Bitcoin Cash Me Outside, How Bout Dat?
Arguably the largest result of Bitcoin Legacy difficulty readjustment is simply this:
Average fees have gotten considerably worse at $74/byte. This is a meager 3000x the fees on the Bitcoin Cash chain.
Please bear in mind that fees are calculated in satoshis per byte and not USD, so even when Bitcoin Cash is worth 10x the amount it is today, it will still be substantially cheaper than BTFee.
One of the things that's worth noting about this is manifest in the following points:
At the moment, Legacy is 17% more profitable to mine, up from being relatively equivalent the last few days.
This relative parity comes on the back of an absolutely colossal difference in fees made by miners between Legacy and Cash.
And this is while BTC has been finding so many more blocks than BCH.
It's also worth noting just how excellent the Bitcoin Cash Difficulty Adjustment Algorithm has been since the change. 6.00 blocks/hour is exactly perfect.
However, Legacy has so much hashpower right now that it's finding 8 blocks an hour, even after difficulty is adjusted. If this trend persists for the next two weeks, difficulty will increase another 20%.
Unconfirmed transactions remains stable at 150,000 support. However, it's worth noting that BTC is processing 9 transactions an hour at the moment, and if hashpower leaves, that number will plummet and this problem will quickly become an issue.
Expect the conversation about fees and transaction time to accelerate like fire leading up to the new year.
Since my TradingView post has been up for a few hours, let's get straight to the trade.
In this post there will be:
- Trade structure, strategies, stops, and targets
- How to handle trading while the price is uncomfortably high
- Multiple updates as price action progresses and as news progresses.
Average trade structure post so far has gone on for 24-48 hours and has had ~10+ updates provided along the way.
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