Lots of Bitcoin Cash (BCH) news coming out today - first they ignore you, then they laugh..
I woke up to Bitcoin Cash prices up almost 30%. I know I've advocated Bitcoin cash, and that it's not the most popular thing to do - but I see the utility of BCH vs BTC at this point.
Bitcoin was supposed to be peer2peer payment and not Whale2Whale. For the record, I do own 60% more Bitcoin cash than I do Bitcoin core. Meaning, I own a LOT more value in Bitcoin core than in Bitcoin cash. However, I would profit from a flippening event. But it hurts every time i see Bitcoin core fall in value. Why? Because I love Bitcoin, regardless of it being Bitcoin cash or core. And I hate to see the community divided.
First they ignore you, then they laugh at you, then they fight you, then you win
Like you know, I'm not taking side in the BTC vs BCH debate. I think it's ridiculous and childish. But looking at the facts, and looking at what's going on, I must stay objective and emotionless If I'm going to make good decisions. And at this point people are definitely mocking and laughing and hating on Bitcoin cash. And you can say what ever you want about Roger Ver and his methods. If it was an attempt on a take over, I don't know. But from what I know about human psyche and markets, I think there are good odds that BCH will be adopted. Some people are very vocal when it comes to bashing BCH, but the majority of people are not. What they are concerned about is how they can make a good investment and make a lot of money.
I've seen this kind of hate before - against Bitcoin. And who had the final laugh?
Personally I don't think there will be a flippening. I think Bitcoin cash will grown a lot in value, while Bitcoin will stay more stable. This is because BCH will become easier to buy with Fiat, and I suspect Coinbase and or other exchanges will add Bitcoin cash. And as more people see the utility in BCH they will buy that instead of Bitcoin. My theory is that we will see an unprecedented growth in BCH, while BTC will slow down a little bit.
This of course will mind baffle the media, which will report on things like "has the Bitcoin bubble burst?" "Why has it stopped growing". Because the half brained journalists has not understood two things; 1, that Bitcoin core owners pre August fork also owns Bitcoin cash, and 2, people buy Bitcoin cash which is a fork of Bitcoin core - meaning the Bitcoin blockchain is still increasing in value even if BTC is not. It has just forked into something more usable. And more people will slowly get into BCH. That's just how markets work. If Bitcoin is not transacting, and you can't send your Bitcoin, or the fees are 20% of your accounts worth..meeeeh, you're going to look for options. And that's partly why we're seeing this huge demand for Litecoin and BCH. As more people AND commerce are adopting to cryptos, demand for actual peer1peer transferrable currencies are increasing. Bitcoin core CAN'T do that at the moment.
I still believe they will continue to live side by side, serving different purpose. But on the looks of it, I struggle to see Bitcoin core being the coin that will increase the most in value the coming year.I think Bitcoin core will level off around 20-30k in 2018. I mean, I would be thrilled and happy with that. At this point I'm going to be very happy if it just stays at this level. Bitcoin cash however I think will go 5-10x next year. Same with Litecoin.
This is not investment advice. I am not a professional, and you should never take advice from a Viking - on any issue. I do own 60% more Bitcoin cash than Bitcoin core, so I am biased towards BCH. However, my opinions are 100% honest and I want both coins to survive.
I've been trying to figure out why everyone is defending BTC so mightily vs. BCH... and the effort has only made me further an advocate of BCH. Last summer, I tried to buy a NAS from NewEgg with BTC and the transaction didn't process before the payment timer expired. I then had to go back and forth emailing them to get my BTC returned. I also tried to purchase something a month later with BTC from a different vendor and received an email from the vendor that they didn't accept BTC anymore. I was disappointed, but I didn't think much of it at the time. Perhaps it was broken all along? Here is a PDF Roger put together that contains the references to the surprising statements made by some of the BTC thought-leaders. Further, most of the interviews I've seen where people are defending BTC appear to not use it themselves on a regular basis. They're simply HODLing and worried about a threat to their "nest egg". In the past couple weeks, I've seen Valve dropping BTC due to its unpredictable fees and Bitmain only accepting BCH for my Antminer L3+ purchase. While I doubt BTC is going away anytime soon, I do now believe myself that BCH was a well-timed fork. I also believe that while he's exaggerating a bit, the right person [Roger Ver] is driving BCH adoption and for the right reasons, too.
@unrared thank you for your thoughts! I didn't read it until now. Great input!
I agree with you. Unfortunately BTC has become completely useless. I've noticed how people are slowly waking up to this realisation. There are so many kids in the crypto space bashing people like Roger Ver for no reason. I think the ride of their lives may be just around the corner
BCH will become the bitcoin for transactions there's no question. It is also led by people who want bitcoin to be something you can transact in. It seems to me that the bankers have run off with BTC trading it on wallstreet. I can see the manipulation taking place. They don't want it to be easily exchangeable. Just look at what's happening with Blockstream. Total heist of Bitcoin.
Yes @cryptomeeks !
the issue is bitcoin will always be king. Esp, since its available on coinbase and bitcoin cash is not.
@nomadinsoco well, BCH is available on Coinbase now :)
Can you explain your reasoning for this claim? My friend sent $50 from his Coinbase account today to an exchange and it cost him $16. What if you visited an ATM to take out $60 and it not only charged you $16, but also it didn't tell you what you were going to be charged? Would you use that ATM again?
you, of all freedom minded people, like and have invested in the 100% centralized fiatted (by RV) BCH coin???? I am baffled, concerned and disappointed. Out the door goes decentralization
How many miners do you think was mining Bitcoin core back in 2009? And you're not concerned that the major Bitcoin Core miner - Blockstream is owned by Axo group who's CEO is a Bilderberger chairman? I believe that is more concerning than a coin being run by an anarcho capitalist (Roger Ver)
Also, BCH has 4 different developer teams, and the miners that mine are the same that mine BTC. I don't understand what makes BCH so much less decentralized?
If you look at the last 1000 blocks mined and 400 blocks mined, you can see that it's evening out very fast.
https://cash.coin.dance/blocks
Oh, and don't forget..unless you sold your BCH you're invested in BCH as well :)
I just made transfer with BCH..it took literally 5 seconds..
as a free mind, i wish you and other free thinking people all the best
Thank you. I wish you the very best as well!
being free thinkers we will do good
I am gonna add bch now in my daily analysis. Quite stable now and I will be going to buy in next dip.
Blockchain.info has also integrated it now so more stability
Yeah, it's surprisingly stable.
You’re right, anyways, we are still a niche of users. None of the cryptos are ready for mass adoption yet and this is a fact, litecoin has the same tech of bitcoin but a step ahead in developing, once you hit the roof of transactions even litecoin won’t be usable as an everyday cheap payment method.
BCH has way bigger blocks and it works for now no doubt about it, but in the long run you can’t simply increase the block size, BCH will have another problem in the future with onchain scaling.
I agree. But it's the same as with Teslas or even battery driven car as a whole. They might be even worse for the environment than gasoline powered cars, because of the way batteries are made. But, innovation is so important. We can't jump over steps in the evolution, and that rule goes with the evolution of technology and even Bitcoin. BCH might be a Tesla. Not perfect. It wont save the environment. But its a step closer to solving some real problems and challenges. From that technology something amazing will come. Even from war, amazing things happen because of innovation.
So I just see BCH as a natural step in the evolution of Bitcoin and crypto currencies as a whole.
Great post with a lot of info. I've been concerned lately that the bitcoin network is slowing and very expensive. I'm reading that vendors are dropping bitcoin in favor of other cheaper, faster coins. It appears to me that bitcoin is becoming more of investment vehicle than a form of payment.
Great objective info.
I believe that is correct too. And nothing wrong with that. It's not like I can buy anything directly with my silver or gold coins. I have them because I like them, and I believe they should have a higher value than they currently have. Why? Because I see a flawed and outright criminal traditional banking system. And along came cryptos, and my old silver/gold coins were stacked away and forgotten. And that's why I believe in Bitcoin as both a investment vehicle AND a payment system. If it can't be all in one coin, then so be it. I will embrace both or all of them.
I totally agree :)
I'm a huge proponent of Bitcoin Cash as well because of its utility. I've gotten alot of resistance but that's because people don't like change. Especially when their money is involved.
as BTC become more expensive for most people they are going for BCH and etherium which are more affodable, thus the high movement of the two, i saw etherium trading at $750
I've got a feeling that LTC and ETH will be much more successful in 2018 while BCH and BTC will remain stable.