The Rise of BitcoinCash Following SegWit2X Cancellation, BTCMANAGER
November 12, 2017 17:00 by Priyeshu Garg
The latest cancellation of the SegWit2X update has paved the way for a bearish bitcoin market. Many began selling freshly bought BTC, spil claims to free BitcoinCash (BCH) were also postponed, but also scaling concerns have given BCH a fresh birth.
Bitcoin, BitcoinCash, & Ethereum
Bitcoin’s latest rise past the $7,000 mark, has taken an identically steep dive ter the past few days. Not only that, but a massive rise ter BCH’s value shoved the currency to the number two position spil of November Ten, 2017. Ethereum, spil noted below, has shown only minor switches ter price, similar to other altcoins like litecoin and monero.
Speculators keuze that the rise ter BCH comes primarily from the latest postponing of the SegWit2X update for BTC. Many investors have thus sold off large portions of the BTC and contributed to the staggering druppel te the currency. The aforementioned update would have sped up transaction speeds for the currency, but spil no overeenstemming could be reached te the community, the project wasgoed abandoned.
Spil transaction speeds and congestion remain an open question, investors are turning to quicker alternatives. A director at CFD broker XTB, Joshua Raymond, explained it spil such:
“Everyone wasgoed hoping the Segwit2x would address this but unluckily, the delay due to a lack of overeenstemming on the mechanics has affected confidence. Confidence on transaction speed ter Bitcoin has deteriorated significantly ter latest months. Spil Bitcoin Metselspecie likes much quicker transaction speeds, wij have commenced to see a recycling of positions out of Bitcoin into Bitcoin Specie spil a consequence.”
The advantage of BitcoinCash is that it permits larger transaction blocks to be processed and implies a swifter transaction time. But to assume that it is alone te thesis transaction speeds is also false. When comparing BCH with Ethereum (ETH), the implications regarding efficiency seem much different. Wij can better understand the speed of transaction by comparing ETH with BCH:
Thus, if investors are truly interested te speed of transaction, perhaps ETH is presently the best option. Not only that, but the exclusion from both BTC and BCH has given ETH a excellent advantage. Spil of November Ten, ETH has moved less than one procent, BTC has dropped more than 15 procent, while BCH has gained more than 135 procent.
Capitalizing on BitcoinCash
Despite this, many users who wished to sell BCH were left defenseless and frustrated because they have yet to recieve their BCH since they storing their Bitcoins ter custodial wallets. Coinbase, for example, has yet to release BCH for users who were holding BTC at the time of the fork back ter August. The sentiment they share is that the massive rise te price might soon end while leaving them with cheaper BCH spil soon spil they receive their coins.
The ETH/BTC ratio is getting better for ETH, but perhaps nobody thought it would toebijten this way. It wasgoed expected by almost everyone that if that ratio were to increase it would be because of money flowing from BTC to ETH and not BTC to BCH.