Overview of Bitcoin Cash
Bitcoin Cash was introduced in August 2017 from the split of Bitcoin. Bitcoin is one of the most expensive and stable cryptocurrency. However, one of the issues with Bitcoin is the size of a block of transactions which was limited to one MB at the time of the launch of Bitcoin. This limit used to delay the transactions’ processing time.
Bitcoin Cash increased the block size from one MB to eight MB. The goal is to increase the number of transactions so that Bitcoin Cash can process the volume of transactions that PayPal and Visa can currently process. Bitcoin Cash has become the most successful offshoot of Bitcoin.
The one MB limit was implemented to reduce potential spam and DDoS attacks. However, the limit wasn’t affecting much of the spam and attacks. With the rising popularity of Bitcoin, the limit started blocks to pile up, which was extending the transition time. Therefore, the rising fee with Bitcoin transactions gave rise to the inception of Bitcoin Cash.
Market Prediction for BCH
Bitcoin Cash was introduced to address two main issues with Bitcoin – Scalability and transaction fees. By growing the block size, Bitcoin Cash can process more transactions per second in comparison to Bitcoin. There is a huge difference between the transaction fees of Bitcoin and Bitcoin Cash. So Bitcoin Cash becomes a more lucrative option for miners than Bitcoin. Bitcoin cash started to see an exponential lift in 2017 and organized to get on the top. Because of the market fall, Bitcoin Cash is currently going bearish, but experts are positive about its rebound.
As the crypto market is unpredictable, significant price changes can happen within minutes, which makes predicting the market very difficult. However, there are few predictions made by cryptocurrency traders and enthusiasts on how the BCH is going to perform in the future:
- Trading Beasts – Trading Beasts foresee that the market of BCH is going to rise as much as $5,635.44.
- Roger Ver – Roger Ver is a devotee of Bitcoin Cash since its launch. Roger foresees that Bitcoin Cash is going to be two times valuable in the coming years. As per him, Bitcoin Cash is popular because it can be stored and spend similar to cash; therefore, it can be used in daily life activities.
- Crypto Ground– Crypto Ground foresees that Bitcoin Cash can jump up to $707 by 2020 end, and in five years, it may reach $3067.
- Price prediction – A price forecast forum speculates that BCH may reach $9560.28 by 2020 end. The attractive features of BCH make many experts optimistic about BCH.
The year 2020 will be a remarkable year for BCH as there will be new developments and innovations. There are few good plans for BCH infrastructure like BCH wallet and testing on a beta telegram tipping bot- Tipmebchbot, which will make it possible for Telegram users to tip using BCH. The year will see a price hike, and BCH is estimated to reach $800 by year-end.
Bitcoin and Bitcoin Cash are usually compared by many traders. Here is the good comparison between both the cryptocurrencies:
As Bitcoin’s block size is 1 megabyte, transaction volume can take a lot of time to clear up. To manage such a problem Bitcoin cash team after implementing hard-fork increased the block size from 1 megabyte to 8 megabytes. This is how the birth of Bitcoin Cash happened.
BCH has lower transaction fees than BTC, $.0019 for BCH, and $0.39 for BTC.
BCH can accommodate more transactions at once than BTC. However, BCH is not used as much as BTC in terms of network traffic. When compared to BTC, BCH has more block height leading to faster transactions.
More people and merchants use BTC as BTC is the first cryptocurrency and is around for almost ten years, so people trust BTC more. BCH was only introduced in 2017.
Hashrate represents how much computing power is used by miners to validate the transactions and to secure the network. The BTC hash rate is 100 exahashes, while that of BCH is two exahashes.
It’s difficult to beat Bitcoin in terms of price. From March 2010 to December 2019, the price of Bitcoin rose 12 million percent, while BCH’s performance is not as strong as BTC.