3 powerful reasons why I sold most of my Bitcoin Cash and bought more Bitcoin
Hello fellow steemians and crypto investors,
This week I decided to sell most of my Bitcoin Cash to buy more Bitcoin. Following are the three powerful reasons I decided to do this.
However, I did keep at least its millionth of supply (21 coins), just in case, as I’ve explained previously on this post about how much to invest in each coin. I believe you should too as long as you can afford it.
- Reason 1: No users
Despite all the propaganda by Roger Ver and his China friends Bitcoin Cash is NOT being used. The following chart shows the huge disconnect currently between Bitcoin cash and the number of active wallets on its blockchain:
- Reason 2: Google Trends
Bitcoin is consistently hitting all-time records on Google Trends global searches, however “Bitcoin Cash” is barely even searched for after it peaked early August.
- Reason 3: Segwit
Segwit usage continues to steadily grow on the Bitcoin network. It’s only a matter of time before we start to see second layer scaling solutions released in Bitcoin. Litecoin and Ethereum are also heavily involved in this race to get to second base.
Tell me what you think of this post in the comments below. This is not professional investment advise. I'm not your financial advisor. Only invest money you can afford to lose!
CHECK OUT MY PREVIOUS POSTS:
Bitcoin All-Time-High on Google Trends - 91% strong correlation with its price
Why China (or governments) can’t stop crypto
ETHEREUM’S RAIDEN VS BITCOIN’S LIGHTENING – What’s happening?
SEE THE CHARTS! Segwit progressing slow but already helping ease congestion in the Bitcoin network
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Happy crypto investing!
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The first reason its very important, no people no life... its simple thanks for your analysis.
Greetings from Venezuela @michelcamacaro
Yes, one of the largest market makers in the BTC space right now. Mainly OTC for companies.
"We directly trade over $1B in crypto per month." is a quote from the CEO.
I think that selling Bitcoin Cash is the right position. I agree with your opinion at all!
I would have to disagree. Bitstamp recently announced support for Bitcoin Cash, and all the major exchanges have already added it. Coinbase will be adding it as well. Even if BCH use is low now, there's no reason to think that won't change in the future.
Even with LN on the legacy chain, the 1mb block won't be enough to handle all the added transaction load from the opening and closing of LN transactions. This in itself will force the legacy chain to go to bigger blocks sooner or later.
Also, General Bytes, one of the biggest players in the Bitcoin ATM industry, also said Bitcoin Cash will be supported on their machines: https://twitter.com/generalbytes/status/904615862291894272
General Bytes ATMs currently have 23% of the market, according to CoinATMradar statistics.
So..... I think you made a mistake selling your BCH.
Which is why I still own the millionth of their supply as insurance in case Segwit + Lightning don't work out and usage picks up in the future. However, all signs right now are pointing to a big correction on BCH's price. Always good to hear a dissenting voice! Thanks for the knowledge and added value you bring! regards
Disclaimer: I am just a bot trying to be helpful.
Thanks so much for your support! regards. I just go with the facts, don't particularly hate or like Bitcoin cash. regards
nice to have in steemit crypto analytics like you, im not investor but its amazing to quick to know, whats realy going on. cheeeeersss!!! :)
Thank you sir. I just give my humble opinion based on my experiences trading. Best regards
There are a lot of different talk-abouts, whether bitcoin cash is next bitcoin or not, so it's very hard to find the right answer to all this.
Coin usage and trading volume are the only really good tells for a coin. Everything else is just landscaping and propaganda by interested parties.
Than... there is abnormally huge number of media and individuals, promoting it
Red flags all over the place right?
Personally, I think bitcoin will always be bitcoin. Bankers are and will be making their own crypto currencies and try to "make-believe" that btc is bad and their currency is golden. People have to get used to this.
Food for thought... I have some, was going to hodl, but might get some dash and steempower instead...
I bought Bitcoin because it's the main coin with the most network effect right now. I already own the millionth of supply of Dash and Steem so I'm not investing much more there for now but they are both good investments with plenty of volume. regards
Thanks. BTC is the one I use for payments. Dodge for the lulz and ltc and ether for speculation... Bought some Eos recently, will see how that pans out.
Nice post friend 👌. thanks for sharing
Bitcoin Cash chances are really small. Bitcoin chances are much bigger. Obviously, that you made the right choose!
Daily Learn some new from your post. Love to read it.