A little after 5:20 AM my time (Arizona), Bitcoin underwent a fork. Some are debating whether it was a "hard fork" or just a "fork", but I won't really get into that here.
At the time Bitcoin was trading for just over $2800 per coin, then right around the time of the fork, Bitcoin dropped roughly $120 down to just under $2700 per coin.
Since that time Bitcoin has basically rallied back and made up most of those short term losses.
Steem had a similar price reaction.
Steem dropped all the way down to $1.07 around the time of the fork, but since that time has rallied all the back and then some. It is currently sitting at $1.33.
What happened exactly?
Well, as expected (at least within the last couple days anyways), Bitcoin forked into 2 separate chains.
Bitcoin and Bitcoin Cash.
Bitcoin Cash didn't start running immediately as there were some delays for a couple hours but it appears blocks are up and running now.
Owners of Bitcoin should start to see an equivalent number of Bitcoin Cash start showing up in their wallets.
Unless of course they left their Bitcoin in Coinbase or on some other exchange that stated they would not support Bitcoin Cash.
However...
There is one big caveat coming out today that most probably didn't realize.
Coinbase (via a spokeswoman) has come out and stated this:
"If the decision (to not recognize Bitcoin Cash) were to change in the future and Coinbase was to access Bitcoin Cash, we would distribute Bitcoin Cash to customers associated with Bitcoin balances at the time of the fork. Coinbase would not keep the Bitcoin Cash associated with customer Bitcoin balances."
Cool!
Good on you Coinbase!
I am sure a lot of customers were left wondering what your plans were for that Bitcoin Cash balance.
How is Bitcoin Cash doing?
After hitting highs over $400 early in the morning, Bitcoin Cash is now sitting near it's lows at $218 per coin at the time of writing.
A chart of the activity can be seen here:
So far close to $12 million dollar volume has changed hands.
Not surprisingly, it appears that Bitcoin Cash seems to mostly be under selling pressure at this point.
Where do things go from here for Bitcoin Cash?
That is the 64k dollar question.
Any time people get something basically for free the tendency would be to cash it out, one would think. Especially since there is no guarantee Bitcoin Cash will still be up and running a year from now, or even one month from now.
In fact several higher ups in the industry believe just that. According to them, Bitcoin Cash will be a distant memory a couple months from now and we will look back on this day as a non event.
Who knows if they are right or not.
Others think that Bitcoin Cash will eventually replace Bitcoin. No one can know for sure.
What does this mean for Steem and the altcoin markets?
This is all my personal opinion, but I would not be surprised to see money come back into the altcoin space over the coming days and weeks.
A few weeks back a lot of money was taken out of altcoins and put into Bitcoin (presumably to collect Bitcoin Cash or whatever the competing coin was going to be) or moved to the sidelines altogether because of the uncertainty the fork would bring.
Now that we are passed that date (and most of the uncertainty), I fully expect money to come back off the sidelines and also out of Bitcoin and flow back into the altcoin space, Steem included.
Especially if everyone decides to dump Bitcoin Cash.
Basically everyone will have received a nice little 15% dividend on their bitcoin holdings that they can now use to reinvest in Bitcoin or the altcoin space.
For me, I am betting on the latter. :)
Stay informed my friends!
Sources:
https://www.theverge.com/2017/8/1/16075276/bitcoin-cash-hard-fork-coinbase
https://coinmarketcap.com/currencies/bitcoin-cash/
Image Sources:
https://news.bitcoin.com/80-bitcoin-miners-agree-july-2017-hard-fork/
https://www.coindesk.com/double-spending-risk-bitcoin-network-fork/
https://coinmarketcap.com/currencies/bitcoin-cash/
Follow me: @jrcornel
I really dont trust bitcoin cash hope im wrong but im pretty sure it will bring nothing...
You aren't the only one...
This post received a 2.9% upvote from @randowhale thanks to @tournego! For more information, click here!
Now that blocks are mined without issues, I'd wait several days before dumping. Certainly the price will dip this days, but it could rise a bit after. Reminding that ETC went from less than $1 to $20.
People who aren't already in BitCoin, but know about taking acceptable risks & investing...
...will probably be waiting for the price dip in the new BCC token to buy and HODL !!!
I think that both coins will survive. Everyone knows cryptos are volatile - and that this particular hardfork is a phenomenon all its' own. Now, the real question is:
Do I trust enough in everything that I have researched to start putting money into either of these coins ??? Only time will tell. But, taking a little bit of the right kind of risks on them shouldn't be any big loss if either one/or both do, ultimately fail. However, who knows what is on the upside? It could be huge - or it could be ho-hum. You have to do your research. All I really know is that BCC is now very strongly linked to BitCoin, and it shares an identical past. So far, that past has been pretty good. So, I expect the future of both coins to be just about as good as their pasts.
I seem to remember reading, somewhere, that BitCoin has outperformed all other major forms of investment for the last 9 years, running... Seems like it's worth a little risk-taking, to me.
For long time investment ofc Bitcoin is the way to go now (not much profit in short term, but most stable in the long term). BCC is highly volatile now and worth for shorting (but also very risky). I bought some BCC yesterday for 0.07-0.08 BTC, today it's already 0.149. About 2x in several hours! Once again it's very risky to invest, but if you get free coins it doesn't hurt to wait.
form me captain
no it didnt, but synchronizing the bch chain was a bit of a struggle for me :)
Dump Bitcoin Cash and buy Steem for more profits would be very wise...Thanks @jrcornel for sharing this amazing information....
lol. Not that anyone on this site is biased.
I don't think the bitcoin cash mining has been going to well , let's hope steem will go on a do well now, good read thanks mike
Thx for sharing
what platforms support new bitcoin cash? plz
meep
meep meep
meep
I don't see a meep platform on a Google search.
Just HOLD on Bitcoin Cash. Bitcoin brothers to the moon!
Right now price are too volatile to make any conclusion on what will happened in the next coming weeks. I believe that after the hard fork, bitcoin will be more stronger than ever before and might reach $5000 or more before the end of this year.
Myself and Goldman are calling for $4k by the end of this year (mostly Goldman, I am just piggybacking). What does Bitcoin Cash trade for in your scenario by the end of the year?
I would say around 2-4k $ by end of 2017
but nobody knows, too many confusion
Hopefully like you said, the money will be back to altcoins. How do you envision Steem in next year?
Well as long as the entire crypto market keeps booming like it is and steemit.com eventually gets marketed, I could see Steem in the $5-$10 range at some point within the next year.
$295 on Bittrex right now and a little higher on HitBTC. I said in my last post that it will be a top 10 crypto. Even if it is at $100 / coin it will be top 5.
Fun times!
good thinking
At least I can sit here now knowing what exactly happened , I mean all I saw was Steem fall a little and keep picking itself back up around 1.3 and same within a Steem dollars , it's falling and coming back up. I was really hoping to wake up and see Steem at $2, I guess it was just a dream @jrcornel
Not that fast, for now Bitcoin cash cant be traded yet, the altcoins will regain value as soon as people start selling the bitcoincash... Just hang on!... Steem will be over 2$ soon...
Any advice on how long you think that will be
Let's wait and decide later. Price is for sure not stable right now. Too much confusion.
i hope this all month btc will go down and altcoins up ;)
Thank you for this post.
I am waiting for bittrex to open the BCC exchange, so i can sell the BCC and buy some steem...
I dont see this bitcoin cash raising price, no one is buying it, and there is no good reason to buy... Everyone just want to get rid of it asap...
Well if it eventually does replace Bitcoin, there is plenty of reason to buy it. The problem is that no one can know for sure which one will ultimately win out...
Yep, thats it, most people is keeping with BTC, looks like BCC will stay around 0,1 BTC by now, as most of the people is taking quick profit of the split... After that we will see...
And it's official too. https://www.coindesk.com/bitcoin-cash-just-mined-first-block-making-blockchain-split-official/
Good report from Coinbase, thanks. I hope they do credit their customers, if it lasts. I bought a wallet and moved from Coinbase just this weekend. This whole Aug 1 thing really pushed me to learn more. Even if BCC (whatever name sticks) doesn't last, it might've been good for the community, between the learning curve many went through, and all the press too.
Good points. The press was huge. Everyone who watches or reads the news knows about cryptocurrencies now... well most anyways.
Thanks for this important information.
Still pretty decent show by Bcash. A lot of people expected it to plummet. And agreed... over the next few weeks I bet the market goes up by 20%
The volume of transactions at high growth is increasing and may therefore reach 4000 $ at the end of the year
The Fluctuation is always constant_ so, we need to put on a thick skin and keep cruzing and watching the toss: am sure about one thing: it would keep appreciating in the long term: we aint flippers, we invest and wait because we believe crypto currencies are the future of economic and banking system....cashless economy babie!!!
Phew, am glad the hard fork is over. In my opinion I don't think bitcoin cash will replace bitcoin. I think it will be like ETH and ETH classic. Bitcoin price will always be higher than bitcoin cash. As more money pours back into bitcoin in the coming days we will see other altcoins rise in value too :) Thank you for sharing
Thank you for this post. Pretty infomrative for a Minnow that does not fully understand what is taking place. I have some BTC but very small sum cause I moved mostly in some Altcoins for this Fork. Thanks
So, Bitcoin has also made a decision to launch its another currency called 'Bitcoin Cash.' I think this is a positive move for the Steemers like us because Steemit already has a strategic benefit of having 3 different currencies that other more famous cryptocurrencies like Bitcoin is following. The soft forking may become a positive move for the Steemit community.
Hi,
I have some questions how to get your BCC right now from a wallet like Exodus (where you need to send the private keys to the "official BCC client".
1/ What is the official BCC client?
2/ If I trade my BTC that Im currently holding on the Exodus wallet to something else (lets say Eth), do I still can get my original worth of BTC in BCC? For example: I got 1 BTC during the hardfork on 1st August, 12:00. I traded .2 BTC to Eth at 1st August, 22:00. If I sent my private keys to the official BCC client at 1st August 23:00, I still wil get the whole 1 BCC or wil I get .8 BCC?
Thanks in advance!
Considering all the volatility and speculation right now in the market, wouldnt diversification be the best choice. Don't completely drop BCC so early in the race, we are all yet to see it's potential.
Yeah..
Do I have every right to be jealous because if so I am. I bought my bitcoin with coincorner.
Great Information for everyone
Great post thanks for sharing!
I still have faith in the future of steem. I will wait it out.
Any ideas on how to capitalize if your BTC is on Paper Wallets?
thanks for info
Informative and very well written. I was just looking for this subject matter too.
Thank you.
I hope things settle down a bit now. I expect Steem to recover as it has real uses. We shall see
I agree with what you stated @jrcornel
Money will come back to Altcoins and then the rallies we are expecting will come which is right now.
Yehey.
Well laid out. Ya got a follow. I got so little bitcoin I'm a just hang on to my newly minted bitcoin cash and see where she goes.
Please correct me if i am wrong; i believe that when Mr. Satoshi Nakamoto design the BTC block chain he wanted the block to split to two, in order to balance the amount of the currency and the quantity as well . as a result for this is to have 42 million BTC+BCC as total rather than only 21 million BTC. So in the coming years how many splits will happen.
Yes, I can certainly see a rotation back into other coins occurring now that the fork has happened. Many will sell bitcoin cash for the reason you stated which leads to a chunk of those people investing it into other coins.
I'll be looking to buy into Bitcoin Cash on a dip.
My biggest concern is concerning the mining population. Did / Will they split between the two? I want to see how the mining segment of these two gets divided.
ViaBTC mines first hardfork block !
https://steemit.com/news/@niceviewsua/viabtc-mines-the-first-post-fork-block
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
i wish id gotten some of those bcc, i was unlucky moved my btc back and forth between exodus and electrum and then to btc.com, and even if i had btc in btc.com at the moment of the first block it says in scan, that it cant find any bcc.. :(
I learned three things by reading this article. 1) I am no longer the clueless crypto girl I once was since I followed everything you wrote with ease, 2) I can't get too overconfident because you are actually gifted at putting this in a way that is easy to understand for anyone, and 3)my husband appears to have made all of the right decisions and will be in gloat mode, haha!
Nice post @
New arrival @jrcornel
Vote and follow me @gadis88
I m waiting for that day when steem will be sky rocketing.