Hello Steemians,
Bitcoin Cash is spiking and there is some discussion whether or not Bitcoin Cash can displace Bitcoin. In other words, could it take the name "Bitcoin"? The short answer is no. The longer answer is that it is exceptionally unlikely because it would require exchanges to all agree on what "Bitcoin" is and make the change simultaneously, else risk losing a ton of customers and transaction volume. In other words, the first exchange to call "Bitcoin Cash" as just "Bitcoin" would essentially be martyr'ing themselves.
Bitcoin Cash is seeing a majority of volume come from Korea, although now we are seeing other exchanges increase in volume as a result of FOMO investing. Roger Ver is on a Twitter storm and also talking about Bitcoin Cash such as in the meetup in LA recently. Given his wealth and influence, he can have a substantial impact.
Other factors are playing in as well: Right now the Bitcoin mempool size is spiking, which is causing transaction fees to spike. As such, Bitcoin Cash is becoming a more and more attractive alternative to Bitcoin. However, the spike in the mempool is due to spam transactions which aren't "real." As Bitcoin Cash increases in value, more miners switch over as it is more rewarding to mine (and uses same hashing algorithm, SHA256).
Lastly, the Emergency Difficulty Adjustment algorithm will be updated on November 13th as the entire Bitcoin Cash network is upgraded.
Bitcoin's primary driver of value, as we have established on this channel previously, is now a "store of value" rather than as a "medium of exchange." Given this, there is no way that Bitcoin Cash will attract the level of capital required for a "flippening" as all Wall Street and casual investors care about is Bitcoin. And for Bitcoin Cash to become "Bitcoin," it would have to eclipse it in market cap for the exchanges to all make that change. In the end, the exchanges have the power.
What are your thoughts?
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