Bitcoin Cash will be good for Bitcoin and other Cryptocurrencies by raising awareness. There is still a large percentage of the population that does not know about bitcoin or has not had reason enough to look into what all the buzz is about.
Bitcoin Cash is Good Because it Raises Awareness.
There is still a lot of people that do not know about bitcoin (BTC), which is why the User Activated Hard Fork creating bitcoin cash (BCC), will be a good thing; albeit controversial. One reason bitcoin cash is good, is because it helps to create an atmosphere of major publication. Before writing this post, I took a snapshot of the search results in Google for the term ‘bitcoin cash’. While all 13,000,000 results are not specifically about bitcoin cash, they are related to either bitcoin or cash in some way.
A second search for “bitcoin cash” with quotes revealed 792,000 results. All these queries boil down to much more awareness, including outside of the current bitcoin community, which is good for cryptocurrency in general. More bitcoin awareness means more bitcoin users, miners and opportunists.
Bitcoin Cash Creates an Atmosphere of Competition.
Another aspect of this split blockchain token is an inherent competitive atmosphere for altcoins like never before. Whether bitcoin cash survives or not, bitcoin will tested like never before and naturally some people will put more investment into alternate cryptocurrencies like Ethereum, Zcash, Monero and Steem; to name a few. A quick look at coinmarketcap.com reveals the trend charts for hundreds of blockchain coins, including bitcoin. From these charts we can see how the anticipation of the UAHF is causing the market to react.
A diversified portfolio is always a good idea – never put all your eggs in one basket. However, time will tell whether this new bitcoin cash will be good or bad for bitcoin and the future of blockchain-based cryptocurrencies. My thought is that it will be good overall, specifically because it is helping to raise awareness in people around the world and consequently fiat-based companies watching the fiat markets get impacted.
The header image was compiled from free images and put together by myself in Gimp.
Images were snapshots taken from: Google.com and CoinMarketCap.com.
The information in this article is opinion based on media coverage about the UAHF from various articles by publications like Bitcoin.com, Coindesk.com and content publish by bloggers on sources like Steemit.com.
The author is not a financial analyst or expert. Any and all investments should be researched through due diligence and possibly after consulting a professional. No one knows what tomorrow will bring, we can only make predictions based on market trends and variable influences.
Thank you for reading. What are your thoughts on Bitcoin Cash?