Guys, can anyone explain to me with a lot of details what the hell is going on right now with Bitcoin Cash? $1200 then $3000 then back again to $1400 in just a a few hours?
Tl;DR from me, i might be wrong
- Segwit 2X got canceled
- High fees issue got no solution due to (2X canceled, meaning no more 2MB block size upgrade from 1MB)
- Best alternatives for this High fees issue = BCH - 8MB Block size + No Segwit (There are people who are against segwit)
- Thus, BCH price got increased and meaning mining BCH become profitable too
- Mining BCH is now profitable which lead people to switch from Mining BTC to Mining BCH
- Hence, This turn out tons of transaction stuck in the Mem Pool of the BTC Network
- Transaction stuck, Slow transaction speed = Congested Network with very high fees payment to pass a transaction
- Not taking risk, switch to BCH