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Have I quit Bitcoin Cash?

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Written by   291
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.

Conclusion.

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.

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Avatar for francis105d1
Written by   291
5 months ago
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Comments

So you were smart and got your shit off the smarthbch chain before it hit the proverbial fan. I can understand that. But you must realize with the deep connection here to BCH and everything related to it the general feeling among the community must be this: https://media.giphy.com/media/V1RYOZiJRdaV64GsNM/giphy.gif

(and I'm joking ofcourse! This was a premeditated attempt to commit humor)

$ 0.01
5 months ago

It does feel like that, but I knew SmartBCH was not something to sleep on, and I had that feeling from the get-go, that is why I quit fast. I do feel like DeFi is the next step, that is why I am staying where I am right now, probably I will evaluate SmartBCH again once things get fix.

$ 0.00
5 months ago

Yeah i get your point. For me, I've had some losses last year, only on one occasion because of the market though. I've still got about 50 bucks worth floating around the smartbch chain. I can't find a convenient enough way to get them back onto the mainnet anywhere. But if I had been able I would've sold them at low point turns out. Only reason I didn't was because I couldn't. LOL.

But I've mentioned this before somewhere, the only coin that matters for the market prices is the btc. The graphs, when converted into percentages, are almost always 90% identical. I know comparing a 20k plus valued coin with one nudging 200 is bound to skew the results a bit but 90% identical says enough. That's like drop the mike and walk off the stage.

I think we don't want to admit it but despite the corrections now and then we have entered into the (what i call) the run for XMas ATH 2022. And i can only see eth picking up some momentum of its own, but that won't last more than a month tops. Then no one is even gonna remember there was a time that eth was pow.

Anyhow, a reply the size of an article.. Good night!

$ 0.00
5 months ago

I think I will write about eth on today's article I need to address something I have been thinking of

$ 0.00
5 months ago

Thats good you are taking advantage of other opportunities too. The current situation of BCH is nor good, but I hope it will pump again.

$ 0.01
5 months ago

It always does pump just not high enough to go back to previous levels

$ 0.00
5 months ago