Bitcoin cash (BCH) is in the spotlight after a group of bitcoin miners and whales declared that they would be doing a 51% attack on bitcoin cash. The group sent out the following tweet that drew lots of interest from bitcoin cash investors.
The aim of the group to fork bitcoin cash, and create bitpicocash. However, the overall goal of the group is to expose Bitcoin cash as a weak and unusable network, one that should never be adopted for business.
While the success of this group would have a negative impact on Bitcoin cash (BCH), it is unlikely to succeed. That’s because as the group itself admits, Bitcoin cash (BCH) has done stress tests on the network, and there were no vulnerabilities, even though they claim the self-test fake. But that’s an assertion that is clearly made out of jest and ill motive, and might actually be an exaggeration.
That’s why this attempt to attack could actually turn out to be a great thing for Bitcoin Cash (BCH). If the attack as publicly as it has been declared were to fail, it would see the value of Bitcoin cash (BCH) skyrocket. It would have proven that BCH is not only usable, but also one of the most secure blockchains out there.
The implications would be multifaceted. First, more businesses would move to adopt BCH, for their day to day needs. That’s because as things stand, Bitcoin cash (BCH) has all the attributes of a crypto that can be used for day-to-day transactions, such as speed, low-cost and scalability. By surviving a malicious hard fork, Bitcoin cash will have added security as one of its attributes. It wouldn’t be surprising if bitcoin cash (BCH) gets adopted by companies like Amazon among other major corporations that are prime candidates of adopting crypto in the future.
The other implication is that Bitcoin cash (BCH), will gain more investors, and drive up the price. Bitcoin cash (BCH) is one of the cryptos that attracts lots of hate in crypto circles. This to some extent holds back some investors from putting their money in it. Once news that a malicious attack on the network has failed come out, investors will pour into BCH. An increase in volumes could very push bitcoin cash (BCH) to thousands of dollars.
As an investor, this is probably the best time to prepare money and await news regarding Bitcoin cash. That’s because the moment news come out that the hard fork has failed, Bitcoin cash (BCH) will be headed to the moon. That could be the moment when bitcoin cash (BCH) truly decouples from bitcoin (BTC). In other words, it would emerge as the true bitcoin and Roger Ver will be finally vindicated on his assertions about bitcoin (BTC) and Bitcoin Cash (BCH).
The possibility of Bitcoin cash testing $5000 in 2018, is very much possible. It’s time to watch BCH, and see how things unfold.