Bitcoin Cash Bounces Off $1100 On 150%+ Bitcoin (Core) Volume - Mining Profitability Briefly Hits 219% Of Bitcoin's Original Chain (Core), Settling Near 170%
Bitcoin Cash continues to be on a tear in early Saturday trading. Currently, the price is re-basing around the limited support area I highlighted in orange above, .2 BTC. (At time of posting, price has returned to $900 / .221 BTC.)
Coinmarketcap registers an overnight high of $1092 which translated briefly to a 219% mining profitability relative to Bitcoin Core.
Bitcoin Cash is also doing an impressive 50%+ more trading volume than Bitcoin (Core), up from only about 10% more yesterday. For now, this is by far the hottest coin.
Current mining profitability for Bitcoin Cash sits at an impressive 169% of the Bitcoin Core Chain. See how this could cause a Bitcoin Core chain death-spiral if miners defect to mine Bitcoin Cash in my previous post here.
Sources: Bittrex, CoinmarketCap, Reddit, u/trenecese
I wonder how difficult it is for miners to switch from BTC to BCH and back again if need be.
Depends on the size of the operation, but for the people who manages the professional operations, my guess is it's only a few day's returns, or less, in terms of cost.
mining difficulty does not affect most people as btc has been too difficult to mine (outside of professional set ups) for several years. It may attract the big miners over to bitcoin cash though, which could impact btc block times!
Yep, that's exactly why I think this is important news!
Keep in mind, this is temporary. Eventually the difficulties will adjust on both chains and reach an equilibrium. Trying to bet on a single coin as a winner is a really bad idea, keep a stake on both or even better, do this: https://steemit.com/bitcoin/@cryptoeagle/what-percentage-should-you-invest-in-each-cryptocurrency-to-become-a-millionaire-a-guaranteed-winning-strategy-updated-8-16-2017
If Bitcoin Core loses hashpower, it may never get to the next difficulty adjustment.
Could happen but it's very unlikely. Having a stake on both chains is the wisest option
Bitcoin Cash is the superior chain in every conceivable way.
Apart from network effect and actual real world touch points (such as merchants and exchanges etc). There are thousands of companies world wide who accept Btc. Here are a few:
https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/
and as far as I know no merchants accept bitcoin cash. Additionally, if you want to buy crypto with fiat,you usually have to go through btc.
At present Bitcoin cash is just another alt coin. That could change but its not all about which is best. It could be another VHS Vs Betamax battle. For those too young:
https://en.wikipedia.org/wiki/Videotape_format_war
Alt coins don't have the same PoW algo and the same genesis block. Bitcoin Cash is a fork of Bitcoin, not an alt
But now it is a separate coin. The term fork describes where the coin came from and can be misleading especially to those not versed in crypto. At this time, it is a different coin, not interchangeable with btc and therefore effectively an alternate (alt) coin.
Once Bitcoin Cash has a longer proof of work, it IS Bitcoin.
Mostly true, but as I noted in a recent article, only Bitcoin Cash has an emergency difficulty adjustment. If Bitcoin (Core's) hash power drops more suddenly and substantially, blocks would slow down a lot.
So do you think bitcoin cash could reach orice levels of bitcoin? I've already noticed that the market cap of bitcoin continues to down as that of bitcoin cash continues to upside
The Flippening is Happening.
Yes, I don't see any reason why it could not go either way. The market will decide. Bitcoin Cash can easily slide right in and take over basically everything Bitcoin does, and it would be closer to the whitepaper Bitcoin than SegWit will ever be.
This may be the big event of 2017, despite all the hype around the bull run to $4500.
It can take over apart from real world adoption, which is currently geared towards btc.
That could all swap over rather easily, however, since it's mostly the same code.