Is Bitcoin Cash A Good Buy?
Is Bitcoin Cash a good buy? We understand that you can get a lot of doubts when you are just about to buy your first stash of BCH coins.
While we don't have a straightforward answer to this question, we will try to help you understand whether this coin is a good fit for your portfolio.
By definition, Bitcoin Cash is an alternative cryptocurrency (altcoin) that came into existence through a fork in the original Bitcoin blockchain ledger. The market price of BCH has moved sideways since it started trading back in August 2017.
Bitcoin Cash was created as a direct response to the scaling issues which the original Bitcoin has been facing for some time now. Namely, the increase in miner fees and transaction processing times due to limited block size capacity.
You should know that being a fork of Bitcoin, BCH is practically identical to its parent cryptocurrency as it offers exactly the same features as well as benefits.
The only difference between both coins is the block size, as well as the fact that Bitcoin Cash offers better mining profitability.
In this short guide, we will try and help you understand the benefits of BCH so that you can decide whether this coin is worth adding to your portfolio.
So, Should I Buy Bitcoin Cash (BCH)?
While we can't tell you whether Bitcoin cash is worth buying, we believe that this coin does offer some benefits and might be worth taking for a test drive.
Namely, the fact that this cryptocurrency offers faster and cheaper transactions than BTC is certainly one of its biggest selling points.
Other benefits include the larger block size (allows for more transactions to be processed with each block) as well as better mining profitability (because of larger block size).
These are some crucial points that many believe are making Bitcoin cash (BCH) a good investment choice.
However, if you are considering buying Bitcoin Cash, we highly recommend that you do your due diligence before making any decisions. Like any other cryptocurrency, BCH is highly volatile and can go either way in a blink of an eye.
So, it might pay to study the market first and then decide if this coin is for you or not
If after doing your homework, Bitcoin Cash price still looks like a bargain to you, then it might be worth investing in.
Why Is Bitcoin Cash (BCH) So Popular Right Now?
One of the most important reasons why Bitcoin Cash gained so much popularity is the fact that it is a direct continuation of the first bitcoin blockchain ledger.
This digital currency was created as an attempt to fix some of the problems that BTC has been facing over time - namely slow transaction speeds and high processing fees.
Instead of changing some of the key features of BTC, BCH basically increased its block size limit to allow more transactions to be processed with each newfound block.
While some of this popularity has waned, BCH has been on the rise recently due to its potential use cases. The launch of Bitcoin Cash Futures is a good example here.
First, it provides new ways for investors to speculate on this new cryptocurrency while also allowing them to hedge their positions in case they trade BCH regularly.
Secondly, it will greatly increase liquidity which will definitely have a positive impact on the price of this cryptocurrency.
BCH's popularity is also partly due to its association with the most popular cryptocurrency in the blockchain industry; Bitcoin. This means that investors love BCH for the same reasons they love BTC.
Finally, the fact that BCH offers faster transaction times and lower fees compared to BTC makes this coin a great choice for investors who want to keep their money in digital form for as short a time as possible.
Read Also: Bitcoin vs Bitcoin Cash
How Much Is Bitcoin Cash (BCH) Worth Today?
As of September 9th 2021, BCH is worth $668 per coin.
While this value may seem to be well below the all-time high established for this digital currency, you should know that its price has been on an uptrend since September 2017.
This means that BCH might have more growth potential in this period.
One of the main reasons why Bitcoin Cash's price is rising so fast is the fact that more and more platforms are adopting it as a payment method. These can include popular platforms such as BitPay, CryptoWoo, Coinbase, Coinpayments and others.
Currently, BCH has a market cap of $12.6 billion and is ranked number #15 in the market by CoinMarketCap. At the time of writing, BCH recorded a 24-hour trading volume of $3.8 billion, which is 17.85% down from the previous day.
The coin has lost more than 84% of its highest value but shows signs of rebounding very soon.
Will Bitcoin Cash (BCH) Reach $1000 In 2021?
Bitcoin Cash (BCH) is a cryptocurrency that was created from a fork of the Bitcoin blockchain ledger. This means that its price should follow a similar trend to BTC.
Since the all-time high for BCH was over $4,000 it's safe to say that this digital currency has a lot of room for growth going forward. It will obviously depend on a number of factors, but we believe that BCH can reach $1000 and more in 2021.
One of the main reasons why it might skyrocket is because more and more merchants start accepting it as a payment method.
The launch of Bitcoin Cash futures on some popular exchanges only further solidifies its potential.
You should also know that BCH is a direct continuation of BTC, which means that there is no real reason for this digital currency to lose its value.
In fact, if you think about it, the market has been digesting the news of both Bitcoin futures and Bitcoin Cash futures very well. This major shift in the market could mean that investors are confident enough to start investing in high-risk altcoins such as Bitcoin Cash.
In addition, Bitcoin Cash might succeed because it is more accessible to the market when compared to BTC. In fact, some investors believe that it will eventually surpass its predecessor at some point in the future.
While we are already closing in on 2021, we can safely assume that Bitcoin Cash is a cryptocurrency to keep an eye on in the future.
Check Out: Pros and Cons of Investing in Bitcoin Cash
How To Easily Buy Bitcoin Cash (BCH) On eToro
If you want to invest in Bitcoin Cash (BCH) but don't know how, eToro is one of the safest platforms where you can buy this cryptocurrency.
Here is how to do it:
First, you must register with eToro and verify your account.
Then choose the “Cryptocurrencies” tab from your dashboard and enter Bitcoin Cash to find this cryptocurrency.
You can also use the search bar located above all the assets featured on the platform to find BCH. After doing so, click on + beside its name on the right side of your screen.
This will set up a long or short position for this cryptocurrency.
After setting up the position, click on Open & Watch BCH to see its real-time performance on eToro's platform.
Conclusion: Is Bitcoin Cash (BCH) A Good Buy?
As you can see, Bitcoin Cash is a very promising cryptocurrency that has already shown significant growth. Its price might have dropped since the all-time high it established in December 2017, but this digital currency still has potential.
Besides, it's just getting started as more exchanges are listing BCH futures and giving their users the opportunity to buy it. This is why if you want to invest in Bitcoin Cash, now might be a good time to do it before its price skyrockets.
eToro – Best Exchange to Buy Bitcoin Cash
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.