Depending on which second you look at the charts, bitcoin and bitcoin cash, BTC (ISO XBT) and BCH respectively are up and down like a escort on a Saturday night. One goes up, the other goes down, the other goes up, and the other goes down.
Bitcoin, which was over $7,000 just yesterday and over $7,500 earlier in the week, hit as low as $5,800 over the last 12 hour session losing over $1000 of it's value. All the while many Altcoins were inching up and out of nowhere, BCH was well over $1000 hitting as high as over $2800.
Currently BTC is around $6,200 and BCH is around $1500 but this is expected to flip-flop gain as traders ride the peaks and valleys. Where it ends up is anyone's guess but there's allot of discomfort with bitcoin right now.
Bitcoin Cash, has allot of promise. You may remember the lightning network and BitcoinXT from a while back, that's what Bitcoin Cash is based on. Gavin Andresen, who worked on both Bitcoin and XT (hence BCH) tweeted this anout Bitcoin Cash:
Bitcoin Cash, has allot of promise. You may remember the lightning network and BitcoinXT from a while back, that's what Bitcoin Cash is based on. Gavin Andresen, who worked on both Bitcoin and XT (hence BCH) tweeted this anout Bitcoin Cash:
Bitcoin Cash is what I started working on in 2010: a store of value AND means of exchange.— Gavin Andresen (@gavinandresen) November 11, 2017
Blockchain ClusterF@!k
The blockchain currently has over 160,000 unconfirmed transactions and this has been getting steadily worse as people have been waiting for 20 hours or more for transaction to confirm. Rumors flying around point at everything from jumping ship for BCH to a network attack by anyone and everyone bitcoinists can think of.
Surely it couldn't be because the blocks are STUFFED and there's NO SOLUTION in place to handle it, could it?
No Scaling Solution for Bitcoin
Segwit2x was cancelled so the 2BM blocks consumers were hoping would speed up the network isn't happening. It simply failed to reach consensus despite the early flag for it in June.
Many argue that 3 months is simply not enough time to go fill cycle and miners decided they didn't want to make the move.
To top that off, Bitcoin Classic is shutting down stating that Bitcoin Cash is accomplishing everything it was hoping to do so we can expect allot of the hashpower that was behind Classic to hop over to Cash.
Fee Insanity
Bitcoin was once a dream for sending money to people with it's low fees, you could send virtually any amount for just a few cent, maybe $1 in a pinch and I for one have always supported miners making some extra fees. Until now, with $7,000 per coin being handed out, or even $4,000m there's no reason on earth it should cost $5 to send $5. That's ridiculous. Try loading a BitPay card and with the load fee you'll spend $8-$9 to send $1.
Remember this ad? Back in 2014 this was so threatening that even Western Union took legal action requesting it be removed from the planet. Obviously t didn't work since we found it.
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| Original 2014 Ad (Origin Unknowm) |
Fast forward a few year, the lack of a scaling solution, and miners making a fortune on fees alone to 2017 and here's the NEW AD. I doubt Western Union will have a problem with this one.
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| 2017 Ad (Origin Also Unknown) |
We say $5, but if you really want it to get somewhere quickly, plan on more like $16. This makes coffee and a beer (two products commonly paid for with bitcoin) pretty damn expensive and rather useless unless one is trying to kick an alcohol or caffeine addiction, in which case this is spot on.
I think when the miners heard bitcoin was a payment system, they took it too literally because right now all you do is pay the system.
Um... no guys, we need to pay other people too.
Add all of the above up and it spells look-for-another-solution ... and at the time being, it looks like Bitcoin Cash might just just be that solution.
BCH is on the rise.
Get on it!
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