Turning The Bitcoin Cash Sentiment Positive
Approximately a year ago, the bullish cycle ended. It was probably the shortest bull cycle for crypto, so Bitcoin (BTC) had to recover and achieve a new ATH since whales were not interested in selling yet.
So, BTC had a triple bottom between May 18th and July 20th, which led to rising demand, and traders brought BTC into a new ATH of $69000.
Only a few cryptocurrencies followed into new ATH, though. Bitcoin Cash managed to reach 50% of the 2021 height, up to $800, while most of us were expecting perhaps higher than $2000.
A result is the current low price that is close to historic lows.
Is Bitcoin Cash not convincing investors, or is it just the market manipulation that does not allow room for BCH to achieve a fair valuation?
The anti-BCH propaganda and price manipulation
It could be both. Investors are scared to invest in Bitcoin Cash primarily because of the threats BTC maximalists express. The YouTubers especially, undoubtedly obeyed Blockstream's demands in 2017, but at some point watching Bitcoin Cash rising in strength they were skeptical of their approach.
All of them were going to abandon the BTC ship if Bitcoin Cash sustained its strength, alas the BTC maximalists had an advantage at that point, the BCH they received and massively sold.
The trade algorithms of CEXs didn't sustain BCH but forcefully supported BTC from the early days. Only overwhelming support and demand can change this. Still, all those entering the CryptoVerse in the last two years are shunned away from Bitcoin Cash by the enormous anti-BCH mechanisms manifesting in social media and forums.
Usually, the negative to BCH sentiment is demonstrated with a tremendous number of hostile anti-BCH messages containing random and fake accounts with low-quality publications and minimum knowledge of Bitcoin.
Thus we watch these random accounts collectively attacking Bitcoin Cash by repeating the same arguments about the price difference between BTC and BCH, which makes no sense especially when the original post concerns network differences and not the price.
This is a network of paid accounts and spambots. Quite an achievement to create such bots but still not difficult for some tech-savvy individuals.
Usually, we meet accounts that serve an anti-BCH bounty. They've been shared images to use and standard phrases.
Besides this network of provocateurs, losses in the previous 12 months are remarkable. Trading data from top exchanges like Binance present a case of vast manipulation happening, adding to the overall negative price pressure.
As demand for BCH increases, the price will react positively though.
Still, the exchanges should finally abandon supporting BTC at the expense of the rest cryptocurrencies.
In Conclusion
Hopefully, a few things will change since Bitcoin Cash deserves a high market ranking than what is priced today. The 25th place in Coingecko is not even close to everything Bitcoin Cash is producing.
It is the first and foremost example of decentralized, permissionless P2P Electronic Cash. As a PoW network, Bitcoin Cash utilizes resources efficiently and delivers transactional perfection.
Still, it shouldn't count on the crypto influencers that promoted Ponzi schemes even when they were collapsing.
A dedicated forum would also work. The two subreddits (r/btc, and r/cryptocurrency) can't categorize information properly, and usually, posts are only relevant for only a couple of days.
Investors should be able to find the information they ask for and limit the noise.
The sentiment will turn positive for Bitcoin Cash if we keep pushing toward adoption and education.
Marc Falzon and Ryan Giffin are working towards this direction too and not just onboarding merchants, but educating the public about the merits of Bitcoin Cash.
The Caribbean is a hotspot and an example similar to Townsville which creates enthusiasts of P2P digital cash. However, I can't tell if we can convince anyone at this point. The general idea of the State control of money is still the prevailing one even with the rising inflation and endless printing. It needs slow and decisive steps.
The truth is like the light coming from the sun. It will immediately blind anyone living unaware of it in the dark, unless it is revealed slowly.
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May the next year be better BTC ETH