Bitcoin (BTC) like a rubber string 🎢 or Bitcoin Cash (BCH) the new boss in town? 😎
Dear Steemit friends,
what a dip of Bitcoin (BTC), holy moly!
from $7.800 to $5.500!
picture from pixabay, edited by @onetin84
The role of Bitcoin Cash (BCH) is obvious. We saw a steep rise and how the relationship between the two Bitcoins changed below:
BCH/BTC chart from tradingview.com
BCH reached a factor of 0.25 which is a quarter of the price of a Bitcoin! We had that only after the hardfork last time and it even topped that if you look at the steep rise on the right side of the chart. The sentiment shift at least for now is to BCH.. but i see already the wall of BCH crumbling..
BTC to BCH flow, testtube picture from pixabay, edited by @onetin84
The big question for all investors, whether you're a miner 👷, buy and hold investor or exchange owner:
Is the development of swap to BCH sustainable?
My short answer:
I think no!.. Why?
First to clarify the sentiment, i think it's because of the step back for the technology of BTC. The Segwit2X hardfork would have increased the block size and may have lead to lower transactions costs and less backlog means faster transactions because bigger bulks. The hardfork is postponed indefinitely. Now BCH has that already built in right from the hardfork and so many support the new currency because they think Bitcoin has fallen to prey of lack of innovation or just used it as FUD vehicle to trade.
But look a the the adoption in real world of Bitcoin and you'll see that there is a much bigger footprint and real usage of BTC. Currently Bitcoin is already back in $6000 which shows signs of strong backing and the recent event just as trading wave 🌊 to make quick money. 💰
data from coinmarketcap.com
I think the flow further reverses from BCH to BTC and stabilizes before BTC continue his journey up. 🏄 For the future i think there will be a consensus to make the necessary improvements to the blockchain because developers and miners 👷 know how important that is for the long term.
BCH to BTC flow, picture from pixabay, edited by @onetin84
Yesterday Exodus 💳 gave me a warning of exorbitant high transactions fees if i bundle all my transactions for spending. It detected a mining pattern with regular transactions and if you have currently many small incoming transactions like me you would be pay high fees 💲 when you need to pay with the whole balance, because each small mining transaction needs again to be bundled for a bigger transaction for spending. That is one point for me that needs improvement. But currently there is a workaround by BobbyBitcoin.
Bypass the Extremely High Bitcoin Network Fees on the Exodus Wallet - video by BobbyBitcoin
What do you think of the current development?
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The Bitcoin cash rise is pretty impressive... But i think it have more to do with the segwit2x cancellation and their upcoming hardfork... Bitcoin is naturally correcting after a huge run up, it will come back up.... I hardly doubt bitcoin cash could replace bitcoin, but who knows?
That are my thoughts on that, BTC was pushed hard the last weeks it's relaxing and necessary. I have no magical crystal ball but the support for BTC is much higher from what i know and miners and devs find a solution to improve the pioneer to be at least on par with his derivatives. Thank you for thoughts!
I have a feeling it will go back down and bitcoin will take and keep the upperhand :)
Fundamentally i think also, BCH has no track record or any real connections to the real world currently. That may change but not in 1 week or month or year. But BTC should be aware that they have to find a consensus and the next and the next to evolve to be a forerunner of progress and fix the issues. Thank you!
become a miners bitcoin I think safer than make bitcoin as market sales .. because the price is up and down may result in confusion in the market. @onetin84
i think we see already confusion because the decision was a double edged sword and one side has the biggest footprint in crypto history but some disadvantages, the other ist just a derivative of the other with no footprint and has some technological advantage.
Regarding the exodus wallet, you can change the maximum fee of transactions also in the exodus wallet itself.
Your posts are very interesting, i will always support you...
Thank you for support!
Thanks for information
Good post my friends @onetin84
Please you are visit my blog
Thank you for the kind words!
Bitcoin.. the market is bewildered by the rise and fall of bitcoin values....
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Bitcoin.. the market is bewildered by the rise and fall of bitcoin values
https://steemit.com/bitcoin/@glasstophat/the-future-of-bitcoin-envion-disrupting-blockchain-and-energy-industries