| | | Aaaaaaand it's time for another update on the great Bitcoin fork of Aug 1st, 2017. That's right, it has been a whole month since the dreaded "fork" occurred, and Bitcoin split into two separate chains.
As a reminder, on July 30th we only had Bitcoin, which was worth about $2,500 per coin.
Then on August 1st the Bitcoin community couldn't agree to implement a technical change, so the Bitcoin blockchain forked into two separate chains, one called Bitcoin and the other called Bitcoin Cash. Each Bitcoin holder was entitled to receive one Bitcoin Cash coin, and also keep their original Bitcoin.
The fork was supposed to be bad since - if the fork was successful and thrived - there would then be two big competitor crypto coins rather than one.
Here we are a month later, and one Bitcoin Cash coin is worth about $600, and one Bitcoin is today hitting new all time highs at around $4,800. So the one Bitcoin held on Aug 1st which was worth $2,500 is now worth 1 Bitcoin ($4,800) and 1 Bitcoin Cash ($600) for a total of $5,600.
That's a move from $2,500 to a total value of $5,600 when then dreaded fork went through and split the chain. So the split of the chain into two chains rather than one has resulted in a greater than 100% growth in the value of pre-split coins......in a month.
Bitcoin Cash has a market cap of $10 billion. It didn't exist back in July.
Bitcoin has a market cap of $78 billion. It started (I think) around 2009.
So it doesn't make any sense, but it just keeps going up, so don't panic and don't complain and count your gains and don't sell but don't be the last one off the ship - in other words, I haven't got any useful advice for you. |
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