Bitcoin and Bitcoin Cash

The rise of BCH from it's position below ETH of $300 to almost $3000 marked a change in pace for the crypto markets. For better or worse, BTC had always been #1, with perhaps only ETH's original exponential rise ever giving the declared king of crypto anything to worry about. The reason for this dominance was the simple fact that Bitcoin was the first, and the network effect of being the blockchain with the most experienced developers and users, in addition to the name recognition, meant its seat went uncontested. The multiple attempts to fork Bitcoin have likewise had no lasting impact. Whether Bitcoin Unlimited or Bitcoin Gold or, most recently, Bitcoin 2X, these forks have failed, dead on arrival.

All except one: Bitcoin Cash. The question of which chain is superior is not likely to be settled any time soon, but rather than contribute to this argument, I would suggest that it in fact does not matter. What makes this rivalry interesting is that there is nothing garaunteeing that the "best chain" will win. Instead,
what may happen is that neither chain will prosper.

One of the major draws to BTC is its use as a store of value. As a currency for day-to-day transactions it has major problems, but for major transactions and for storing value based on those transactions it has great use. This role of Bitcoin as less of a typical currency and more of a commodity like gold or silver has remained one of its major attractions. However, the true attraction for the majority of investors, including the institutional money that is slowly coming in from the sidelines, is its absurd appreciation. This is the definition of a bubble: something is invested in not for its value, but for its potential appreciation.

The trouble is, as uncertainty increases about who will be king in the months and years to come, Bitcoin's position becomes ever more tenous. If ever there is real doubt that Bitcoin will continue to appreciate, for whatever reason, then the bubble will burst. Bitcoin Cash might be the stick in the cogs that will bring the Bircoin train, just as it started to gain momentum, to a screeching halt.