Bitcoin cash price amid sell off


Bitcoin cash is down
12%.
Wathiq Khuzaie / Stringer / Getty
Images

The price of bitcoin cash, a spinoff cryptocurrency of bitcoin,
has taken a beating over the last 24 hours as investors look to
dump their coins. 

According to data from Coinmarketcap.com,
bitcoin cash is down about 12% Thursday, at $278 per coin. 

Meanwhile, bitcoin is up over 2% to $3,429. 

On August 1, bitcoin split in two after a years-long battle in
the cryptocurrency community over the rules that should guide
bitcoin’s network.

That split resulted in the creation of bitcoin
cash, which was spun out of the same blockchain network as
bitcoin — almost like a copy of it — but built to process more
transactions more quickly.

Many folks in the community think bitcoin cash’s price has
been

inflated by issues with the technology
underpinning the
coin.

Aaron Lasher, the chief marketing officer of Breadwallet,
one of the largest bitcoin wallet companies, told Business
Insider that the bitcoin cash price plunge Thursday is
likely linked to selling pressure from folks who can now transfer
their coins from wallets, where investors store their coins, to
exchanges, where coins can be bought and sold. 

The majority of bitcoin cash holders who have their holdings in a
private wallet can’t do anything with it at this
point, according to Lasher. Basically, it’s
stuck, kind of like a pending deposit on your checking
account. 

Lasher told Business Insider that wallets, Breadwallet included,
are playing catch-up, and working on updating their
infrastructure so bitcoin cash investors can move their coins
over to exchanges where they can be actively traded. 

Breadwallet put up a blog post on their website on
Thursday to show users how they can “hack” their own wallets
to move their coins over to an exchange to sell them.

“Basically, it involves setting up another wallet and then making
some modifications,” Lasher said. “It’s not hard for someone with
the expertise and probably takes 20 minutes.”

But it’s not something the average user could do.

“There are people who want their money now and they don’t
necessarily care about security,” he said. 

In the short term, Lasher says, selling pressure will drag the
price of bitcoin cash down. In the long run, however, bitcoin’s
price could appreciate if it proves itself as a viable
alternative to bitcoin.

Get the latest Bitcoin price here.



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