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  1. #1
    TheGooner's Avatar
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    Default Hold Bitcoin or Bitcoin Cash ?

    Fellow Bitcoin Holders (or Hodlers if you are).

    The split has occured and BitcoinCash is alive (just) - taking around 6 hours to mine a block.
    This will be sorted over time as the algo will detect the long delay and make it easier to mine BCH (Bitcoin Case).

    But for those of us who have picked up new BCH tokens the question is now what to do with them?
    Currently BCH are around 245 and BTC are 2750 - so 1 BTD is approximately 11 BCH

    So I see four choices.
    1/ Keep BCH in parallel with BTC. (hold both)
    2/ Sell the BCH to BTC. (Maximise BTC while BCH price is holding some value)
    3/ Sell the BCH for cash (Take the money as a dividend)
    4/ Sell some BTC for BCH (Hey - maybe you think the BCH is the future).

    What are you going to do?
    Will you sell BCH quickly, hold and wait, or buy more?

    I'll probably take the middle ground this week - hold and wait - how about you ?

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  3. #2
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    2. Sell BCH to BTC, its just another alt imho

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    At the moment I will be sitting tight with Bitcoin BTC. I currently don’t have any BitcoinCash and not looking to get any. Either way it is a gamble but I think holding to Bitcoin BTC is the way to go. That being said if I was to acquire some BitCoinCash I would hold on to them too.

    All said and done I will be doing the same … hold and wait.

  5. #4
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    Personally, I will go with option 2 and sell the BCH. Going by the many posts on bitcointalk.org most of the posters don't like BCH but want their free share of them so they can trade them for other coins. Going by this I believe that the price of BCH will drop significantly in the coming weeks.
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    I'm looking now and bitcoin cash is at $389 per coin. I expect a ton of volatility in the short-term.

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    Hodl both. If BCC dies or gets sidelined, BTC price will benefit, you win. If BCC flourishes and damages BTC you win. Who knows how this will actually play out, though I guess it depends if you see yourself as a day trader or an investor. For me it's a marathon not a sprint.

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    Quote Originally Posted by Pokerface View Post
    I currently don’t have any BitcoinCash and not looking to get any.
    If you had BTC when the fork occurred yesterday then you do have the same number of Bitcoin Cash, you just haven't claimed it yet. The only scenario where this does not apply is if you held it with an exchange that did not issue the Bitcoin cash to you and instead stole it for themselves. Otherwise the exchange will have credited your account (as Kraken did, for example). If you have it in a wallet of any sort where you hold the private keys (such as via Electrum or similar) then you can claim your Bitcoin Cash. Though there is no hurry to do that and may be worth waiting it out for a bit to ensure the recommended process works as it should, unless you are desperate to sell your Bitcoin Cash.

  10. #8
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    I have claimed mine, kraken does not yet have BCC deposit methods.. price sees to have almost doubled, I am going to hold..

  11. #9
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    Going to be an interesting few weeks as this shakes out I think.

    Currently the upshot seems to be that BTC holders are 10-15% richer with new BCH coins and only a slight BTC fall.

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  13. #10
    MMM
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    Yep. Crazy. now together they worth over $3,400.

    To be honest i would cash out my Bitcoin cash now at $700+ but busy and also prefer to wait that the process works well.
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    Quote Originally Posted by justbookies View Post
    If you had BTC when the fork occurred yesterday then you do have the same number of Bitcoin Cash, you just haven't claimed it yet. The only scenario where this does not apply is if you held it with an exchange that did not issue the Bitcoin cash to you and instead stole it for themselves.
    Coinbase would be a prime example of this! We put out an article about it, blasted it on social media and forums. Hopefully we saved some people from missing out. I hope none of my fellow GPWA members made the mistake of holding coins on Coinbase through the fork!

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    Quote Originally Posted by MMM View Post
    Yep. Crazy. now together they worth over $3,400.
    Yes, that's crazy. It's against common sense. If BCH is priced $500 (for example) then BTC should go down $500. So either the market is happy that the fork finally happened and everything went smooth or one or both currencies are completely mispriced.

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    Quote Originally Posted by Strider1973 View Post
    Yes, that's crazy. It's against common sense. If BCH is priced $500 (for example) then BTC should go down $500. So either the market is happy that the fork finally happened and everything went smooth or one or both currencies are completely mispriced.
    That probably would have been true at the exact moment of the split but the supply and demand for each item is now mostly independent from one another. As such, a $100 dip in one will not truly be reflected in the other.

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    I moved a small amount of BTC to Kraken to claim automatic BCH at chain split - and sold them for around 600 EUR each.
    I have managed to create an Electron wallet (Electrum BCH copy) now and claimed my residual BCH (BitcoinCash) tokens.
    Now waiting on Kraken to start accepting BCH deposits and withdraws ... so I can cash them.

    Speaking of the BCH chain :
    I note the BCH blocks are slow - being created once every 30 mins or so and usually the blocksize is far less than 1MB ...
    It looks like adoption is slow for the BCH token ... I hope it survives for a while.

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    MMM
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    Quote Originally Posted by TheGooner View Post
    I have managed to create an Electron wallet (Electrum BCH copy) now and claimed my residual BCH (BitcoinCash) tokens.
    Read somewhere that the Electrum BCH is not vetted and recommended not to use atm. Did all work well for you? You first sent your BTC to a new wallet and then installed the BCH copy?
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  20. #16
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    Quote Originally Posted by MMM View Post
    Read somewhere that the Electrum BCH is not vetted and recommended not to use atm. Did all work well for you? You first sent your BTC to a new wallet and then installed the BCH copy?
    It's not vetted.. but i used it on a separate system anyhow as anything i gained from BCH was a bonus.. now just need kraken to open up deposit options so I can cash out

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  22. #17
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    If you guys are waiting to sell there must be others doing same. Sounds like price will tumble when Kraken accepts deposits.

  23. #18
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    Quote Originally Posted by MMM View Post
    Read somewhere that the Electrum BCH is not vetted and recommended not to use atm.
    Just as WonderPunter said ... everyone providing direction is covering their arses by saying that it's not "proved" yet.
    But if you download from official source it seems OK to me.

    Quote Originally Posted by MMM View Post
    Did all work well for you? You first sent your BTC to a new wallet and then installed the BCH copy?
    Yes - I emptied out my Electrum BTC wallet in advance and will disown the current wallet and create a new one.

    I then downloaded the Electron BCH wallet onto a new machine (laptop) and loaded in the seed - and it quickly showed the BCH tokens.
    Each address and time correctly displaying the original BTC deposits. *

    I can't confirm it's 100% of course until I can send it to an exchange and get cash for it ... but it looks good.

    --------------------

    (*) There was a little "oh ****" moment - when I first did the load of the keys the BCH also seemed to note my movement out of the entire balance of BTC coins (which was done today August 4th) and had it as an unconfirmed transaction ... I wondered if I had been "done" on a replay attack somehow.

    You know that cold feeling in your gut when you think you've just done something really EXPENSIVELY STUPID ?!
    Yup - I had that feeling ...


    But when I restarted the wallet that unconfirmed transaction had gone - and the correct BCH balance is there.


    I do wonder how the Electron BCH wallet found that transaction though ... as that transaction should only have been on the BTC blockchain not the BCH blockchain .. so it must be refering to both somehow ...

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  25. #19
    MMM
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    Strange.

    Doing that now. Would prefer to cash it now at least partially cause think it will tank.

    Why didn't you use viabtc?
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  26. #20
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    Quote Originally Posted by justbookies View Post
    If you guys are waiting to sell there must be others doing same. Sounds like price will tumble when Kraken accepts deposits.
    I don't really know - you are probably right.

    I like the general idea of BCH big blocks, but they don't really have support of miners, and the slow block rate an minimal transaction fee seems to be killing miner interest quickly. Pointless mining blocks for BCH rewards you can't exchange.

    But generally I agree what I am seeing is general selling, I guess that most initial holders prefer BTC, and if you can exchange BCH for BTC (even at 10-1) that's probably viewed as a good deal by most BTC holders.

    BCH might come back ... but I just think that the selling supply far outstrips buying demand for a while.

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