As most of you guys know and for those that do not know, today was a very big day in the cryptocurrency world and for BITCOIN (BTC). It had 'forked' today. It forked into a called Bitcoin Cash (BCC). This created a lot of confusion & excitement before today.
The reason for the confusion was what would happen to Bitcoin & the rest of the cryptocurrency if it forked.
The excitement for BTC was that BCC was crediting BTC holders with BCC with a ratio of 1:1.
Many people ended selling their altcoins, even at a loss just to get BCC for free. Free things are awesome! We all want free things right?
A lot of people that as soon as they were going to receive their BCC they would sell it straight away into BTC because the price of BCC would drop.
August 1st. It came and has passed already (in some parts of the world). Many received their BCC 1:1. What happened next was unexpected. It went onto the exchange and rocketed; almost double the price than people had anticipated. It doesn't mean that people who planned on selling didn't sell but it seems that they may have lost out on some. The price of BCC hasn't dropped, it did the opposite and it did pretty well. Putting it in the top 3 most valuable coins.
The future: we do not know what will happen in the next week or month. It may drop lower than people had expected it to, or it could increase more and more.
The first hour:
This is the current price:
Did you sell?
How much did you make from it?
What do you think will happen in the future?
Its insane it already has 15000 btc of volume on bittrex.
Agreed.
I sold at the lowest point of BCH of around $200 to 250. It was a mistake on hindsight, but I think BCH at 0.2 of BTC is overvalued. BTC's advantage over other cryptocurrencies such as ETH is its widespread acceptance. BCH doesn't have that widespread acceptance
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It seems to be, it may even go higher but hey that is the cryptoworld now.
Bitcoin cash now #3 market cap! WOW! I'm loving it! I don't think it will devalue much b/c of the bitcoin name and association with btc success and store of value. Bitcoin cash is like a bonus bitcoin. I see it holding its value and going higher. hit 1000 no problem. I think it's bitcoin's new sidekick.
It definitely is BTC new sidekick.
Bitfinex only credited 85% ratio of BCH to BTC due to margin positions and adjustments. I was sad to see that I didn't get 1:1
I have learned that it happened to many, unfortunate.