In 2017, the Bitcoin project and its community split in two. Perhaps the least controversial way to refer to each side is simply by their respective ticker symbols, BTC and BCH. Bitcoin Cash is usually represented by the BCH ticker symbol and is considered by its supporters to be the legitimate continuation of the Bitcoin project as peer-to-peer digital cash.
These days, stocks in the US are regulated by the Securities and Exchange Commission, precisely, because in the olden days, there were many stocks issued that were much like bitcoin, marketed to unsophisticated investors as a get-rich-quick scheme. The very definition of this investor is: “Being more willing to buy something the more its price goes up.”
The largest bitcoin exchange in the world at the moment in terms of US$ volume is Bitfinex, although it is mainly aimed at spot traders. Other high-volume exchanges are Coinbase, Bitstamp and Poloniex, but for small amounts, most reputable exchanges should work well. (Note: at time of writing, the surge of interest in bitcoin trading is placing strain on most retail buy and sell operations, so a degree of patience and caution is recommended.)
It will also depend on miners’ and users’ vision for the currency. If bitcoin really does undermine the decentralized nature of the network, and the democratic possibilities of the blockchain technology, people may look elsewhere for a cryptocurrency with more exciting potential. (For more insights on how the market has changed since the fork, read: What's Bitcoin Cash and Where the Heck Did it Come From?)
The short-term downward price trend of BCH intensified as an increasing number of traders started to short BCH on BitMEX. If BCH had rebounded swiftly, a short squeeze could have led to a speedy recovery. But, a lack of momentum and the sheer intensity of the sell-off led BCH to lose nearly 30 percent of its value within the past eight to nine days.
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.
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