Bitcoin Wars – Battle of the Blocks.
The plug got pulled on SegWit2x and civil war erupted. The Bitcoin Wars. Many of the people supporting SegWit2x (intended to be a bitcoin fork with 2MB transaction blocks instead of 1MB) have switched their loyalty to Bitcoin Cash which is seen as the next best thing to what SegWit2x was supposed to be. As a result, tons of money has moved from Bitcoin (BTC) to Bitcoin Cash (BCH) in just the past 24 hours or so.
Bitcoin plunged by as much as much as $1800 to $5500 in the past day and seems to be recovering. BTC is now hovering just over $6,000 while Bitcoin Cash exploded by roughly 200% in the last 24 hours and then began to see price drops as well. The word on the street is that BTC is dead and BCH is the new king of cryptocurrency. While BCH certainly has a lot going for it (2MB block sizes, operations are more decentralized, etc.) BTC isn’t going anywhere. We see Bitcoin as fully recovering and back on its year-long trajectory of its price heading right to the moon.
Who will the bitcoin wars? Bitcoin. BTC, that is.
Let’s remember China’s lock down of bitcoin just a few weeks ago. Lots of people back then were saying the same thing; bitcoin is dead, BTC will never recover, etc. and the plummeting BTC price seemed to bear that out. Until Bitcoin fully recovered and then exploded to all new highs in record time – as high as $7800 just a few days ago.
I’m not the only one to predict that a new bitcoin rally is at hand. Smart investors buy on the dips and make a lot of money on the next high Bitcoin has this proven history which no one should ignore.
In the long term I see Bitcoin maintaining its position as the defacto standard in cryptocurrency as upstarts and offshoots continue to fight for every inch of ground in the world of cryptocurrency.