Bitcoin Cash is many different things, that much is certain. To some people, it is the only legitimate Bitcoin moving forward. Others see it as an altcoin trying to use the Bitcoin name to its advantage. One user thinks it’s an exceptional chance to become a millionaire. Only time will tell which of these statements is correct, but rest assured interesting things will happen over the next few weeks.
It is true every Bitcoin holder will get their Bitcoin Cash tokens today. These tokens will be issued at a 1:1 rate, assuming your wallet is compatible. Some exchanges will automatically credit account balances as well. As a result, people will effectively hold two types of Bitcoin at the same time. It is a rather unprecedented turn of events, to say the least. There are many different opinions on how this situation will evolve over the next few weeks. It is certainly a good opportunity to increase Bitcoin holdings.
Bitcoin Cash Millionaires may be born This Week
There will be people actively converting their Bitcoin to Bitcoin Cash in the coming days. How many people will do so, is anybody’s guess right now. Whether or not they make the right decision in doing so, is a mystery as well. There will be some very cheap tokens in the next few days, but that doesn’t necessarily warrant people should buy them. Those who feel BCH has a positive future ahead should put their money where their mouth is, though.
No one can tell what will happen as far as Bitcoin Cash is concerned. Competing Bitcoin blockchains will result in interesting developments. Both solutions aim to offer low fees, scalability, and decentralized development. It is certainly possible both blockchains will succeed, although not necessarily to the same degree. BCH Will always be considered an altcoin, unless it can somehow become the largest blockchain based on hashpower. Right now, that seems highly unlikely.
At the same time, Bitcoin Cash may pressurize other altcoins to step up their game. The top 10 cryptocurrency rankings can look very different in a week from now. A future in which Bitcoin and Bitcoin Cash are the two top cryptocurrencies is not unlikely. This may be a bit overly optimistic as well, though, but only time will tell. There will be a lot of blood in the streets for BCH during the first few days. However, there is certainly room for creating new millionaires, although no one knows for sure what the outcome will be.
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