Yesterday, I eagerly awaited the the new 'Bitcoin Cash' and like many others, I kept flicking over to the blockchain explorer to see when the first block would be produced. Estimates for the production of the new block ranged from an hour to a few days, assuming, that is, that a new block would be produced at all.
In the end, the mining of this block (actually the 7th block - the first after the 6 block changeover run-in which started at 12:20 UTC and finished at 13:18 UTC) was achieved at 18:12 UTC.
Originally, I had decided to leave everything to settle down for a few days before selling my Bitcoin Cash - just for reference, the amount of Bitcoin I had during the 'spit' was only about 0.1 BTC, so we're not talking about a great amount of money here.
But, when I saw the price at the 0.2 BTC mark, I had to sell!
Why?
Because 20% of the value of Bitcoin seems a bargain when I look at in terms of what Bitcoin Cash actually is...
Bitcoin Cash is basically just the same as an altcoin, nobody knows what the price will be. The only thing different about it is that it uses the original Bitcoin blockchain as the start of its own. That it came into being at around the same time as Bitcoin hardforked is largely immaterial. (Although, in saying that, there was always the risk that something would go wrong with the hardfork, which would allow Bitcoin Cash to take over the mantle, as it were.)
There is nothing special about Bitcoin Cash that people can really point to and say there a reason for investing in it.
Bitcoin Cash does not yet have backing of all exchanges.
Bitcoin is still the king of cryptocurrencies - all others are traded against it
I sold at 0.185 BTC. Since then, the price has dropped and then risen again to roughly the same level (Bittrex) at which I sold. Who knows, maybe the price will spiral upwards out of control. I will be happy for Bitcoin Cash holders if it does. I will still be happy with my decision , though.
(Images: pixabay.com)