[2017-11-09] Bitcoin Cash Markets Remain Resilient As the Network’s Upgrade Appr

[Terraformer]

It’s been a crazy week for cryptocurrency enthusiasts as the digital asset ecosystem is still reeling over the canceled Segwit2x fork that was expected to take place on the Bitcoin network next week. Over the course of the past few weeks leading up to the planned 2MB Segwit2x hard fork, Bitcoin Cash (BCH) markets have doubled in value after hovering around $300 per BCH for weeks. Now the market has stabilized around the $625 region as the BCH network participants prepare for their own fork that’s just four days away.

Bitcoin Cash Network and Markets Remain Vigilant After the Canceled BTC Fork Event

The Bitcoin Cash network is thriving as the decentralized currency’s value has spiked quite a bit over the past few weeks. At the moment the price per BCH is hovering around $625 as markets currently command roughly $830M worth of daily trade volume. The price of BCH has allowed it to hold the third highest market capitalization at $10.4B just below the ethereum market cap. BCH markets are still seeing lots of trade volume from the South Korean won, as the currency typically captures around 49 percent or more of the daily volumes. The exchange rate stemming from BCH currently makes it the third highest digital asset trade volume within the cryptocurrency landscape. The exchanges trading the most BCH include Bithumb, Hitbtc, Bitfinex, Bittrex, and Korbit.

Miners Have Started to Signal Intent to Fork the BCH Network

As the currency’s network hard fork approaches, the BCH chain is 8100 blocks ahead of the BTC chain. BCH this week is operating at 8 percent of the current BTC difficulty, and it’s 3.4 percent more profitable to mine BTC. Mining profitability and its fluctuations may change after the BCH network reconfigures the Difficulty-Adjustment-Algorithm (DAA). BCH miners are now signaling their intent to activate the fork and the change is estimated to occur around 2 pm EDT depending on hashrate speed.

Bitpay Prepares Users for the Bitcoin Cash Consensus Change

Because the fork is drawing closer the Atlanta-based company, Bitpay, has announced to its wallet users its plans for the BCH hard fork. The firm explains that with any blockchain protocol change it must always ensure that customer funds will be safe.

“For the November Bitcoin Cash protocol change, Bitpay and Copay wallets will follow the bitcoin cash chain with the most accumulated difficulty — With current miner signaling, this means that our wallets will be compatible with the new rules activated by the bitcoin cash mining majority,” explains Bitpay.

We don’t currently have any reason to think that this hard fork will be contentious or will result in a blockchain split for bitcoin cash. Users can continue to receive and send bitcoin cash transactions from their wallets up to, during, and after the hard fork protocol change.

Kim Dotcom Asks His Fans Which Cryptocurrency Will Dominate — BTC or BCH? 

Also this week the notorious Kim Dotcom started talking about bitcoin cash with his 671,000 followers. Dotcom asks his fans, “By 2021 which of these two is going to carry the larger volume of Internet payments?” With just 11 hours left remaining for the poll bitcoin (BTC) is leading by 64 percent and bitcoin cash (BCH) has 36 percent.

Overall the BCH community seems pleased with the currency’s growing ecosystem and many supporters believe next week’s fork will be smooth. With Segwit2x gone and the rest of the cryptocurrency competition constantly nipping at BTC’s heels many spectators will be focused on bitcoin cash.

https://news.bitcoin.com/bitcoin-cash-markets-remain-resilient-as-the-networks-upgrade-approaches/

[ORCAf]

Bitcoin Classic closes down, concedes: Bitcoin Cash will be Bitcoin in six months

https://coingeek.com/bitcoin-classic-closes-concedes-bitcoin-cash-will-bitcoin-six-months/

[Slow death]

"  It is now up to you which chain will gain the most traction. It is now up to the next billion people to start to use Bitcoin Cash. In at most 6 months I’m sure we’ll just drop the “Cash” and call it “Bitcoin.”  "

Lately some people have often been confused

Bitcoin = BTC
Bitcoin Cash = BCH

never BCH will be BTC, regardless of anything that happens, always BCH will be called BCH and Bitcoin will be called BTC.

this site: https://coingeek.com and https://news.bitcoin.com;
in them people can see the price of bitcoin, but what caught my attention is that in these two sites you can also see the price of bitcoin cash, that is people can see only prices of bitcoin and bitcoin cash, I would prefer that they put prices  of two coins with higher volume. In the present case it would be BTC and ETH

[dreamhouse]

I agree, BCH will never be BTC, there are too many people on BTC already...

[Rahar02]

People intrigued by current price and development of bcash.
It's something good for bch to reach another ATH, as it provides some advantages over bitcoin, such as bigger blocksize.
At current network traffic on blockchain, people may transact bch easily, faster, and pay small fees compare to bitcoin.
However, I'm not using bch, have sold all of my bch today after it reaching tempting price over $910.
Maybe it will continue to rise or maybe will get dumped soon, as people tend to sell at the peaks.

[Carlton Banks]

It's something good for bch to reach another ATH, as it provides some advantages over bitcoin,

Really?

such as bigger blocksize.

That would be an advantage if Bitcoin blocks were full. And Bitcoin Cash still can't fill 1MB blocks, let alone 4 or 8MB blocks. So that's not an advantage.

At current network traffic on blockchain, people may transact bch easily, faster, and pay small fees compare to bitcoin.

Blocks on BCH are still 10 minutes apart, so it's exactly the same speed, not faster. Fees are cheaper, but there's also less hash rate (and fewer users).

However, I'm not using bch, have sold all of my bch today

Case closed. (how come you forgot about Bitcoin Cash's advantages over Bitcoin, lol)

[TraderTimm]

How someone can take the price of a zero-fee exchange in South Korea as representing the entire ecosystem is beyond me.

BCH is acting like a penny stock, pumped highs, flagging down to lows until the next wave of suckers are roped in. There's a reason you haven't heard from Roger Ver much, he's been busy doing roadshows, big presentations on a stage spreading his huckster lies about how his alt-coin is going to become Bitcoin. He's also using his money to prop up the market, just like he did when BCH was first traded and spiked, before flagging down and slumping to new lows.

This time won't be much different, given the low unit-price (notional value), its easy for Roger and a few allies to prop up his market and get a few gullible gamblers in on the deal.

It won't be enough. It never was a replacement to begin with, and with zero talent behind the actual code he won't have much traction with all the new features coming for Bitcoin. He could pull a Jeff Garzik and simply copy the Core code, but without the ability to understand what he's looking at, BCH won't be anything more than a alt-coin trying to (yet again) gun for the Bitcoin crown and fail like every other attempt.

There's no infrastructure, no one is clamoring for this coin outside his pumper-fests. There are no futures being listed by the worlds largest Futures exchange.

Its a tempest in a con-mans teacup, and he'll keep pushing until it falls apart -- then regroup and try another shit-token.

This is Roger's pattern - ignore all past failures, copy and repeat.

Some call this insanity. Roger calls it "innovation".

[hatshepsut93]

BCH is just being artificially pumped by big whales who were supporting SegWit2x at first, but now that it's gone, they decided to wage their war on Bitcoin with BCH. But this will only make them lose their money, because there's still a lot of unclaimed BCH coins, since many people didn't bother to go through the process of claiming since BCH price was just 5-7% of Bitcoin's price. Also, Coinbase haven't released coins to their customers yet and when it will happen this coin will crash hard. Without users support any altcoin is doomed, and there's no reasons why anyone would support it, there are better alternatives with cheap fees like Litecoin.

[panju1]

BCH is just being artificially pumped by big whales who were supporting SegWit2x at first, but now that it's gone, they decided to wage their war on Bitcoin with BCH. But this will only make them lose their money, because there's still a lot of unclaimed BCH coins, since many people didn't bother to go through the process of claiming since BCH price was just 5-7% of Bitcoin's price. Also, Coinbase haven't released coins to their customers yet and when it will happen this coin will crash hard. Without users support any altcoin is doomed, and there's no reasons why anyone would support it, there are better alternatives with cheap fees like Litecoin.

I doubt if the unmoved Bitcoin Cash coins are due to people not being bothered. Most people just left it untouched because they weren't sure what they would be worth in the long run. Dumping them immediately would be an act of speculation. Even the forum coins (bitcoin cash) have not been dumped.

[Kprawn]

BCH is just being artificially pumped by big whales who were supporting SegWit2x at first, but now that it's gone, they decided to wage their war on Bitcoin with BCH. But this will only make them lose their money, because there's still a lot of unclaimed BCH coins, since many people didn't bother to go through the process of claiming since BCH price was just 5-7% of Bitcoin's price. Also, Coinbase haven't released coins to their customers yet and when it will happen this coin will crash hard. Without users support any altcoin is doomed, and there's no reasons why anyone would support it, there are better alternatives with cheap fees like Litecoin.

I doubt if the unmoved Bitcoin Cash coins are due to people not being bothered. Most people just left it untouched because they weren't sure what they would be worth in the long run. Dumping them immediately would be an act of speculation. Even the forum coins (bitcoin cash) have not been dumped.

I think it is a security issue too... Why sweep BTC in cold storage {paper wallets} and put them in harms way, for a few

hundred dollars? {Up to now it was worth shit and not worth the risk} You might see some more coins being swept as the

price increase to split the coins and to buy more BTC. Mine are left in cold storage... because it is not worth the risk. 

Bitcoin Cash is a Pump show and will be a flash in the pan... Poof...Gone soon. 

[Agostosmori]

I agree, BCH will never be BTC, there are too many people on BTC already...

And no one can defeat the original, how can BCH defeat BTC if it is only a product of it's fork. Price of BCH might go high that is only because of the whales who on the first place was the reason why BCH was created.

[TraderTimm]

I doubt if the unmoved Bitcoin Cash coins are due to people not being bothered. Most people just left it untouched because they weren't sure what they would be worth in the long run. Dumping them immediately would be an act of speculation. Even the forum coins (bitcoin cash) have not been dumped.

Wrong.

Technically I have BCH coins because I'm a long-term holder, so after the fork I have coins on both chains.

I'm never going to touch the BCH coins. There's no point - the appreciation of BTC is more than enough to make up for any potential gain, and the steps needed to "split" my coins and ensure that the BTC don't get 'effed up by other technical "gotchas" isn't worth my time or the risk.

So those coins will never enter the market - not because they are valuable, but because I don't believe in anything Roger Ver has to say, or his "team".

[ORCAf]

Many bitcoin experts including former Coinbase executive and Litecoin creator Charlie Lee stated that in the long-term, it is less likely that Bitcoin Cash would be able to compete with bitcoin due to its lack of infrastructure and developer activity.

http://www.newsbtc.com/2017/11/12/bitcoin-cash-drops-2800-1300-lies-ahead-long-term/

[Aragorn_125]

Everyone says that not a single crypto currency can exceed Bitcoin's original, but the situation on the market is becoming very strange. Bitcoin original becomes cheaper, and bitcoin Cash becomes more expensive. It scares me

[ORCAf]

“Bitcoin is at an existential crisis where it has grown large enough and attracted enough quality people to provide very clear yet different roadmaps for the future backed by passion, money and brilliance. From one perspective this creates friction and has resulted in splits. From another we get to see in parallel both philosophies play out in real time and compete for market share.In the end it's impossible to say who will win, but this is predictable sign of maturity rather than a symptom of chaos. No ecosystem can keep everyone happy nor can it satisfy divergent visions. So they have to find a way to split like so many open source projects before then without destroying the value already accumulated and the underlying communities.”

https://cointelegraph.com/news/a-tale-of-two-bitcoins-where-bitcoin-bitcoin-cash-are-headed

[Marucya]

It seems to me that the bitcoins market is experiencing positive processes for normal competition and soon the monopoly of the original bitcoin will come to an end, as it has become slow and with large commissions for transactions and these shortcomings have not been eliminated for too long. Young coins separated from bitcoin eliminate these shortcomings and introduce a number of interesting innovations that lead to the fact that people start investing more in these coins, causing an increase in their value and a drop in bitcoin.

[ORCAf]

Bitcoin still struggles with its identity, as many would like it to revolutionize money, but they are equally happy sitting on hordes of it and watching it appreciate in value faster than perhaps any other asset in history.

https://cointelegraph.com/news/segwit2xs-failure-confirms-bitcoins-status-as-digital-gold

[marckenigsberg]

Everyone says that not a single crypto currency can exceed Bitcoin's original, but the situation on the market is becoming very strange. Bitcoin original becomes cheaper, and bitcoin Cash becomes more expensive. It scares me

For a few days.
And cheaper is a fifteen percent drop from ATH.
And still up more than forty percent in a month.
BCH has increased in price but to frame it the way you did above is very misleading.
Time will tell....

[DannaWonder]

Everyone says that not a single crypto currency can exceed Bitcoin's original, but the situation on the market is becoming very strange. Bitcoin original becomes cheaper, and bitcoin Cash becomes more expensive. It scares me

For a few days.
And cheaper is a fifteen percent drop from ATH.
And still up more than forty percent in a month.
BCH has increased in price but to frame it the way you did above is very misleading.
Time will tell....

BCH resiliency is synthetic it was manipulated by the people who has personal interest for their own earnings, they used the cancellation of the segwit2x fork to manipulate the prices but I believe BTC is more resilient than BCH becasue it was able to retain its $7000 price level even some people manipulated the prices.

[Agostosmori]

BCH prices are really experiencing a huge increase on it's prices because of the previous cancellation of fork, people are trusting BCH more than BTC.