Bitcoin hitting a low for the year due to the fork...

[Brendan Burgess]

The rout is likely being spurred by uncertainty around bitcoin cash, according to founder and CEO of BKCM, Brian Kelly.


That cryptocurrency was down 18 percent ahead of a "hard fork" scheduled for November 15. The two digital currencies will split into "Bitcoin ABC," or core Bitcoin Cash, and "Bitcoin SV," short for "Satoshi's Vision." Bitcoin Cash itself is a result of a fork from bitcoin, after a disagreement on the best way to scale a digital currency.

Could someone explain this to me. Is Bitcoin Cash not separate from Bitcoin? Why would it affect the price of Bitcoin?

Brendan

 

[tecate]

Could someone explain this to me. Is Bitcoin Cash not separate from Bitcoin? Why would it affect the price of Bitcoin?

It is totally separate. Miners are switching mining power from Bitcoin to their version of Bitcoin Cash to try and win out in that battle - a 'hash war'.
It's being speculated that they may be selling Bitcoin in order to finance this.

I didn't think that this could in any way affect Bitcoin - and I guess nor did anyone else until yesterday as the Bitcoin Cash schism was known about for quite some time. In the longer run, it shouldn't still have anything to do with it. However, it does outline an ongoing flaw - the centralisation of miners.

 

[Duke of Marmalade]

You can almost hear the hot air escaping.

 

[Brendan Burgess]

You can almost hear the hot air escaping.

I actually feel a bit sorry for those who are still in it seeing their net worth decline so quickly. Especially if they borrowed to invest.

But as they say, maybe this is a buying opportunity.

Op-Ed: Bitcoin Price Hits 2018 Low – It’s Time to Buy the Dip

 

[Leo]

On the brighter side, not that many people affected to a great deal due to how concentrated bitcoin holdings are among a small subset of users.

 

[jhegarty]

Could someone explain this to me. Is Bitcoin Cash not separate from Bitcoin? Why would it affect the price of Bitcoin?

Separate , but any instability spreads like wildfire in crypto world.