Few days ago we heard news about Segwit2X being cancelled, lo and behold bitcoin price suffering after news.
On top of that we have transactions backlogging more than 100k transactions and fees went up to ~10$ which will frustrate a lot of users waiting days.
On the other hand BCH (Bitcoin cash) pumping up, because it doesn't have backlogging issue and fees are low, hashrate slowly shifting from bitcoin to bitcoin cash.
What's my point of view about the situation, Bitcoin core promised that Segwit and following their path would solve major issues on Bitcoin (transaction backlogging, lower fees) but from market perspective nothing seem to be solved. And Bitcoin cash happened to solve those issues, but there is another hardfork happening on Monday 13th Nov, 2017 on Bitcoin cash which improves difficulty adjustment algorithm, not sure how this will be handled.
It is funny that many consider BCH as being alt coin but it is original bitcoin which has same genesis block and only difference is that it started to accept bigger block size exactly as described in Whitepaper. Market is also bigger community which speaks up when they exit from BTC to BCH or BCH to BTC. As of this writing BCH trading volume is double size of BTC and price is almost half of BTC price.
Back in July there was speculation/conspiracy theories about BCH taking over BTC, recent changes make you wonder if writer had correct basis on their claims.
I am not 100% sure that BCH will dethrone BTC and will get rebranded as being original BTC by companies that uses it, but it sure challenges the fundamentals. Because there are very reputable companies, BitPay, Coinbase, etc. with real customers in commerce and due to transaction backlogging they will have to make hard decisions to give confidence to their customers and stay on business without bankrupt/ruining themselves.
Note that this is not an investment advice, just point of view about current situation and my 2 cent on it, things change speed of light in crypto space...
What do you think about current market situation?
