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
Switching to BCH because there are so many trade pairs and so many business accept BCH? What are you going to do with your BCH after you completely moved? Dogecoin has basically no TX fees and 6MB blocks, why not just move to doge?