The battle between #BCash (aka. Bitcoin Cash) and #Bitcoin rages on. As we are witnessing heavy loses on both sides, it seems like BCash suffers more.
Since Dec 20 2017 #Bitcoin lost 21% of it's value in fiat money (in this case $USD) and BCash lost 41%.
At the time of writing this:
BTC high on Dec 20: $17709, current: $13916, diff: -21.41%
BCH high on Dec 20 $4104, current: $2389, diff: -41.79
So it seems that this beast called #BCash is eating itself out as it struggles to destroy #Bitcoin. If this trend continues it will end up dead. Which would probably be best for all, but is, unfortunately, unlikely to happen. In addition, thanks to this silly BCash attack on #Bitcoin the whole crypto market is suffering too.
Now, the question is - does it matter to Bitcoin owners?
Well, it depends on why you went into Bitcoin in the first place.
For those who bought/earned/mined Bitcoin only to sell it when the price is high it does matter. Obviously.
However, for those who own Bitcoin for it's original purpose, for them it's "market value" is irrelevant.
Why?
Because Bitcoin's purpose was never to become a trading "asset", something to be bought low and sold high for profits in fiat money. No.
Bitcoins purpose is to REPLACE fiat money. Period.
There is one thing everybody should be aware of: #Bitcoin is not here to make you or anyone rich in fiat money. Although it did make some early adopters who did not sell too soon rich - that was never the core idea or purpose of Bitcoin.
Bitcoin is here to end the current banking and monetary system.
It is here to replace current debt based/centrally controlled monetary system. It's here to offer an alternative way to exchange goods and services. For everyone. It is here to make us independent from big banks and their money. That is the main purpose of Bitcoin. That's why it's here.
Yes, I hear you: "Fees are too high, transactions too slow." Well, implement Segwit. This will decrease transaction fees immediately. Lightning network will decrease the fees even further down and speed up the transaction time multi fold. Just give it some time. Money as we know it was around for thousands of years - Bitcoin is here for 9 years only. Get real. Bitcoin is constantly evolving and it already proved it's point when it comes to security, decentralization and anti-fragility. It will prove it's point when it comes to fees and transaction times too.
Now, if you take a look at the original Satoshi Nakamoto paper from 2008 you will see why was Bitcoin created. Using Bitcoin to make fiat money by trading it is a totally twisted way to use it. Yet, (almost) everybody does it. Therefore, dear traders, hate to say it, but honestly, I am not sorry for your loss. Although, if you hold, you will make your profits.
I truly believe the Bitcoin will bounce back (in terms of fiat money) simply because it's algorithm is superior to any other cryptocurrency algorithm out there. Especially BCash. Why BCash? Because, everyone will soon see that BCash is, due to it's block size, prone to centralization, meaning - prone to control of the few.
At the moment, Bitcoin enables anyone with approx. 150Gb of hard drive space to run a node (copy/ledger of all transactions since the genesis block was mined), while BCash bigger blocks will make it really hard for ordinary household users to do so. Simple as that. This means that the control of BCash ledger is in the hands of few who manipulate the market. (Mostly China-based mining companies funded by global investors). And they attack Bitcoin because they can't control it. Simple as that.
Ok, I think that's enough for now. I'm gonna grab a popcorn and enjoy the show now. Talk soon!