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5 months ago
It has been at least ten months since I don't hold any significant amount of Bitcoin Cash in my portfolio, and when it comes to buying back the amount of Bitcoin Cash I own, I always decide to go against that and end up buying another asset. Technically, I quit the Bitcoin Cash project and moved on to another project at least ten months ago.
After using and experimenting with SmartBCH just before the whole market collapsed, I decided to exchange my Mist tokens for Bitcoin Cash. I decided to move my funds to another sidechain in another network I mentioned. If you have read my previous articles, you should know the name of that new network and the name of the asset I hold now.
My digital wallet is with other projects and names, but my soul still remembers the BCH ticker and name. I will tell you it is a mixed feeling, but I am not just about using cryptocurrencies as a peer-to-peer currency, and I am right to try to make money too. The decision I took to move to another network saved me from the fiasco that SmartBCH is right now. It also taught me that other networks are trying to be the best-decentralized finance tool, and they are all competing for your money and attention.
I don't know if my portfolio will return to Bitcoin Cash at this point because as long as the SmartBCH bridge reminds me of an issue, I won't invest in the sidechain. Since I have noticed that I like to play around with DeFi, my money will have to stay with the current DeFi I hold. I may come back once SmartBCH implements the Gha-gate solution.
I do understand that Bitcoin Cash has a chance of becoming the real peer-to-peer currency. It will outshine the competition once the number one cryptocurrency develops higher than ever transaction fees. That will only happen once more; humans decide they won't try cryptocurrencies for the first time. When at least one billion people come into the cryptocurrency world, that is when many lies will discover about many projects. Hopefully, BCH will shine for being a cheap transaction network at that time.
As long as no new people show up or the world around us doesn't need money that the government can't print, like in Venezuela and the Bolivar that Bitcoin Cash will remind at a disadvantage, and that other networks will gain at least in the price moment. It means that Bitcoin Cash could get cheaper until the market conditions change, which will mean a buying opportunity for those willing to smell the wings of change on time just before the market takes the direction BCH needs to take over the world.
I will continue to hold the assets I already have but keep an eye on the price of Bitcoin Cash against the dollar and, of course, against Bitcoin. And I will continue to monitor the Bitcoin Core on-chain transaction costs and the number of transactions that both networks conduct yearly for good measurement. If I see that the wing may take us to new places, I may decide to bring my capital back into BCH.
At this point, I see Bitcoin Cash just as insurance against high transaction costs on the Bitcoin Core network, and I believe people will only realize what BCH offers once BTC starts to get congested, just like in 2017.
So to answer the question in the title of this article, I would say that technically I have quit Bitcoin Cash, and I did it at least ten months ago, just before SmmartBCH had its issue with the centralized bridge operated by CoinFlex. And I will add that my decision to move on to other projects is because I want to experience and practice on different networks and that experimenting didn't go according to plan, and now I am forced to prolong my stay. But eventually, I will move on and tell you about it once I have a new adventure.