Like many of you, I've been gearing up for digital armageddon. The fork of Bitcoin on August 1st. Reading around the interwebs I notice a lot of panic in the crypto community. Many are terrified ( like Gollum ) about what is going to happen to their precious coins. I've seen polls showing that many crypto-investors are going to "abandon ship", sell off and then buy back in when the instability is over.
Predicable behaviour but not necessarily the smartest in terms of long term investment.
The value of Bitcoin Cash is easy to see. But you need to look at its value from a FIAT currency perspective and not from a crypto currency perspective if you are going to see that value.
The word "cash" provides the biggest clue. It was no doubt chosen for the new currency because it invokes a sense of tangibility ( and normalcy ) in the minds of people. The name is designed to capture the general public who are used to digital payments like Paypal, Apple Pay, etc. The target market for Bitcoin Cash is ordinary consumers. Not doomsday preppers like you and me.
This is a really smart strategy by the Bitcoin people. Really, really smart. Well played.
While many crypto investors have their eyes fixed on short term losses at the start of August, they don't see that the long term strategy or the vision of what's ahead. And might fail to capitalize on it.
I think the plan is to "fork bitcoin back out into the real world".
Remember, bitcoin is still a new technology and it is not easy for new people to use it for payments. Much less, learn about it. Right now, Bitcoin is a "collector coin". Whereas Bitcoin Cash is a "normal coin". Or at least, it will be. It will be thought of as money, thanks to the clever use of the word "cash".
Bitcoin is largely an underground movement. Block chain is a beast that has been born in the dark and is still hidden from the world. The system is evolving. It's growing up. Bitcoin cash represents a first wave of applications designed for ordinary consumers. Like a tentacle from a deep sea monster, Bitcoin is reaching back out into the world and grabbing a chunk of market share. A pretty large chunk, I predict.
If the objective is to move into the consumer market ( which it will at some stage ), companies like Microsoft who already accept in Bitcoin will pick it up and run with it. Microsoft is a wounded beast and a shade of its former glory. Microsoft is still reeling from being late to the iPad market and are hungering for a new victory. I am betting that they will be one the earliest adopters of Bitcoin Cash and will be only too happy to develop hardware and point-of-sale for it in an effort to oust Apple Pay.
That's another of my market forecasts. I.e. Watch Microsoft.
With Bitcoin, you have to remember, you aren't just investing in the digital coin, you are investing in the technology behind it. Bitcoin will remain an underground, indie currency, I believe. Bitcoin Cash will be the cheaper, disposable version of it for the general public to use. As a result of the new "tangible" currency, it will spawn a wave of new hardware and point of sale devices to make transactions easier.
I am betting that is the plan for Bitcoin Cash and the reason for forking the currency. To simply bring bitcoin to the world.
It's designed for the general public to use. This tells me that there is already hardware in the pipeline so consumers, shoppers and the public can use Bitcoin Cash. Basically move aside Apple and Amazon, Bitcoin is taking the field!
Bitcoin Cash is smart. It is genius. Which is exactly what I want to see from its designers if I am going to invest in it. They are creating a currency that exists in between the two worlds of crypto currency and FIAT paper dollars. A bridge, so to speak, for ordinary people to walk cross.
Mark my words, Bitcoin cash will end up being used in brick-and-mortar stores alongside VISA, American Express and MasterCard, via new point of sale systems. As I said, the Bitcoin devs needed to do something to compete with Apple Pay, Amazon, etc and needed to make a bold move into retail. Sooner rather than later.
Again, well played.
Not only will Bitcoin Cash give rise to new hardware, but ( another market forecast of mine ), it will spawn a wave of education. I.e. Workshops, books and online courses in cryto currency for dummies. Education and teaching people how they can spend ( not just invest ) Bitcoin and intro materials will pop up in bookstores. So for you writers out there, there's a goldmine waiting for you to claim.
That's my take on August 1st. In short, August 1st is about unleashing the beast. The underworld kraken on the world. And personally, I'm not running and hiding from it. I've getting out my surf board and riding the wave it creates.
Surfs up peeps.
Will "B2K" happen? Check out my other articles on August 1st and "Bitcoin Black Tuesday"
"Bitcoin Black Tuesday" on August 1st: A Lesson In "Investment Psychology"
https://steemit.com/bitcoin/@skyflowers/skyflowers-co-0031-bitcoin-y2k-on-august-1st-a-lesson-in-investment-psychology
Run! It's August 1st! "Bitcoin Black Tuesday" Is Upon Us!
https://steemit.com/bitcoin/@skyflowers/skyflowers-co-0035-run-it-s-august-1st-bitcoin-black-tuesday-is-upon-us
Bitcoin Cash: What Will Be The Long Term Effect of Giving It Out For Free?
https://steemit.com/bitcoin/@skyflowers/skyflowers-co-0037-what-will-be-the-long-term-effect-of-giving-out-free-bitcoin-cash
Brendan Rohan - Melbourne, Australia
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