Bitcoin has been around for a number of years, and it is safe to say it has had its fair share of controversy. Whether or not it is the volatile pricing or the slow transaction speeds, Bitcoin has had a very turbulent time over the last few years.
This has caused divisions among the Bitcoin community, some choosing to stay faithful to the cryptocurrency as it was created, while others are looking for new alternatives to Bitcoin in the crypto marketplace.
This culminated in 2017 with a group of developers from the Bitcoin community creating an alternative called Bitcoin Cash. Using the existing Bitcoin platform, they caused what is known as a hard fork on the blockchain. Many people praised the action and Bitcoin Cash has grown steadily since its inception.
Here are 5 things to consider before you’ll decide to buy Bitcoin Cash.
Bitcoin Cash has Increased the Block Size Limit
One of the crucial problems Bitcoin encountered in 2016 was that its block limits were creating a funnel that was ever narrowing, and as a result, transaction fees were increasing significantly. This meant that users and owners of Bitcoin were finding it increasingly more expensive to use and trade the coin. This fallout generated a lot of talk in the Bitcoin community, and a solution was sought among many disgruntled Bitcoin users.
When Bitcoin Cash forked from Bitcoin in 2017, one of the primary factors was to reduce the cost of trading with Bitcoin by increasing the block limit on the blockchain. This new attractive and inexpensive method garnered a lot of attention, and many in the Bitcoin community took Bitcoin Cash as a cheaper-to-transact alternative to Bitcoin.
At the Time of the Fork, Those Who Owned Bitcoin Also Owned Bitcoin Cash
Originally, Bitcoin Cash traded at a very high value, given that it was a new сryptocurrency. This was in part down to the development team, making Bitcoin Cash available to all Bitcoin users. This meant that when the fork occurred, there were a lot of people already with Bitcoin Cash in their pocket. When Bitcoin survived the fork and traditional Bitcoin users retained the use of Bitcoin, they sold off their Bitcoin Cash currency. This resulted in Bitcoin Cash dropping staggeringly in value in a very short space of time.
It is currently traded at around a third of its original value.
Bitcoin Cash Remains Popular
Bitcoin trades heavily across all exchanges and BCH trades heavily too. Not in the volume of Bitcoin of course, but still in very impressive numbers. So much so that it is traded at around 10% of Bitcoins trade volume, which in itself is a big figure compared to the juggernaut of Bitcoin.
You can find Bitcoin Cash on the exchanges under the ticker symbol of BCH.
Bitcoin Cash has Transaction Advantages Over Bitcoin
The developers were seeking to rid themselves of the nuisance problems of Bitcoin. This lead them to take steps to address common Bitcoin transaction issues. This meant implementing a higher block limit, a faster transaction speed and a dedication to providing a stable platform that ensured that transaction fees would be kept low.
Typically, with Bitcoin Cash, a transaction will complete in a few minutes. This is in contrast to 10 or so minutes that Bitcoin takes to complete transactions.
BCH Maintains the Same Decentralized Ethos of Bitcoin but Claims Enhanced Security
New developments are ongoing with BCH, and these come from many avenues the world over. Formed with the same ideology of Bitcoin to remain decentralized and free of political bias, Bitcoin Cash welcomes developments from across their entire network.
The latest development update (May 2018) saw many contributions from across the Bitcoin Cash network, and the founding developers pride themselves on having created a community-based cryptocurrency that can be further developed by anyone.
A claim made by BCH is that it has the most robust blockchain in the world. Additionally, that BCH has the best safety features available to users. It has drawn on many of the great benefits of the original Bitcoin blockchain technology. It also seeks to enhance anything that might be deemed as a security flaw within the existing technology.
To this end, BCH-supporters are confident that their technology is not only the future of cryptocurrency. It is also the most reliable and secure crypto available on the market today.
What is the Future for BCH?
The expectation among the crypto community is that BCH will continue to thrive. Also, that they will draw more and more users away from Bitcoin as time goes by. The reasoning behind this is that eventually, unless Bitcoin changes its operational system, Bitcoin will become a crypto for only those wealthy enough to complete transactions. BCH is looking to lure Bitcoin users away with a promise of low fees and added security.
There are also other altcoins that are working in the same area. BCH is not at all without fierce competition. The likes of Litecoin are very much geared towards faster transaction speeds. They are also looking to take users away from the Bitcoin platform.
On the whole, given the circumstances that created BCH, it looks set to stay for the foreseeable future. It must be said though, that the users that the developers hoped to entice by giving away Bitcoin Cash haven’t been convinced on the most part to stay with Bitcoin Cash. On the contrary, the majority of those users have sold off their BCH once they got the chance. The next two years will give us a great idea about how successful Bitcoin Cash can be.
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