Topic: BitcoinCash Was $3293 in December 2017 and now its $512. What could be the reaso (Read 140 times)

The reason why BCH is struggling to recover is because people lost interest in it. They're tired of seeing new Bitcoin forks with claims of being the "original Bitcoin". Each time a new fork comes out of Bitcoin Cash (like Bitcoin SV for instance), the project's image/reputation declines. The hash wars scared off many investors due to the instability of the BCH network. Businesses and merchants want something reliable and secure, so they'll resort to Bitcoin instead.

Believe me, BCH is nothing but a "glorified Bitcoin" with an increased block size. Simple tweaks won't make the project stand against the original one in my own opinion. BCH needs something new, funky, and fresh if it wants to gain traction. Otherwise, it'll struggle to reach a new ATH. Only a bullish Bitcoin could save BCH from going all the way down the drain. Just my thoughts

Perhaps one of the reasons is because of usability and trends. When the token /coin does not have many useful functions, and the developer does not follow the current trend, then the token/coin will be abandoned.
Currently, there is a lot of competition regarding smart contracts, transaction speed and low transaction fees. In addition, the current trend is DEFI and NFT gaming. Bitcoincash has absolutely nothing to do with this trend.

Investors don't have such a huge interest in this particular project and also the whales. This project looks deteriorating and soon to die, not unless if someone would give life on this. Might be from $512 to $10 in the future or at its worse.

It has come to the realization that people will only choose the true Bitcoin, that these things. They are hot in previous days as people get fooled with such Bitcoin Fork as it seems to profit but as their journey continues, that was clear to see that they give up.

The community maybe losing support for BCH, that's why we've encountered problems like this. Many speculations would tend to explode specially when worst thoughts came particular of dropping value which other traders ranting of. However, if someone would risk their money on this they'll be able to purchase bch at very cheap value and long term hold for future rallies once bitcoin cash recovery commence over.

The reason is very simple. People realized that this fork and the creation of Bitcoin Cash was completely unnecessary. There is nothing BCH could be better than Bitcoin or any other cryptocurrency. People realized that creating Bitcoin Cash was just Roger Ver's business move. It was all done just to fill his pockets even more with money. In my opinion, this coin will collapse completely sooner or later.

Bitcoin cash will never hodl such value as this is airdrop tokens and people can dump their tokens anytime. The strange thing if the price of bitcoin cash will still remain the same like a few years ago. The price of fork coin will always be going down and down. It will never able to hodl the value. Roger maybe already sold his BCH.  The reason is people are being even smarter from day to the another day, People realize that if they must invest their money on the legit coin instead of giving their money into the hype coin like BCH. I like how people think these days as they were leaving meme and fork coins to invest in the new coins with so many utility usage. That's maybe the reason why the price of BCH was plunged a lot since its ATH. This coin will never touch its ATH again.

Because Roger Ver failed to convince the crypto community that Bitcoin Cash is the real Bitcoin. Indeed, it is never a real Bitcoin. The failure of Bitcoin Cash and Roger Ver is the success of Bitcoin, isn't it?

How Many Bitcoin Forks Are There? You will be surprised!!!.

Many bitcoin forks have same failures. They have low price and after 4 years, they don't have too many miners for their network, network hashrate is low.

The hyping and the hyper of Bitcoin cash was unable to make success in there false exclaim of Bitcoin cash being the re coin while Bitcoin is a minority to it. No matter the level of hyping, falling it assure because people are going to know the real facts and when that happens, continuous depreciation will be the next accent. Why can we even think that BitcoinCash will be able to compete with other the real boss.

A few years ago BCH has been traded on a huge price due to the hype as roger ver and jihan wu was spreading fake message if this kind of garbage coin was a real bitcoin and they were calling the real bitcoin as fake bitcoin as it doesn't follow what their intention. That's why roger was forking the bitcoin chain and it was building their own version of bitcoin called bitcoin cash. There are various reasons to explain why this dump happened but I'm sure that if the strong reason must be the hype for fork coin comes to its end. People didn't believe again to call the fork coin as store of value. The hype of defi and nft were also making so many old coins gone to the hell. They were getting replaced by new coin which was more reliable compared with the old coin. The tech of bch was also outdated and the smartcontract that already promised to be launched on bch didn't meet the speculation.

Its easy, because bch, btcsv btc gold btc diamond etc arent btc. As a store of value people and enterprises.loves btc thats why this altcoins that arent trx or eth or xmr so on...will remain  on a secondary plane. People likes to do 2 thing. Invest on the  btc, invest on new projects or invest in something they find sense.
So why i should put my money on bch when there are 3000 projects that can be more rentable than bch? And if i want a store of value...btc is the king...or i can stake dai if i prefear 0 risk...so i can do 1000 diferent things to grow my money with better possibilities.

Likely, i read opinions of those people back in 2017 right after the BCH fork and was convinced that BCH can be considered as a scam try to steal the light from bitcoin and reserve another version.
Maybe people trusted this project after he claimed to solve blockchain issues like the block size and the fees, but the scandale was when CEO pretended to be the real Satoshi or in connection with it. People started seriously think about the credibility of this project and many of them forgot about it even it's supported by almost all the major exchanges and paiement services.

The big contributor about its fall is because it's being hated by the community and when there's hate, there's not that much adoption, merchants and businesses will opt to accept bitcoin instead of this.

Yeah, surprised that its one that didn't have pumped lately even when we're in the bull run. I think it has gotten to $1.4k and then still fell.

BCH doesn't have utility usage and it's only fork coin. People are seeing the fork coin as something that doesn't need to be owned or even used as their portfolios. People are dumping their bitcoin cash and replace it with a better coin like gaming token or protocol coin like solana, avax, etc. The hype for bcash already ended and it will never go to the top again. This fork coin was a shitcoin.
No reason to hodl this coin except people wanna be speculative only on it. Bcah was not able to follow the hype and that's why it's going down gradually.

The same thing was also happening with all of bitcoin fork coin. These fork coin will be leaving by its users and no one uses it anymore in the future. If you're having BCH and think about converting it to a coin that offers you good utility and benefits.

No matter how good the imitation, it won't last long. Bitcoin is still Bitcoin, the original cannot be imitated even with all the stages of the same manufacturing procedure. Then we will find flaws in it. BCash can't claim anything on Bitcoin even now its price is very worrying. From $3293 to $512 is not a slight price collapse. For us, if you invest above that price, you might already hate BCash. Luckily we didn't touch them at all.

To be honest, I am kindda surprised that it all went downhill so quickly for BCash. If nothing else, it did have Gavin's support. Yet, this is where the amazing thing about crypto comes to the fore. The success actually depends on how sincere the people using it are in terms of their conviction in the usage of crypto as well as in terms of seeing crypto as different from the usual deceit of the business world.

Compare how Gavin has behaved with his screwup about Faketoshi. The guy has literally humiliated himself in front of the whole world but Gavin never really called him out. He never had the conviction to commit to the Bitcoin ideals of transparency and decentralization. He was clearly the kind of guy who loved making "deals". Ditto for Roger Ver. These people were never in it for the ideals but were in pursuit of fame and glory and money for themselves. This is why these communities eventually scatter. Because there really isn't the conviction of ideals. Crypto is a completely new concept and it is changing the way we communicate and do business by changing the definition of money. It needs a certain conviction of ideals.

Its pretty clear that most of these people with ideals (Maxwell, Jack Mallers, even Jack Dorsey) are with Bitcoin and don't care about "versions of Bitcoin" that false prophets and businessman like to pursue in hope of capturing "market share"

Because it's just a clone and not a lot of people really cared too much about it, even their developers don't care anymore I think. At that time, it has all the hype built up because those times were also bad times for bitcoin.

Many has been hype by that before since the dev is creating noise that they are the real bitcoin and the dump is expected after that since mostly majority of the investor are now out for good unto this coin since provably many realize that this is not a ideal coin to trade and better stik with the original to avoid losing more money from fake coins and devs which main interest is to gain from their project.

I've just been trying to work out why it's worth so much. Other than the hype I don't think it has anything innovative behind it - blocks are theoretically the same size as bitcoin's...

Also maybe the coin fork annoyed people (the one to bsv). As well as the fact that bch to bitcoin is doge to litecoin (comparitively insecure although doge might be more decentralised).

December 2017 was a spike in crypto world. After that it went down. Some coins recovered but BTCH kept on going down. What's the reason?