There have been a number of clonecoins of various types since Bitcoin's inception. Bitcoin Cash is a style of clone that copies Bitcoin’s codebase along with its blockchain up until a certain point. Normally when new alternative cryptocurrencies are created, developers just clone the code and not the blockchain. But Bitcoin Cash copied Bitcoin’s blockchain as well, which created a situation in which everyone that had one bitcoin suddenly also had one bitcoin cash.
Bitcoin Cash has seen a decline since it's introduction on 1st August 2017 . Monday 7th Aug was the 1st day it has stabilised and headed in an upward direction, before bouncing off resistance. The Hard fork could cause problems and delays for the network should it be accepted, which has not yet been confirmed and could take up to a month, possibly even longer, or it could be wiped out within this period.
A wipe out would be a huge relief, and confirm that Bit Coin is and will remain the King of the Crypto.
The Bitcoin Cash chain may survive, but its value will likely drop below $100. It’s currently trading anywhere from $200 to $300 on various exchanges, but this price is artificially inflated due to many exchanges refusing to accept deposits, as well as the Bitcoin Cash blockchain not functioning properly.
Bitcoin’s blockchain processes a block of transactions roughly every 10 minutes, but Bitcoin Cash average block times are an hour (sometimes with no blocks for 13 hours). This means that users are having issues with even sending their bitcoin cash to exchanges to sell off.
We can already see a correlation between when Bitcoin Cash transactions are processed and when massive selloffs take place on exchanges. Compound that with the fact that 76% of all bitcoin cash that will ever exist is already mined and waiting to be sold, that there is absolutely no Bitcoin Cash integration or support in the real world, that its codebase is being maintained by a single developer, the long-term prospects of the new cryptocurrency are unclear.
Whilst doing some research, I came across this video by Andreas Antonopolous.
GREAT EXPLANATION of Fork Ology
