Is Bitcoin Cash Doomed to Fail or will CoinBase Save it?

in #bitcoin7 years ago

A house of cards or the latest and greatest Bitcoin the world has ever seen, we will let our readers decide…

Bitcoin Cash has seen a wild ride since its inception and traded at an astonishing $800 per BCC at one point before it came crashing down to a trading range today of between $200-350.

According to Business Insider:

Bitcoin cash came onto the scene on Tuesday following a much-anticipated fork in the bitcoin blockchain, and is the fourth largest cryptocurrency by market cap.

Furthermore in an article entitled ‘Bitcoin cash may be a house of cards that comes crashing down’ many additional points were made.

1.) At the moment 95% of bitcoin cash holders have their coins in hardware wallets and are still unable to trade them.

2.) BCC’s high market capitalization may be due to technical issues that have yet to be worked out and not truly represent the actual market cap.

3.) BCC/BCH will soon be available to hold on the Trezor wallet.

Interesting developments indeed…

However, the story gets more interesting as CoinBase just announced that they will reverse their decision and support BCC/BCH and its holders.

In a recent article entitled ‘Coinbase says it will support Bitcoin Cash after all — but it isn’t committed to trading yet’ the following statements were made:

Coinbase, one of the world’s largest (if not the) largest cryptocurrency exchanges, has reversed its stance on Bitcoin Cash and said it will introduce support for the fork next year.

Coinbase was among numerous exchanges to opt out of trading Bitcoin Cash after it came into existence on August 1 on the grounds that it wasn’t proven or safe. Beyond refusing to facilitate trading, Coinbase also said it wouldn’t allow customers storing original Bitcoin on its platform to claim their Bitcoin Cash entitlement. Those who wanted it were told to remove their coins and go elsewhere to do that.

But now the company — which was started by former Airbnb engineer Brian Armstrong (pictured above) and is reportedly raising funding at a $1 billion valuation — has changed its stance slightly. It told customers via email that it will introduce “support” for Bitcoin Cash by January 1.

“Once supported, customers will be able to withdraw Bitcoin Cash. We’ll make a determination at a later date about adding trading support,” Coinbase said.

In other words, let’s see what happens before we commit to trading

What does it all mean?

Well, if I was an outsider looking in, I would assume that once people actually have the ability to sell it, there will be indeed a massive sell off. We may see prices of as low as $10 for some BCC / BCH trades but after that point I expect it to rise like the phoenix. If you’ve been in crypto for long enough you will understand the phrase ‘welcome to the cryptoshow…’

As a disclaimer I personally own a few BCC coins and plan to HODL because sometimes you just don’t know what to expect!

As always comments and feedback are greatly appreciated.

Thanks for reading!

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The Coinbase turnaround was very surprising , I wasn't expecting that. I also didn't expect the price of Bitcoin Cash to fall so much, can't say what I expected the price to be initially but the drop was a bit of a shock. I was in a position to cash out when it was high and I am regretting that. Now I don't know what to do, cash out now and hope it drops to $10 or hold in case there is an unexpected recovery? Trouble is, despite whats happening to Bitcoin Cash, Bitcoin is still crippled by the block limit so the possibility of a big rise in Bitcoin Cash will still be present.

Interesting new infos ... But really January 1st ? Is that a joke ? Coinbase doesn't deserve to be part of the cryptoworld ....

Anyway, I agree with you that it will fall hard, even disappear maybe , who knows ... If the price get too low, the mining reward will be insufficient and it will disappear ... and hopefully Coinbase with it ;-)

I am not holding now, I am actively shorting it, and it has been quite profitable...

In 3 blocks (BCash blocks) it will hit Bitfnex ...... so you know what you have to do ....

https://steemit.com/bitcoin/@artakan/bcash-bitcoin-cash-bch-bcc-is-arriving-on-the-market-observe-the-blocks

If it is indeed the case that 95% of BCH holders have their BCH stuck, then a massive selloff would disastrous. Although if BCH somehow managed to gain widespread acceptance, it's utility would be comparable to BTC.

I hope what you turns out to be true. BCC at a price point of $10 would be a dream buy. Thanks for your analysis. Peace ✌️

Thanks for the update @techblogger.

Yeah, it will be interesting to see what happens.
I was surprised by the turn around by Coinbase. But I think they´re doing the right thing, both for the customers and for themselves.

Unless something crazy happens, I´ll probably HODL as well.
Who know what a year or three might do right? :)

A smart move by CoinBase indeed, and I do in fact see a massive sell-off of the currency in the coming days and weeks... as we can see already.

But, as I've mentioned before:

The Chinese and other smart investors knew that all the dumb money in the market was going to dump their Bitcoin Cash as soon as they were able to do so, then they will swoop in and buy it all up as cheap as possible... pure genius if you ask me.

Personally I think that the fate of Bitcoin Cash will be decided long before January 1. I doubt that the effects of CoinBase giving their customers access to their coins at that date will do much difference.

it aint gonna make it although it was a good idea

The answer is "B". Coinbase will save it.

Let's face it, Coinbase is the 800 pound Gorilla that it is because it's one of the few outlets that turns Cryptos into CA$H (that is at least in the US). No one (other than crypto-nerds) even heard of Etherium until it was accepted and converted on Coinbase. Coinbase put them on the map. LiteCoin was Bitcoin's red-headed stepchild for as long as it's been around. Once it hits Coinbase, it instantly became a rock-star and everyone's talking about it.

Right now, Coinbase is a King-Maker. If they accept you, you go to the moon. BCH's FIRST priority should be go get on Coinbase.

hay necesidad de mas monedas y el bitcoin siempre sera una opcion buen post

Some people dislike the idea about the fork and Bcash, but everyone likes free money. What will happen? we'll see

It could collapse to some extent since it is a house of cards but people are so greedy right now that I don't think it can crash too low.

You got my vote and a resteem :)