Will Hexxcoin's Merged Bitcoin Fork in Bitcoin Zero X Repeat What Bitcoin Cash Did And Revive The Cryptocurrency Market?
Could Bitcoin have reached its ATH of $5,000 last year without Bitcoin Cash? In mid-2017, everybody was buying Bitcoin just so they could get their hands on the hot Bitcoin fork in Bitcoin Cash. Buyers who held BTC were given free BCH at a ratio of 1:1 and the thought of owning two Bitcoins for the price of one created a buying frenzy. If it wasn't for Bitcoin Cash, I would have never bought back into cryptocurrency after selling my Bitcoins at the $700 - $1,000 range back in 2013. Bitcoin Cash brought life back into the market after Bitcoin crashed from $3,000 to under $1,800. It was the catalyst we needed to start the digital gold rush. With Bitcoin now falling from $8,500 to under $6,450, can Bitcoin Zero X, a merged Bitcoin fork with Hexxcoin repeat the cycle and save us from all the bearish pressure? Will it be the catalyst that spark the next bull run?
If it has enough hype, all the bears will close their shorts under the assumption that others would actually hold on to Bitcoin to get the free forked coins instead of using it as a tool to sell perpetual short contracts on margin via Bitmex. As someone who has traded Hexxcoin off its initial hype, I hope to bring everyone up to speed starting from the very beginning of our first merged Bitcoin fork.
The idea of a merged fork was created by the creator of ZClassic, Rhett Creighton. ZClassic is a privacy coin that forked from ZCash. Anyone that owned ZCash prior to the fork of ZClassic got free ZCL at a ratio of 1:1 for every ZEC they owned. Rhett Creighton then decided to do merge fork with Bitcoin and his own coin, ZClassic, to create an entirely new Bitcoin, called Bitcoin Private.
This new special Bitcoin will now have anonymous transactions. What this meant was that, anyone that held either Bitcoin or ZClassic (ZCL) got free Bitcoin Private at a ratio of 1:1. Bitcoin was extremely expensive at the time and ZClassic was just rallying from $4.00. Due to the hype of privacy coins such as Verge, which just got pumped to ridiculous levels, there was a lot of demand for currencies with anonymous transactions. ZClassic was pumped to over $200 as buyers sought to acquire free Bitcoin Private. Unfortunately, after the fork snapshot, ZClassic was heavily dumped with no buyers in sight back down to the $4.00 range. Bitcoin Private, however, did fairly well and pumped to above $50. Unfortunately, Rhett Creighton left both projects and Bitcoin Private (BTCP) has now dumped to the $4.00 range. Projects can not survive without its creator. Rhett Creighton was our savior that advised us to get into Bitcoin Cash prior to the failed fork of B2X. How can we trust a project that no longer has his backing? With no clear leader and a lack of buyer support, the dump was inevitable.
Right after ZClassic dumped to around $4.00, news outlets picked up on the story and hinted that more merged forks might come from ZClassic. Before the Bitcoin Private team stopped collaborating with Rhett, Bitcoin Private was actually gaining support from the community and the idea of another merged fork sounded like a great possibility. ZClassic started rallying and subsequently pumped hard back to $40 after Ran NeuNer started covering it.
ZClassic took the initiative and dispelled those rumors on Twitter shortly after.
But wait! Our trustworthy Ran Neu-Ner, have not yet unloaded his bags!
Despite ZClassic clarifying that there is no new fork, let's just keep the rumors alive as long as we can! You guys know Ran, the man that brought in new investors to buy the top during the Crypto Invest Summit on April 30 - May 2. Those of us that didn't get to sell our Bitcoins at $9,700 before the dump to under $8,800 got another chance to sell at even higher prices at $9,950. Thanks Ran! Bill Gates also thanks you for the opportunity to short the top. This is also the guy that went on CNBC and told the masses to short Bitcoin at $5,900 just so that we would pick up the hint and close our shorts and go long. In Ran Neu-Ner we trust.
After Ran dumped all his ZClassic, the market was still bullish as Bitcoin was rebounding from $6,450 and the Altcoin market was flourishing. Everybody was in the buying spirit. I picked up on a story where Rhett Creighton was thinking about forking Primecoin on April 27, 2018 when Primecoin was still under $1.00. I notified my followers and there was actually a lot of hype.
The discord was vibrant and there were developers on board. It appeared that Bitcoin Prime was going to be a real thing and Primecoin was getting traction with surging buy volume.
Unfortunately, as Bitcoin topped out at above $9,000, things started to cool off and Primecoin subsequently dumped after going more than 4x in its Bitcoin comparative. Volume is now really low and I think this project has now been abandoned.
During all of this, Hexxcoin was also getting a lot of hype. With a low circulating supply of under 2 million coins similar to that of ZClassic, the community also saw potential in this project. The Hexxcoin merged fork with Bitcoin would be called Bitcoin Zero X and it was a innovative new technology centered around Privacy. Bitcoin Prime would have just been another fork focusing on prime numbers with a creator that has a history of abandoning his project. Bitcoin Zero X, however, had a transparent team and was coming out with a detailed roadmap. The Hexxcoin community was also continuously being updated on its progress. Primecoin's website was completely outdated, whereas Hexxcoin's website looked fresh and unique. It had an official mining pool and master nodes that required 2000 HXX. The developers also stated that the Hexxcoin project would not be abandoned after the fork as Hexxcoin and Bitcoin Zero X will both be worked on.
When I first found out about this coin when it was around $4, I did a poll and gauged the community interest. It was very high!
As the community grew for Hexxcoin, prices quickly rose more than 3x to over $15. Now this is the initial hype phase and profits will be taken by early adopters just like with any other coin. For example, Tron skyrocketed to above $0.20 on hype and went back down to $0.03. However, it rose back to over $0.10 ahead of its mainnet launch. Hexxcoin was also sold off after the initial hype as Bitcoin fell just like with any other Altcoin, but it had a bounce rally to $15.00 in June. As Bitcoin continue its bearish tendency dropping from above $8,500 to now $6,450 (As Predicted), Hexxcoin is now back down to the .0005 BTC range in its Bitcoin comparative. Since Bitcoin is now lower than its highs in May, HXX is now valued at $3.31 instead of the original $4.00 range of when I first covered it.
If you would like to know more about Hexxcoin and Bitcoin Zero X, please feel free and checkout their respective websites via the links below:
Please do your own diligence. However, if you would like a detailed analysis about Hexxcoin and my personal opinion on whether or not Hexxcoin is a buy, please feel free to contribute and support the Bitcoin Cash community and the Your.org platform. My new telegram, where we broke the news of the SEC ETF delay when Bitcoin was still above $7,000 will also be included in this purchase. Entering shorts at the time was safe with 100x leverage down to $6,450 for a gain of more than 500%.
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