Today has been a historically epic day for Bitcoin Cash (BCH) because it has reached all time highs due to many factors. Part of it had to do with the sudden cancellation of the much anticipated Segwit2x Fork. Some have even called it a showdown between Bitcoin Legacy (The first and original Bitcoin chain) and Bitcoin Cash which was introduced to the world on August 1st 2017. Bitcoin Cash (BCH) is actually a clone of the original Bitcoin (BTC). However some changes were added to it making the transaction speeds faster. For the average person out there who is reading this, Bitcoin transactions are generated through Bitcoin Miners, sort of like Gold Mines but giant supercomputers that take up a lot of energy in lay terms. They require massive amounts of electricity and can be very expensive to operate. Miners are a key component to the Bitcoin ecosystem. Many of the miners operated out of China but it was possible, and still is possible to mine Bitcoin on a home computer setup. The technicalities behind Bitcoin Mining are quite complex and we will not get into that subject in this article. What we are talking about is Bitcoin Legacy (BTC) and Bitcoin Cash (BCH). One of Bitcoin Cash’s biggest supporters is Roger Ver, who describes himself as the world’s first Bitcoin investor. He also is the creator of Bitcoin.com. Roger is indeed very influential in the Cryptocurrency space and this definitely has an effect on Bitcoin Cash’s rise.
“After talking with many of the Bitcoin miners from China over the last few days, and hearing that they currently are not willing to do the smart thing and allow Bitcoin to scale in a timely manner, I’m on the very verge of selling some of my Bitcoins. Perhaps one day very soon I will be devoting all of my attention to a hard fork of Bitcoin that actually allows scaling in a timely manner.” – Roger Ver
Today FUD (Fear Uncertainty & Doubt) has been widespread in the Bitcoin Legacy community. Feeling threatened by Bitcoin Cash’s rise many have begun panic selling their Legacy Bitcoin in exchange for Bitcoin Cash. For those who have yet to read Satoshi Nakamoto’s original white paper, I have provided a link right here. Roger Ver describes Bitcoin Cash as a continuation of achieving Satoshi Nakamoto’s original goal. One of the biggest features of Bitcoin Cash is the increased Block size to 8MB with plans to allow much higher increases in the future. The question is, will people hold onto their Legacy Bitcoin or sell them off in exchange for Bitcoin Cash. Only time will tell. Bitcoin has been at war with itself for some time now, debating over Forks, and changes to the network. Many old school Bitcoiners are resisting the temptation to sell off their Bitcoin thinking it’s market manipulation or something else. Either way, Bitcoin Cash appears to be getting a foothold in the Cryptocurrency community. Some suspect that Coinbase users will dump all of their Bitcoin Cash in January for the original un-altered Bitcoin. Could it happen? Possibly.
Which Bitcoin Will It Be?
Bitcoin Cash claims to be decentralized. According to their website: “Decentralized Development – With multiple independent teams of developers providing software implementations, the future is secure. Bitcoin Cash is resistant to political and social attacks on protocol development. No single group or project can control it.” I don’t see Bitcoin Legacy disappearing overnight. It’s possible to see some heavy price drops, but given the early stages of Cryptocurrency, for the outsiders looking in who want to invest but never have, this is very confusing to them. The Cryptocurrency community will ultimately decide who the winner shall be.