BCH on the rise.
And so is BTC again, the competition is hot!
It gained 1.5% in hashing power.
The reason I keep refering to the Bitcoin split version as being China, instead of Cash, is because of the involvement of ViaBTC. A Chinese cloudmining service, that initiated and funded the developement of what is called Bitcoin Cash. Even the ticker is not being agreed on, is it BCC (Bitcoin Connect uses this one actually) or BTCC or BCH. The last one seems to gain momentum. Just like mining it does. But mostly in... You might have guessed it: China. Where especially large groups of miners were very upset with the SegWit developement as done by Bitcoin Core. It is about getting Return On Investments {ROI} and who controls what is developed. Moving transactions to sidechains did probably mostly trigger their fear. As they do want more transactions per block on one main chain. There can be only one... That kind of idea.
With bigger blocks, come more transactions in and that could result in bigger payments per block. It is a kind of short term thinking from my point of view. Because they seem to forget that Bitcoin is on the path to become extremely expensive, so would be transactions on the main chain. So, instead of acting conservative they might have taken a look into the possibilities that sidechains could bring them. Focus on inovation, because not only Bitcoin SegWit Core is looking at the developement of sidechains, even their most outspoken Bitcoin Maximalist enemy is pro sidechains! It is something that is going to happen, either way, just like multithreading blockchain technology. Inovation, progression, everthing keeps moving, so I wonder if Bitcoin Cash can win this race to the top. Conservatism could mean for BCH to get its own spot in the cryptocurrency market, but mostly focussed on China and other parts of the far east.
In the meanwhile one advantage over Bitcoin is that the Chinese split version is now on a lower difficulty. Meaning that blocks will roll in far more easy. Helping trading at exchanges. Speed is a part of gaining value in the cryptos realm. And this could be witnessed in the price developement of BCH. Yesterday it went up very fast and because there is a big market in China and large parts of the far east this could mean more gain. And also speculators from all over the globe will have already jumped in. As we are closing in on a grand total of 150 billion dollar market capacity for all cryptocurrencies. For all cryptos this is gaining attraction and it seems that the market now is slowly showing green all over the place again. With much interest in Dash, where many had taken the Buy The Fogging Dip {BTFD} chance. Where others, like Steem, Bitshares and EOS, are recatching their breath. It looks like the SALE is almost over.
Bitcoin is now at 5000.
They are basicly the same blockchain, for most part, Bitcoin and the Chinese Cash split. Add their values together and it looks like Bitcoin already made it to the magical 5 grand. And look where it brought the cryptocurrency market to. Which in turn is good for all that is crypto, as it will gain even more momentum. Just let the conservative tulip-bulb sceptics jabber and try to see the bigger picture. At first I had some fears and doubts, like what will happen if the split has become a reality? Later I began to see the wider view, how there is still a lot of room for cryptos to expand, to grow, to fork, to inovate, as I now see that it is just the beginning. Bitcoin Cash showed the proof, that it can be done and still things move upwards and forwards.
So, what if BCH can also be seen as Bitcoin China, the market is big enough to be able to handle that. Currently most of the hashing power, 73%, for Bitcoin Cash is concentrated at the Chines based ViaBTC cloudmining pool. And it has most of its miners going for BCH, almost 60%. These are numbers and figures that show how Bitcoin mining went below 7 Exa to 6.85 and that the Chinese split version went close to 0.56 Exa Hashes per second. They gained about 1.5% in hasing power within 24 hours. Not that much considering the steep rise in the market price for BCH, but it could gain more mining power in the days ahead. If it will kick Ethereum from spot 2 in the market? It might, but I doubt it. As I do not see it become the number one Bitcoin. But it probably is here to stay for a long time, with maybe even a few thousand in value, when BTC goes past the 10000 mark itself.
As always though only invest in cryptos what you are willing and able to lose. And your speculation might be as bad or as good as mine.
Have a great one!
*BCH versus BTC? Together they set Bitcoin at 5 grand!
image cc-by-sa @oaldamster, included screenshots made at Twitter and ViaBTC.