Will the real Bitcoin please stand up?
The mining power backing the Bitcoin Cash blockchain surpassed that of the Bitcoin blockchain early Sunday morning.
That is significant as it hasn't really happened since bitcoin cash came into existence.
Check out this chart:
As you can see bitcoin cash's total mining power just passed bitcoin's total mining power.
This comes at a time when bitcoin cash has been spiking and bitcoin has been selling off.
Bitcoin cash hit an all time high just under $2500 earlier this morning.
It's now sitting just over $1600 per coin and has a market cap of roughly $26 Billion.
The price action is leading some to believe that bitcoin cash might ultimately win out as the "real" bitcoin.
Yes you read that right.
Some out there think that this is the beginning of bitcoin cash taking over as the dominant bitcoin.
Especially when you have big players like Roger Ver (aka Bitcoin Jesus) saying things like this:
However, keep in mind that he has been saying things like this basically ever since bitcoin cash came into existence.
Now, he is just using the current environment to really capitalize on it.
Which bitcoin is really the "real" bitcoin?
That is the 64,000 dollar question!
As of today, no one really knows for sure, but as of today it is a lot less clear that it was maybe a week or so ago before SegWit2x was suspended.
People right now are using that news to capitalize on the uncertainty and push their beloved coin, which in this case is bitcoin cash.
However, remember that all it would take is for bitcoin to make some upgrades to their legacy chain in order to get people saying it is the "real" bitcoin again.
Some are wondering just how likely that is to ever happen though. It doesn't give much confidence to people for there ever to be an agreement between the major players involved with bitcoin after the way SegWit2x fell apart like it did at the last second, even after years of compromises.
I tend to believe that if we do start to see bitcoin cash really take over, the major players involved with bitcoin will come up with a compromise to upgrade the technology to better scale, and they will do it pretty quickly.
Nothing like a hit to your wallet to get your butt in gear!
If that is indeed the case, we might end up seeing some back and forth between both coins before the "real" bitcoin ultimately wins out.
Irregardless of all that, in my opinion this couldn't have happened at a worse time for cryptocurrency mass adoption. The general public is finally starting to pay attention to bitcoin for the first time ever, and there is a question as to which bitcoin is the "real" bitcoin.
There is the possibility that new cryptocurrency investors are going to login to their accounts only to learn that they might not even own the "real" bitcoin when all the dust settles. That's not a good thing for bringing new investors into the space...
Maybe with some luck, all this drama over bitcoin will push investment dollars into other projects, projects with better technology, fee-free transactions, and a lot less drama over the fundamentals of the chain.
That would be nice, wouldn't it?
I'm looking at you steem!
Stay informed my friends.
Follow me: @jrcornel