Hate to Say I Told You So
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About 2 months ago I posted a speculative article (https://steemit.com/bitcoin/@theleonfeed/the-fate-of-bitcoin) on the fate of Bitcoin and sketched a few imaginative scenarios in which it might play out. In my 3rd Scenario I wrote: "Bitcoin remains popular but starts getting dated and bloated. The value and use of the block chain is recognized but people start looking for more efficient alternatives.....". Now with us being on the verge of the historic Bitcoin Hard Fork and the release of Bitcoin Cash (BCC) it seems that this scenario is more than likely to play out. BUT what I didn't expect was that it could happen so quickly. I think we were all surprised by it. It happened so quickly that it surprised even the most well informed. (Some hardcore classic Bitcoiners are still in denial about it)
Where do we go from here?
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Well it still remains to be seen if the Hard Fork will be a success but in my post 2 months ago I speculated that the original Bitcoin would eventually be supplanted by the classier and more efficient version. I wrote : "....Totally outclassing Bitcoin it slowly but surely starts eating away the Bitcoin market and eventually overtakes it." Will this happen? For now I will stick with my original opinion so let's see where this goes.
What to do?
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Well you don't necessarily need to do anything since anyone with Bitcoin in their wallet will automatically get the same amount of Bitcoin Cash. All other things being equal this will create a kind of hedge since the same amount of both coins are owned. No matter how much the prices change in relation to each other, the net value will be basically the same. That is in the short term at least, until we can see who will end up on top. Whatever the future holds though one thing is certain, it is a great opportunity to buy Bitcoin since you will in essence be paying once and receiving twice, since the sum total will be worth more than the fiat currency value you spent. Apparently 1 + 0 = 2 with Bitcoin & Bitcoin Cash.
What do you think about the historic Hard Fork coming up?