Bitcoin

BTC Market for Bitcoin Cash Fails to Gain Traction so far

newsbtc | July 23, 2017 | 11:00 am
NewsBTC Bitcoin Cash ViaBTC
Bitcoin

BTC Market for Bitcoin Cash Fails to Gain Traction so far

newsbtc | July 23, 2017 | 11:00 am

Most people seemingly forget Bitcoin will still undergo a hard fork soon. More specifically, the UAHF will go into effect on August 1st. As a result, we will see a forked version of Bitcoin come to fruition, which will be known as Bitcoin Cash. This token can be traded on ViaBTC already and they recently enabled a BCC/BTC market as well. All of this is rather interesting considering BCC doesn’t even exist yet.

Many people feel Bitcoin Cash will not be around for that long. A hard fork proposal to introduce much bigger blocks certainly has merit. However, the majority of the community has taken a liking to Segregated Witness. Whether not that will be through SegWit2x or BIP148, remains to be seen. We do know a fork through either of those solutions seems highly unlikely right now. The only hard fork contender is Bitcoin Cash, which goes into effect on August 1st.

Trading Bitcoin for Bitcoin Cash Seems Useless

It is rather remarkable to see exchanges support Bitcoin Cash already. More specifically, this solution is supported by the ViaBTC exchange as we speak. This new exchange launched BCC trading against the CNY yesterday afternoon. So far, the market has not seen much volume, although it appears the overall value will be much lower compared to Bitcoin. Users can obtain Bitcoin Cash by making a Bitcoin deposit and effectively freezing it on the platform. The original BTC deposit will be returned to the user on August 1st.

What is even more interesting is how ViaBTC opened a BCC/BTC trading market. No one will be surprised to learn very few people are interested in this market right now. With 0.2837 BTC in 24-hour volume so far, things aren’t looking great. Then again, it is possible a lot of people have trust issues when it comes the ViaBTC exchange.  The latest price puts BCC at a value of 0.145 Bitcoin. That is a steep price, although it is expected this value will continue to drop over time. Only time will tell what the future holds for Bitcoin Cash.

Listing a tradeable token before it is even created seems like a strange decision. ViaBTC is taking a huge gamble with this approach, that much is evident. It is possible listing Bitcoin Cash trading before the token exists will reduce its potential value even further. There is no reason for people to rely on ViaBTC to obtain BCC by holding Bitcoin, though. Anyone can export a backup of their current Bitcoin wallet and use it on a UAHF-compatible wallet on August 1st. It is evident ViaBTC wants to cash in on the Bitcoin Cash “hype”. However, this token doesn’t have much of a fighting chance, by the look of things.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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