BitcoinCash - More Miners Switch from Bitcoin
Hi Steemit Friends. Today's statistics from https://bitinfocharts.com show that more mining power is switching from Bitcoin to BitcoinCash. Many other changes are happening.
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Blocks, Hashpower, and Difficulty Should Equalize!
The number of Bitcoin blocks is about a tenth compared to BitcoinCash.
There were 96 blocks for Bitcoin and 937 blocks for BitcoinCash mined in the last 24 hours.
Hashpower is now Bitcoin 3.184 vs BitcoinCash 2.946 or near parity. Hashpower for BitcoinCash is rising too rapidly.
The problem is that the difficulty for Bitcoin should begin to drop considerably and unlike what was predicted yesterday that BitcoinCash should continue to lower in difficulty, BitcoinCash could begin to rise in difficulty and quickly too!
Current difficulty is Bitcoin 923 Billion BitcoinCash 68 Billion with the average Bitcoin block size approaching 1 MB. Meanwhile BitcoinCash is at 18 KB.
Remember as you invest that BitcoinCash is not adopted and cannot be spent! It is currently in a purely speculative phase!
Bitcoin Difficulty Should Drop!
Meanwhile again, if Bitcoin had a greater block count, its difficulty would drop drastically! The one megabyte block size seems to be unnecessary and so there is a cloud of smoke as to which system is really more efficient! Rewards for a Bitcoin block are at $48,000 while BitcoinCash rewards are $8,000!
Transaction costs have dropped significantly from $6,000 to $5 for Bitcoin with the SegWit implementation.
Transactions Increased!
When we compare the number of transactions that are occurring between Bitcoin and BitcoinCash - Bitcoin is winning hands down! It is taking much less hashpower to perform the new Segwit Blocksize change and so, their method is also more than spectacular at solving the problem. SegWit2x will only reduce the number of blocks, which is good or great if more businesses adopt Bitcoin.
Bitcoin Is Ultra-Efficient!
The biggest problem is that now there are all those miners out there waiting to mine a block and there are no blocks available because of the change in the weight or size of the blocks for Bitcoin! Now that the transactions per block are greatly increased, Bitcoin is ultra-efficient!
Peter Schiff's Prediction of a Bitcoin Bubble is Bull!
Mr. Schiff is incredibly wrong when he states there is a bubble in the value of Bitcoin. There is a bubble in the amount of mining power needed after the implementation of SegWit and the bubble will increase after SegWit2x makes the block size 2 megabytes. Remember it is currently at one megabyte.
Scalability is achieved and perfectly with the new SegWit release. It is awesome unless you own a few Ehashes of unnecessary mining equipment.
In short, with costs way down and costs are expected to lower when adoption of Bitcoin increases, the important part of Bitcoin, its service as a trackable secure internet transaction token is now worth more, much more! The worth of Bitcoin or any other token is in its ability to provide secure transactions where in the event of a hack, the hacker can be found and the assets returned. BitcoinCash also offers this but again...
As for BitcoinCash, Adoption Is the Keyword!
This is not investment advice nor should it be taken as such! It is analysis of the technical capabilities of Bitcoin vs BitcoinCash. This is something you need to know in order to play the crypto-game.
Conclusions
- Both implentations SegWit and BitcoinCash are successful.
- Both are scalable
- Bitcoin has gotten a bad rap because of the fights that have occurred between developers. the problems have been fixed
- BitcoinCash is not yet implemented for anything but speculation - if it is for investment long term needs to be considered
- If you are a miner, there is a lot less to mine with the new code implementations of SegWit and less with SegWit2x
- The Bubble is not in the value of Bitcoin but in the necessity for so much hashpower since the code change or fork
- As long as merchants use Bitcoin its value should increase because costs will decrease.
- Difficulty is the ratio of the number of miners competing for the number of blocks! Difficulty is the over expansion of mining when it is not necessary any longer and we see that miners are caught with nothing to mine anymore. Mining equipment manufacturers are in trouble folks. New miners will most likely not be bought.
- The big problem with BlockChain technology is how much of the past Blockchain is necessary to keep? BitcoinCash takes the attempt to fix this with SigHash so that no blocks prior to are necessary! That is blocks prior to the fork are irrelevant in BitcoinCash.
Information Sources:
bitinfocharts.com - Bitcoin
bitinfocharts.com - BitcoinCash
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The common man can't tell the difference bewteen the two coins so I expect them trend towards the same price.
The big difference at the moment is the adoption of the coin which means that merchants have to upgrade their code to accept it as a means of exchange. Currently, the majors are Bitcoin, Litecoin, Dash, and so on. Once it is accepted, then I see what you say as true and who knows, maybe on top? It is hard to say because all the vendors have to add the ability to pay with Bitcoincash. Thanks for your comment @pompe72
Excellent post dear friend @ jeff-kubitz, very interesting, this criptomoneda is evolved quickly, a few days ago started to mine in eobot, but I was unaware that many people are doing it.
Very good information dear friend, thank you very much for spreading it
I wish you a beautiful afternoon.