A Lesson In Free Market Economics From Bitcoin Cash

I write for the finance and investment website ValueWalk. My post entitled A Lesson In Free Market Economics From Bitcoin Cash is now online. Here is an excerpt:

The hours leading up to August 1 were frustrating for Bitcoin holders who discovered, possibly for the first time, that the mining process is indeed very labor intensive and not at all suited for a massive wave of simultaneous transactions. Account holders were told to expect wait times of 6 to 12 hours for confirmations of their transactions. Ironically, this is one of the very problems that caused the Fork in the first place – the capacity for blockchain miners to process transactions more quickly and in greater number. The resulting disagreement over procedure led to the split.

Similarly, online wallets that host Bitcoin and which now host Bitcoin Cash are advising their clients to be patient. Breadwallet, for example, has confirmed to its account holders that their BCC exists, but they will have to wait a little longer to get their hands on it and trade it. According to an official statement posted to their blog, once the access happens, they will require users to wait for 20 confirmations, rather than the normal, acceptable six. This will result in wait times of up to five days or more before funds would be available to trade.

To read more visit ValueWalk here.

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