Bitcoin Cash jumped by around $400 yesterday to a new recent high of $2,084 before settling at around $1,950 at the time of writing.
While trading volumes have risen somewhat to $2.5 billion, with half a billion of it handled by Bithumb, followed by Bitfinex with $300 million, and the BTC trading pair in third position at $250 million.
Why it suddenly jumped is unclear, with the picture unlikely to contain just one reason. Firstly, on the awareness front, one of BCH’s biggest proponent, Roger Ver, was interviewed on CNBC.
Bitcoin Core proponents, for some reason, were angry about it, with neither side really moving on now months after the scalability debate concluded. So in that old fashioned no such thing as bad publicity, they indirectly raised awareness further by attacking Ver and, to some extent, CNBC.
On the more exciting front might be merchant adoption. A vape shop started accepting BCH, as did a silk road like illicit drugs market. But transaction volumes in bitcoin cash are miniscule.
As can be seen, ethereum is way ahead in transaction volumes and handles more than the rest combined. Bitcoin is second, but interestingly it is litecoin that follows, with its transaction volumes spiking in the past few days to 140,000, while Bitcoin Cash is at around 20,000.
The reason might be multifaceted. Firstly, LTC is on Coinbase, so it can be used to arbitrage bitcoin or eth. Secondly, litecoin’s price has spiked, tripling and more in days, so that may have increased coin movement activity as hodlers perhaps send their cold storage to exchanges.
Yet another reason might be Bitcoin Core supporters who, oblivious to the fact the vast majority of them hold bch and few do ltc, they recommend the usage of the latter to bypass btc’s super high fees and constant delays.
Regardless, it does show that bitcoin cash has quite some way to go to increase actual usage and adoption. One aspect of that might be perception. As they say, winners focus on winning, losers focus on winners.
BCH supporters are still far too consumed with BTC, and some of them are even still arguing the scalability debate, which has now moved from words to actual implementations, with ethereum in particular advancing quite a bit on that front, while we don’t hear much from the rest.
Bitcoin Cash supporters just need to realize that it does not matter to them any longer what Bitcoin Core developers say or do except for in a peripheral manner, and that what matters far more is what Bitcoin Cash does or say.
If they can shift that focus towards winning, and towards building a commercial ecosystem that runs on Bitcoin Cash, increasing merchant adoption and use, promoting this global, decentralized, permissionless, as good as instant and free, currency, then it may go places.
But if they continue focusing on confrontation or constant criticism of others, while in a way re-living the past, the present and the future might move ahead, perhaps even without them.
Because as we now near a new year and a new dawn begins, what appears to be a winner may soon be forgot, as there is so much waiting on the sidelines for certain technical problems to be solved, that once they are, there may be a flood to whoever does so first.