For all of us pre-fork Bitcoin holders (hopefully that's you reading this post!), the total value of Bitcoin has reached an all time high. See the current prices (at the time of my posting)
If we take into account the total value of Bitcoin (classic) + Bitcoin Cash, our total investment in (pre-fork) Bitcoin is now worth a whopping $3,150! š
Woohoo!!! High fives all around :)
It's incredible to see that both Bitcoin versions are remaining strong and steady after the fork. Many experts were saying there would be a significant drop in at least one of the Bitcoin... for instance, there was an "epic fail" watch for the so called "Fake Bitcoin" https://steemit.com/cryptocurrency/@crypto-p/bitcoin-cash-aka-fake-bitcoin-genesis-block-epic-fail-watch).
On the other hand, there were several others saying the exact opposite - that Bitcoin cash, with it's vastly increased block size, would soon supplant the original Bitcoin because Segwit's adoption wouldn't make a significant enough impact to transaction speed.
What Next?
At this point, all we can say is that both coins holding value (and Bitcoin Cash quickly increasing in value) - it's an incredibly bullish signal for the fork's kick off. As far as what will happen in the coming weeks or months, that's still anybody's guess.
My personal opinion is that both coins will remain stable and strong in the short term. In the long term, however, as miners and Bitcoin users are see which version offers more speed and stability, one of the versions will slowly-but-surely gain ground on the other. That said, it will be a VERY long time - if ever - when one Bitcoin version truly fades away completely. Still, it will eventually become apparent that one version becomes the widely accepted "dominant" version.
For the majority of us who retained access to our private keys (or kept it on an exchange like Kraken which offers both versions) this theoretically wouldn't make a significant impact on the overall, long-term total value of our holdings. Either way, at least ONE (if not both) of these Bitcoins will continue to grow in value and appreciate. If we take a look at the Ethereum split (although that happened for a completely different reason), we can see both versions remained, although one (Ethereum) has a vastly greater market share and coin price than the other (Ethereum Classic).
Your thoughts?
Do you agree or disagree with my conclusion?
Which Bitcoin version do you think will be ultimately successful? Or will both remain? And if so, will both versions continue to increase in value or will one grow weak (but still kick around like Ethereum Classic)?
PS - I've just arrived in sunny Split (Croatia), don't want to spend all my time in front of the computer š time to get out and explore! Might do a future post with some travel photos to make you jealous...