Hello Steemians,
Bitcoin Cash is spiking and there is some discussion whether or not Bitcoin Cash can displace Bitcoin. In other words, could it take the name "Bitcoin"? The short answer is no. The longer answer is that it is exceptionally unlikely because it would require exchanges to all agree on what "Bitcoin" is and make the change simultaneously, else risk losing a ton of customers and transaction volume. In other words, the first exchange to call "Bitcoin Cash" as just "Bitcoin" would essentially be martyr'ing themselves.
Bitcoin Cash is seeing a majority of volume come from Korea, although now we are seeing other exchanges increase in volume as a result of FOMO investing. Roger Ver is on a Twitter storm and also talking about Bitcoin Cash such as in the meetup in LA recently. Given his wealth and influence, he can have a substantial impact.
Other factors are playing in as well: Right now the Bitcoin mempool size is spiking, which is causing transaction fees to spike. As such, Bitcoin Cash is becoming a more and more attractive alternative to Bitcoin. However, the spike in the mempool is due to spam transactions which aren't "real." As Bitcoin Cash increases in value, more miners switch over as it is more rewarding to mine (and uses same hashing algorithm, SHA256).
Lastly, the Emergency Difficulty Adjustment algorithm will be updated on November 13th as the entire Bitcoin Cash network is upgraded.
Bitcoin's primary driver of value, as we have established on this channel previously, is now a "store of value" rather than as a "medium of exchange." Given this, there is no way that Bitcoin Cash will attract the level of capital required for a "flippening" as all Wall Street and casual investors care about is Bitcoin. And for Bitcoin Cash to become "Bitcoin," it would have to eclipse it in market cap for the exchanges to all make that change. In the end, the exchanges have the power.
What are your thoughts?
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I suggest checking this out - there's a possibility that this was all pre-planned: Segwit2X Was a Planned Hoax All Along? Anonymous Warning from Before Bitcoin Cash Forked - Chinese Miners Planned All Along To Replace BTC with BCC.
It will be interesting in the near term to see how much price volatility has been caused by miners switching from BTC to BCH as basically a hashrate arbitrage play.
I think if BCH does overtake BTC that the community will be calling BCH just 'bitcoin' for a while before even the first exchange makes the change, and the rest of the exchanges will follow immediately after.
Yes, but I don't think Bitcoin Cash can reasonably overtake Bitcoin without the exchanges rebranding it first. Kind of a catch 22. I think people are heavily underestimating just how large the gap is between the two at the moment.
Not necessarily. BTC is the main crypto in large part to it getting all the press. If the current press continues, there is a slight chance BCH could surpass BTC. I'm not convinced I'd bet on it, but those invested in BCH now are going to become extremely rich if it happens. Of course, another new crypto could come along in the next few months or years, and that might actually become the main crypto. Then it won't matter.
If enough major investors switch over the BCH, or more services start using it, and it starts getting used regularly, then it will surpass BTC. I doubt any exchanges will switch to calling BCH just Bitcoin any time soon though. BTC will likely have a slow death, if at all.
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Great article. Have upvoted you, please upvote me.
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https://www.youtube.com/watch?v=Jphht0SKz9cYes I agree with you. Because some exchange and establishment stay on bitcoin as there mode of payment
BCH will never become more valuable than BTC in a long term perspective. What we have seen the last hours was a huge attack on BTC, but in the end BCH will find its place behind BTC, because its more a dump and pump coin
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Hey very good content!
thx for posting this vid
I think what your saying is spot on. I am going to follow you, because you are obviously smarter than me about crypto's. I just discovered them very recently. Thanks.
Thanks - this added a lot of technical details to what looks like a coordinated coup against bitcoin, which seems to have failed.
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Good points in this blog.
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