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Bitcoin cash, the new cryptocurrency, is crashing down. So deep an so ugly.
Bitcoin cash has dropped 33%, to $290 a coin, over the past day, according to Coinmarketcap.com. That's down from its all-time high of $727 set on Wednesday, a day after its debut.
Meanwhile, bitcoin is up to $3100
On Tuesday, bitcoin split in two after a years-long battle in the cryptocurrency community over the rules that should guide bitcoin's network.
That split resulted in the creation of bitcoin cash, which was spun out of the same blockchain network as bitcoin — almost like a copy of it — but built to process more transactions more quickly.
Many folks in the community think bitcoin cash's price has been inflated by issues with the technology underpinning the coin.
When the cryptocurrency split, investors who stored their bitcoin in digital wallets that supported bitcoin cash received one bitcoin cash coin for every bitcoin. But many of them can't access their bitcoin cash coins, so they can't transfer them to exchanges where they can actively be bought and sold.
August 8 is when SegWit, a software update for the original bitcoin blockchain, is set to go into effect.
"We see 8 August as the day the bell tolls for bitcoin cash," Quinn-Watson said. "If the prices of BCC remain strong post the 8th then it is likely to be a currency for a long period.
"Alternatively, we could see a consolidation in bitcoin and see it run well past its peak," he concluded.
What do you think? DO you Like the new crypto? BCC will have a great future o just drop and get none?
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Blessings.