Bitcoin Cash (BCH) is not only a fork of Bitcoin (BTC), it is also the 10th largest digital asset by market capitalization.
This article takes an overview of Bitcoin Cash, its core areas of business, and - most importantly for prospective investors - the pros and cons which can help answer the question: Should You Buy Bitcoin Cash?
Bitcoin Cash (BCH) has ridden side by side parent crypto Bitcoin (BTC) and other altcoins in bullish seasons and bearish declines in 2021. Several cryptocurrencies such as BTC, Binance Coin (BNB), Cardano (ADA) and tradable tokens such as Yearn Finance (YFI), Uniswap (UNI) and PancakeSwap (CAKE) have all recorded new all-time highs.
Bitcoin Cash has returned 166.26% Year-To-Date. Unfortunately, it has failed to test its all-time high price of $4,335.62 in 2017.
For a cryptocurrency which was directly forked out of Bitcoin, several analysts have argued that Bitcoin Cash is trading far below its standards. Considering its Year-To-Date high is $1,208.59, the digital asset is far away from 10% of the current trading price of Bitcoin.
Turkey has followed China (2017) and Japan (2018) to announce a ban on all forms of cryptocurrencies which are used as options of payments on online retail outlets. This announcement came during the weekend of 16th-18th April and cryptocurrencies including Bitcoin Cash plunged almost 25%. Luckily, the drop did not cross the $778 support level.
With countries such as China already established in central bank digital currency as it released its digital Yuan in early April, will Bitcoin Cash survive?
Ukraine has partnered Stellar to help build a national digital currency. Additionally, the US government has partnered with Massachusetts Institute of Technology to do a pilot study on the idea of the country developing a digital currency as soon as July 2021 which is backed by the Federal Reserve Bank of Boston.
Will Bitcoin Cash which serves a primary purpose of a transactional currency be hit hard by such developments?
Most importantly, for new traders and investors - what are the pros and cons which can help answer the question; should I buy Bitcoin Cash?
- Bitcoin Cash (BCH) at a Glance
- Pros of Buying Bitcoin Cash (BCH)
- Cons of Bitcoin Cash (BCH)
- How Can I Buy Bitcoin Cash?
- Bitcoin Cash Price Prediction: What Are Experts Advising on Bitcoin Cash?
- The Bottom Line - Should You Buy Bitcoin Cash?
Bitcoin Cash (BCH) at a Glance
For novice traders and investors in particular, numerous questions are raised as to why there is Bitcoin (BTC) and Bitcoin Cash (BCH). In this section we will give an overview of Bitcoin Cash, its beginnings, BCHs price performance and some of its partnerships and integrations.
Bitcoin Cash came into existence as a clone of Bitcoin, created as a part of a split. Bitcoin Cash is slightly different from Bitcoin though it thrives on some of the same features.
The Bitcoin Community was the main proponent behind the idea of creating BCH. Several members felt that BTC failed to scale transactions in a fast manner. Affected its rates of acceptance and adoption by mainstream institutions as a transactional currency.
Roger Ver is one of the most popular BTC enthusiasts and he is normally referred to as Bitcoin Jesus. As an early investor in Bitcoin who believed in the possibilities of blockchain technology, Roger has been involved in the promotion of a wider acceptance of the cryptocurrency.
Introduction of Two Schools of Thought
Roger and some members of the Bitcoin Community decided that Bitcoin is gradually being perceived by the public as a transactional currency. Their view was that Bitcoin must be maintained as a digital investment. Their proposal was the adoption of BIP 91.
Bitcoin Improvement Proposal (BIP) 91 was a software upgrade that attempted to address Bitcoin’s limitations in processing millions of transactions daily.
BIP 91’s primary purpose was to avoid splitting Bitcoin into two blockchains while keeping pace with the growth of the blockchain and processing more transactions. In the process, there wouldn’t be a in the limit of block-size. Instead, there would be relatively smaller data verified and transactions would become cheaper.
Other members of the Bitcoin Community disagreed with Roger Ver and his supporters. They opined that Bitcoin must be able to compete with government-issued currencies.
With Bitcoin gaining acceptance in the mainstream, transaction validation became relatively slower due to network congestion which ultimately led to higher fees. The solution was to increase the data size of blocks to help the blockchain process more transactions at a single time.
Destined to have their way, a hardfork (upgrade of software) was initiated by certain developers and miners which effectively split the blockchain into two. Bitcoin Cash (BCH) was created to serve as a medium of exchange. Bitcoin (BTC) remained as a transactional currency and became a store of value as well.
What is Bitcoin Cash?
Bitcoin Cash is the peer-to-peer electronic cash that is used to send and receive money over the internet. It is not censored by insurance companies, clearinghouses or traditional banks.
In relation to Bitcoin, Bitcoin Cash is often called BCash, a second version, an offshoot, strand, altcoin, spin-off and a hard fork.
Bitcoin Cash provides a bright future of financial freedom because of its permissionless innovation, decentralized development, global adoption and unrestricted growth. Its ticker symbol BCH can be found on most cryptocurrency exchanges.
The primary purpose of BCH is to increase block size. This means it can process a high number of transactions per second (TPS).
How Many BCH Are In Supply?
Bitcoin Cash has the same total supply as Bitcoin. BCH currently has a circulating supply of 18,713,300 BCH which represents 89% of the mined coins of a maximum supply of 21,000,000 BCH.
Bitcoin Cash (BCH) Price History in 2017
As a result of BCH being a fork of BTC, the digital asset’s opening trading price unlike other altcoins is known. Bitcoin Cash opened on 1st August 2017 at a trading price of $240. Since that day, HODLers (long term holders of the asset) have made enormous gains.
Other traders and investors have been through bullish days and bearish seasons. Fortunately, Bitcoin Cash benefitted from having a well-known first name, ‘Bitcoin’. This made investor activity on the crypto trading asset relatively bigger.
Bitcoin Cash (BCH) closed its opening day of trading at a price of $670.61. Unlike other altcoins, BCH had a relatively higher trade volume of $204.01 million.
BCH has its own features such as a unique blockchain. To speed up the verification process, there was an increased block size data from 1 megabyte to 8 megabytes. BCH nearly doubled in price to $416.40 in the 3rd quarter of 2017.
Bitcoin Cash followed in the footsteps of Bitcoin as it soared to new all-time highs in December 2017.
As of the close of 31st December 2017, Bitcoin Cash (BCH) exchanged hands for $2,317.90. Within a four-month period, BCH returned 865.792%.
Bitcoin Cash (BCH) Price History in 2018
In 2018, Bitcoin Cash saw an increase in its block size from 8 megabytes to 32 megabytes. The transactions being processed were a small reflection of the maximum limit it was increased to.
Additionally, Bitcoin Satoshi Version or Bitcoin SV was created in late 2018 by a fork of Bitcoin Cash’s blockchain. This adjusted the protocol with larger block sizes with a primary aim of reducing transaction fees.
BCH began 2018 on a high note with a price of $2,549.51. Unfortunately, the gains made in 2017 brought increased attention to cryptocurrencies. China banned the use, trading and investment of all cryptocurrencies in 2017.
This was followed by Japan which had earlier on been a temporary home for the largest cryptocurrency exchange Binance. Japan followed China and banned cryptocurrencies due to their decentralized nature and, more importantly, their anonymity.
This hit Bitcoin hard and altcoins such as Bitcoin Cash followed. BCH at the end of 30th June 2018 traded for $735.33. In the space of 6 months, altcoin plunged by 71.158%.
BCH made further gains on 23rd July 2018 and was worth $867.29. What looked like a rally soon turned into one of the worst trading years in the history of cryptocurrencies.
By the 31st December 2018, Bitcoin Cash had a price of $165.29. Overall, BCH shed 93.5168% of its opening price.
Bitcoin Cash (BCH) Price History in 2019
Billed as a year of recovery for cryptocurrencies due to the recession of 2018, BTC led the way. BCH and other altcoins followed in the bullish footsteps of Bitcoin. BCH began 1st January 2019 relatively stronger at $171.70, but closed the 1st quarter of the year at a lower price of $166.84.
This raised the question as to whether BCH could survive. However, integrations and partnerships with several online retail websites propelled a price increase.
BCH closed on 30th June 2019 at an improved price of $417.50. After a huge sell-off by investors who feared the worst and were content with gains made so far, BCH ended 2019 with a trading price of $204.37. BCH returned 19.0274% in 2019.
Bitcoin Cash (BCH) Price History in 2020
Bitcoin Cash experienced a slight bearish period on 1st January 2020 and closed at $195.94. Unlike parent crypto BTC and other altcoins which plummeted in the peak periods of the pandemic, Bitcoin Cash (BCH) performed relatively well and maintained its price.
BCH then closed 31st March 2020 at $224.56 and 30th April 2020 at $254.98. With several cryptocurrencies hitting higher lows, experienced investors were joined by novice investors (those who do not do any fundamental or technical analysis). This brought renewed interest to the cryptocurrency market.
This propelled Bitcoin Cash to new highs of $342.38 to close out the year with a relatively impressive trade volume which stood at $85 million.
Bitcoin Cash (BCH) Price History in 2021
Bitcoin’s offshoot began 2021 with an improved price and closed 1st January 2021 at $354.56. With an eye on picking up the pieces from the pandemic, cryptocurrencies have experienced one of the most amazing rallies in recent times.
On Monday, 8th March 2021, it was reported that Switzerland-based investment product provider 21 Shares was to start listing Bitcoin Cash (BCH) as an exchange-traded product on Deutsche Boerse’ Xetra market.
On Tuesday, 9th March 2021, the listing took effect with BCH trading under the ticker 21XC.
Hany Rashwan, CEO of 21 Shares, said of the listing “After the immensely successful launch of the first Polkadot ETP just a month ago, we are working on several more launches in the second and third quarter”.
As per data retrieved from CoinMarketCap, BCH opened at $516.18 on the day of the announcement. The altcoin then closed at $529, a 2.48% increase in the space of 8 hours.
At the time of writing, BCH has a trading price of $914.96 having shed 1.40% in the last 24 hours. Inasmuch as trading between $874.11 and $1,042.22 is a minus for BCH, considering its all-time high price of $4,355.62, it has returned more than 160% for investors.
With such a performance in hindsight, what are the pros and cons of buying BCH in the near future?
Pros of Buying Bitcoin Cash (BCH)
No asset can boldly claim it resisted the negative impact of the coronavirus pandemic. Inasmuch as Bitcoin Cash (BCH) slightly resisted a huge sell-off by investors as a result of HODLers opting to hold instead of sell, it is not perfect.
In the third week of March 2021, Trading Education conducted a study to find answers to the question, is Bitcoin Cash a good investment? At the time, Bitcoin Cash had a price of $550.40, trade volume of $130 million and a market capitalization of $10.28 billion.
BCH has a trade volume of $8 billion and a market capitalization of $17 billion at the time of writing this report. In a space of five weeks, there has been a 65.37% increase in the overall valuation of the cryptocurrency.
Where does this difference come from? What are the drivers behind Bitcoin Cash’s price? Most importantly for you as a trader or investor, what are the pros of buying BCH?
Lots of analysts think Bitcoin Cash has a big future, making it an attractive option for new investors. So, here's a quick look at why BCH is a good investment.
✅ Scales Relatively Faster Than Bitcoin (BTC) and Ethereum (ETH)
The primary problem that made it difficult for BTC to gain mainstream acceptance and adoption was its processing speeds.
‘Scalability’ is an essential part of blockchain technology when it comes to processing speeds and with the introduction of new developers into the space, there have been many new ideas on how to improve it.
BCH can process 116 transactions per second while Bitcoin processes 4 to 6 transactions per second. Smart contracts platform Ethereum (ETH) still relies on the proof-of-work algorithm which sees its network process 10 to 15 transactions per second.
Scalability is directly linked with fees. With millions of people using BCH for their transactions, the average transaction fee for Bitcoin Cash is $0.009011. So close to $0 it cannot be compared to the average transaction fee of BTC which stands at $50.21 and Ethereum’s fee of $22.5. Only Tron (TRX), which has a transaction fee of $0, is ahead of BCH when it comes to transaction fees.
Because of this, many crypto users prefer using Bitcoin Cash to pay for goods and services. This is because it comes with a low transaction cost which is especially appealing to people with little savings or living below the poverty line.
✅ Widely Accepted as a Transactional Currency
Bitcoin Cash has been successfully adopted and integrated with over 4,300 merchants across several industries. This brings huge user activity to the cryptocurrency. As per data retrieved from CoinDesk, 295,729 transactions have been settled through BCH which is worth $2.57 billion in the last 24 hours.
Charities and non-profit organizations such as Save the Children, Heifer International Humanity Road and Khan Academy accept Bitcoin Cash as an option of payment for receiving donations.
In the last days of March 2021, PayPal announced that it has added another feature to its payment services called Crypto Checkout. President and CEO Dan Schulman pointed out that “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet”.
He further added that “We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants”.
This exposes Bitcoin Cash to over 377 million active users of PayPal. This could contribute to the number of transactions processed in Bitcoin Cash and reflect positively in the valuation of the cryptocurrency.
According to Trustnodes, LIFERANDO, Germany’s biggest meal delivery provider, allows people to order food from 11,000 restaurants and pay with Bitcoin Cash as far back as 2018.
Takeaway.com also accepts Bitcoin Cash for its online orders across 31,000 restaurants in Europe and Vietnam.
Additionally, BCH is currently used by 73 tourism, traveling and rent services, 115 web marketing and development, 185 business services, 655 internet services, 1,385 shops and markets, 147 gambling companies, 807 crypto services, 74 gaming websites and 351 offline services.
Some of the online retail outlets include hosting services (NameCheap and HostMeNow), pharmacies (Remedy’s Nutrition and Apothecary and Greg’s Botanical). Also, crypto services (CoinPayments, Coinify and BitPay). Lastly, hotel booking websites (Travala.com and Cheapair.com).
This brings more liquidity to Bitcoin Cash and improves its trade volume and market capitalization in the process.
✅ BCH Has Been Recording Impressive Trade Volumes
As per data retrieved from CoinTelegraph, BCH had a trade volume of $27.28 million on 1st January 2020. The crypto trading asset had a trade volume of $132.85 million on 1st January 2021.
At the end of the first quarter of 2021 on 31th March 2021, BCH had a volume of $251.58 million. At the time of writing, Bitcoin Cash (BCH) had a trade volume in excess of $8 billion which has contributed to its slight decrease in price in the last 24 hours.
Investment website Charles Schwab believes trade volume serves as a great measure of investor sentiment. Experts at the website have the opinion that “Volume can help confirm price trends that have already formed or serve as a warning for a potential trend reversal”.
According to Steven Nickolas of Investopedia, “Trading volume can legitimize a security’s price action, which can then aid an investor in their decision to either buy or sell that security”.
Bitcoin Cash currently has an average or increasing trade volume. This signals the commitment of traders and investors to the coin in the long term.
✅ Bitcoin Cash Is Highly Undervalued
Since Bitcoin Cash is a fork of Bitcoin, it is extremely difficult to imagine its trading price as a seasoned investor. Because of this, numerous analysts and experts have been asking if Bitcoin Cash undervalued? BCH does not even trade for 10% of BTC’s price which suggests that it is highly undervalued.
It is a known fact that Bitcoin thrives on its first-mover status. Recently, Bitcoin has found new fans who categorize it as a store of value. Such fans consider BTC an asset that will replace gold and become the primary asset of choice as a hedge against inflation.
With that said, there are users who prefer to use BCH as a transactional currency rather than Bitcoin. As the preferred transactional digital currency of choice for several food ordering and online retailers could be seen as one of BCH’s pitfalls.
If all of Bitcoin’s coins are mined the forces of supply and demand could turn investors to Bitcoin Cash. This is because it also enjoys a finite supply which is capped at 21 million.
This could spark a new rally that would take BCH above its all-time high of $4,332 in the future.
When investor interest in Bitcoin dwindles due to its high price, BCH may offer investors the golden goose they have been searching for in the last few years.
Check Out: Could Bitcoin Cash Be A Millionaire Maker?
Cons of Bitcoin Cash (BCH)
Bitcoin Cash since its inception in 2017 has played a great role in serving as a transactional currency.
Scaling relatively faster than Ethereum and Bitcoin has allowed it to be easily integrated into online retail outlets and non-governmental organizations as a payment option.
Bitcoin Cash is not perfect just like other cryptocurrencies and has flaws which must be considered before an investment decision can be taken.
❌ Too Much Dependence on the Performance of Bitcoin
BCH normally responds to bullish patterns and bearish declines of parent crypto Bitcoin.
With historical performance in perspective, Bitcoin began 1st August 2017 with a trading price of $2,721 and exchanged hands for $13,445 by the end of 2017. Bitcoin Cash began 1st August 2017 with a trading price of $240 and closed the day at $670.61. BCH ended 2017 at a price of $2,317.
Bitcoin began 1st January 2018 with a trading price of $14,754 and ended the year on 31st December 2018 at a price of $3,880. Bitcoin Cash began 1st January 2018 with a trading price of $2,546.51 and ended the year on 31st December 2018 at a price of $165.29.
BTC began 1st January 2019 with a price of $3,961 and by the end of the year traded for a coin at $7,190. BCH began 1st January 2019 by trading for a coin at $171.70 and ended 2019 with a price of $204.37.
BTC began 1st January 2020 with a price of $6,966 and closed the year at a price of $29,389. Bitcoin Cash began 1st January 2020 with a trading price of $195.54 and by the end of 2020 had a price of $342.38.
Bitcoin has so far returned 94.25% while Bitcoin Cash has returned 166.26% Year-To-Date.
From the data retrieved from CoinTelegraph, Bitcoin Cash follows the price patterns of Bitcoin. In 2017, 2019, 2020 and 2021 up to the time of writing this article, BTC and BCH brought huge gains to investors. This was a result of bullish market sentiments for cryptocurrencies.
In 2018, as a result of opposition from countries such as Japan and China earlier in 2017 caused panic in the crypto trading space which brought a huge sell-off. Due to this, Bitcoin Cash and Bitcoin plunged substantially, recording huge losses for investors.
Because of this, BCH cannot be likened to other cryptocurrencies which thrive on the possibilities of its blockchain to be able to offer resistance where BTC falls short.
As much as most altcoins follow the price pattern of BTC, there are times when BTC has fallen short while others have maintained price or increased slightly in price. This cannot be said of Bitcoin Cash. This makes BCH an investment which must be watched side by side with Bitcoin to avoid suffering any irrecoverable losses.
❌ Heavy Regulation May Set In
On 16th April 2021, Dogecoin (DOGE) briefly surpassed FORD in terms of market capitalization after breaking the $50 billion milestone. Such a milestone came after DOGE reached a new all-time high of $0.4377.
Bitcoin then crossed $1 trillion in market capitalization while the total market capitalization of cryptocurrency reached slightly over $2 trillion. This raised eyebrows in various traditional financial institutions about the possibility of cryptocurrencies taking over the centralized world even if they started as a joke.
Not much later, Turkey’s Central Bank announced it will ban the use of cryptocurrencies as a transactional currency, which will take effect from 30th April 2021.
This coincided with multiple reports that the United States Treasury is planning to tackle financial institutions for money laundering that is primarily carried out through digital assets.
As a result of this, Bitcoin Cash was one of the cryptocurrencies which experienced a huge sell-off during the weekend of 16th-18th April.
BCH opened Sunday, 18th April 2021 at a price of $1,003.96, reached a new daily low of $833.98 and closed at $965.68. BCH shed 16.931% of its price in less than 8 hours.
This suggests that if there is a crackdown on cryptocurrency in the near future, Bitcoin Cash could bottom out along with other cryptos. The huge gains and sharp recessions experienced by cryptocurrencies make it a highly volatile market.
As a trader or investor, only invest money you are willing to lose. On the other hand, you can diversify your portfolio by buying other safe assets such as stocks and metals like silver or gold to make up for any losses you may incur in the near future.
How Can I Buy Bitcoin Cash?
There are several online outlets where Bitcoin Cash can be bought. Unfortunately, there are scammers all over the internet waiting to cash in on your hard earned money. As a result, you must use a credible and authentic platform which can store your coins in a safe and secure manner.
eToro is a brokerage you can trust with your money. It has been in business for a long time and has the necessary certifications and licenses from governments like the United States and the United Kingdom.
To buy your first BCH coins, kindly follow the steps below.
Step one SIGN UP by providing your full name, phone number, email and address.
Step two VERIFY YOUR ACCOUNT. You will be prompted to upload any government-issued identification card which has all the details you provided in STEP 1, plus your signature. This step is necessary to prevent identity theft and credit and debit card fraud.
Step three DEPOSIT FUNDS.
Step four NAVIGATE to BITCOIN CASH and you are on your way to purchasing your first BCH which will be processed and added to your account.
Bitcoin Cash Price Prediction: What Are Experts Advising on Bitcoin Cash?
WalletInvestor predicts Bitcoin Cash to have an average price of $1,340.650 by the end of 2021. WalletInvestor further predicts BCH to have an average price of $1,448.530 in 2022, $1,540.050 in 2023 and $1,638.180 in 2024.
DigitalCoin predicts Bitcoin Cash BCH to have a price of $1,362.96 by the year’s end of 2021. Digital Coin Price further forecasts Bitcoin Cash to have a price of $1,671.44 in 2022, $1,886.79 in 2023 and $2,347.54 in 2024.
The Economy Forecast Agency, also known as Long Forecast, unlike other forecasters sees a short term bullishness and long term bearishness for Bitcoin Cash.
Long Forecasts predicts Bitcoin Cash to end 2021 with a trading price of $2,301. BCH will go through a bearish period for the year which would pull its price backwards to $1,590 by the close of 2022. In 2023, the crypto trading asset could be trading at $825 and closed 2024 by exchanging hands for $602.
Analyst Skerdian Meta of FX Leaders predicts Bitcoin Cash to have a price of $1,000 to $1,200 at the end of the 1st half of 2021. This would be backed by drivers such as total recovery from COVID-19, market sentiments and cash flows.
The analyst further forecasts BCH to trade in the price range of $1,500 to $2,000 by the end of 2021 and $5,000 at the end of 2024. This would be backed by drivers such as being viewed as a safe haven asset, global politics, hawkish central banks and positive crypto market sentiment.
Trading Beasts predicts Bitcoin Cash (BCH) to have a trading price of $805.911 by the end of 2021. Trading Beasts further forecasts the crypto trading asset to exchange hands for $938.981 in 2022, $1,116.028 in 2023 and $1.304 in 2024.
Shawn Du’Mmett of Cryptopolitan predicts a price of $4,000 for 2021.
Coin Price Forecast predicts $2,465 by the end of 2021, $3,039 (2022), $3,186 (2023) and $3,586 (2024).
Bitcoin Cash Prediction in 2025
What Will Bitcoin Cash Be Worth in 2030?
Coin Price Forecasts predicts Bitcoin Cash to have a price of $7,154 by the end of 2030.
Don't Miss: Bitcoin Cash Price Prediction Forecast
The Bottom Line - Should You Buy Bitcoin Cash?
The majority of predictions suggest that the price of Bitcoin Cash will increase, which could mean it’s a good investment and certifies BCH as a buy.
With more than 7,000 cryptocurrencies on the market, it is extremely difficult to settle on a particular coin. What makes Bitcoin Cash a buy in the eyes of several experts is that it meets the scalable demands of users.
Integrations with several online retailers allows BCH users to pay for their products in a swift manner. Additionally, they can send and receive payments in a relatively fast time with a relatively small transaction fee.
BCH is also available as a tradable token on Germany’s Xetra Market under the primary ticker 21XC. This will bring more activity and liquidity to the cryptocurrency.
If we are to go by the prediction of Previsioni Bitcoin, then Bitcoin Cash is worth buying. The online financial portal has opined that Bitcoin Cash will rise to at least $2,000 before the end of 2021.
As a result of being extremely dependent on the price performance of Bitcoin, Bitcoin Cash could bring huge gains to investors in the future. This is because the Reserve Risk of BTC is 0.008. This figure which means Bitcoin is being held by investors with a view of cashing in on a relatively higher price in the future.
If Bitcoin rallies in the near future, you could be rest assured that BCH will likely follow its and could bring gains to investors.
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Who Invented Bitcoin Cash?
Bitcoin Cash is an offshoot which came about as a result of an upgrade that split Bitcoin’s blockchain into two. There were two main parties which brought about the idea of Bitcoin Cash.
The first is a group of the Bitcoin Community who felt that Bitcoin is gaining too much traction in the media as digital gold. Since gold is categorized as a reserve asset, they felt BTC is being considered as a store of value instead of performing a primary role as a transactional currency.
The other group was led by Roger Ver. Ver and other members of the Bitcoin Community felt the cryptocurrency can achieve high valuation if it’s maintained as a store of value and not a transactional currency. They recommended a BIP 91 upgrade which will help the blockchain scale faster without increasing block size data.
In the end, the upgrade split the blockchain into two, with BTC being used as a transactional currency as well as store of value. BCH functions only as a transactional currency.
What Is The Difference Between Bitcoin And Bitcoin Cash?
Bitcoin is the cryptocurrency that runs on the original blockchain developed by Satoshi Nakamoto. It serves a primary function of helping people send and receive money over the internet without any intermediaries. Bitcoin Cash was created from Bitcoin’s blockchain after an upgrade is also a transactional currency.
The only difference is BTC is currently seen as a store of value by institutional investors. On the other hand, BCH remains primarily a transactional currency.
What Did Bitcoin Cash Start At?
Bitcoin Cash started at $240 on 1st August 2017, according to the CoinTelegraph.
What Is The Highest Bitcoin Cash Has Ever Been?
Bitcoin Cash responded well to the crypto boom of 2017 led by Bitcoin. BCH reached an all-time high of $4,355.62 on 20th December 2017, according to CoinMarketCap.
Can Bitcoin Cash Reach 1 Million?
Currently, no analyst or cryptocurrency expert has forecasted such a price. Bitcoin Cash could flirt with a $1 million price valuation if Bitcoin tests the price in the years to come.
Will Bitcoin Cash Go Up Again?
Bitcoin Cash has been forecasted by several analysts to go up again. The minimum price which has been set for BCH by Previsioni Bitcoin, Coin Price Forecasts and FX Leaders and Cryptopolitan is $1,000.
With that said, BCH scales relatively faster than Bitcoin and Ethereum making it the primary cryptocurrency of choice for online payments. Increased trading activity will be reflected in transactional data, trade volumes and overall valuation of the asset in the future.
Does Bitcoin Cash Have A Future?
With trade volumes in the billions of dollars and a market capitalization of $17 billion, Bitcoin Cash is a large cap asset since it crossed $10 billion. As the younger sibling of BTC, it tends to follow the digital asset in bearish declines and bullish sentiments.
So long as Bitcoin continues to survive any attempts by regulatory bodies to cease its function, Bitcoin Cash will also likely survive and serve its purpose as a transactional currency to perfection.
Coin Price Forecast believes Bitcoin Cash has a future and has forecasted a price of $8,373 for the coin by the end of 2032 (more than 815% potential increase of its current trading price).