How and why to dump your Bitcoin Cash
Earlier I wrote a detailed post about how to get your free Bitcoin Cash (aka BCC or BTCC or BCH or BCash). A day agoit was rather bullish and reached $10 Billion market cap.
As expected, as soon as the deposits were opened on exchanges, it started to dump. As soon as new blocks are mined, new deposits get confirmed and its dumping more and more:
Most likely the price will continue for at least several days while new deposits get confirmed. Because the price goes down, Bitcoin Cash miners don't get any profit, and it will slow the network even more. The difficulty will adjust later, but it won't happen soon.
Even for those who believe in Bitcoin Cash, a good strategy would be to sell it now and if there will be a correction later, buy it back for much lower price. Let's not discuss here why Bitcoin Cash is good or not.
The problem is that the transactions are very slow, and you'll get your deposits in about 24 hours. But here's a trick, while most of exchanges like Bittrex need up to 20 confirmations, HitBTC requires only 2, so you have a better chance to sell Bitcoin Cash before it dumps even more.
Disclaimer: You should make your own analysis regarding selling or buying, I'm not your financial advisor!
Follow @bcn not to miss any crypto opportunity.
Well said. Wasn't aware of the late confirmation (20) on bittrex... I thought I was going to do an arbitrage with Hitbtc and Bittrex but unfortunately, about 16 hours counting, my BCH still on the 13th confirmation on bittrex... Bursted!!!
It would be a bad precedent if BCC helds in the market.
As expected in principle.)