Bitcoin Cash – The Only Real Bitcoin Blockchain, And Unlikely To Gain Support
For reasons I have posted about in the past (click me), SegWit in any implementation is a poison pill. Bitcoin will cease to be Bitcoin if SegWit is enabled, by violating its own white paper, and will ironically become nothing more than a more expensive knock-off of Litecoin.
Markets hate uncertainty more than anything, so likely any agreement on Bitcoin protocols will be bullish in the short-term. However, in the long term, SegWit removes one of the main intents of Bitcoin – keeping all transactions on ledger.
Enter Bitcoin Cash.
Bitcoin Cash is a planned fork of Bitcoin that will reject and and all SegWit transactions, which will make it the only "real" Bitcoin after August 1st, and will include scalable blocks beginning with 8MB. However, markets being irrational and having been divorced from fundamentals for over a decade, I predict this is not a fork that will catch on.
If you are interested in learning more, check out the Bitcoin Cash site here:
One operational client is Bitcoin ABC:
Note: I do not endorse investing in this chain.
What if EXCHANGES decide to go with BTC Cash?!
I do not own a single BTC but have alt coins which are traded using BTC. If exchanges decide to use BT Cash then whether you support this initiative or not - you will be forced to move to BTC Cash?!
True. I think most exchanges will probably support whatever the majority option appear to be. They could buck the trend, but one would reason that would lead to them being less profitable, not more, so there's no clear reason they would do it.
I personally think BTC Cash would be the best option. People keep trying to shoehorn microtransactions like fast food into Bitcoin, but there are much better ways to handle that. BTC is crypto gold, the reserve curency, the stabilizer. People want it to be everything to everyone, which can't work.
That's true. The exchanges generally will have to ride with whatever coin the people choose to support. I'm guessing Volume wise, they'll see whats up.
So are you positive that even if forking happens BTC will stay relevant for exchange purposes?!
I think, at this point, the best case scenario for "the markets" will require a fork, and probably be some variant of SegWit. Longer term, I think that will probably continue the slow decline of BTC's market dominance.
Bitcoin has to stay as one to keep it as the dominant force
Yep, I'd agree. That's why I think a SegWit agreement that keeps a single chain will be Bullish for BTC in the near term.
In the long term, I think other cryptos would eventually render Bitcoin obsolete, in that scenario. There are too many with few/no fees, that are faster, or provide privacy or other uses like Steem.
I'll check bitcoincash and bitcoinabc for sure. Thanks for this.
Nice post. It will be interesting to see what happens. I am bullish on Bitcoin anyway.
Me too! Although I'd like to buy more well under $2000...
Nice
Thanks, its good to read an alternative view