Now is Not the Time to Be Buying Bitcoin Cash.
This is a warning to all of my fellow crypto currency fans. Bitcoin Cash (BCC/BCH) has successfully hard forked from Bitcoin (BTC) and the price is flying high.
Currently the only Bitcoin Cash being traded are the tokens that were made available on exchanges. For example I had a few Bitcoin on Bittrex so they credited me with Bitcoin Cash. The problem is that the people who held their private keys or Bitcoin off of exchanges are unable to send their Bitcoin Cash to the exchanges.
This has created an environment where the demand is much higher than supply. This is reflected in the current price which has reached highs close to $1200 as seen below. This image was taken at 7:55 am CST August 2.
Bitcoin Cash is Not a Market for Inexperienced Traders!
Take a deep breath, sip your coffee and go walk the dog. Once Bitcoin Cash is able to be sent to exchanges the price will cool down. It may be 2-3 weeks before the price normalizes. I will be waiting patiently to buy some Bitcoin Cash once the price retreats. FOMO is not your friend.
In the future Bitcoin Cash could do very well. I will personally be buying it since it is in line with Satoshi Nakamoto's original vision.
Bitcoin Cash Website
Update price has dropped to .2 on Bittrex so the price has corrected more than 50% since this am. You are welcome and I hoped I save some of you from tears.
