On the 6th of June 2019, Bitcoin 2 had its first major moment of fame as it jumped up among the top 50 coins listed on CoinMarketCap. People became very interested and the daily trade volume for BTC2 quickly grew to around $450K per day after the price had settled down around $4 the following day. It had achieved a ROI of over 2000% in 24 hours, an impressive feat for the little known Bitcoin fork.
The developers had worked quietly on the project for over a year, without extensive marketing other than a few social media accounts and a Bitcointalk thread.
Now it had caught the eye of the public, and because of the unusual price action, most people were quick to judge it as just another scammy pump and dump coin. That’s also the only media coverage this coin achieved in the following hours and days, a negative bias without any deeper analysis of the project or the technology behind it.
Some of us chose to investigate further however, and what we found was very promising: Active and experienced developers with high ambitions, communicating directly with its small community through Discord. A fully working desktop wallet for Mac, Windows and Linux. Full open source project available on GitHub, with documentation and instructions on compiling your own client.
Masternodes, proof of stake and privacy in one coin carrying the Bitcoin name. It seems too good to be true. But the masternodes are running and the staking is working. People are earning revenue from owning this coin already. It’s not just another useless Ethereum token with a shallow template website, like most pump and dump coins typically are. This is a real Bitcoin fork that sets out to solve all the problems Bitcoin has. Scalability, speed, privacy and incentive to hold and transact with it, other than just price speculation.
I feel very lucky to have discovered this project so early on in its life cycle. I bought myself a masternode already for 1000 BTC2, and it’s currently giving me a daily income of $6-$10 worth of BTC2, and since I’m using a 12 month free tier on Amazon aws, it doesn’t cost me anything to run the masternode. All it costed me was the initial investment.
That being said, this project is now struggling with exposure, because CoinMarketCap decided to listen to all the negative bias flooding the web, and removed the real ranking and searchability of Bitcoin 2 from the site – until it will be listed on a total of 3 recognized exchanges. Currently it’s only listed on Crex24.com and Escodex, but the developers are actively working to get it listed on more exchanges.
So now is a time for patience and suspense. The value has started sliding down toward the $1.4 mark over a couple of weeks since its all time high around $29, and the subsequent $4 and rising value as long as it was properly listed.
It’s ironic that in the crypto space where decentralization is so highly valued, a website like CoinMarketCap has such an enormous impact on the trust and valuation of coins among people. But it is probably a very necessary filtering because of the sheer amount of coins out there, and the fact that most of them will amount to nothing in time.
But my money is on Bitcoin 2 to become the next big Bitcoin fork, rivaling the likes of Bitcoin Gold and Bitcoin Satoshi Vision. Only time will tell if me and the other believers are right. But the technology is solid and well tested, and being the only proper Bitcoin fork with masternode rewards, I see great things coming to those who dared believe in it early.