I'm sure we've all been seeing the recent developments in Bitcoin Cash. Its super surge to nearly 1,000$ a coin, all the news about the mining profitability and how in just under a month BCH was able to take the place of 3rd largest cryptocurrency by market capitalization at $11B.
Currently Bitcoin is holding strong at around 4,000$ making a few dips down to the 3,600 before springing back up. The news of another hard fork in November and all of the BCH hype has been clouding the space causing a lot of uncertainty in Bitcoin and huge price fluxes through out this week. I can't help but feel like people are once again losing faith in BTC for the long term even after the crazy run to 4,500$ this past few weeks.
As crypto investors, we can all admit to being a bit impatient at times. We want the biggest returns in the shortest amount of time. But who can blame us when alt-coins like IOTA, TenX, and NEO are ranking up massive gains in the matter of days sometimes hours. Not to mention, the growing popularity of cryptocurrencies and them being more widely adopted in new innovative ways. Bitcoin's, being the Grandfather of Cryptocurrencies, popularity has been growing rapidly bringing hundreds of millions of dollars of new money into the crypto market. Those predictions of $100K a Bitcoin seem to be slowly coming to light.
So what’s the issue? All these good things happening with BTC, should I even be concerned about Bitcoin Cash or this next hard fork?
Now, I’m no trading expert or cryptocurrency guru. I read articles and watch videos just like the next guy. I’m here just giving my opinion and hoping to get a conversation started. That being said, the short answer is no one knows. But what we do know is that the activation of segwit means changes to the Bitcoin protocol and segwit2x means even bigger irreversible changes. On top of that, this NYC agreement with all these big exchanges agreeing to go a certain way with BTC and BCH. Many groups are protesting against this, voting against segwit2x.
It’s all very confusing and quite frankly a little overwhelming but as investors in this space I believe it’s important for us to know what going on with our money. Having said that I urge you to do your research and form your own opinion. Crypto’s are still in the infancy state and mass adoption may still be years away, especially if the community cannot work out it’s differences in a way that benefit both parties involved. To put things into perspective, the current forex market trading volumes is 5.3 trillion dollars a day. Compare that to all cryptos which have a total market cap of 144 billion and you can see we have quite some growing to do.
I am personally not too worried about it. I believe when it’s all said and done BTC will be used for long term value possibly reach $100k+ and LTC, DASH or some other altcoin will be used for day to day purchases. It's really just going to be up to the merchant/customer. I hope I was able to give you a different point of view. Take what you want from it.
What's your thoughts on the situation?
How have you been dealing with the news?
Are you switching over to BCH or any other coin? Which ones?
How much do you think mining will affect BTC/BCH in the long term?