After reaching all-time highs of $7800 bitcoin has finally received a pullback post SegWit2x cancellation announcement.
This isn’t all bad.
Bitcoin has stayed true to its original form, while Bitcoin Cash (a faster, lighter version of bitcoin) has seen a massive spike for about 80% gain at the high, and some speculate reaching $2000 by February.
The spike can be very closely correlated with Bitcoin.com and Roger Ver releasing a statement that Bitcoin.com will only be accepting and endorsing Bitcoin Cash in the near future.
Which brings up a good question:
Are we trying to create a more stable bitcoin that can be used for transfers, or is bitcoin meant to be a stagnant stable coin that doesn’t get used for trading but more holding as a store of value?
If bitcoin is meant solely to be a store of value, similar to gold, then it would make sense to keep it at its current state with higher fees, and a longer transaction time, while Litecoin, Dash or even Bitcoin cash becomes a day-to-day buying and trading currency.
Yet, there is an ongoing battle between people like Roger Ver endorsing Bitcoin Cash (BCH) and others wanting nothing to do with it.
Slowly but surely businesses are switching to accepting Bitcoin Cash as it is the lighter and more cost-effective way to both accept and use Bitcoin at the current time.
In the coming months, we will see how scalability affects both of these coins and whether or not one will take dominance.
Global Crypto Academy