Bitcoin Gold Officially Launches, and Plunges Immediately


In the Red corner, we have the dominating, crypto crushing, sledge hammer of cryptocurrency investing…. Bitcoinnnnnn… In the other corner, we have the fast talking, quick moving, fancy footwork moving, sly… Bitcoin Cashhhhhh. Let the showdown begin.

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I don’t usually talk about Bitcoin as I like to invest and focus on altcoins, however I wanted to go over this now because altcoins are tied directly to Bitcoin. Usually, when Bitcoin rises and goes on a decent bull run altcoins will fall and vice versa. Even though I don’t talk about Bitcoin much I do watch it on a daily basis to better forecast money flowing back into altcoins or into Bitcoin. The Bitcoin hard fork has affected the market drastically. Watching Bitcoin and Bitcoin Cash fight it out would be slightly amusing (if so much money wasn’t involved). This proves that a lot of the market is based on emotional response and not necessarily fundamentals. Ethereum and Litecoin are far better than Bitcoin Cash. BCH has “borrowed” the Bitcoin name and the man behind it, Roger Ver, is pushing Bitcoin Cash hard as “the” Bitcoin. I wanted to go through this a little because I believe that Bitcoin Cash is being manipulated at the moment. While Bitcoin Cash does offer a little value but it is doing so well by borrowing the Bitcoin brand name.

On a side note, Bitcoin is getting a ton of press and attention from people that have never even heard of it because of ICOs, SEC scrutiny, Jamie Dimon (CEO of JP Morgan Chase) and from the interest of traditional investment firms announcing futures trading based on Bitcoin. Also, a very popular show called The Big Bang Theory will be dedicating an entire episode to cryptocurrency called The Bitcoin Entanglement which will air on November 30th. 14 million people watch that show. The IRS and the SEC are looking into cryptocurrencies closer and is starting to figure out how to regulate ICOs and how to tax cryptocurrency investing. Just something to keep in mind.

From an objective point of view let’s look at what BCH actually does offer. To be 100% clear, I am not promoting one or the other. Personally, I have moved everything into alts until the Bitcoin showdown is over. One thing to think about is the majority of the volume going into BCH is coming from Korea. That means that most are not selling off their BTC to get into BCH. A lot of the BTC drop, I believe, comes from those that had gambled on BTC going up with margin accounts now are cashing out to cover their borrowed money. BTC sell off is also coming from those that have taken a profit believing that BTC is at a short term all time high. There is a lot of uncertainty with the BTC hard fork, BCH buyers and manipulation to make it look like it is taking over BCH. Enough of that, let’s get started:

Bitcoin Cash offers a block size of 8MB, while Bitcoin has a block size of 1MB. BCH speeds up and decreases fees of transactions. This is actually a major deal.

Bitcoin Cash offers replay and wipeout protection which will protect investors from losing their coins during forks.

Bitcoin has the original brand.

Bitcoin has a very large, loyal community. Most Bitcoin maximalist will stay with the original and support it being updated for scalability.

What I am doing is waiting, watching to see what happens regarding the Segwit2x hard fork and Bitcoin Cash. My main trading activity will be focused on altcoins and not in Bitcoin. I am not a financial advisor so please do your own research. Wait, Watch, Fight…. CryptoDayTrader out!

Featured image courtesy of Shutterstock. 

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Bitcoin Gold Officially Launches, and Plunges Immediately

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