Bitcoin Cash FOMO has Kicked In Buyer Beware!
Now is Not the Time to Be Buying Bitcoin Cash.
This is a warning to all of my fellow crypto currency fans. Bitcoin Cash (BCC/BCH) has successfully hard forked from Bitcoin (BTC) and the price is flying high.
Currently the only Bitcoin Cash being traded are the tokens that were made available on exchanges. For example I had a few Bitcoin on Bittrex so they credited me with Bitcoin Cash. The problem is that the people who held their private keys or Bitcoin off of exchanges are unable to send their Bitcoin Cash to the exchanges.
This has created an environment where the demand is much higher than supply. This is reflected in the current price which has reached highs close to $1200 as seen below. This image was taken at 7:55 am CST August 2.
Bitcoin Cash is Not a Market for Inexperienced Traders!
Take a deep breath, sip your coffee and go walk the dog. Once Bitcoin Cash is able to be sent to exchanges the price will cool down. It may be 2-3 weeks before the price normalizes. I will be waiting patiently to buy some Bitcoin Cash once the price retreats. FOMO is not your friend.
In the future Bitcoin Cash could do very well. I will personally be buying it since it is in line with Satoshi Nakamoto's original vision.
Bitcoin Cash Website
Update price has dropped to .2 on Bittrex so the price has corrected more than 50% since this am. You are welcome and I hoped I save some of you from tears.
You're right, even though there is a huge support from China behind BCC, it is clearly overbought, once those coins are liberated from private wallets, the selloff would be massive, it could even crash and trap all these antsy bulls.
Another thing to take into account are the BCC's of Coinbase, Xapo and the NO SUPPORTERS, ironic but because of the NO SUPPORTERS there will be NO SUPPORT technically trading speaking with those funds.
This comment has received a 1.20 % upvote from @booster thanks to: @erodriguezc11.
The market is crazy. The price will increase till deposits and withdrawals will be opened on exchanges, then dumping will start and lots of traders will lose a lot.
Yep, the same pattern repeats over and over, and people keep getting ripped off. I almost feel sorry for them. Friends of mine who do trading love this stuff. They make tons of money. How?
They are taking other people's money of course. I know we are not supposed to get emotional about investments, but it is hard for me not to knowing what I know.
I want to be the guy that warned them.
Well said my friend... Maybe some are aware of this and they are just waiting to take the highest profit...
What would happen if people decide to keep their BCC in their wallet anyway?, as its raising some could decide to hold instead of dumping it... This is so unpredictable...
Good idea !!!
Let the craziness cool off and then look out !!!
Keep on steemit!!
This is the time to sit back and relax after the indications become obvious we will buy it.
Thanks for the advice. I was originally planning on selling my BCC, but after some deliberation and recent events I think I have changed my mind and will hold it. Thank you for your opinion on the matter @hilarski!
But selling BHC seems like a great opportunity now at over $700.00 if you have 4 BTC, you get one free!
If you have some BCC in an exchange, it's probably not a bad idea to sell at these FOMO prices... Almost guaranteed to buy back at a cheaper price....
I sure would!
The price of BCH is growing i don't know what i think now
I first saw BCH on bittrex trading for 450$. When i saw it hit 1300$ i shit myself.
Hahaha accurate response.