With great anticipation about trying out the new 8MB block limit Bitcoin Cash features, bitGuru attempted to buy some Bitcoin Cash for our Live Fund.
Thinking we had found a great arbitrage opportunity between the 2 exchanges HitBTC.com and YoBit.net, we quickly deposited some BTC into the wallet and bought BCC. (Day 3 of our Live Fund, Click Here to view it).
The prices differed greatly and yesterday we had no option to deposit BCC onto YoBit. Bittrex were also not supporting BCC deposits.
Today however, the wallets opened and started accepting deposits!
They say in life it’s the things you don’t do which you regret, so we decided to buy a small amount to test the waters and make sure everything went through okay the first time, before risking any large amounts of money.
Depositing BTC to HitBTC took about 3 hours to confirm, so a little disappointing seeing as though we were so excited and just wanted to get it bought! We’ve used the Bitcoin network many times and it’s usually much faster, generally taking no longer than 20 minutes, with 9 times out of 10 being completed in under 10 minutes.
We waited patiently though, understanding the network is probably under maintenance following the split.
As soon as the deposit was confirmed, we bought the BCC and transferred it to YoBit.
The waiting game started again.
This time it took around 4 hours! YoBit required 6 confirmations. All the while, sitting waiting, we were watching the BCC price fluctuate pretty wildly, unfortunately for us on a downward curve.
By the time it had confirmed and was available to trade, the BCC price was 0.128 BTC, meaning although we were still in profit, it wasn’t anywhere near as lucrative as if the transaction had gone faster.
Hopefully tomorrow the price will increase and we can sell for a higher profit!
The transaction times are never normally this long, and there has been such a high trading volume for BCC. Many people have received what is effectively free money, and are selling off! Others are seeing a good investment opportunity and buying.
With over $49 Million USD being traded on Bittrex alone, Bitoin Cash was the most traded coin on the platform.
Although the network was under a lot of pressure, the problem was probably with the huge demand on the exchange platforms.
We’re sure transactions will speed up once the market settles down a bit, but for now it might be worth having a look across different exchanges because the price does vary even still! HitBTC are still selling BCC for 0.109 BTC with Bittrex still buying for 0.16 BTC!
We did however send a small amount to Bittrex to test, and 8 hours later still waiting for it to be confirmed.
Right now though, if you could do it instantaneously, one BCC could potentially cost £228 ($299) and you could sell it for £336 ($441)! Nice £108 ($141) profit.
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