Bitcoin Cash Update 24 Hours
About 24 hours ago the first block was found and mined for bitcoin cash which means bitcoin has officially split into two bitcoin and bitcoin cash.
Bitcoin cash now holds a 7.7 Billion market cap putting it in 3rd place however the mining percent for the coin is still very low which presents the issue of it not gaining that much traction in the market and many exchanges still saying they will not support it. SegWit2x still seems to be a high priority for bitmain seems to be their man focus which is causing even more issues as we press forward.
Side Thoughts
While all this looks rather good and promising for bitcoin cash at the moment there are two key factors that still put me to bitcoin cash not being fully accepted and eventually just being another alt coin.
The lack of support by miners and by exchanges, since everyone is not on the same page it is causing very slow adoption and also a high risk to the block chain being hacked. Lower mining adoption makes it easier for any one mining company to gain 51% control or higher and threaten the block chain. Unless more processing power is put into the new crypto currency I see this becoming a bigger issue as we move into the next weeks and months.
Bitcoin is still holding strong at $2,700 per coin it just seems stagnant which is not a bad thing. If anything it shows it resilience to this split. While overall market cap is now 101 billion it seems 90% or more of the capital in bitcoin cash is from new injected money from investors. To me this is looking more like one of the biggest pump/dumps we have seen compared to others which where close to 500 million - 1 billion market caps.
Remember these are my own opinion and views and not to be used as advice for trading. Be responsible with your own finances and seek professional financial advice before making any trades.
Side Note On Coinbase not accepting Bitcoin Cash, I can understand why they would not want to since it encourages bitcoin to split. However their choice has consequences as Coinbase now faces a possible massive lawsuit for not supporting it. This is based on a group saying withholding new shares from its investors would be the grounds of the lawsuit just like a brokerage withholding new shares from its investors.
And look at it crash now
Why is bitcoin cash up though ?
Because outside money is being injected into most likely China investors
Bcc is probably going to be dumped in few months.
It is now BCH and its getting dumped hard
Lol
I would be very surprised if it were ever to replace bitcoin it took all day to get a confirmation and i suspect theres a massive dump coming.
nyc
follow me friends.
BTC holders in Coinbase should have swapped wallets, we've all know about this for a long time. Their own fault
Totally agree with that but thats the fun with stupid laws everyone can bitch and sue anyone based on dumb stuff lol
wish I had BTC to swap from coinbase, could have sold the BCC and added around 40% to your BTC postion, at the height of last night
Do you have a desktop wallet for your new Bitcoin Cash or are you keeping it on the exchange?
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the second point you made is of great possibility. people keep falling for these bitcoin clone alt coins . there are so much more coins out there to wisely invest in. if we are not dumping bch at the peak we're gonna be owners of another shit coin
838 of them now all which piggy back off of Bitcoin, Ethereum and Monero what really shocks me is how low litecoin still is that should be up to $150 each
Thank you for your considered opinion on Bitcoin Cash. I've no idea what's driving the market - I think some people wanted to get out quickly but found themselves stuck with exchanges being closed and similar, and the rest are buying in whilst it's cheap. I wonder if some of your readers might benefit from a quick look at my latest post detailing the process I went through to sort out my Bitcoin Cash from my Bitcoin? Perhaps you could give it a quick look and suggest improvements for this Steemit newbie? :D