What is Bitcoin Cash and What to Do About It
It looks like we’re getting two ‘Bitcoins’.
After all the back and forth between SegWit2x and BIP148 I thought we might have avoided a split. But then Bitcoin Cash threw us for a loop.
And now we’ll be getting Bitcoin Cash. They’re giving it the symbol BCC, but that’s BitConnect’s. I’ve also seen BCH. We’ll see.
Whatever the symbol, it will be an altcoin, and not another bitcoin.
Bitcoin Cash is being led by ViaBTC, a Chinese mining company.
Bitmain and Jihan Wu say they’re not behind this, but I don’t believe it for a second. This is just Bitcoin Unlimited in disguise.
Whether it will be successful or not, we’ll let the market decide.
All the Bitcoin maximalists are saying it’s going to zero or near zero. But I’m sure folks like Roger Ver and John McAfee think otherwise.
What’s apparent though is a lot of people are selling their altcoins to get more Bitcoin to get more ‘free’ Bitcoin Cash.
So I see a lot of selling ahead for Bitcoin Cash, at least on the first day.
I haven’t decided what to do with mine. ETC ended up going up over 20 times, just saying.
To get the Bitcoin Cash make sure you have your BTC store in a wallet where you control the private keys. That means don’t keep it on Coinbase.
I recommend the Ledger Nano.
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Great post man!
Thanks for the article man. I personally believe everyone is just going to dump bitcoin cash, what do you think?
That's the general US-centric, bitcoin maximalist view I'm hearing. And I do think we'll see a lot of people immediately sell on the first day. After than, who knows. We'll have to see what kind of hash power it gets after being released. It's Jihan's coin though, I wouldn't bet against the little turd.
I think now's the time to be buying up some alts. With everyone trying to jump into BTC for the free Bitcoin Cash there's some great deals right now.
You know everyone's going to be selling their Bitcoin Cash as soon as they can to try to get back into their preferred alt and you'll likely see a really nice bounce.
Long term, it'll be interesting to see if Bitcoin Cash can survive because it is gonna get pounded out of the gate. Wish I could short it!
I agree, I've been buying LTC and DCR and going to add some XMR.
Maybe you can pre-sell your Bitcoin Cash to Roger Ver???
Haha, yeah sign me up, is Roger on steemit yet?!! I'll let him know I've got some coins for him.
He is actually, Charlie Shrem too. But I don't think Roger has posted in a long time.
I think BCC will probably be priced.. let's say %1 of BTC price after it stabilize.... But while I know this might be a bad move, I'm not competing in this.
Awesome Article - Very informative and insightful speculation - as with all crypto - time will tell - for now I will personally hold my BTC as is and diversify a little more than usual with BTC owning only 30% of my cryptoportfolio instead of 38%
Thanks! Just check my portfolio, BTC at 33%, largest position.
I guess this might be a good time to buy other coins when they crash before the split. But after that happens, some alts might not survive, and I think that BTC will suffer a short-tern drom as well. But BTC will surely recover, and with the rise of the alt-coins, will Bitcoin Cash survive?
Bitcoin Cash is like a free call on Jihan Wu. I think I'll let it ride. But I think you're right, some of these lesser coins are going to crap out and the quality ones will rise. I like LTC, DASH, XMR, ETC, STEEM
Well, I'm just throwing out ideas. Can't really say what is better. I'm very new to the crypto world. But even I know that BTC is a behemoth, and when it suffers, all suffer. So it's common sense that the lesser cryptos will buckle. I have yet to invest to see which is which though :) Thanks for some good examples.
Nice post, you got a new follower. :-)
I agree with the point about the bitcoin maximalists. Most of the people on /r/bitcoin have convinced themselves that "everyone" is going to dump their BCH as soon as trading begins. They can't wrap their minds around the fact that not everyone is of the opinion that BCH is DOA.
Many Chinese and Korean investors will probably view Bitcoin Cash as a second opportunity to invest, and I think they will have a big influence on the BCH exchange rate at launch.
Anyways, my 2 Satoshi.
Thanks! It has the support of over a dozen exchanges and several wallets, with the majority located in Asia. Add in investors and I can see why it would have some staying power. I'm thinking of just forgetting about my BCH for a year, and if it goes to zero, well, I still have my BTC.
That may be the smartest play at this point. Nobody can tell how this whole split plays out over the long haul.
BCC is going to fail, i think.
If it doesn't get any mining support it could die very quickly, that's what I'll be watching.
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Any unminable crypto will follow the fate of their kind. There is also a conspiracy theory that bitcoin cash is back by the Chinese govt. to take down bitcoin were believe usd will soon to follow and yuan overtakes.
Yea, China coin. I don't think it will work long-term. Eventually govts will realize they should just mine BTC, the real one. I'm really hoping N. Korea is not the first!