Will Bitcoin scale up to be a serious method of exchange? Will younger, nimbler competitors seize control of not only the non-currency blockchain applications but even the functioning as the digital currency that Bitcoin creators envisioned?
Roger Ver and Jihan Wu took their best shot at forcing change to Bitcoin this past week. After the faction arguing for larger blocks decided not to fork, these two guys coordinated pulling lots of Ver’s money out of BTC and into Bitcoin Cash / Bcash (BCH) in a short time frame, along with pulling lots of Wu’s mining power. This has become the norm.
Bitcoin Cash price shot up, briefly passing ETH in total market capitalization, and having an impact on Bitcoin proper.
BTC saw a corresponding sharp drop in price along with a huge backlog of transactions, but quickly recovered to resume making new all-time highs. BCH seems to have settled into a stable trading range, and now Bitcoin Gold has made a run up, making the top half dozen with a market cap exceeding 5 billion USD.
How to make sense of this fragmented crypto market?