Bitcoin Cash is the cryptocurrency forked from Bitcoin when the Bitcoin community denied to grow the blocksize on its blockchain. BCH has a larger block size than Bitcoin. As a result of the fork, for all the BTC held in a wallet, users were given one Bitcoin Cash. It is important to note that Bitcoin has many users when compared to Bitcoin Cash, and BCH will take a few more years for that.
Within just a few months, Bitcoin Cash has gotten registered in various cryptocurrency exchanges like Coinbase, Kraken, Binance, Bitfinex, Bittrex, Poloniex, etc. As BCH is supported by many exchanges, it’s easy to liquidate it at the time of emergency. Bitcoin Cash is also supported by various hardware and software wallet services, including Ledger, Trezor, Jaxx, Coinomi, etc.
While Bitcoin Cash has seen some huge downfalls in previous years, that was the time when most of the cryptocurrencies, including Ethereum and Bitcoin, also got affected.
BCH Live Chart
Bitcoin Cash is the fourth-largest cryptocurrency after Bitcoin, Ripple, and Ethereum. Bitcoin Cash has positive brand recognition, similar to Bitcoin. It offers transaction fees that are much lower than Bitcoin, which makes BCH a more feasible cryptocurrency in the crypto market. The primary focus of the BCH developers is to make its network as an efficient mode of payment, which directly implies to lowering of the transaction prices without having to compromise on network’s security. The team has implemented more than a few steps of their official roadmap like transaction ordering, CashAddr, Sighash (Hardware wallet security), Basic Opcodes, etc.
The price of Bitcoin Cash majorly depends on the direction of Bitcoin and other cryptocurrencies, most of which have suffered in the global market.
Bitcoin Cash is one of the most successful forks of Bitcoin. Due to the rising popularity of Bitcoin, the transactions became expensive with the passing time. So the original Bitcoin was forked in 2017, and the new cryptocurrency formed was named Bitcoin Cash. Currently, the BCH’s block size limit is up to 32 MB.
Bitcoin Cash is faster and cheaper. The future of Bitcoin Cash depends on how big the Bitcoin gets in the future. Bitcoin Cash can easily be found on any Crypto exchanges, and they have easily adopted the BCH as its codebase was similar to BTC.
The success of BCH depends on how quickly people accept that it is faster and cheaper. However, there is a community which criticizes BCH for comparing itself with BTC. BCH’s future is bright if BTC’s price goes up against fiat currencies.
Before deciding whether BCH is a good long term investment or not, it’s important to learn where the cryptocurrency has been adopted. BCH is one of the most adopted altcoins in wallet services and cryptocurrency exchange. Outside the crypto market, BCH is being adopted in many restaurants and hotels.
Usually, when the price of BTC rises, the price of BCH also jumps. So if you want to invest in BCH, you need to pay close attention to BTC price.