Will the real Bitcoin please stand up?
The mining power backing the Bitcoin Cash blockchain surpassed that of the Bitcoin blockchain early Sunday morning.
That is significant as it hasn't really happened since bitcoin cash came into existence.
Check out this chart:
As you can see bitcoin cash's total mining power just passed bitcoin's total mining power.
This comes at a time when bitcoin cash has been spiking and bitcoin has been selling off.
Bitcoin cash hit an all time high just under $2500 earlier this morning.
It's now sitting just over $1600 per coin and has a market cap of roughly $26 Billion.
The price action is leading some to believe that bitcoin cash might ultimately win out as the "real" bitcoin.
Yes you read that right.
Some out there think that this is the beginning of bitcoin cash taking over as the dominant bitcoin.
Especially when you have big players like Roger Ver (aka Bitcoin Jesus) saying things like this:
However, keep in mind that he has been saying things like this basically ever since bitcoin cash came into existence.
Now, he is just using the current environment to really capitalize on it.
Which bitcoin is really the "real" bitcoin?
That is the 64,000 dollar question!
As of today, no one really knows for sure, but as of today it is a lot less clear that it was maybe a week or so ago before SegWit2x was suspended.
People right now are using that news to capitalize on the uncertainty and push their beloved coin, which in this case is bitcoin cash.
However, remember that all it would take is for bitcoin to make some upgrades to their legacy chain in order to get people saying it is the "real" bitcoin again.
Some are wondering just how likely that is to ever happen though. It doesn't give much confidence to people for there ever to be an agreement between the major players involved with bitcoin after the way SegWit2x fell apart like it did at the last second, even after years of compromises.
My thoughts:
I tend to believe that if we do start to see bitcoin cash really take over, the major players involved with bitcoin will come up with a compromise to upgrade the technology to better scale, and they will do it pretty quickly.
Nothing like a hit to your wallet to get your butt in gear!
If that is indeed the case, we might end up seeing some back and forth between both coins before the "real" bitcoin ultimately wins out.
Irregardless of all that, in my opinion this couldn't have happened at a worse time for cryptocurrency mass adoption. The general public is finally starting to pay attention to bitcoin for the first time ever, and there is a question as to which bitcoin is the "real" bitcoin.
FACE PALM...
There is the possibility that new cryptocurrency investors are going to login to their accounts only to learn that they might not even own the "real" bitcoin when all the dust settles. That's not a good thing for bringing new investors into the space...
Maybe with some luck, all this drama over bitcoin will push investment dollars into other projects, projects with better technology, fee-free transactions, and a lot less drama over the fundamentals of the chain.
That would be nice, wouldn't it?
I'm looking at you steem!
Stay informed my friends.
Sources:
https://www.coindesk.com/confusion-euphoria-bitcoin-cash-30-billion-2000/
Image Sources:
https://www.coindesk.com/confusion-euphoria-bitcoin-cash-30-billion-2000/
https://twitter.com/rogerkver/status/929054536873885696/photo/1
Follow me: @jrcornel
it was a rally so crazy last night going on the morning.
ETH got its spot back.
for how long?
Excellent post @jrcornel !! It really is a crapshoot and can go either way... Your strongest point which really needs to be heard by all crypto communities - What will the new investor think once they have taken the plunge into Bitcoin and not know if it's value will plummet into BCH or not - not even to mention the mass confusion for all new investors to understand what is going on and why and how dangerous it is to have any capital in either Bitcoin at the moment.. Either can crash really hard at any point
Yep, not a good time for a civil war...
Not at all!! Not at all!!
Definitely! It's incredibly volatile at the moment. Great for traders that know what they're doing, but not so great for anyone that just wants to use it as money. It's even scary for long term investors.
BCH is not the real bitcoin for me. For me the BITCOIN GOLD is the real Bitcoin because it will be more decentralized and decentralism was the origin idea of the bitcoin.
Possibly, it could do something especially if trezor would help me get the btg out of my wallet.
It's so much more fun to just sit back and hold EOS knowing it will outperform both of those platforms in one year.
Good point, I should put some EOS the old porfolio also, hahaha
Great title and great post. I can't help but here Slim Shady's voice reading the title though.
That was my intent ;)
Excellent post @jrcornel Only thing I think you left out was when you said $64,000 Dollar question, it should read, $64 Billion Dollar question instead.
Haha good point!
Roger is heavily invested in BCH so is bound to promote this. A lot of the transaction issues recently on the BTC chain are due to spam being pumped onto the chain. The battle lines are now drawn for the bitcoin wars. Interesting weeks ahead.
Miners just want money, they keep changing to the best profitable chains but for sure bitcoin will rise again when they see bitcoin cash doesnt have a good value compare to the real bitcoin
Thanks for the info
Very nice post my friend.
I think that BTC will go very up and BCH will go very down, We will see soon the end of history, when difficult mining of BCH up in a few hours.
We will see. It could be just a pump and dump, or this could be the beginning of a rotation from btc into bch...
Everything is possible :-)
Yes, but my comment I posted and link which I will include again in which they intend to make BCH easier to mine and it looks like they could smoothly get away with it.
https://www.coindesk.com/bitcoin-cash-hard-forks-blockchain-bid-ease-mining-difficulties/
Miners don't matter, users do. Once the Lightning Network checks in, who will bother with the Bitcoin Network that charges crazy Tx fees?