A new digital currency, ‘Bitcoin Cash’ came into existence yesterday when the bitcoin blockchain split.
Some of the commonly known facts at this point are that people who held Bitcoin before the split in exchanges and supported wallets received an equal number of ‘bitcoin cash’ tokens simply for holding the original.
Quite surprisingly BCC/BCH has rallied at this point by over 200% to a new price point of $628 USD per BCC.
Even though the price has sky-rocketed there is still no reason to believe that it will stay there as most people haven’t been able to receive their BCC / BCH yet and there lacks evidence that miners will support it.
Because miners are needed to verify transactions, it seems doubtful it could hold its price or do anything but crash without the support of enough miners.
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It looks a bit dubious at this point whether BCC is here to stay or if it’s just having its few precious moments of glory until people get their hands on their newly minted coins and dump them on the market.
A few words of advice are all I can muster as I leave my readers with the words ‘tread carefully.’
Leave thoughts and comments below to tell us what you think of this new development with Bitcoin!
