There is no need to be concerned about Bitcoin Cash...
Just a quick update: Probable everyone has heard the news about the upcoming "bitcoin fork" where the bitcoin is gonna be splitted into the original Bitcoin (with the SegWit implemented) and into so called "Bitcoin Cash" that promised to solve the scaling problem by increasing the blocksize to 8MB. That's the reason why so many investors are freaking out about the Bitcoin price - stupid investors are selling and clever people holding while biting their fingernails...
Just chill guys!
The fact is - Bitcoin Cash fork has a very tiny support - few pools and exchanges (mainly Bitmain's antpool and ViaBTC exchange). That means it definitelly won't have such an impact on Bitcoin overall. It is no thread for Bitcoin, but yes - some price fluctuations are gonna occur after August the 1st, but they will be corrected soon (as they always are) and you will have another opportunity to buy!
In my opinion the most realistic scenario with Bitcoin Cash is following:
1. Bitcoin fork happens
2. People get free Bitcoin Ca$h
3. People dump that free Bitcoin Ca$h ASAP
4. (clever) people buy back after the major price dip
5. Few price corrections occur
6. Fin. Nobody cares about Bitcoin Ca$h afterwards (and yeah the original Bitcoin - to the moon of course...)
Look at it from another angle!
Those of you who store bunch of bitcoins on their account can be happy - you are going to recieve the same amount in Bitcoin Cash absolutely for free. But beware - it's going to be real pump and dump after August the 1st so try to be one of the first ones that are going to exchange BTC Cash for normal BTC - you gonna get some sweet $$$ for free :D
There is no bad times in cryptocurrency, but there are always opportunities that you can use for your advantage - maybe Bitcoin Ca$h (a.k.a Chinacoin lol) is just one of them. You decide!
That's it for today's update - stay calm and trade on guys!
I sense a success like BTX. 3 Bitcoins, each worth something sounds like something to look forward too. Let the users decide which chain to support. It almost smells like freedom.
Yeah well... let's start with this: Bitcoin's network is currently 90% for SegWit which, believe it or not - is gonna solve the scaling problem. So the problem is solved. Then Bitmain comes up with this idea of forking bitcoin, beacuse it's more profitable for them to mine that fork they designed (I have a whole article written about it: https://steemit.com/bitcoin/@lifipp/blog-2-or-to-fork-or-not-to-fork-that-is-a-question ). So they make the whole network nervous just so they can profit more... that sound pretty egoistic don't you think. Moreover - if only Bitmain (and few other small pools) gonna mine that coin - it's 100% centralized then and isn't that against the Bitcoin's most sacred ideologies? I can smell no freedom here man, think about. And last but not least - because Bitcoin Cash code was coded "behind a curtain" - Bitmain did not share the code as open source so others couldn't point out the potential bugs and improvement ideas, that means there is a VERY high possibility of Bitcoin Cash having a security flaw that could be missused... you have heard what happens to cryptos when they get hacked, right? So where is the good side, the pros, the freedom?
Anyone can fork Bitcoin, right now, right here. What counts is not the forks, but the followers. People are free to chose which chain to support. If we cannot stand this freedom, Bitcoin looks like a failed experiment to me.
There are tons of Bitcoin forks out there (because the technology is open source -anyone can copy-edit it, that's clear). Many developers initially used Bitcoin code to create their very own coin. But that is not the point - of course it's people choice which chain to support. I am just really against the method with which the Bitcoin fork is pushed forward right now - it's just not the right way to do it...
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