POV: BTC vs BCH, wild market

in bitcoin •  last month

Few days ago we heard news about Segwit2X being cancelled, lo and behold bitcoin price suffering after news.

On top of that we have transactions backlogging more than 100k transactions and fees went up to ~10$ which will frustrate a lot of users waiting days.

On the other hand BCH (Bitcoin cash) pumping up, because it doesn't have backlogging issue and fees are low, hashrate slowly shifting from bitcoin to bitcoin cash.

What's my point of view about the situation, Bitcoin core promised that Segwit and following their path would solve major issues on Bitcoin (transaction backlogging, lower fees) but from market perspective nothing seem to be solved. And Bitcoin cash happened to solve those issues, but there is another hardfork happening on Monday 13th Nov, 2017 on Bitcoin cash which improves difficulty adjustment algorithm, not sure how this will be handled. Also some interesting points made by some youtubers that I recommed watching...

It is funny that many consider BCH as being alt coin but it is original bitcoin which has same genesis block and only difference is that it started to accept bigger block size exactly as described in Whitepaper. Market is also bigger community which speaks up when they exit from BTC to BCH or BCH to BTC. As of this writing BCH trading volume is double size of BTC and price is almost half of BTC price.

Back in July there was speculation/conspiracy theories about BCH taking over BTC, recent changes make you wonder if writer had correct basis on their claims.

I am not 100% sure that BCH will dethrone BTC and will get rebranded as being original BTC by companies that uses it, but it sure challenges the fundamentals. Because there are very reputable companies, BitPay, Coinbase, etc. with real customers in commerce and due to transaction backlogging they will have to make hard decisions to give confidence to their customers and stay on business without bankrupt/ruining themselves.

Note that this is not an investment advice, just point of view about current situation and my 2 cent on it, things change speed of light in crypto space...

What do you think about current market situation?

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good-karma,

Thank you for linking my YouTube video in this piece and upvoting my recent post. It should be interesting moving forward seeing what happens - last night was by far one of the most exciting nights in the history of cryptocurrencies. In my opinion, it really illustrated how emotional / greedy the market is and how driven it is by FOMO / FUD. I think a decent amount of Bitcoin's initial fall was due to it being overextended rather than fear over Bitcoin Cash. I am impressed with how resilient Bitcoin is, although this is far from over yet.

Best,
CI

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But the question is: What's the use of Bitcoin if it cannot be used as a currency? Will anyone ever pay for anything in Bitcoins, if that person is charged with 50€ or 100€ fees?

At the moment, Bitcoin is not a currency but a financial instrument for the very rich. Was that what Satoshi wanted? For real?

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It was. but it still won't work lol

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Let's say you want to go to a store and buy a pair of Nike tennis for 60€. You have two methods of payment:

  • Bitcoin, which brings your total up to €150
  • Bitcoin Cash, which brings your total up to €60,17

What do you do?

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Why do you only have two methods? Apps on ether blockchain can provide interoperability. Even Dash at the moment as point of sale in certain stores. When I purchased my antminers from Bitmain I had to exchange it all in Bitcoin cash. More big internet transactions will be done on Bitcoin cash in the future. It sure was an interesting weekend that is for sure.

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Because that's what this post is about: BTC v BCH.

I don't see any future for BTC as a means of payment. Right now it's seen as Digital Gold... and it's as simple and quick to buy anything with Bitcoin than to pay in any store with gold.

And I'm not talking just about the high fees.
Can you picture yourself paying at a restaurant with Bitcoin... ?

After you're done eating, you'll be waiting between 30 mins and 3 days for the server to come back and say "Ok, sir, your transaction is confirmed, here's your receipt: 30$ for the food, 6$ for tips, 70$ for Bitcoin fees."

You'd be setting up a tent in any store you'd make a purchase on... and that's a waste of time. And as Uncle Scrooge says: "Time is Money."

I'm not discussing which token will be worth more... but as a means of payment, Bitcoin Cash delivers, Bitcoin doesn't.

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Still, I'd rather use something like Ethereum or Litecoin, so I would have the surprise of paying 30% extra ... or 30% less. That's too maddening. A coin price has to be somewhat stable.

The extremely quick and wild variations make sure Bitcoin will never be what Satoshi attempted to create: a digital currency. Yes, it's digital. But a currency? Not even in the wildest dreams.

Great post, my take is BTC will never die and will not be dethroned by BCH. All this confusion is perfect timing... BTC will be heading over 10k before you know it. This dip to 5k levels was needed imo. My guess is BTC and BCH will continue to coexist but serve different use cases, just as Bitcoin and Ethereum do.

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Nope. No one is immortal. People or Industries.
Adapt or Die.

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Why do u say buy BTC and not BCH?

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Bcash is crap. For faster bitcoin transactions with a good team litecoin is already in place

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Why do u say BCH is crap

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hey bro, check out my BTG analysis really quickly https://steemit.com/@cryptosuf

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If BTC cannot or will not address slowness and fees, they will surely die.

Adapt or Die.

Without correcting their issues, you see how fast BTC will become will become the "buggy whip" of the crypto-space.

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I have 120 steem that I've been gathering for the past few months, I guess now would be the perfect timing to do some BTCH trades with them and try getting a small steem power up ♡

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Steem way down, BCH way way way up? Yup, I'd say that's a no-brainer!
That sounds like a recipe for Insta-Dolphin!

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Yeah, well that's why the STEEM price is trending a bit low. Although its still good hanging at 0.93. Should come back up even better after people make some profit on steem and re invest ^^

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Steem Dollar is doing well right now, It's nice to have a stable backbone for the platform.

Steem is the spendable coin here, and SBD makes sure that your account value doesn't disappear.

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Probably not the best timing to buy now after such a huge increase.

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Totally agree with you ;)

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I agree no chain will ever die but I also think there are a lot of misinformation and misinformed out there. It is hard to know exactly what is happening. Do you think there is possibility of BTC/BCH chain might halt due to miners shifting to other chain?

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I agree confusion is at an all time high. I do not believe majority hashingpower will leave BTC for BCH though.

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That would be a great waste as most of the world is starting to adopt BTC itself, it will not only make price complicated but will linger investments from big companies like DELL and Microsoft. Well at least that's what I think from a non trader point of view :D Might give better info once I actually pick up on trading.

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You mean not permanently? Because BCH presently has nearly 70% of all SHA-256 hashpower, mostly taken from BTC.

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@thejohalfiles and @good-karma (great name btw).
I have been very confused, as a newbie, but was less confused after my last interview with @stan. Its Posted if all of you want to see it, his perspective really helped me. There are several of them there. And at least 4 more to go! He helps un-confuse me at least :)
@thejohalfiles, I still want to interview you on my show, what do you think?
~bluerocktalk🖖

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Will take a look @bluerocktalk. If you have any questions feel free to ask away. I am always around to help out. Maybe one day I would be open to an interview we will see. Thank you very much for the offer.

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Thats cool @thejohalfiles, but how to i catch you? I feel like this is on another's dime here.😁
It ok if you don't want to be interviewed, just looking for someone that seems to know their stuff!
~bluerocktalk🖖

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it's good trading

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I think that mean some people are panic selling.

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i Think btc is gonna win to long way , cause a lot of country using btc now that starbucks like big company too never escape to btc..

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as per @thejohalfiles. BCH for transacting on the chain. BTC for store of value. I wonder what will be like when lightning network is set up on BTC blockchain!?

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https://steemit.com/bitcoin/@jsonkidd/bitcoin-lightning-network-progress-all-you-need-to-know-about-it

If your'e curious about the lightning network in the midst of BCH rising here is everything you need.

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volatility is a great time to make money!

Maybe kim dotcom's tweet made a difference? caused a trend?

Interesting part is if crypto market is now linked / connected to twittersville :-)
Would this be "Insider trading" or "market manipulation"?

At some point the "laws" will catch up, or maybe they never will?
who knows? :-)

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Yep agree with you

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i was thinking about "law" (regulation) and it seems to me there will be nearly nothing UNTIL there is large-scale risk exposure to public money. So at the time governments end up bailing out the unfortunate, then the regulators will have to get at it. Until then, the risk is probably
part of the ride.

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Also a great time to loose money.

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I don't know lol

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i totally agree with you BTC has come to stay

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Agreed 100% - this fake BCH pump and dump is fooling nobody.

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Wishful thinking. It's simple economics.

  1. BTC slow, BCH fast.
  2. BTC fees high, BCH fees reasonable.
    and the big one....
  3. Jan 1, BCH will be accepted and processed through Coinbase.

#3 is the gamechanger for BCH.

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Yep agree with you)

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What's fake about it?

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The problem with the co-existence view is that there is no stable equilibrium scenario between the two. They both disrupt each other in competition for the same hashes, in particular with BCH dynamically readjusting as hashpower is lost, with no such mechanism on the BTC chain. It is an irregular, unstable scenario for the two to remain alive and co-exist.

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Agree @thejohalfiles, $10k till end of this year for BTC !

This post was created using STEEMP.NET poster for Windows.
For more informations about my STEEM apps, visit @steemitcore.

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Great time just begins

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Bitcoin will eventually hit 500.000 - 1.000.000 US dollars per Btc . Ethereum will also become huge . This is the future . The few that will remain patient will become rich . Buy some btc , buy some ethereum and forget about it for 5 years .. cheers

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I do not agree with you, I think that the least expected

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Yes, indeed!

Must say that I had not seen this one coming. Switched over some of my btc to a margin position BCH - BTC but am keeping a 15 minutes watch time because it seems more about FOMO than intrinsic value (which is there but in my opinion does not account for the whole movement)

I know BTC is the mother of all coins.
BCH just try to be a player on the market :)

My solution in such stormy days is this: just close your PC, and go...for walking. Or whatever.

DO NOT Try to trade

All things will settle down after while. And chances are - you will find out that doing nothing was really the best choice.
This may not be easy for everybody, but fits just nice for a true hodlers. :)

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Some of my best investment returns have come from doing nothing.

i think to wait just one more day. After it, all back to normal.

This is pure market manipulation, that’s been happening behind closed doors. I’m not saying that one coin is better than the other, but this is very unhealthy for the crypto world in general. People who were thinking to invest in crypto will be very discouraged after they see what kind of a price manipulation can be done by just a handful of large players.

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Indeed this is the case, however BTC has been very resilient to these attacks for a long time....and the evidence of that reluctance can be seen in the inertia that cryptos as a whole suffer from...

Nice post.. I also think that there is not a coin so far to overtake btc at this point. I could agree also that a split is going to happen in the future and the results will surprise us. What I think is that we have to start being democratic and stop splitting to every argument. I think that segwit x2 cancellation is a great example of democracy in the crypto community. We are all here to see what is going to happen..

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I agree, you are right..there has been multiple occasions in a past that one coin wanted to take over bitcoin but so far no luck. But things are changing in fundamental level in user's mind and perception of the community... Interesting to watch for sure...

Is it possible that they could co-exist? BTC as a store of value and BCH for transactions? At least for the time being until one of them proves themselves to be vastly superior

It will be difficult for the entire community to suddenly swap to referring to BCH as Bitcoin and using it as such. All exchanges will need to switch, all merchants, all bitcoin CC's and all the work that has gone into Bitcoin ETFs to pull in institutional money will at least need to be revised and at worst scrapped. There is much more to this than simply what people believe the better protocol to be. At present price is simply based on speculation.

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I agree about last sentence, not sure about swapping part though it can be complicated...

Really I have posted several times just this morning.... what is all the fuss.

I have BTC, it spawned BCH... like your children having grandchildren... It's great!

It is life success to keep growing, which becomes more successful (your children or grandchildren), it matters not... be calm and observe the growth of both.

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Yes, keep calm and steem on! :)

BCH will win the game in long run, no doubt. BTC has lots of major problems that is not going to solve permanently even by Segwit2X

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Absolutely right. Adapt or die.
Bitcoin is not immortal and it's not immune to market forces.

I dunno, man. though having just paid a $25 transaction fee so I could shift out some of my BTC into something else that'll stay more stable during this fiasco... nuts.

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Exactly, but you will ended up waiting BTC transactions for few hours/days if you don't pay high enough...

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I paid the highest/fastest, as it was only a couple bucks more, and it still looks like it'll take hours or days...

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i thought the same

All these people in the comments thinking BTC is immortal. It reminds me of the Titanic. Bitcoin being overtaken by another crypto is just deemed impossible because it never happened.

Not saying this will happen with BCH, but the reasoning from people why it won't does not sound very logical, much more like a self-fulfilling prophecy.

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Spot on!!! Bitcoin is not immortal, and it's not immune to market forces.
If BTC refuses to adapt, it will die.
I have no problem with the Segwit2X implementation being delayed, but I refuse to buy into the idea that it's been cancelled. It has to be addressed, or it will die.

I am glad i held my bitcoin cash from the original fork!...

Bitcoin has been the identity of the cryptoworld.
@good-karma
As m writing m listening to "nothing gonna change my love for you...."
I belive it is just the waves that making the ship unstable....bitcoin is not titanic.....bitcoin is calpathera ship the 'saviour'. No diplomatoc play...Bitcoin wil b here to Fly.
Thanks
@steemflow

Bitcoin is not immortal.

Bitcoin's high fees and slow transaction rate are going to be it's downfall if it is not addressed.

I keep hearing how Segwit2x has been "Cancelled". If anything, it's been delayed (and anyone who works in tech knows project dates slide all the time).

The situation is very uncertain right now... that was unexpected only two days ago.

I can't help but think the cryptocurrency markets are too tied to Bitcoin and it's forks. The markets have been crazy and extremely volatile, quickly passing between mountains and free falls. I don't think think there should be a thrown to take. In order for the cryptocurrency markets to mature we need to move away from btc and its siblings.

Thank you irfomation for you best @good-karma youfavorit steem ( @bilqis07 )

thanks for sharing information @good-karma. I hope you always healthy.

i dont know to much about cryptocurrnecy man! but im afraid that this shit is going to end up soon! like a super huge pyramide!


#getrich

I concur with your opinion. Adoption? I have yet to see Alpaca socks or even pizza being sold for BCH.

things change speed of light in crypto space... that's true!

crazy market!

Bitcoin will eventually be replaced by another technology. Whether Bitcoin Cash will do it, only time will tell. In my opinion, Bitcoin Cash right now has better technology and therefore has a better chance of rising quickly in price. Bitcoin needs to step it up soon or else it will meet its demise.

rsz_1rsz_motivation.jpg

With the rate at which BCH is growing, it just need another day of 150% jump to overtake BTC price.

This is crazy!!
Bch is #2 and if it keeps shooting up like this, it can be #1 in just a day or two

Good post, I think I need about 30% to invest in BCH and 70% leave in BTC.

True holders gonna hold.

Got lucky got some bitcoin cash a day after it jumped

The thing is, dumb people dumping their BTC for BCC don't take in consideration that by doing that, they play the game of Gov's . . If you buy bitcoin cash, you are betting that China wants it to dominate. It's backed by a lot of money from China controlling its price and supporting its network....

I always visit your blog because you inspires me. Do what you do. Thank you very much for sharing inspiring content.

Cheer Up!

  • from Clean STEEM activity supporter

Good 2 cents!
Completely agree with the statement that BCH feels more like the real Bitcoin, seeing as BCH still have the signatures as part of every transaction & BTC does not.
Another interesting, and peculiar thing is that a lot of the trades in the past 24h has been from KRW. Would love to see some thoughts on that.

Interesting times ahead for sure and I will follow the market closely these next few days.

My question is, how low will BTC go?
Over last 12mths, peaks dipped by about 1/3 not long after (eg china exit)

so will the BTC un-forking create another 1/3 dip?
monday will be interesting..
a great volatile market, to make money (or loose it if you mess up!)

Ithank you for sharing the important information ... good_karma

One thing i learnt about cryto-currency is that its like a time bomb, you never know when it may detonate. However only the bravest of people still makes investment in this bitcoin surge and fall time.

Informative article @good-karma thank you

there is a very high low process going on bitcoin rates. Is there anyone to tell me how to earn free bitcoin high paying ways . I'll be very thankful

Good job

I think it is much helpful for us. Thanks for your good article.

great post resteemed. and upvoted

Well Ive gone deep into EOS and will wait and see what happens to BTC/BCH

really helpfull & learning blog thx for share👌👌

How can a coin that is just 3 months old overtake a coin that is 9 years old? What are the fundamentals behind the price increase? Smells fishy to me.

interesting information
thanks @goodkarma has shared the information for all of us

In the area I am in, by default, it seems we can only buy BTC - transfer to exchanges - and start trading. The pullback seems to be good so we can buy more BTC to invest (and in others) - before the next kick comes in. Although I am not sure if I should rush buying BTC now (to invest in others) or better to do it later. Will appreciate insights on that.

very good post..but my understanding says that bitcoin will never die just like PLASTIC....but it will be changed into something..because cryptocurrency is a new revelation in the field of currency..This give people power what they deserve..

Still shaky ...could not get exact from current situation of market .... either Fomo is at start or its going to end soon in bitcoin cash

Crypto currency market is just something crazy! I was waiting to see Steem price rise quickly, but till now no big change!
Wondering is Steem was named Bitsteem, would the price be different!? I feel it's all in the name!

nice post on bitcoin people like in these topic very much and profitable work you done superb job on this passion,

good pos men

BTC has been very resilient, I can't see anything dethroning it. Not even the Bcash (Bitcoin Cash) attack. It is just a few rich people (Roger Ver and Jihan Wu) that are pumping BCH. Soon the tower will topple and BCH will be heavily dumped. Let's be realistic. BCH is not as good a store of value oas Bitcoin, and it is not as good a transactional currency as a lot of other very good alt-coins. Bitcoin is Bitcoin because it has survived a number of attacks on it in the past and just gets stronger after every failed attack. This attack will also fail. Keep a lookout for new Bitcoin all time high prices by the end of the year :)

The pure market of manipulation.No one can guess whether the price will increase or decrease. The blog is pretty impressive and the written information is quite 100% correct.
Keep it up..
Will be waiting eagerly for your next post.

current market should be up and up day by day.

This is a good question @good-karma,

I honestly have no idea myself what will happen. You brought up a good point on businesses having to either having to figure out what to do without screwing themselves over. Personally, I'm far from being a day trader, Lightcoin looks stable so maybe I will avoid the other major coins coming up.

Shello

I really agree with your opinion. I see when BTC rises then BCH decreases. These coins are pressed against each other.

This is just my opinion.. I think all cryptocurrency are doing great because they are the real money..hyper inflation in US dollar will trigger a bigger wave of capital splashing into the crypto currency..

This is crazy what's going on.

A son remains a step lower than father. So either ways it will add power to BTCs crown

Great post !! good job freind !! I think btc is gonna win to long way.

good post
plise vote back for me

I think the current market situation might be deliberately played out by the Chinese Crypto Community who favor Bitcoin Cash (BCH), using the disappointment about expensive and slow transactions in Bitcoin (BTC). I wrote about it in my blog: https://steemit.com/bitcoin/@leendertderijke/coup-by-chinese-crypto-community-on-bitcoin-in-favor-of-bitcoin-cash

Just another pump and dump as we have already seen, institutional investors and retailers just know about BTC, my bet is that it crashes to a 4600/5000 support level, when it reaches that point, I will start to place splitted buy orders

Helpfull post..

what is bitcoin?

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Part of the illusion contained in the dimensions of space, time and matter.

Awesome ....
Thanks for sharing

nice post and pic
Dont forget to upvote follow & resteem
@nurdinnakaturi

I am holding on to the BCH from the split, and will see where they both go. As of now the value of both combined is higher (if my calculations are correct) so even with the instability I am feeling all right... Interesting to see if BTC gets toppled as the king though!

What about Japan do they accept Bitcoin cash in the shops? or just Bitcoin?

BCH win the game in the future

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DIOS NO LO QUIERA! BCH es controlable por cierta gente. La otra todos podemos hacer que suba o que baje.

100% Agreed thats a good @good-karma

Buen día, me acabo de registrar recién en la página de steemit, a través de youtube me enteré que es una página muy prometedora. Espero que cubra mis expectativas. De momento no tengo ni idea de por dónde empezar, así que se me ocurrió estrenarme publicando algo, para de esa manera comenzar a agarrarle el ritmo. Un saludo cordial desde Venezuela.
Good day, I just registered on the steemit page, through YouTube I found out that it is a very promising page. I hope it covers my expectations. At the moment I have no idea where to start, so it occurred to me to release myself publishing something, in order to start grabbing the rhythm. Greetings from Venezuela.

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Bienvenido. Ya te estoy siguiendo. Te metiste en una conversacion que habla de Bitcoin. Sabes lo que es?

Hi sir I wanna ask u something that If i don't have high internet speed then what should i do ?

Great post it make all clearer

Bitcoin Cash's recent spike to 2,400 gave me a jolt of fear, what if BCH dethrones the almighty BTC.

if one were to surpass the other, like we theorise here, I don't think the name would change for bitcoin cash to bitcoin. that would be erroneously confusing.

Good Infrormation

BTC will remain king of cryptos no matter what. This was an orchestrated attack on bitcoin by Jihan Wu and his minions. Make no mistake, this was a massive pump and dump. On monday BCH will dump hard.

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it is for sure pump and dump

The market will have a révolution soon

Good post
Thanks for information

Nice post

New to Steemit, not knowing much abbout cryptocurrency, I'm actually lured to this post because of your username - good-karma, something I personally believe and an username I almost chose for myself. Thank you for writing this article. I certainly hope Steem will thrive on for i really appreciate the fact that Steemit opened up a free space for me to create freely. For me, that's a true blessing.

As a new Steemian, your Upvote, Follow and Resteem are greatly appreciated.

https://steemit.com/love/@floating.lotus/6upxcd-love-children-love-hurt-love-longing-love-emptiness-love-cruelty-love-life-love-death-love

https://steemit.com/life/@floating.lotus/mbdaa-in-the-wake-of-texas-new-york-manhattan-and-las-vegas-massacres-let-go-forgive-or-forgive-let-go

Starting next post, I'll launch 2 on-going series: one on Online Dating (all about helping people find love) and the other on Healthy Living. Welcome to join me. Thank you.
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Bch on coinmarketcap up

I up votied & follow u

market went crazy today

All who will switch funds to BCH gonna cry! I could say that even LTC taking BTC role in future is feels like more realistic scenario. And if want small commission right now - just use LTC. I couldn't understand only one thing, why dumped altcoins not going on previous prices, through BTC is down. But yes, its actually very sad that there are too much greedy people around, who don't understand that crypto should solve some problem, but not just used for pump and dump.
But yes, BTC in current state is a dinosaur. And future is not in only single crypto, but in the multiple blockchains.

I think that ethereum us the future
The competition between bitcoin and bitcoin cash will help the price of ethereum to rise
Ethereum is the future of Cryptocurrecy
Who is with me

Interesting point of view...
As a day trader, volatility=profit so this shake up has been lucrative. Still important to know what's going on behind the scenes to be able to attempt to crystal ball those long trends though, thanks!

still i have a fear of this fomo .....so at present i am waiting till clear picture

Great post.

BCH will find its place, but will never be on the long term a risk for BTC. Hence, it has no Segwit, which is definitely a disadvantage. Personally i think that there is a huge planned attack on BTC going on. We had this already. The difference is that this time the dimension is huge and nobody knows how far it will go.

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That's right. They always wanted to put BCH in the second place and take Ethereum of that position. The cancellation of the fork was a good excuse.

https://steemit.com/bitcoin/@jsonkidd/bitcoin-lightning-network-progress-all-you-need-to-know-about-it

If your'e curious about this lightning network in the midst of crypto action here is everything you need.

BTC will remain the King Coin !!!

Thank you for the wonderful post.
I really like your photos and messages. You are doing a real good job! Continue and get a wonderful day!!!
I`ll be glad to see you again! With all my heart I wish you health and good luck in your business!!!