Bitcoin Cash seems to be one of the biggest winners in the crypto market, as markets begin to rebound in value with the dawn of spring 2018.
In the recent week, the cryptocurrency has been on a continuous upswing as the network inches closer to another hard fork in just a few weeks time. Both traders and Bitcoin cash enthusiasts believe the network and the digital currency has innovative tools to propel its adoption to the next level.
As of this writing, Bitcoin Cash is trading at $1404.65 according to CoinMarketCap. But what exactly is Bitcoin Cash? Read on to find out this cryptocurrency that is piling pressure on the big brother Bitcoin.
As far as the crypto market goes, Bitcoin cash is the most successful and widely accepted bitcoin fork. It is a peer-to-peer digital currency, which is applicable all over the internet. Its objective is to serve as peer-to-peer cash, which is why since its inception, Bitcoin cash focuses on transactions.
Principal Features of Bitcoin Cash
Following its success in the crypto space, BCH has gained a steady inflow of followers, investors, and merchant adoption. Currently, it is considered the most business-friendly cryptocurrency. For this reason, the second quarter of 2018 has seen several Bitcoin cash adoptions by various merchants.
The decentralized digital currency embraces various features, which are unique to its network as follows:
- Bigger block size—around 8Mb
- Replay and wipeout protection with different transaction signature
- Ability to quickly adjust the complexity of proof-of-work in case of low hash rate
- Low fee solutions for global payments
In addition to the obvious difference between Bitcoin core and Bitcoin Cash, there are a lot more features that make the two projects more of competitors. For Bitcoin core (BTC), transaction fees are higher, which limit its transaction capacity. No transaction goes through unless the user pays the high processing fee. This makes the network unreliable to many users.
For Bitcoin Cash (BCH), the network comes with ample space in the blocks to ensure that processing fee remains lowest in every transaction and digital assets do not incur unnecessary delays during processing.
The prime objective of Bitcoin cash is to facilitate easy crypto payments around the globe in a faster and secure manner. The original bitcoin was supposed to behave the same way, but along the way, the network increased transaction fees and turned into a ‘store-of-value’ instead of being a peer-to-peer digital cash system.
It’s not a secret that Bitcoin core continues to lose clients, even as Bitcoin cash relentlessly gains merchant support. This is attributed to better user experience and lower transaction fees witnessed on the BCH platform.
Bitcoin core lost some of its key merchants such as Dell, Microsoft, and Steam, which once accepted Bitcoin as a method of payment but stopped due to the unreliable performance of the network.
What Analysts Say About BCH
Many crypto analysts have recommended BCH as a better investment among the top five. This follows the network’s potential to grow to new heights in the world of cryptocurrency. At a time when many crypto giants making a comeback, analysts suggest buying the dip to avoid FOMO in the near future.
Since April 11, the value of Bitcoin has risen considerably and traders suggest that when the dust of tax-selling pressure settles, the cryptocurrency will show an upward trend.
5 Reasons Bitcoin Cash Will be a Winner
With a planned network upgrade on May 15, 2018, Bitcoin Cash declared a list of specifications that will take its operations to the next level. One of the slated changes is the increase in block size to accommodate various op-codes.
Bitcoin Cash Set for a Massive Breakout
In the past few weeks, Bitcoin cash has been the cryptocurrency in demand. This follows the massive gains it has acquired in its price value, which has increased by a bigger margin since the beginning of the second quarter 2018. As of this writing, the price of Bitcoin Cash is at $1404.65 according to CoinMarketCap.
For the past nine months, Bitcoin Cash network has been able to accumulate a massive amount of infrastructure and support, better than any other digital currency. Following the benefits it offers, BCH is headed for a massive breakout in terms of adoption and valuation.
Many individuals and organizations believe Bitcoin Cash is a strong competitor in the crypto space and recent achievements are just the tip of an iceberg. The most recent compliment is from Antpool, a mining company operated by Bitmain Technologies.
“The Bitcoin cash blockchain is at the tipping point of becoming a widely used public blockchain,” said Antpool.
Infrastructure and Support
It’s nearly nine months since the inception of BCH. Since then, the Bitcoin core hard fork has garnered massive infrastructural support from various wallet providers and exchanges. No other digital currency has witnessed a similar level of support in such as a contracted period. Currently, Bitcoin cash enjoys support from the following exchanges:
- Copay and many more
In addition, BCH has six full-node implementations from various organizations including Bitcoin ABC, XT, Unlimited, Bitprim, Flowee and many more. These partners, together with NChain, which is the blockchain-based firm, all contribute to the trustless and open development community linked to the BCH project.
Together with these specific providers, BCH has gained massive merchant acceptance than any other digital currency out there. Following its integration with Bitpay, thousands of merchants today accept BCH including Microsoft, Newegg, and more. Besides, there is the “Accept Bitcoin Cash Initiative,” which is an online campaign by a group of merchants who accept Bitcoin cash as well. Other initiatives such as Openbazaar and Purse.io support that is coming soon, BCH will soon cover nearly everything that Bitcoin core does in terms of infrastructure.
Bitcoin Cash Embraces Passionate Grassroots Community
It’s no secret that Bitcoin Cash has loyal and passionate supporters that have walked with the network since its inception when it had only one chain. Many BCH fans supported Bitcoin core until the scaling issues arose. Sensing that Core developers were hesitant to compromise, many of the previous BTC enthusiasts formed an alternative environment.
The move even led to the members being banned from the Reddit bitcoin forum for simply discussing increasing the block size on the Core project. After the August 1 hard fork that led to the creation of Bitcoin Cash, a strong and passionate community formed around the network, willing to discuss and implement necessary protocol changes and upgrades.
In November 2017, just a few months after the split, the BCH community performed a successful hard fork to fix Difficulty Adjustment Algorithm (DAA). The result of the hard fork was favorable and promoted mutual benefit between Bitcoin cash and Bitcoin core chains. Over the past 9 months, the BCH community has been consistent in ensuring that the network adopts and resurrects the application that BTC network could not implement such as high fees and undependable processing times.
Overall, the BCH community has been consistently supportive and passionate, focused on making bitcoin cash a reliable cryptocurrency. The community achieves its goals by adhering to principles and by spreading the word for BCH adoption.
Other features that make BCH network a winner are lower transaction fees, more features on the platform, and its ability to match Satoshi’s vision.
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Images Courtesy of CoinStaker Library, Twitter, Bitcoincash.org
Tony is a writer for the crypto space. He presents cryptocurrency and blockchain topics to the public in a way that he only can. While carefully researched, this article should not be taken as an express investment guide. Do your own research and consult a financial advisor before you invest in cryptocurrency.
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