Markets were afire in overnight trading as Bitcoin Cash (BCH) received continued homage from the community. Bitcoin Classic has chosen to shut down, as it credits itself with the traction Bitcoin Cash has recently gained.
The official announcement came from Tom Zander, Bitcoin Classic’s marketing manager, in the wee hours of November 9th. He stated that Bitcoin Classic had fulfilled its promise to the community and set BCH on proper footing.
And that means that Classic has fulfilled its promise. It is now up to you which chain will gain the most traction. It is now up to the next billion people to start to use Bitcoin Cash. In at most 6 months I’m sure we’ll just drop the “Cash” and call it “Bitcoin”.
That is a bold statement, especially as Bitcoin Classic has not actually fulfilled its mission. From its inception, it aimed to “move the Legacy Bitcoin chain toward a scaling solution” under ideal conditions. It never happened. Segwit2x was aborted, and Legacy Bitcoin is left with 1 MB blocks and costlier transactions. A new hope for its Lightning Network still lingers, but if it ever comes, it will not be soon.
Bitcoin Cash Rising
Bitcoin Cash has also received accolades from billionaire Calvin Ayre and Bitcoin.com’s Roger Ver. Ayre made the following statement in support:
“We believe that Bitcoin Cash is the true remaining Bitcoin as intended by the original Satoshi white paper, which was immutably embedded in the blockchain back in 2009.”
Ultimately, his statement sparked the turnaround for Bitcoin Cash. Others quickly joined suit, and the rest is graphical history.
BCH has appreciated over 165% since then from $310 to $813 where it stands at press time. The trend seems to continue, as Roger Ver teams with Ayre and Bitmain accepts only Bitcoin Cash in exchange for its Antminer mining hardware. Additionally, Bovada, the world’s largest online gambling site, is now rumored to accept BCH.
In a joint statement the duo suggests that viewing BCH as an inferior subset of BTC is folly.
Bitcoin Cash (BCC) is the only fork of Bitcoin that resembles a natural continuation of the original Bitcoin invention,” the Bitcoin.com announcement continues. “All Segwit chains have altered so many fundamental properties of Bitcoin that it seems a stretch to refer to any of them by the Bitcoin name.
Presently, Bitcoin’s retreat and BCH’s rampage has haulted. The market is awaiting further guidance, and uncertainty is clear. The conservative approach may be to hedge any BTC investment 1:1 with BCH until the path forward is clear.
Latest posts by Creighton Piper (see all)
- Will “The Man Who Broke the Bank of England” Have a Different Effect on Cryptocurrencies? - April 9, 2018
- SegWit Simplified: How Coinbase Deployment Will Impact Bitcoin and the Market - February 16, 2018
- Quick, Check Your Coinbase! If You Exchanged Fiat–>Crypto Recently You Could Be Missing Funds - February 16, 2018