Today was an exciting day in the Bitcoin world as popular cryptocurrency marketplace CoinBase announced the addition of Bitcoin Cash. If you don’t know what Bitcoin Cash is, here’s a very quick two sentence primer:
Bitcoin Cash is a fork (a hard fork to be exact) of Bitcoin. A fork simply means taking a piece of software and writing new code on top of it creating a distinct and separate piece of software.
While I could go into a lot more detail, I’ll save that for another time. If you really want to do a deeper dive you can read all the fun stuff about the difference between Bitcoin and Bitcoin Cash here.
Like the title of this post says, it honestly only took four minutes for CoinBase to get completely overloaded with customers ready to buy Bitcoin Cash. At the same time, Bitcoin fell 15% off it’s all time high and currently sits at $16,922. Wow – I honestly never thought I’d be talking about Bitcoin declining in price and mentioning a number in the 16 thousands…what a world we’re living in.
There are two pretty interesting things happening here:
- A marketplace can introduce a new cryptocurrency and seemingly impact the price of another cryptocurrency
- A lot of people are excited and ready to buy Bitcoin cash
To me this sounds almost like a self fulfilling prophecy. Will all this excitement just drive the price of Bitcoin Cash up, causing more people to write about Bitcoin Cash, getting even more people excited about it and continuing to drive up the price. If that happens, will Bitcoin continue to fall in value?
Okay, you’ve heard enough from me, now I want to hear from you – comment and let your voice be heard!