Bitcoin Classic shuts down! Buy Bitcoin Cash?

Earlier today, it was announced by the Bitcoin Classic team that they would be shutting down since the Segwit2x fork failed.

On their blog post, it was announced,

"To Classic, that means their mission had ended. “It is now up to you which chain will gain the most traction,” the team wrote on their blog.
“It is now up to the next billion people to start to use Bitcoin Cash. In at most 6 months I’m sure we’ll just drop the ‘Cash’ and call it ‘Bitcoin.’"

If you're new to the world of Bitcoin, you might be asking, "What the heck is Bitcoin Classic?"

Bitcoin Classic was released last year, forking from Bitcoin, as a scaling solution to Bitcoin. Many of the same people who supported the Bitcoin Cash fork this past summer were of the same thinking as the Bitcoin Classic team - that is, they believe the best solution to resolve Bitcoin's scalability issues is to increase the block size of Bitcoin.

Since the news, Bitcoin has undergone a pretty sudden correction, along with many alt coins - except Bitcoin Cash.

This is a serious case of pumping and FOMO, in my opinion. It is relatively easy to pump Bitcoin Cash as it is far more centralized than Bitcoin and is owned by relatively few people. Along with an impending fork for Bitcoin Cash, people are trying to make money off the split and the pump.

Yes, there is another fork happening. This is one for Bitcoin Cash. It's to adjust some of the difficulty algorithms that have been causing wild swings and manipulation in mining difficulty for Bitcoin Cash.

Now, with many new crypto-traders in the markets in just the last few weeks, people are thinking they can cash in and get some free money by buying Bitcoin Cash and getting the forked currency along with the legacy currency for free. This will likely NOT happen - it is not a contested fork. So, the new update to Bitcoin Cash will simply take over from the previous Bitcoin Cash chain. Don't expect any free money out of this fork.

So, use caution and don't dive into Bitcoin Cash thinking it's a get-rich-instantly deal. It will likely dive in value after November 13 when people realize they are not getting any free money out of the deal. At that point, most traders will again buy back into alt coins and Bitcoin itself.

Instead, over the next day or two, buy alt coins and watch Bitcoin's price. Buy in increments if it keeps falling. Don't spend all your investment money at once as prices could continue to drop over the next few days.

This is not official trading advice - Don't spend what you can't afford to lose!

source: https://www.bitsonline.com/bitcoin-classic-scaling-war/
image source: https://news.bitcoin.com/wp-content/uploads/2017/08/Fork-Watch-Japanese-Exchanges-Embracing-Bitcoin-Cash-Post-Fork