Bitcoin Cash collapses due to the Fork

Bitcoin Cash collapses due to the Fork

On November 15th, the Bitcoin Cash bifurcation occurred and, a few days after the event, we can say that this fork has not only affected the entire cryptocurrency sector, but has affected the Bitcoin cash itself (that we remember, isn't Bitcoin, but bitcoin fork).
Before the bifurcation, BCH (Bitcoin Cash) had a price of about 500 dollars, it went to 520 in the days close to November 15th. Then, on November 14th, the collapse began: it first dropped to 480, then to 440, 420, and is now at around 235 USD. In short, due to the fork, the fourth Cryptocurrency by market capitalization has lost 54% of its value.
But the most important thing is that it has also lost value compared to BTC (Bitcoin). In fact, before the fork 1 BCH worth around 0085 BTC. It has now dropped to 0056 BTC, with a more than 34% lost. In other words, the BCH fork has damaged almost all the Cryptocurrencies, most especially the BCH itself.
The fork generated two Cryptocurrencies, Bitcoin cash ABC and Bitcoin cash SV (Satoshi's Vision), but to date it is not known of which among the two will be considered the true heiress of BCH (although ABC seems to be at the forefront). Of course, this uncertainty is not attractive to investors.

Two distinct groups behind Bitcoin Cash bifurcation

In addition, the fork showed that behind the Bitcoin Cash project, there are actually two different groups, i.e., those who supports ABC and those that supports SV. All this is very far from the original "Vision" of Satoshi Nakamoto, who created a decentralized cryptocurrency that could not be controlled by anyone (and Bitcoin, until proven otherwise, still valid). This makes us laugh because BCH promoters have always maintained that Bitcoin Cash is “The real bitcoin ", and that even one of the groups is called “Satoshi's Vision "... It may not be a coincidence that the promoter of this group is Craig Wright, also known as “Faketoshi" for trying, in vain, to pass anything less than the real Satoshi Nakamoto.
Although, in thyself, the fact that the bifurcation "punishes”, BCH may be reasonable, but the two groups certainly do not show proper behavior and are not in line with Nakamoto's true thinking.
But what is not reasonable at all is that this situation is also damaging the other cryptocurrencies BTC in the first place. The entire sector recorded two-digit general losses in the days after the hard fork and some cryptocurrency also saw the absolute minimums of 2018.
It should now be more than obvious that Bitcoin Cash (BCH) is not Bitcoin (BTC), much or less the “True" Bitcoin, whose greatest strength is precisely this decentralization that BCH has proven not to have.
The future of the BCH to date seems quite uncertain and indefinite, very bleak/dark and it is also very difficult to imagine what the founders can do to improve it.
The news of the last few hours is that Bitcoin cash ABC will be the heir to Bitcoin cash and many exchanges are already taking steps to change the name of the previous Blockchain.

 

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