Bitcoin and Cryptocurrency News

Is now the best time to hold on to Bitcoin cash

Time to hold bitcoin cash

If you consider bitcoin cash "free money" that you should sell immediately you get yours, you might be wrong. It could turn out to be more. New developments are suggesting that Bitcoin cash could well be the stone builders rejected which eventually turned out to be the corner stone.

Bitcoin Cash has endured a tumultuous time before it was conceived two weeks ago. Born as a result of the discord between miners and developers in the bitcoin community, the crypto coin has gone from being regarded as worthy and promising to worthless and terminal, all in the space of the last 21 days. 

The feud in the bitcoin community on how to make it scale had brought about Segwit, a software solution which many miners agreed to implement at that time in return for an increase of the bitcoin blockchain to 2MB/block in November. However, not all miners were okay with the solution and a little fraction of them cause a hard fork which gave birth to 8MB/block bitcoin cash.

Also, every bitcoin owner before the fork got an equal amount of bitcoin cash after the coin.

Free money? It seems so. Why not?

Now, bitcoin cash, before it was first mined on the 1st of August was touted to be a major competition for bitcoin. A futures market was opened for the new comer on July 23 and it was worth about $550, which was 20% of bitcoin at that time. 24 hours after it came alive, it hit a high of $727 (which was 27% of bitcoin at that time) and proponents started saying the 8MB looked attractive and bitcoin cash would in no time gain the support of a major portion of the community. 

Fast forward two weeks.

Bitcoin cash is sprawled on the ground, "dying a natural death", according to many. The coin has seen its value plummet to $297 (just about 7.3% of bitcoin) and its future looked bleak. Many blamed the fall on the little support it's getting from miners and exchanges. Others believe it's because many investors don't have access to or haven't claimed their bitcoin cash. 

Now, investors don't attach much importance to the coin. Many don't even bother about claiming it because to them it isn't really worth anything. No one is making noise about it in the media like before. It's hard to imagine people buying bitcoin cash; most people just want to sell the ones they were gifted by the hard fork.

However, things are happening in the background this newest of coins. 

An early bitcoin investor, Roger Ver, recently hinted on Reddit that bitcoin cash is about to get a boost as Bitcoin.com, a major crypto exchange and wallet, will soon begin full support for bitcoin cash. It also seems there are plans to make bitcoin cash's mining profitability to become similar to bitcoin's, and for pools to make it easy to switch between both versions of bitcoin. 

According to Roger, "it will become much easier for whales to feel safe about pushing the price/mining profitability around a bit." 

It's believed that Roger owns thousands of bitcoins and some say if he were to dump bitcoin for bitcoin cash, the market would swing in the opposite direction.

A Reddit user, coin-master, said if Roger were to "convert the bigger part of his stash from SegWitCoins to Bitcoin Cash those two would forever swap positions, and as a side effect he would end up having more coins that Satoshi himself".

"Blockstream would be thing of the past. Core would be ignored. Bitcoin cash would have all the miners. Bitcoin cash could bring freedom to all people in the world. And Bitcoin cash would be the Bitcoin", he added.

Furthermore, every whale, including Roger, own the same amount of bitcoin cash as bitcoin. So it's possible for them to "convert" some of their bitcoins to bitcoin cash to have more coins at their disposal. The only delay at the moment is the mining profitability. Once that has been taken care off, bitcoin cash could start rising considerably as the whales pour funds into it. 

Apart from this, it's likely that the 2x part of Segwit2x may not be implemented come November. Segwit2x didn't please everyone in the first instance, and some people don't think Segwit and a 2MB block size would be enough to make bitcoin scale. 

Also, bitcoin cash is winning support from Coinbase and Bitgo, two major players in the market. If other players catch on and bitcoin cash's price rises, more miners could abandon the original bitcoin and migrate to the new version, or even create more offshoots.

So, if you have your bitcoin cash safe in your wallet you might want to hold on to it. This doesn't mean you should start shoring up bitcoin cash though. Anything can happen.

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