Are we experiencing the death of BCH?
After getting an ATH at nearly $1,000, BCH retreated in a prolonged, non-stopping bleeding, pretty much every support have failed to hold the losses for the forked coin.
It all started at the end of August but BCH were always behaving like every other altcoin, responding the sentiment provided by the always strong Bitcoin (BTC) and behaving directly correlated with him.
But an inflection point came on September 27
That day CoinDesk announced the date set for the Bitcoin Gold harfork by October 25th, and suddenly BCH started an inverse correlation against BTC.
No surprise, what's the point of holding a coin that is not going to multiply itself like BTC is going to do.
And all that past time, BCH failed to get both the hashrate and the transactions volume to keep a contender for the legacy chain.
Source: bitinfocharts.com
They way i see it there's 2 scenarios for BCH as it continue behaving inversely correlated to BTC and a massive correction is expected for BTC.
BCH could turn the losses to gains in the turmoil fruit of the two hardforks scheduled for BTC, taking not just market cap, but hashrate, and most importsnt, real users, effective transactions.
The other one is a scenario where the market wiped out BCH as it dailed to provide a real solution to the problems they stated for in the first place, honestly this looks like it.
My personal opinion and the reason why i stay behind the second scenario is because we can't have a market with 100 different Bitcoins.
It isn't sustainable that every group of developers that are not fully supporting a consensus made by a majority, decide simply to fork out the little changes they're proposing, and even more when they're competing not just for the users but for the same hashrate.
I don't think it's crazy to call the death of BCH, it would be the most healthy thing for the market to wipe out the things that cannot overcome and evolve into the cryptoshpere.
Otherwise, we will end up as i said with 200 different Bitcoins with just small differences in the code but making the same thing and thriving for the same hashpower and transactions volume, that way the confidence taken by BTC for being the pioneer, will make it survive above all.
Let's see how the market reacts, if Asia pump back the forked coin to new highs, possible yes, but probable?
- Stay connected for more updates
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Bitcoincash is the real Bitcoin. I agree we dont need or want 100 different Bitcoin's. We do need and want more education on what defines the "legacy chain" and what is and is not a BItcoin clearly.