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)
Those sound like realistic reasons for selling to me.
You made a good decision.
Man this is making me want to sell... not sure what to do!
:)
Disclaimer: I didn't give any advice in the post - I only gave what my reasons were, AND the amount of Bitcoin Cash was relatively small - it's easier to make such decisions with small amounts involved.
You'll just have to choose you own reasons whether or not to sell, sorry.
How did you go about selling the BCC? Yesterday I created a new wallet and transferred my BTC to it so today when I download a BCC wallet I can import the private key from the old wallet to get my BCC. If I join Bittex I assume I can just send the BCC to my Bittrex wallet and sell from there? How long does it take to get up and running on Bittrex (do you have to wait for ID to be verified etc). Thanks
I transferred any BTC I had remaining on Poloniex to Bittrex a few days ago as Poloniex refused to give any guarantees about sharing out the Bitcoin Cash.
I didn't expect Bittrex to have the Bitcoin Cash / BTC market up and running so fast, but it seems it did so right after, or not long after, the first block was mined. So, for me, it was just a case of exchaning Bitcoin Cash (which had appeared in my Bittrex wallet) for BTC.
As to verification, I think I just gave them my name, address and date of birth - I can't remember giving them any documents. There's a link here, but whether it will be like that when you open an account, who knows?
https://support.bittrex.com/hc/en-us/articles/215282838-Frequently-asked-questions-about-account-verification
Edit: I can't remember how long it took to get verified.
I did, what you did already, but at litlle lower price (0,165 BTC). Fingers crossed.
It's now at 0.294 on Bittrex. :)
But, still, it's unpredictable and a risk. If it suddenly continues rising we'll say we should have held onto it. If it suddenly plummets we'll say we said so.
BCC now at $717 or 0.382 BTC !!!!
Now at 0.3 BTC on Bittrex - much lower elsewhere. It's going to take at least a couple of days for things to level out.
You're probably right. I thought it would be worth almost nothing by now so I'm as surprised as you. If there was anywhere I could spend it I would. Is there anywhere that accepts BCC?
Have you tried:
www.cryptopia.co.nz
I think they were very easy to register with (It may have changed now). I used it for a while. I've no idea if you can transfer Bitcoin Cash to them yet, but they do have BTC to Bitcoin Cash trading it seems.
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