A house of cards or the latest and greatest Bitcoin the world has ever seen, we will let our readers decide…
Bitcoin Cash has seen a wild ride since its inception and traded at an astonishing $800 per BCC at one point before it came crashing down to a trading range today of between $200-350.
According to Business Insider:
Bitcoin cash came onto the scene on Tuesday following a much-anticipated fork in the bitcoin blockchain, and is the fourth largest cryptocurrency by market cap.
Furthermore in an article entitled ‘Bitcoin cash may be a house of cards that comes crashing down’ many additional points were made.
1.) At the moment 95% of bitcoin cash holders have their coins in hardware wallets and are still unable to trade them.
2.) BCC’s high market capitalization may be due to technical issues that have yet to be worked out and not truly represent the actual market cap.
3.) BCC/BCH will soon be available to hold on the Trezor wallet.
Interesting developments indeed…
However, the story gets more interesting as CoinBase just announced that they will reverse their decision and support BCC/BCH and its holders.
In a recent article entitled ‘Coinbase says it will support Bitcoin Cash after all — but it isn’t committed to trading yet’ the following statements were made:
Coinbase, one of the world’s largest (if not the) largest cryptocurrency exchanges, has reversed its stance on Bitcoin Cash and said it will introduce support for the fork next year.
Coinbase was among numerous exchanges to opt out of trading Bitcoin Cash after it came into existence on August 1 on the grounds that it wasn’t proven or safe. Beyond refusing to facilitate trading, Coinbase also said it wouldn’t allow customers storing original Bitcoin on its platform to claim their Bitcoin Cash entitlement. Those who wanted it were told to remove their coins and go elsewhere to do that.
But now the company — which was started by former Airbnb engineer Brian Armstrong (pictured above) and is reportedly raising funding at a $1 billion valuation — has changed its stance slightly. It told customers via email that it will introduce “support” for Bitcoin Cash by January 1.
“Once supported, customers will be able to withdraw Bitcoin Cash. We’ll make a determination at a later date about adding trading support,” Coinbase said.
In other words, let’s see what happens before we commit to trading
What does it all mean?
Well, if I was an outsider looking in, I would assume that once people actually have the ability to sell it, there will be indeed a massive sell off. We may see prices of as low as $10 for some BCC / BCH trades but after that point I expect it to rise like the phoenix. If you’ve been in crypto for long enough you will understand the phrase ‘welcome to the cryptoshow…’
As a disclaimer I personally own a few BCC coins and plan to HODL because sometimes you just don’t know what to expect!
As always comments and feedback are greatly appreciated.
Thanks for reading!
