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Bitcoin Cash (BCC/BCH) Has Forked, But Things are Moving Slow
2 Aug2017
Bitcoin Cash (BCC or BCH depending on the exchange) has successfully forked yesterday around the planned time, but things are still moving slow. Some of the exchanges such as Bittrex and Kraken were pretty quick to respond in crediting users with BCC/BCH coins and launching trading. The increased demand and high volatility however is still causing issues for some exchanges such as Kraken that apparently is having trouble with their infrastructure handling the load. Still most if not all exchanges that started supporting Bitcoin Cash and offer trading have not yet enabled deposits from local wallets. Even if they do at the moment, it could still take a day for a transaction to be confirmed and be credited in the exchange. We still need to wait a bit more for the difficulty of BCC/BCH to adjust to the significantly lower hashrate and the blocks to start moving at a faster pace as they are currently taking a lot of time, much more than just 10 minutes per block.
The price volatility of Bitcoin Cash is very likely to continue as there is a lot of speculation and actually not that much coins in circulation in exchanges. It seems that quite a lot of people proffered to keep their BTC and get BCC/BCH with a local wallet where they have full control over the private keys and the coins inside. This means that the coins in exchanges will remain less than apparently the demand there is at the moment, but as soon as deposits to exchanges are allowed the Bitcoin Cash price may start a downward trend. This is especially true if most people do what they were planning – namely dumping the “free” BCC/BCH coins they have received for BTC or other altcoins. Still, we are yet to see what is going to happen as things may end up very different than what some people expected or planned. We are still in favor of Bitcoin (BTC) over any forks such as Bitcoin Cash (BCC/BCH), but the new fork is already getting decent support and slowly building momentum.
If you take a look at the coin market capitalization, then you might be surprised that the market cap of Bitcoin Cash (BCC/BCH) is already at almost 8 Billion USD and that is placing the currency as number 3 in terms of capitalization. BCH is just after Bitcoin (BTC) and Ethereum (ETH) in terms of market capitalization, but that is the situation at the moment and with the high price volatility things could change at any moment. Ripple (XRP) is not that far behind on the 4th place at the moment, so even a slight change in price may cause BCC/BCH to lose its 3rd place. Litecoin (LTC) is number 5 and it is with much smaller market cap in order to take one of the higher places. Anyway a significant price correction with deposits enabled on crypto exchanges and much higher trading volume of Bitcoin Cash could as well shake things up or down significantly, so be prepared for this as well.
- Publihsed in: General Info
- Related tags: Bcash, Bcash support, BCC, BCC support, BCH, BCH support, Bitcoin ABC, Bitcoin BTC, Bitcoin Cash, Bitcoin Cash support, Bitcoin fork, BTC fork, SegWit
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6 Responses to Bitcoin Cash (BCC/BCH) Has Forked, But Things are Moving Slow
Potato
August 2nd, 2017 at 17:02
No block mined in 10 hours and people speculate miner intentional left to prevent people from dump their coins.
asdfg
August 3rd, 2017 at 17:53
so split is for rich? who had many btc now have double coin? scam…
George
August 3rd, 2017 at 18:12
We should do the split once a month, I do not have enough money to buy a new jet
cinko
August 4th, 2017 at 18:30
so BCC is scam, even if BCC is 1/10 BTC it was 10% free without any risk money, so that was reason for BTC bubble, everyone buy it just for free without risk BCC scam.. BCC have no use in world, so everyone will dump as fast they can…
Brandon
August 4th, 2017 at 22:18
I think some people here need to educate themselves on what a fork means. These comments of “scam” and “free $” show utter ignorance on the subject.
If a new coin is created from a fork (complete with market visibility/exchange support), the liquidity of the new coin isn’t for “free”. Neither does it mean the new fork is a scam (at least, not because of the simple action of forking).
cinko
August 4th, 2017 at 22:47
btc had one fork, bcc is different fork, so you have btc and you created second coin bcc, you have 2 coins , but second coin have all wallets of first , so you double your coins …