In just a matter of hours an entirely new cryptocurrency is likely to be created.
If you haven't be following along, reading the news, or basically been living under a rock for the last couple of weeks, August 1st is the date I am referring to and Bitcoin Cash is the new currency set to be created.
Poof, just like that out of thin air a brand new Bitcoin competitor will be born.
No, this coin won't be Bitcoin and it won't be part of Bitcoin, well other than it's transaction history being the same as Bitcoin's transaction history, but going forward it will be completely independent and separate from Bitcoin.
Some more about it can be read here:
https://steemit.com/bitcoin/@jrcornel/bitcoin-cash-big-deal-or-not
Why will it be created?
Ever since SegWit was signaled and started to be implemented, some of Bitcoin's players were not happy with that outcome.
Their belief is that SegWit doesn't go far enough to solve Bitcoin's scaling problems and believe that a hard fork will be necessary at some point any ways, so might as well do it now.
SegWit is set to increase block sizes from 1 MB to 2 MB. That is nice and all but Bitcoin Cash's block size will be 8 MB. It goes much further in solving the scaling problem.
What happens August 1st?
Well, on August 1st, at 12:20 PM UTC, Bitcoin is set to split into two separate chains.
Bitcoin and Bitcoin Cash.
Holders of Bitcoin will automatically get a corresponding number of Bitcoin Cash.
That means that if you own 10 Bitcoins in your wallet at the time of the "split", you will automatically receive 10 Bitcoin Cash as well.
*Keep in mind that some exchanges will not credit bitcoin owners with the newly created Bitcoin Cash, so make sure you have your Bitcoins on an exchange that will or in a personal wallet.
That sounds great and all, but doesn't that make it more like a Bitcoin dividend than an actual split?
Kinda, sorta, yes.
As of right now Bitcoin Cash is trading for 13% the price of Bitcoin.
That means that as of August 1st 12:20 PM UTC roughly $6 Billion dollars of new market cap will be created basically out of thin air.
Anytime someone gets something for free, what do you think they will do with it?
There is also the possibility that Bitcoin will pull back in a corresponding amount of the value of Bitcoin Cash. Meaning that if Bitcoin Cash is worth 13% of Bitcoin at the time of the "split", the price of Bitcoin will likely pull back roughly 13% from it's price at the time of the split.
There is no free lunch...
Many are thinking that once Bitcoin holders receive this roughly 13% "dividend/split" they will immediately dump it, especially since some of the major exchanges are signalling that they will not support it.
However, the much larger block size of Bitcoin Cash could prove to be very attractive in the future, so much so that at some point if Bitcoin Cash survives long enough it is feasible that we could see the majority of Bitcoin users move over to Bitcoin Cash because of the larger block size and the ultimately faster and cheaper transactions.
The question becomes, will that be enough to overcome the selling that will likely happen when Bitcoin Cash is credited to Bitcoin owners on August 1st?
In order to think about what might happen, try to think about what you specifically will do with your newly credited Bitcoin Cash.
What will you do?
Will you sell for the nice little bonus, or hold for the potential long term benefits that may or may never realize?
Let me know in the comments section below.
Stay informed my friends!
Sources:
http://fortune.com/2017/07/30/bitcoin-cash-fork/
Image Sources:
https://themerkle.com/bitcoin-cash-is-not-free-money/
http://josephhoran.com/what-will-you-do/
Follow me: @jrcornel
Pleeeeeeeeeeeeeeease, tell me this: Should I move my BTC if I store them on Blockchain.info, or will I get the corresponding BitcoinCash amount even if I keep them on there? Also, I read something about Electrum officially not supporting the SegWit, so I don't know where to move them, if we assume I need to. Not much time left. Please help. Thank you! =)))
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Blockchain.info keeps your private keys. You need to send to a paper wallet, jaxx, or Kraken asap!
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So if I had Bitcoins in Blochain.info - it's too late to do anything? I just lost opportunity to get Bitcoin Cash?
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Yes. Sadly yes.
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So basically Blockchain will have my part of Bitcoin Cash?
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I think that's the jig...
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This post received a 3.5% upvote from @randowhale thanks to @gliten! For more information, click here!
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Buying Bitcoin Cash would be very risky, but holding free tokens doesn't hurt. I resisted to sell my free ETC for $1 and sold later for $20.
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I sold out of ETH awhile back... but you just made me wonder if I have 500 ETC tokens in somewhere... now that would be a nice Sunday surprise! I am sure that I had 92 of them (ETH) sitting in a JAXX wallet on my old phone during the time of the fork. Fuck I gotta pay more attention! The cryptoverse rains more money than one expects is logical or just.
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Five years ago, bitcoin was also very risky. (And still is)
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.. me just thinking about all these new coins!
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You sold your ETC? Sorry for you, man :/
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Segwit is a compromise coin. I don't own it. I am buying #BitcoinCash on ViaBTC because I think that it's the real Satoshi token. Strangely though, I am hoping for a devastating drop in #BitcoinCash on #Forkoffday so that I can accumulate much more. Hopefully it falls below 10$ :)
My long term crypto speculations are EOS, STEEM, and Peerity.io (startup), I had to sell my Gridcoin position to get some #BitcoinCash :(
I guess I will have to sell a bit of STEEM and a bit of EOS if #BitcoinCash gets attractive enough. It's a tough call though as I believe in these projects so much. Maybe I can find a little more fiat to stick into the market. Anyways that's my thoughts.
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Exactly what I have been thinking about doing. I just ended up buying all the sellout coins the last couple of days. When Bitcoincash drops hard, I'll have to put some more fiat i guess..
What do you do, invest more or keep switching crypro positions?
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i might sell mine and buy BTC
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Too many coins named BCC! Should have used a different ticker!
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do nothing and keep both coins.
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That's the safest way. I would expect an initial dump and recovery later on...
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Ditto. Its too soon to know what any of this will become. For the most part its been mad money up until now but its starting to add to something interesting and I am enjoying the ride.
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Same. I'm just wondering if most people will dump their BCC immediately.
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I guess many people will dump immediately...
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I am a huge core supporter and Bitcoin with Segwit is Bitcoin THE for me, but I will keep my BCC
https://steemit.com/bitcoin/@michiel/six-reasons-why-i-will-keep-my-bcc-after-the-fork-on-the-first-of-august-even-when-i-am-heavily-against-it
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Very informative post, thank you!
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Do nothing and keep both coin, but I am not sure if I want to use a private wallet or Kraken, as it could take a long time until I can put my Bitcoin back to the exchanges ...
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I'm going to hold my "free" Bitcoin Cash. I've been investing with profits since early 2017, might as well continue to let it ride......I'm curious since Jihan Wu supports this, this is the Bitcoin that McAfee say's will be $500,000 in three years or he'll eat his dick on television?
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All I know is to prepare for some volatility.
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The Globalist One World Currency Will Look A Lot Like Bitcoin
Brandon Smith | Alt-Market.com
July 28th, 2017
http://www.shtfplan.com/headline-news/the-globalist-one-world-currency-will-look-a-lot-like-bitcoin_07282017
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Why is this such a mystery? .... DON'T use the IMFcoin, or the Fedcoin, or the JPMcoin, or any coin they introduce.
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That is true...
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I'll probably dump it at the slightest opportunity for a quick profit, the future of it is too uncertain for me to risk holding it. Thanks for sharing and making this as clear as day!
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Yeah it's a bit too risky ! Not gonna hold it either.
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I think many are thinking like this...^
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Yeah, the uncertainty kills it for me.
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I thought: Nice 14% right away...but then I remember the story of Ethereum Classic and made me think twice...
The long term wins always, maybe is a good idea to unplug for 2 or 3 years hahaha thank you for sharing @jrcornel :)
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Holding is a good approach in the crypto universe most of the time :)
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Haha yeah I guess that's the safe option ;)
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Yeah, I guess you can't expect to get rich over night :)
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At the end of the day, protocol improvements (even if you think they are improvements) are not as important as market share. In the real world, the only crypto that matters is bitcoin (BTC) and possible Ethereum. Any interactions wit the world of crypto go through bitcoin and any merchants that accept crypto tend to only accept bitcoin! That will not change on 1 Aug.
I expect a mass dump on 1 Aug as anyone who manages to get their hand son it, sells for either bitcoin or other alts. It may limp on for 6 months or so afterwards but I'm not even convinced of that.
I understand that even the developers of BCC are not sure about it. It was designed to force the block increase in Segwit 2x and if that is achieved, it may well die at that stage!
Time will tell, but I'm not convinced this is the second coming that some are selling it as!
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Yes, I think Bitcoin Cash will stay until blocksize is increased to 2mb. So wiser to hold till then
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Still not sure if i should jump on the Bitcoin Cash waggon. I see it as ETH classic. It might be very little worth once the dust settles. At current price its pretty expensive still.
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I will sell some BTC and use that to buy Bitcoin Cash. I won't sell all my BTC but my hope is people see through Blockstreams attempt to control BTC and buy the fork that takes control away from them.
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I'm undecided still. I will see what happens. I had a small amount of bitcoin so look forward to some free Bitcoin Cash appearing in my wallet.
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It will not appear in your wallet, you will have to import the keys into the bitcoincash wallet
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ah I see. thanks.
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The market could be very volatile after people receive their free cash. And i think that this can have some serious impact in the price of bitcoin. I will not be surprised to see the price of bitcoin drop to $2000 in the coming weeks.
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I agree with you @adr1an0
Great downs are coming.
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The supply hasn't changed. Bitcoins are still harder to get than they ever have been before. I think we will still see a rise. And HOLD your BCC.
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Dump the bitcoin cash for LTC.
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I am waiting patiently and watching the markets closely. The split will give other Alt coins some chance.
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This hype is insane..all that's happening is a new coin being regulated aka controlled. Freedom?
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Bitcoin is actually the one that's controlled (taken over by Blockstream), which is why this fork is happening. Bitcoin is "intentionally" not scaling properly, slowing down progress on purpose.. but why?
The true lovers of Bitcoin see through the BS and that's why they have insisted on 8MB+ blocks.
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So you are saying that Bitcoin Cash is more decentralized then BTC?
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Not only that, It's more secure (fact), has better fundamentals behind it (fact), and has a much better and brighter future (opinion).
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I'm very excited about the new bitcoin getting started and things reaching a safe point where we wont be worried about losing our crypto cash.
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Got to work on Steemit to make enough money to be able to buy Bitcoins.
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I have the same strategy - to make money on Steemit and buy altcoins.
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Hope it works for both of us
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i hate this happen to bitcoinsorryy to say but bitcoin will still the founder of blockchain nothing can change and all big investor still belive in bitcoin
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Google was the 13th Search Engine to hit the market. Do you even remember who the first one was? :-p
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I got you point but Bitcoin cash will be disaster and make people confused why not just create new alt coin lol
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In my opinion Bitcoin will remain strong although you will see an ex-dividend effect after the fork and you will see people pooring cash back into altcoins. Bitcoin cash will just be another altcoin and we have quite a few of those. Compared to some of those, Bitcoin cash is not nearly as good and we are better selling any bitcoin cash and putting it into Bitcoin or altcoins. Anyways, just my two cents. Cheers!
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I am very new in the crypto world, but I bought a small amount of bitcoin with coincorner but was sent information stating coincorner will not support hard fork. Will somebody tell me why these exchanges will not support hard fork.
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I moved my Bitcoin from Coinbase, which isn't supporting Bitcoin Cash, over to BitFinex. I will most likely hold onto my new BCC as it isn't a ton of money for me. since I'm playing with "house money", I'll just hold onto it and see what happens.
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Maybe sell 50% and hold 50%... could be a good approach
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is it wise to hold your money in an exchange? sorry, im new and trying to understand your reasoning
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Definitely not long term, I have it on there to get the matching Bitcoin Cash, then I can move them around or reinvest them from there.
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I think people underestimate Bcash. I personally will buy the dips, I believe that Bitcoin Cash can easily reach 500$-1000$ after that.
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Ya, me too, I am not selling any of my legacy coins, and would buy a few more BCCs when its price is dipping.
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I personally think BCC will overtake BTC in 2years and DASH will overtake them all in 5 years.
https://steemit.com/gaming/@vimukthi/how-mmo-and-e-sport-games-can-make-blockchain-mainstream-and-why-dash-would-soar
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There is clear uncertainty of what the new BCC will end up doing. I would bet on selling it and converting it to BTC to just add to my investments. It may increase its value long term but short term it will go down on price as many investors will just sell.
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Nice Article! Worried about your Bitcoins and where to store them? How to get free Bitcoin Cash? Come check out my blog!
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Thank you for this post. It is a good summary of the Bitcoin versus Bitcoin cash situation.
If all Bitcoins are also now Bitcoin cash, then the value of the Bitcoin cash logically reduces Bitcoin by the same amount.
I'm a newbie to cryptocurrencies, but the things that I'm reading don't make logical sense to me.
The proponents of Bitcoin and cryptocurrencies will say I just don't understand, that's fine.
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Its weird but im out of btc entirely now and have just been holding other coins. too much faith or desensitized?
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meep
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I'll stay digital, having a coin is a novelty
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Please vote and i will upvote
upvote https://steemit.com/photograpy/@pinkbiru21/rumoh-aceh
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Bitcoin cash is really coming and as a result people are withdrawing their shares and that;s why market is again in high volatility. I' dont know what is the matter with people who just wants free cash even if they loose so much withhin the process.
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This will present great buying opportunity for BITCOIN!
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Everything is so confusing...
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Great post , thank you so much for sharing
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I'll try to hold on tight on my bitcoins
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No plans, will have to see how everything works out.
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very great info,awesome post....
thanks for sharing
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To make the most out of bitcoin cash, it's probably best to dump it right after the split and re-purchase once it bottoms
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everyone will do the same because it is a very obvious chicken game. I believe very few people will earn some on BCC, while losing money on BTC so not many people will actually earn actual profit unless you have massive capital.
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to someone with nothing yet invested, you think it's better to wait til after the fork to take advantage of the huge price crash?
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I think it won't be very beneficial newly diving into the BTC war now as it is too late.
For those who has invested in BTC already, dumping it right after the split should be the best, only if you think you can be very quicker than the bots, professional traders and all the other competitors. If you are not confident doing it, I would dump all the BTC right before the split, rather than taking the bigger risk holding them.
Waiting until after the split could be a big opportunity, but I doubt the opportunity is fair enough for everyone. The imaginable worst but not rare scenario is you will end up with selling your BCC in hurry at very cheap price, when your BTC will have been already collapsing. I would be very careful.
Another option could be waiting until the panic is gone, maybe after couple of weeks if you are capable of holding the capital.
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Will this be an ongoing thing? Every time bitcoin gets updated will there another fork? Will there be more off springs of bitcoin? I'm guessing they have not fix the scalability problem with this recent update.
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There will be a fork 3 months after segwit...
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Great article @jrcornel! I did know something about what it is going to happen on August, the 1st, but I did not receive the whole picture of it. Thanks for the info, I think I will keep both (BTC + BCC) and if BCC price rises then I may buy BTC with it and keep half of the BCC given, just to protect the eventual fall of the BTC price.
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Do nothing. Observe and go with the winner.
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i am confuse because too much coin are there like onecoin bit etc which one i use
your post really informative
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I will take the risks and invest into it , see where it goes & make the best decisions I can make before losing tons.
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Great post @arifulsms
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Earlier today I asked myself the same question, what will I do in the split?
But I think i'll sell and put on some other more short/medium term efficient alt-coin right now.
What abaout you?
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What do you say about this:
https://steemit.com/bitcoin/@hamzasteem/welcome-softfork-and-goodbye-hardfork
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its an opportunity to gain and threats of losing..its all about risk calculation.I will to for alt coin before hard fork...
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Too much uncertainty with bitcoin at the moment. I would dump bitcoin and go for bitcoin cash, it has potentials and most importantly a bigger blockchain and faster transactions..
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Not sure if that's a good idea...
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I will probably do nothing because I'm
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if we go by the anecdotal evidence of eth then may be there might be a dip in pricing till the dust settles and the two bitcoin brothers or sisters go their own way and live happily ever after or till another hardfork does them apart. In short over time the sum of parts would add up to more then the initial value. Just a matter of time provided both the babies survive after all it is survival of the fittest and the law of natural selection that would apply here as well
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I am wondering if we could see Bitcoin back down to $2,000 or even lower next week, could be very volatile after people receive their free "cash".
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BCC was put together in a very short time with unexperienced developers. There lead developer Amaury Séchet is a facebook engineer?? There coding is rushed and probably flawed. I expect this experiment to be full of problems and it will fizzle out quickly.
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Sell it as soon as it is available and buy back some later when the price will have decreased a lot, just to keep some for the future, just in case ;)
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I'll be moving my funds to Jaxx and hold on to the BCC. Eventually, I'll probably buy more of both so I have an equal amount of each and see which one gives me a higher percentage earning. A fun investing game
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For me, I'm not doing nothing too. Just going to wait and see :)
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Sell it , if you want it long term , buy it at a lower price with the same amount of money . Nice and easy ;)
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OK, but there is no guarantee that its price would go down. Maybe it keeps up climbing. What I would do is to keep my legacy coins, and buy a few more BCCs.
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take a look on forums , groups , steemit. Everybody will sell his/her BCC . I could bet it will go down. Btc has a big comunity Bcc not so much.
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Very helpful information.
Since ETH has already made such a split with generation of ETC successively BTC users are lesser worried and expect a better result of this split.
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His writing is very good. I am happy with this paper and it is very useful for me. Read your writing as if I have just been hit by heavy rain after a very long dry season. My greetings from Aceh; @fahrilzubir.
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for sure i will sell bitcoin cash and invest all that money to altcoins, altcoins got 1 week of red numbers so i think it will be good time to invest.
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Interesting. Which coins specifically?
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im thinking of monero , they was 50$ before that bitcoin cash news, and their site traffic is growing everyday from 200k to 800k visits, so more people interested in them , so i think it will be good one .
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Good position @investwarrior. If you want to invest in long term think about Lisk and Golem. They have a huge innovation behind coins.
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i was at lisk ico last year may , so i got thousand of them )
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Oh, that's fantastic. I am trying to get some money on Steemit and then invest in Lisk and Golem.
Lisk price is about 1.8 dollars right now. Not exepencive, but also not that cheap.
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i sold more then half my bitcoins on coinbase because they are not supporting bitcoin cash, i am still holding my other half bitcoins on coinbase because i still want to be in the market but at a reasonable loss. The half that i sold i bought into litecoin because of MIT revealing news same day as fork Aug 1. i will be holding my coins long term. wish you all well!
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Let's wait and decide after some months. I will not sell too early.
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Money is the language that communicates value, and that value has evolved into digital language, i understand the language i hope you do too.
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its kind of like disclosure, some offer half disclosure but then most of us want full disclosure, even if it rocks the world to the core.
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I am accepting donations! This will be interesting to watch.
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I will keep Bitcoin Cash at least six months. And then I'll look at the price.
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My plan is to keep my legacy bitcoins, and when the price of BCC is going down, which is likely in the beginning when everyone is dumping it, buy a few of them. In case BCC becomes successful, this strategy would be great. Even if it doesn't become successful, I would only lose a small fortune, as I would have bought it cheap anyways.
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This sounds analogous to getting a savings bond for your birthday.
You can cash it in for $12 now, or hold on to it for 10 years and get $100 (or maybe more, considering this is crypto).
I have no doubt there are tons of short-sighted people who will take that free 13% dividend and throw it away on an ICO, only to later lament having bought a pizza with their Bitcoin Cash.
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I will hold tight to my bitcoin....no one can predict the outcome...
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new crypto currencies keep showing up on block , leaving all of us wondering !!! is this the Gem or just the stone?
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Nothing! I've sold all my Bitcoin. I think Dash is a better cryptocurrency. It is newer than Bitcoin but is is gaining ground and has better tech support.
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Keeping my eye on other coins and buying more when they fall. Already started getting more ETH since it dropped a few days ago. If it falls again, I'll buy more
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May be dis coin compit of bitcoin coming few year..
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I will seat & "HODL"
😙
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good idea
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I am holding everything right now, so probably the same for bitcoin cash.
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I believe it is also depends from miners !
But in the end who knows =]
I am personally do not have BTC, but if I would got free coins, I would hold them for a while !
=]
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It's an amazing development. But I believe rather than BCC overpowering BTC, there's going to be considerable competition in the market for some time and eventually everything will normalize. Ofcourse they are people that wanna hold on to what they laboured for,rather than what is given freely,since free things does'nt feel secured.
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It seems the thought of having "free money" is so irresistible. However, however it also seems that most traders are going to dump it as soon as they get it which means it will probably be worthless in the future. Even ViaBTc are not sure about the possibility of it's success.
I would advise everyone to not sell their altcoins just to get free BCC. Buy Altcoims now while they'r cheap.
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The worst decision would be to NOT hold your BTC in a wallet that doesn't support BCC. As for me, I may sell some of it and use that to buy some hashpower.
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It does not effect me cause I will stick to my old Bitcoin and doing nothing except to mine for more Bitcoin... Bitcoin itself is too complicated for me so I don't want to complicated myself with other thing.... Just to live and enjoy with all the Bitcoin that I have now which is not that much to concern about...
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Hold onto it because if everyone tries to sell it , it will decrease if people hold onto it , there's a chance for success after all these falls this month . We need to hold on tight , the ride is almost over , we will find out if we throw up or not
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The statements and the position of some exchanges on the subject of the hardcore and free coins of Bitcoin Cash
https://steemit.com/bitcoin/@detol/the-statements-and-the-position-of-some-exchanges-on-the-subject-of-the-hardcore-and-free-coins-of-bitcoin-cash
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Thanks for the post.
I believe BCC will completely and very rapidly collapse so that not many people will be making good profit. Then the money will be poured back into BTC very quickly, so BTC price will soar during BCC's crash. BCC could be bouncing up, but not with the capital already within the market but with the fresh money from the outside world so that the total market cap will rise which will be eventually distributed to the all the other currently undervalued cheap major alt coins like ETH/XRP etc.
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That is a tough question - I wonder if we should sell immediately then buy it back when it dumps completely ;)
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[WARNING] Everybody should stop using Bitcoin (Right Now)
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Congratulations @jrcornel!
Your post was mentioned in the hit parade in the following category:
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Very good article thanks, cheers mike
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I will buy altcoins.
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This is an excellent post about BTC and BTCC and i got to know many information from this article...thanks to the author...
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I for one plan to dump any BCC I get right away. That seems like the only sensible approach as it is not really a significant improvement over SegWit.
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4X larger block size is significant... to be honest I thought the same way you did at first. However, the more I think about it I can also envision a scenario where people start to migrate over to BCC in the future when BTC faces it's next scaling problem...
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My plan is to sell and rebuy more as the price drops but i believe BCC will be worth more than BTC in the long run... it happened with ETH and ETC
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Makes me want to refresh my blockfolio again! - https://steemit.com/cryptocurrency/@cryptocoinclub/blockfolio-addiction-help-group
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I got tired of Googling crypto prices, opening 10 tabs from 10 exchanges or installing apps that take up 100 MB on my iPhone and do the same thing so I came up with a solution to our common problem, hopefully you'll find the solution useful https://steemit.com/bots/@steemboy/how-i-track-cryptocurrency-without-apps-websites-and-google
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My interpretation is that since Bitcoin prices have been soaring with all the buy activity as people rush to exchange whatever they're holding for Bitcoin, it's too late to bother with worrying over getting some low-value Bitcoin Cash. I was busy wringing my hands in angst about it the last couple days, but I've decided that it's just not something to be so concerned about, and that renewed my sense of calm. I'm new to cryptocurrency, so it's not the first hard fork I've missed, and it probably won't be the last. Life goes on.
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gracias por la informacion
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