Bitcoin Cash (BCH) current price is $513.80 with a marketcap of $8.97 B. Its price is -3.66% down in last 24 hours.
- Bitcoin Cash (BCH)
- Live Price $513.80
24h % -3.66%
- Market Cap$8.97 B
- Volume$1.40 B
- Available Supply17.45 M BCH
More Info About Coin
The first thing you need to know about Bitcoin Cash is that it is not Bitcoin but is what is known in cryptocurrency terminology as a fork of Bitcoin. From a technical view, this means that Bitcoin Cash is not really a new cryptocurrency, but simply a duplicate version that shares the same history as the original.
The starting point of a new cryptocurrency would be block zero, along with a new blockchain. But in the case of Bitcoin Cash, while the history is shared, all transactions and balances created after the fork are completely independent of one another.
On the practical end of this technical side is that if you were a Bitcoin owner prior to the Bitcoin Cash fork being created, you have the same amount of Bitcoin Cash.
August 7, 2018 marks the one year anniversary of Bitcoin Cash, and after considerable speculation about its future it has arrived as the fourth ranked cryptocurrency out there today. At a price just under $750, it has become a favorite for investors who once wondered whether if there was really such a thing as a way to make a profit without spending a dollar.
The question is how did it manage to defy the critics who said that a cryptocurrency so closely related to Bitcoin could draw both investors and developers. There are several answers, many technical, that opened the door to what many are saying will be a stampede of competing apps in the future.
The first change that addressed the issue of block size was increasing the parameter from 8 megabytes to 32 megabytes. Bitcoin’s is, in comparison, a paltry 1 megabyte. This change was the impetus for many new app developers to jump on the Bitcoin Cash bandwagon.
For non-programmers, the reason is that you can have more room to work with, both in the programming arena and in the real world application. Think of it as having a bigger house.
This increase in space allows more data to be pushed on to the blockchain, meaning more transactions can be passed through without sacrificing the speed of each transaction. The factor is not 32x compared to Bitcoin, but Bitcoin developers have taken notice as they work to create a layer that will be able to compete with the new Bitcoin Cash blockchain size.
Interestingly, the rise of Bitcoin Cash popularity has attracted some developers to current event issues, such as the high rate of inflation in the economically troubled country of Venezuela. There, inflation rates have topped 40,000 percent and customers who are seeking the ability to conduct low cost transactions at a high transaction per second rate are looking at Bitcoin Cash as a potential solution.
Though this high-low potential has not yet been realized in the development of an app, another fork is planned that will make Bitcoin Cash more viable in the future.
That fork is reported to be the creation of a crypto coin. One of the biggest reasons that Bitcoin Cash developers need to create yet another fork is because it needs to find a way to separate itself from its parent Bitcoin and clearly stand alone in the cryptocurrency world.
But Bitcoin isn’t Bitcoin Cash’s only problem since it also needs to stand out from all the other competing protocols. This can only be done through the creation of new features that will separate it from the pack.
Since its inception, Bitcoin Cash has had a rough road to travel to arrive at the point of legitimacy. If you think that Bitcoin advocates would allow Bitcoin Cash to merrily go along its way and undercut Bitcoin’s cryptocurrency supremacy, you have much to learn about the competition in cryptocurrency circles.
Bitcoin advocates went so far as to file a lawsuit charging Bitcoin Cash was misrepresenting itself on its website. More hullabaloo had Twitter temporarily shutting down the @Bitcoin handle because Bitcoin Cash articles were using the handle to promote their own cryptocurrency.
For the moment, things have settled down and developers of both cryptocurrencies are working to develop a better result (which is the way it should have been all along).
So here we are now, and the question of the future of Bitcoin Cash has arrived. By the numbers, it currently is involved in the development of more than a dozen different projects and is currently providing 19 different services.
It also is trading on more than 40 exchanges, giving it the exposure it needs to continue to be competitive. But make no mistake, Bitcoin continues to dominate the cryptocurrency market, so for Bitcoin Cash it is a mountainous journey.
Bitcoin Cash may never overtake Bitcoin, but in the cryptocurrency market anything is possible. Like with anything new, it has to offer something that makes its value dramatically increase while becoming an attractive option to the public. The technical nuances and improvements are great, but will these features get the public excited enough to push it to the next level?
Pros & Cons
|Larger block size than Bitcoin||IT'S NOT THE REAL BITCOIN|
|Faster and cheaper than Bitcoin||Bitcoin Cash is on its way to becoming more centralized|
|It's just a copy of Bitcoin with a few improvements|
BCrypto Investment Tip
Bitcoin Cash, also called the "Fake Bitcoin" is just a rip off of Bitcoin in my opinion same as all the other Bitcoin forks. From my point of view all these forks just look like a ctrl+c and ctrl+v of Bictoin with a few changes so people think it's a totally different coin. Although the creator of Bitcoin Cash has huge plans for its future and speaks very highly of his coin I do not think it's a coin that will stay at the top for years. When people educate themselves more about cryptocurrencies they will see no future in these kind of forks and won't invest in it. I'm not saying it won't grow higher in the short term but I don't expect to see it here in the next 3-5 years.