Now is Not the Time to Be Buying Bitcoin Cash.
This is a warning to all of my fellow crypto currency fans. Bitcoin Cash (BCC/BCH) has successfully hard forked from Bitcoin (BTC) and the price is flying high.
Currently the only Bitcoin Cash being traded are the tokens that were made available on exchanges. For example I had a few Bitcoin on Bittrex so they credited me with Bitcoin Cash. The problem is that the people who held their private keys or Bitcoin off of exchanges are unable to send their Bitcoin Cash to the exchanges.
This has created an environment where the demand is much higher than supply. This is reflected in the current price which has reached highs close to $1200 as seen below. This image was taken at 7:55 am CST August 2.
Bitcoin Cash is Not a Market for Inexperienced Traders!
Take a deep breath, sip your coffee and go walk the dog. Once Bitcoin Cash is able to be sent to exchanges the price will cool down. It may be 2-3 weeks before the price normalizes. I will be waiting patiently to buy some Bitcoin Cash once the price retreats. FOMO is not your friend.
In the future Bitcoin Cash could do very well. I will personally be buying it since it is in line with Satoshi Nakamoto's original vision.
Bitcoin Cash Website
Update price has dropped to .2 on Bittrex so the price has corrected more than 50% since this am. You are welcome and I hoped I save some of you from tears.
You're right, even though there is a huge support from China behind BCC, it is clearly overbought, once those coins are liberated from private wallets, the selloff would be massive, it could even crash and trap all these antsy bulls.
Another thing to take into account are the BCC's of Coinbase, Xapo and the NO SUPPORTERS, ironic but because of the NO SUPPORTERS there will be NO SUPPORT technically trading speaking with those funds.
This comment has received a 1.20 % upvote from @booster thanks to: @erodriguezc11.
The market is crazy. The price will increase till deposits and withdrawals will be opened on exchanges, then dumping will start and lots of traders will lose a lot.
Yep, the same pattern repeats over and over, and people keep getting ripped off. I almost feel sorry for them. Friends of mine who do trading love this stuff. They make tons of money. How?
They are taking other people's money of course. I know we are not supposed to get emotional about investments, but it is hard for me not to knowing what I know.
I want to be the guy that warned them.
Well said my friend... Maybe some are aware of this and they are just waiting to take the highest profit...
What would happen if people decide to keep their BCC in their wallet anyway?, as its raising some could decide to hold instead of dumping it... This is so unpredictable...
Good idea !!!
Let the craziness cool off and then look out !!!
Keep on steemit!!
This is the time to sit back and relax after the indications become obvious we will buy it.
Thanks for the advice. I was originally planning on selling my BCC, but after some deliberation and recent events I think I have changed my mind and will hold it. Thank you for your opinion on the matter @hilarski!
But selling BHC seems like a great opportunity now at over $700.00 if you have 4 BTC, you get one free!
If you have some BCC in an exchange, it's probably not a bad idea to sell at these FOMO prices... Almost guaranteed to buy back at a cheaper price....
I sure would!
The price of BCH is growing i don't know what i think now
I first saw BCH on bittrex trading for 450$. When i saw it hit 1300$ i shit myself.
Hahaha accurate response.
thanx sir for help me in this issue i really dont know about this and know ur post teach me some things and i really know something about this @hilarski sir thanx
yes sir u r also right and now i improve my some knowledge from ur post keep it up good work for us always
For inexperienced in markets like me it is very dangerous to do so now, thanks for the advice ;)
I just wrote an article about FOMO :) https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Interesting how you say that BCH is in line with Satoshi's original vision... Almost like we are a religion now :)
It sure does feel like a religion. I signed up a long time ago.
Words of wisdom my friend. Chinese support each other by their very nature so I believe BCH will do well in the long run, but profit taking is going to huge with a corresponding large drop in price. Should be another long term holding coin. after all it was a gift :-) And you don't sell or give away gifts right LOL
Cheers
I'm waiting to see in the future if there is going to be more than one node of bitcoin cash.
Hi Randy, overal I liked your article. Thanks for the heads up. But I find it very concerning that you say BCC is in line with Satoshi Nakamoto's original version. It simply is not. It breaks the core rule of 1 mb blocks. That it is not in line is the reason for a hard fork in the first place. If you go deeper in why bcc exist in the first place i expect you will have no apetite in buying it either.
If you bother to read the whitepaper, you will find that 1mb blocks are in no way part of his vision. The 1mb limit was imposed as a temporary antispam measure and was meant to be removed long before the limit was reached.
In that case it seems like I am misinformed that it was one of the core rules. Thanks for pointing that out. I will read the white paper from a to z.
There's been an effort to rewrite history in regards to that point by certain parties. For example I've heard the claim that there was always a limit, even though the so-called limit being referred to was due to a bug in one of the libraries used in early versions of Bitcoin, rather than a feature there by design.
The whitepaper clearly describes scaling as involving full nodes being run out of datacenters and SPV wallets being the norm for users - the very same scenario that people are claiming will harm decentralization with big blocks. Relying on full nodes to be run by altruistic hobbyists is absurd. As long as there are businesses who have a need for their own full node in many jurisdictions, decentralization remains unharmed, whether nodes need to be run on high-end hardware or not.
Thanks for sharing your views. Very much appreciated. I have not yet made up my mind what to think exactly after what you told me. I first want to read the white paper to know every single detail. Obviously I was misibformed about 1 important detail. :) I do not know if I would be all to happy about businesses running the full nodes. A healthy mix between regular people and businesses would keep the network more save to my mind.
I don't argue BTC/BCC/BCH or the ideas. I like what I see and will support both with my money for now. I leave the arguing to devs. I do find the BCC/BCH idea for scaling more inline with Satoshi. We all have opinions.
Thanks for your reply. :) As we can not argue on opinions we can talk facts. But I agree. Let the devs do the arguing on the facts. In meanwhile we can share our ideas.
shhh noo don't tell them, I wanna sell my BCH altcoin for a good price!
Gangsta!
shared to hubby via skype!
thanks!
Good if it falls back to $300 after touch $1000 plus
It seemed like people are consumed thinking that BCH will be the next big thing but it seems like most people's investments are still with BTC.
I think sooner or later the price will drop but the price keeps ramping up most likely because of FOMO as well as bittrex releasing it later as well as people who kept their bitcoin in cold storage.
Let's see what will happen in the end
Purely, supply and demand.
I was surprised when I saw the price today ! But yeah it will probably go down once exchanges allow sending it.
Awesome post!
You are my go to account for crypto updates!
Keep em coming!
This always happens. I think cryptocurrency has more Momentum traders than any other type.
I agree with bcn, the price for Bitcoin Cash is rising simply because of supply constraints on exchanges. As soon as deposits are available, we will see a huge dump of Bitcoin Cash on the exchanges. It'd be great if anyone had any info regarding when this might be (say for Bittrex or Bitfinex). Until then, I'm just refreshing the websites...
Hi Randy,
I am confused how to claim my BCC since I held by btc in Blockchain.info wallet. any advice?
I am not sure @maven2017. Every wallet is different.
Thanks for this good information. Let's just let everything chill for a moment. LOL
this is great advice. Dont buy on fomo. wait for consolidation and then pick some upif you want more.
@hilarski Hello Randy, thanks for the information. I'm still a cryptocurrency noob. However, I noticed that you used the word, normalizes, in a sentence.
meep
Monty Python and the Holy Grail had the Knights Who Said, "Ni!" I don't recall "Meep" in this terrestrial.
meep
I could not believe the price rise over the last 24 hours. Just kind of wish trezor would sort their shit out and release my BCH now!
Although there is no Trezor support for a BCH wallet, you can still claim your Bitcoin Cash and transfer it to another wallet / exchange account. The problem there, however, is the vast majority of exchanges are not yet accepting BCH deposits.
Shared the warning @hilarski and appreciate your insight, normally spot on. Will keep an eye on this over the next couple of weeks.
Thank you Joan, always beware the FOMO!
I can not believe my eyes anymore!
Informative post mate, thanks a lot. In your opinion when would be the opportune time to buy more bitcoin cash?
Let it drop like a rock. If it stays at this level after a month this could be the true price but I highly doubt it.
great advice, I felt the same. let it be tested before invested ;)
I agree 100 percent. I already sold my position at a hefty .42 btc per BCH coin on Trex. I didn't expect it to go up that far. I can't believe someone would be willing to pay that price. Be careful guys . . . it's already fallen to .31 at the time of my comment.
#HIGHFIVE I sold at .063 bought back at .055, sold again at .15 and never got a chance for another entry point.
Bitcoin cash have lot of potential. I see its bright future :)
no, everyone is dumping, defenitly not a time to buy :)
Another great common sense post... thank you!
What kind of retreat price-levels are we talking here?
100%+ in 24 hours.. I think there is a lot of FOMO.. But in the same breath, how can one rely on investing into something, and making a decent choice, if they only get in after it's just done 100%+.. Crazy
Thanks for the post @Hilarski! Talk soon.
Big once deposits are allowed.
Yeah, what I was asking is at around what draw-back price are you looking at purchasing?
Thanks for the warning! It is a wise one. I'm not in this at all though. All my crypto is in other places. Humans are sadly very predictable though, and even I've made mistakes with ICO's and related events. For now I'm concentrating on accumulating more SP anyway, so avoiding FOMO is easy.
The ride is real, being buckled in and having restraint will save some sanity for many people. Thanks for the WARNING Randy!
Thank you for the wonderful heads up. Not jumping in yet? ;-)
No way!
Anyone else getting blockfolio addiction because of BCH? - https://steemit.com/cryptocurrency/@cryptocoinclub/blockfolio-addiction-help-group
Congratulations @hilarski!
Your post was mentioned in the hit parade in the following category:
I bougth some yesterday at a price of $310 USD, I'll sell it now, so I won a very juicy profit of it, and buy it again when all this stuff ends
Probably bought from me ; )
lol, maybe!
i still hold another ALt coin, i dont brave yet for new coin, investment is not for today to next week , but investment for next mount and next years
I would be careful either way. There is only one Bitcoin..;)
That's crazy! Those people who held their private keys or Bitcoin off of exchanges are unable to send their Bitcoin Cash to the exchanges. I think that those exchanges will have to find i solution quick to solve this issue otherwise this will turn people crazy.
"Now is definitely not the times to buy bitcoin cash" - that statement sums it all up.
Regardless of market, you don't buy after a big rip. Chasing never made anyone money in the long run.
Thank you for the explanation Randy. Looks like a great time to sell my BCC. I'd rather take my chances with alts.
Huge FOMO going on here @hilarski! I too believe that right now is a time to as you put it, sip some coffee and walk the dog! I noticed on bittrex the wallet is offline so as I take it you can purchase BCC now but you cant do anything with it ATM, which inturn leaves you vulnerable to not do any selling IF the price tanks. Think that would be a correct statement in saying?
How did you make out yesterday? I myself played it safe and didnt dabble too much, still very new to me :)
Cheers mate!