Bitcoin Cash (BCH), sometimes referred to as BCC is a fork of BTC Classic and a controversial one at that. Created in August of 2017, currently, Bitcoin Cash has a market capitalization of USD3.19Billion and is ranked as the 4th priciest crypto coin by market cap.
At its initial launch, BCH was perceived in so many corners to be an upgrade on the BTC and of course, it did appear so. Bitcoin Cash news has hugged the limelight for many reasons since its introduction.
BCH was developed as an alternative and likewise, a solution to Bitcoin’s scalability issues. Of a true, BCH actualized its target; Bitcoin Cash transactions were more reliable, cheaper and faster initially and till now, it still maintains the same momentum.
Among many investors and crypto enthusiasts in the cryptosphere, Bitcoin Cash is widely regarded as the spendable version of BTC. This means it is much more economical to transact using Bitcoin Cash compared to BTC else one would end up forking out exorbitant transaction fees. In other words, it is way better to purchase a $70 watch with Bitcoin Cash (BCH) than using BTC.
Now, BCH is doing just fine at alleviating BTC’s scalability problems and incredibly high transaction fees; but for how long can it hold up? In the past few months, Roger Ver (an aggressive BCH enthusiast), has been putting in his best into creating a smokescreen of Bitcoin Cash as the real BTC.
Roger’s efforts have largely been aided by his website “Bitcoin.com.” Bitcoin.com has helped Ver engineer a widespread confusion that has to mislead new and intending investors into believing that BCH is the real BTC.
Roger Ver’s acts have resulted in a few sanctions with the most prominent of them being a Twitter ban for BCH. However, he has not relented in his pursuit. From the trading viewpoint, Bitcoin Cash is performing well against BTC and might possibly break out in the next few weeks. However, against the USD, it is an entirely different situation with nosediving prices.
A flurry of market activities over the next few weeks will be instrumental to BCH’s growth and price movement. Provided that overall growth is experienced in the market, Bitcoin Cash prices will likely follow suit.
Who is Supporting Bitcoin Cash?
It will be inappropriate to think that BCH is not receiving the worldwide support it needs to thrive in the coin market. Bitcoin Cash is receiving all the support it needs from key players in the cryptosphere such developers, users, and miners. A few of the notable supporters include Wallets, Exchanges and Mining pools.
What does the future hold for Bitcoin Cash?
Bitcoin Cash is a fork of the actual BTC blockchain but with some additional features and little changes here and there. These new features might seem insignificant, but they are the reason why Bitcoin Scaling has been a subject of massive debate for some years.
Bitcoin Cash boast an increased block size limit, wipeout and replay protection, and a type of transaction that includes input value signing for enhanced security on hardware wallets. Also, quadratic hashing issues are eliminated.
Currently, Bitcoin Cash is ranked 4th most utilized cryptocoin with respect to its market cap. The big question is what next? What does the future hold for BCH?
Many sources profess optimism in BCH; they believe it to be the best alternative to Bitcoin, with already proven benefits which includes low fees and speedy transactions.
According to Tradingbeasts.com the average price of BCH in December 2021 is expected to be about 15,000USD. This might seem too optimistic for a kid coin, but it sure corroborates the fact the future looks good for Bitcoin Cash.
Another good news is that Bitcoin Cash mining is now more profitable than BTC mining. This in turn is causing a shift in mining power from BTC to BCH, thus bringing about a solid Bitcoin Cash network. Some few months ago, BCH also got a major boost after BitPay made its support for the coin public. BitPay’s support has largely increased the usage of BCH.
As you may know, price predictions for digital currencies are just indications based on their current performances.
Bitcoin Cash with no doubt looks extremely promising, However, the volatility in the cryptocoin market makes it difficult to say exactly what its price will be in the future. As at now, its current situation is positive, and its fortune appears promising.