Throughout the past week the market for cryptocurrency has been very good for Bitcoin. Regardless of the fork in the road introduced by Bitcoin Cash, the cryptocurrency reached all time high. And with some speculation, investors believe the success will continue to not be limited. But can Bitcoin Cash say the same thing?
In late July a rift was started in the Bitcoin network. A new idea for the direction of Bitcoin had spread its wings and looked for more approval among the miners for the blockchain. Some miners desired larger blockchains, while the majority preferred to increase the number of blockchains. This is what resulted in the offshoot cryptocurrency Bitcoin Cash. Some investors woke up and realized instead of one stock, they now had 2. And that was a shock. The split that had driven the market down for Bitcoin had occurred. But Bitcoin keeps gaining popularity in early August, even reaching a milestone for cryptocurrency as a whole. More and more investors are showing interest in the growing market. Bitcoin’s foothold is being cemented and soon even greater steps towards recognition as a legitimate currency are in the works.
But what of Bitcoin Cash?
Sadly its success in comparison to the original is lacking severely. But as a whole the new cryptocurrency has done well for itself. Barely a week old and the peak price reached nearly $700 before ending the day at $300. As cryptocurrencies go, that placed the value in the top 3. It was a great start.
Currently Bitcoin Cash is having some major problems. The market is very hard to read. The spike to $700 was a big hope for the currency, but that soon changed when the market dropped. Buyers had been riding the wave all day. Many bought as the price rose for the sole purpose of selling before it crashed. Being a long term investment is a goal for both forks, but Bitcoin Cash hasn’t been able to give hope to the market.
A volatile market is not the only issue for the cryptocurrency. Those who ended up holding blockchains that a miner who supported Bitcoin Cash currently are having issues accessing their assets. Their funds are currently unable to be moved from their private wallet and into the market. Breadwallet; one of the leading bitcoin wallet companies, claims that many of the Bitcoin wallets are dealing with large back logs which makes many investors with “pending” transactions. As a solution, Breadwallet made a post for “hacking” your own wallet to create a new one with the ability to move the investors assets. Sadly this is easier said than done for the average investor. And is it even safe? Is teaching your investors to “hack” their own wallets safe? Is that not one of the reason to use cryptocurrency, because it is safe and secure?
We will just have to see how Bitcoin Cash continues while the original has success on the horizon.