New Bitcoin Cash Crypto-Currency Experiences Plunge

The trading value of bitcoin cash, the spinoff cryptocurrency of the original bitcoin, has taken a battering over the last 24 hours as crypto-investors look to sell their coins.

According to the latest data from Coinmarketcap.com, bitcoin cash was sitting at 12% Thursday, at $278 per BCC coin. At the same time the original bitcoin is up over 2% to $3,429.

On August 1st, bitcoin split in two after a long battle spanning years in the cryptocurrency community over the rules that should dictate the bitcoin’s network.

This split gave way to the creation of bitcoin cash which was created out of the same blockchain network as bitcoin. In essence it’s a copy but it’s purpose and build is with the intention of processing more transactions and in a quicker fashion.

Many highly influential members in the crypto currency community believe bitcoin cash’s price has been inflated by issues with the technology underpinning the coin.Aaron Lasher, the marketing officer of Breadwallet, one of the biggest bitcoin wallet companies, told Business Insider that the bitcoin cash price plunge Thursday is probably linked to selling pressure from traders who can now transfer their coins from wallets, where investors store their coins in exchanges, where coins are bought and sold.

The large majority of bitcoin cash holders have their holdings in a private wallet can’t do anything with it at this point, said Lasher. Basically, it’s almost stuck like a pending deposit in your bank account.

Lasher also told Business Insider that wallets, Breadwallet included, are almost in a game of constant catch-up, and working on updating their own infrastructure so bitcoin cash traders can move their coins over to the exchanges where they can be actively traded.

Breadwallet released a blog post on Thursday to show users how they can “hack” their wallets to move their coins over to an exchange to trade them.

“Basically, it involves setting up another wallet and then making some modifications,” Lasher stated. “It’s not hard for someone with the expertise and probably takes 20 minutes.”

However, this is not something the average crypto-currency trader could do.

“There are people who want their money now and they don’t necessarily care about security,” he ventured.

In the immediate future, Lasher tells us, selling pressure will push the price of bitcoin cash down. In the long run, however, bitcoin cash’s trading price could increase if it proves itself as a viable and convenient alternative to bitcoin.

3 Replies to “New Bitcoin Cash Crypto-Currency Experiences Plunge”

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