Bitcoin Cash and Bitcoin
There are so many arguments over this battle.
Bitcoin Cash surged today on news that Bitpay would begin accepting it, and Bitmain will only be accepting it for purchasing their S9 Antminers going forward.
But what does it really mean?
The way I look at it is that Bitcoin is a great store of value in its current form. It’s not very liquid due to transaction fees, and that’s where Bitcoin Cash comes in. It makes sense that it would be desirable to use for purchases for a consumer. What about the elephant in the room though? If you take a look at Litecoin, it has faster block times than both, and low transaction fees as well. Also, what happens in the event that Bitcoin implements the Lightning Network? Interesting times.
I’m no hater and I try not to get attached to any coin, but I have to wonder if Bitcoin Cash is doing so well only because it kept Bitcoin in the name?
Another reason it surged today is because of the unexpected early activation on Coinbase (was scheduled for January 1st), not just for withdrawl, but buying as well. It crashed Coinbase temporarily!
I would spend some time reading the arguments presented on /r/btc subreddit - that the reason BHC is succeeding is because it is following the original bitcoin whitepaper by Satoshi Nakamoto, which calls for scaling with larger blocks. Bitcoin Core developers have been keeping the blocks suppressed at 1 MB to create demand for their 2nd-layer "solution", resulting in the congestion we see now.
I also don't get attached to any coin, but I'm 60% in BCH and 40% in BTC right now... slowly converting towards 100% BCH. My hunch is that BTC will make another run up to an all-time-high, maybe the Core devs will even do an emergency block size increase. In the long term though, I agree with John McAfee that "Bitcoin Cash will win."
I read that recently too about Mcafee. So what does that mean for core in that scenario? It goes away completely?
There is some fear-mongering going on that once people try to start getting out of Bitcoin Core, the mining hash rate could go down so fast that people won't be able to move their bitcoins out in time. Who knows if that will actually happen. See the interview with Roger Ver at the bottom of my latest post:
https://steemit.com/bitcoin/@tantrahedron/bch-battle-on-gdax-today