It was about 24 hours ago the first block of Bitcoin Cash was found and mined, which means bitcoin has officially split into two: bitcoin and bitcoin cash.
Yes Bitcoin cash which now holds a 7.7 Billion market cap putting it in 3rd place. However, the mining percent for the coin is yet too low which represents an issue of it not drag to it that much importance in the market and of course many exchanges still saying they will not support it. SegWit2x still seems to be a high priority for bitmain seems to be their man focus which is provoking even more problems as we press forward and forward.
MY thoughts
Meanwhile, all this looks kind of good and very promising for bitcoin cash at the present, there are two key important factors that still force me to believe that bitcoin cash not being fully accepted and eventually just being another alt coin like many others out there.
The lack of support by miners and by exchanges firms, since everyone is not on the same page, it is creating very slow adoption´s feeling and also a high risk to the block chain being hacked. Lower mining adoption feeling, makes it very easy for any mining company to gain 51% control or even higher, and threaten the very block chain. Unless of course, more processing power is added to the new crypto currency. I see this is becoming a bigger issue as we keep moving into the upcoming weeks and months.
Bitcoin is still very strong at trading at $2,700 per coin, it just seems stagnant which is a good thing. If there is anything it shows it resilience to this division or split. While the overall market cap is now 101 billion it seems 90% or more of the capital in bitcoin cash is coming from new injected money from investors traders. To me, here is my own opinion, this is looking more like one of the biggest pump/dumps we have seen, compared to those others which where close to 500 million – 1 billion market caps.
Please keep in mind that these is my own opinion and Thoughts, please do not consider this to be used as advice for trading. Be responsible with your own finances and trading, seek for professional financial advice before open any trade position.
As a side Note, On Coinbase not accepting Bitcoin Cash, it is clear enough why they would not want to, since it encourages bitcoin to split. However, that choice the made has consequences, as Coinbase now faces a possible massive lawsuit for not supporting it.
This is coming based on a group of investors saying withholding new shares from its investors would be the grounds of the lawsuit, just like a brokerage withholding new shares from its investors.
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