 2/28/14 and Difficulty retarget every 1 block. Read http://www.virtacurrent.blogspot.com

One virtacoin is currently valued at 1 or 2 satoshis. (One satoshi is the smallest denomination of a bitcoin). There are 100,000,000 satoshis in a bitcoin so one bitcoin can buy 50,000,000 or 100,000,000 virtacoins depending on where you buy from - bluetrade swisscex ask.com banx.io or virtacoinwallet.eu with PayPal, Egopay, Skrill or Bitcoin. VTAs can also be “mined” with a computer or gotten from faucets for free. If you want them for free, first get an online wallet from virtacoinwallet . Configure the wallet to receive bitcoins. Now use these three faucets to amass virtacoins. one , two , three .

Proponents of bitcoin and virtacoin believe that the two coins would integrate at a point. When, not if, this happens, virtacoin will jump in value. Some believe that one virtacoin will be valued at one bitcoin. The Virtalocal Project Coordinator, who prefers to be called Prince, believes that, considering the money supply of bitcoin and virtacoin, 10,000 virtacoins will be equivalent to 1 bitcoin after integration. Yet others opined that one virtacoin will be priced at between $0.10 and $0.50.

As I write this piece, virtacoins can be converted to any fiat money and cashed at any MasterCard enabled ATM all over the world using Neteller’s Net+ MasterCard. neteller.com You can use virtacoin to buy at any POS terminal around the world. It can also be exchanged for Litecoin, bitcoin and dogecoin at the exchanges.

How can one take advantage of the current and future relationship between bitcoin and virtacoin? How can the Greeks, for example, turn their current situation into a positive one when the dust settles?

Assuming we use the lowest expected future value of virtacoin - $0.10 (10 cents). 1 bitcoin can currently buy 100,000,000 virtacoins or maybe 50,000,000 virtacoins. My question is, which one is more likely to occur? That bitcoin will rise to $1200.00 before the end of the year or that virtacoin will rise to $0.10 within the same period?

If you have bitcoins it means you believe in the concept of cryptocurrency. My advice? Use one of your bitcoins to acquire 100,000,000 or 50,000,000 virtacoins. When virtacoin hits the conservative level of $0.10, your 100,000,000 virtacoins would be valued at $10,000,000. If your bitcoin could only get you 50, 000,000 virtacoins, at $0.10 you will be $5,000,000 rich. Even 200, 000 virtacoins at 10 cents will give you $20, 000. If you do not have bitoins already, you may want to buy one and get your share of virtacoins.

Some people in Greece and elsewhere might rise up to see that things are not faired too bad after all.

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