Unless you have been living under a rock you have probably noticed that Bitcoin Cash has been trading way higher on Bittrex than on the other exchanges because deposits for BCC weren't open on there so people couldn't bring in the coins they they were given at the time of the fork. Well I saw it real time and was on Bittrex when they opened it up. I scrambled into action and am sort of kicking myself.
The Price on Bittrex when this happened was $472 and the price on HitBTC was $292. I scrambled into action and sent my BTC to GDAX. Then installed Electron Cash and recovered my BCC from my seed. Then sent that to Bittrex to sell. I also sent a small amount of Bitcoin over to HitBTC so I can buy BCC over there.
I know this is confusing because it doesn't make sense that I sent my BTC from Electrum to GDAX and then sent some coins I had sitting on Coinbase to HitBTC. Basically what happened to me is that before the fork I was trying to do an instant buy and thought that is what was happening and when I bought it suddenly wasn't going to be there until Wednesday (Yesterday) So those coins just appeared yesterday on Coinbase. Also I didn't realize the low price on HitBTC right away so I had already sent the coins from the Electrum wallet to GDAX before I sent the coins on Coinbase to HitBTC.
In Summary What I'm Trying To Do
- Sell BCC on Bittrex.
- Buy BCC on HitBTC
- Rinse and repeat until I'm Bitty Rich!
Issues: Despite connecting to 8 nodes on my Electron Cash Wallet I can't get a confirmation. It is showing in Bittrex but they are also requiring 20 confirmations for deposits.
Update: I was able to buy BCC on Hit BTC for $343 / Coin. Bittrex is staying stable at $500 / BCC.
Update (8-3-17 12:55pm Arizona Time): The last Bitcoin Cash block was 198 minutes ago! If you send coins from an Electron Cash wallet or other exchanges it is going to take forever. 20 confirmations are required by Bittrex. Arbitrage won't work. I caught a small ride buy buying BCC on HitBTC and then selling back to BTC. Blocks are going to take forever. I thought it was because the difficulty hadn't retargeted after the fork but this website (https://cash.coin.dance/blocks) is claiming the difficulty is 26% of the original difficulty. So I don't know what that is about. Bitcoin adjust the difficulty every 2016 blocks. Regardless there are massive delays. The exchanges will likely remain seperated pools of liquidity for now. I can't say for sure but I'm assuming the delays will scare a lot of people and when their coins finally show up they could end up dumping. I think I'm mainly going to hold BTC for now and see what happens.
Earn $10 Of Free Bitcoin From Brian Phobos!
Thank you for reading my post and please consider following me @brianphobos