What an historic day. Bitcoin Cash has been soaring higher and higher as the market seemingly backs the internet money with its permissionless, instant, free, global, and trustless transactions.
The currency is now eyeing second position with just $7 billion standing on its way. Thereafter, it may even eye first position, something that would go down in history books.
Ethereum has been hugging $300 for now months, and that’s where it continues to stay today, but Bitcoin Cash has been moving at incredible speed and may soon even see its first flippening.
Ethereum has always differentiated itself from the real bitcoin, with its supporters not promoting its use as a currency, seeing it instead as a smart contracts and daaps platform.
While Bitcoin Cash aims to create a virtuous circle, where customers pay merchants in BCH, who in turn pay suppliers and employees, who in turn pay merchants, thus creating a Bitcoin Cash economy and ecosystem.
That has always been the aim of bitcoin, but due to increasing demand a scalability debate took hold, diverging attention and even lowering merchant adoption.
With that debate now over, voice is no longer an option, leaving only exit, and the market action is clearly telling us many are joining Bitcoin Cash.
That may include some big blockers who went to ethereum last year after they thought they may not have any choice, but the August 1st freedom fork to Bitcoin Cash may have changed that.
However, ethereum is holding its ground, showing resilience, presumably because it has a different target market. What is now called bitcoin, on the other hand, is crashing, with 107,000 transactions stuck as people seemingly rush for the exit.
What we may be seeing is the first ever, perhaps in history, free market vote over the people’s money. As such, if Bitcoin Cash does flip to the top, heads will certainly turn as the concept proves itself to all.