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RE: Bitcoin War Begins - Bitcoin Cash Rises 50% While Bitcoin Drops $1,000 In 24 Hours
I think people are going to see quickly how limited BCH is as well. I also really believe a big part of the sell off was from news that bitcoin classic is no longer being supported and instead they support BCH. Well hearing bitcoin classic I think most people thought of BTC which ITS NOT! perhaps people will realize this soon or maybe its already happened as we seem to be on a steady increase again in BTC.
Whats scary is simple misunderstandings and news can alter the value of a coin by that much it almost makes me want to cut my profits here soon and run because honestly a majority of people are real dumb when it comes to investing and trading sorry to say.
On that note, I'm wondering how much BTC will keep being pumped up simply because main street just knows "Bitcoin" and at which point will main street flip to Bitcoin Cash - will $2,500 be enough or will it have to surpass Bitcoin? Or will it just be a news event like Coinbase switching the designation?
I just dont see it overtaking it, there is to much infrastructure etc backing BTC compared to others like BCH. Correct me if I am wrong but all the systems out there and ETFs etc all work on the BTC blockchain and it would take some effort to convert them over to BCH ?
I think it is relatively simple to switch to BCH because it has virtually the same code as bitcoin... I could be wrong though
Well it might not be but what everyone fails to realize is BCH does 1/10th the transactions that BTC does. So their example of low fees is flawed simply because people are not using it as much as soon as they do it will run into the same exact issues and the only thing they know how to do is increase the block size from 2MB to 4MB which is murder on miners lol
They are at 8mb right now and they are testing doing 1gb blocks. Just to prove it can be done. I don't know if that's the answer, I think faster block times would be better but I'm not an expert...
How much does the news really affect market sentiment? BTC made huge gains and is having a healthy normal correction. Just seems this coincided with bch btg etc kabooms... yes it a time for alts. while btc corrects.