BCH Is NOT Taking Over Bitcoin
Over this past weekend, we have had BCH rise from about 700 USD to 2700 USD at it's peak. This has caused major FUD in the crypto currency community over the so called "Flippening", when BCH will take over Bitcoin in price, presumably when the bulk of bitcoin miners switch over to BCH. However, this is NOT going to happen. There were a few signs that caused people to doubt bitcoin, such as this chart.
The Bitcoin Network hash rate has gone down from about 12,000 PH/s to 5000.
The BCH network hash rate has gone from 1000 PH/s to 7500 PH/s. Many people think this is due to miners losing faith in BTC and switching over to BCH. What they fail to realize is that there are three major causes for BCH's weekend pump.
Bitcoin cash has been temporarily more profitable to mine against Bitcoin. However, BCH is going to update on Monday, making BCH 3x less profitable to mine than BTC. This is certainly going to cause miners that temporarily switched over for the pump to switch back to BTC.
USDT(Tether) had 20 million tethers minted on Saturday night. There are rumors (remember, just a rumor) that this tether was used to pump the price of BCH.
Roger Ver moved 45,000 bitcoins into a Bitfinex trading account before the pump. Who knows what he is planning to do with that many bitcoins, or what he has already done.
So why will Bitcoin remain supreme? It's simple. Bitcoin has the brand name and recognition that people outside the crypto community will recognize, and in my opinion that's enough to keep it at the number one spot, at least for a long while. In addition, this seems to me like a very expensive pump and dump operation. If you have any BCH, I reccomend dumping them before Monday. I predict we will see BTC increase in price as money flows back into it, and BCH dump hard. If you have any additional info or opinions to voice on the matter, leave a comment below.
Sources:
https://www.coinwarz.com/network-hashrate-charts/bitcoin-network-hashrate-chart
https://www.coinwarz.com/network-hashrate-charts/bitcoincash-network-hashrate-chart
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STOPwaiting your next article...
thanks for the follow!
very good share, upvoted by @shohana
Koreans try to let BCH take over bitcoin