Will Bitcoin Cash Make Me Rich in 10 Years?
2021 has been an incredible year for cryptocurrency investors and traders. With many people earning huge returns on their cryptocurrency investments, most sensible persons are investing more in cryptos. Bitcoin Cash is one of many coins anyone can buy or invest in.
Bitcoin Cash is not the same thing as Bitcoin – this is one of the most important things to note if you are considering investing in the coin. It is rather one of several forks of the original Bitcoin that has grown popular among cryptocurrency enthusiasts.
Bitcoin Cash has an interesting history. Though it is far from being the oldest Bitcoin forks, it has grown to become one of the most popular ones. Originally designed to be a more functional currency, the coin appealed to many cryptocurrency traders and investors quite early.
Like other cryptocurrencies, Bitcoin Cash is volatile. However, it is considered by many as a reliable digital asset.
Are you considering investing in Bitcoin Cash? Do you want to invest for long-term purposes? We will provide the information you need to make a better decision in a simple, systematic manner. Read carefully to understand the risks and possible rewards of investing in the coin for the future.
At the end of this post, we believe you will have the right information to determine if Bitcoin Cash can make you rich in ten years.
What Is Bitcoin Cash and how is It Different from Bitcoin?
Bitcoin Cash is a hard fork from the original Bitcoin blockchain. Also called BCash by some adherents, this digital coin was created on August 1st, 2017. The token is also called BHC. In many ways, Bitcoin Cash is similar to the original Bitcoin (BTC). However, there are technical differences in the two coins, and their value and use in real-world transactions are worlds apart.
Bitcoin Cash uses the same algorithm as Bitcoin, but both digital coins have different protocols. Bitcoin Cash also boasts a much larger block size than Bitcoin. This larger block size has two major advantages – faster transaction time and lower transaction fees.
One of the most ingenious ways to describe the difference between Bitcoin and Bitcoin Cash is to see the former as digital gold and the latter as digital cash. Both descriptions align with the idea behind forking the good-old Bitcoin in the first place.
While Bitcoin has always been a reliable digital currency, people have been thinking of how to make it more practical for day to day transactions. Few months before Bitcoin Cash was created, Bitcoin payments were taking as much as 72 hours (3 days) to go through, unless the seller is willing to pay a big transaction fee.
The decision to split Bitcoin was made around May 2017. A hard fork was finally implemented on the first day of August 2017. It didn’t take too long for another fork to occur. In November 2018, the cryptocurrency underwent another split, which resulted in Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Version).
Price History of Bitcoin Cash
Bitcoin Cash was able to attract fans just after its launch. For most of its history, the coin held onto the top ten cryptocurrencies by market capitalization. 2021 has not been a very good year for the coin, and it recently dropped from its position in the top ten cryptos.
As mentioned previously, Bitcoin Cash value is far from reaching the value of the original Bitcoin. In August 2017 when the coin was released into the market, BCH was going for $200. At that time, the original Bitcoin was priced at $4,087.66, according to the price history of CoinMarketCap.
Less than a month after its launch, Bitcoin Cash price climbed to $550. In the very first week of September 2017, it reached $607.43. The growth was strongly linked to its acceptance by many avid crypto traders and investors who had faith in Bitcoin.
As more traders and investors started buying Bitcoin Cash, the price rose rapidly. There was a minor setback between October and November as market correction cut the price by as much as 30%. It didn’t take long for the coin to recover and start growing again. In the first week of December, Bitcoin Cash was worth as much as $1,559.93. It reached an all-time high of $3,785.82 on Dec., 20th 2017. On the last day of 2017, the coin sold for $2533.01.
It is best to describe Bitcoin Cash price swing in the first year as a wild ride. This is probably due to the timing of the hard fork and how people considered the relationship with the original coin in the early days. 2018 and 2019 were less dramatic for the coin, but the value once dropped to an all-time low of $77 per BHC within the period. It has been recovering, but remain a long way from reaching its previous ATH.
Check Out: Could Bitcoin Cash Be A Millionaire Maker?
Current Position of Bitcoin Cash
At the time of writing this piece, Bitcoin Cash price is %590.19, according to Coin Desk. The price is up 2.47% in the last 24 hours and the trading volume for the last 24 hours is $4.76 Billion.
Bitcoin Cash’s market capitalization at the time of writing this piece is $11.14 Billion, which makes it the 13th biggest cryptocurrencies, in terms of market capitalization. The circulating supply at the time is 18,759,144, and the maximum supply will be 21,000,000. It is currently traded in 247 exchanges.
Bitcoin Cash Price Prediction
Like other cryptocurrencies, it is hard to accurately predict the price of Bitcoin Cash. However, this doesn’t stop experts from making predictions that are backed by data, information, and knowledge.
Digital Coin Price is one of many crypto websites that has something positive to say about the price of Bitcoin Cash, but they are not being overzealous. The experts on the site believe that Bitcoin Cash can be worth as much as $861.77 per BCH at the end of the year 2021. The prediction also shows that the coin can be worth as much as $1,056.81 at the end of 2022. According to them, the value of the coin will continue to rise and can amount to $2,709.70 in 2028.
Long Forecast is one of the websites with negative predictions for Bitcoin Cash. According to the website, the price of BCH will fluctuate minimally in 2021. At the end of the year, the coin will be worth around $589 per BHC. The prediction also expects the coin to fluctuate minimally in 2022, ending the year with a value of $645. The prediction shows that the price will continue to fall over the years, and will eventually reach $151 at the end of 2024.
We’ve seen crypto websites and experts make predictions and recant them a few weeks or months afterwards. Wallet Investor is one such platform. Earlier this year, the site predicted that Bitcoin Cash will hit its lowest price of $39.95 this year and a high of $670. This prediction was made, despite the fact that Bitcoin Cash has not been the most volatile digital coin in the last couple of years.
In less than four months after its negative prediction, Wallet Investor is showing a positive outlook for the coin. Though their recent prediction expects the coin to dip below $500 in 2021, it is optimistic that BCH can reach a maximum of $1,722.250 in 2021.
From the different predictions considered here, you can deduce that no one is pretty sure how Bitcoin Cash will perform in the next few years. From the price history of the coin and what most crypto insiders are saying, we don’t expect the price to show any dramatic increase in the next few years.
Digital Coin Price predicts that the price of BCH will increase year on year in the run-up to 2030. They expect the coin to be worth more than $4,200 in the next ten years. We can't question the rationale for their predictions, but there are indications that Bitcoin Cash will not beat its All-Time-High of approximately $3785, even in the next ten years.
Don't Miss: Bitcoin Cash Price Prediction Forecast
Where Will Bitcoin Cash Be In the Next Ten Years?
We can’t authoritatively state where Bitcoin Cash will be in the next ten years because of many factors. Firstly, the coin is slowly but steadily losing touch with the original Bitcoin. Originally, it was created with the goal of making digital currencies more practicable for real-world transactions. It offers a few benefits, but we can’t see it bringing more value to the table than it has already done.
Considering that Bitcoin Cash has failed to grow at the same pace as the Original Coin means that people may not be too sentimental with it again. Informed traders and investors understand that BTC and BCH are two different cryptos, and are focusing on more profitable crypto investments.
Another major reason Bitcoin Cash may not perform so wonderfully in the future is the fact that there are now many coins that offer better scalability and faster transaction time. Ripples, Dash, and Monero are few examples of digital coins that appear to be better than Bitcoin Cash.
Looking back at how Bitcoin Cash has performed in its nearly four years of existence, it is hard to believe that it will be the next big thing in ten years to come. The coin may improve in value over the years, but it is unlikely to become a major force. Already, it has lost its place in the top ten cryptocurrencies by market capitalization. Though the value is improving, the coin doesn’t seem like it has any surprises up its sleeves.
How to Invest In Bitcoin Cash
Regardless of its historical price data and several inconsistent predictions, Bitcoin Cash is still a valuable crypto asset. After the wild volatility in its first months of trading, the price has been pretty consistent over the years. There is hope, also, that the value will improve with time. Therefore, it can still be a good investment for you.
Are you thinking of investing in Bitcoin Cash anytime in the future, you have different ways to do that. Remember, however, that it is a digital currency and not a stock or a bond. The primary thing you are doing trading, which is more like swapping your currency (digital or fiat) with another currency (in this case, Bitcoin Cash, which is a digital currency).
To make money from investing in Bitcoin Cash, you need to buy when the price is low and sell when the price is higher. You have different strategies to achieve this, including short-term and long-term strategies.
If you have time for Day Trading, you will find the short-term approach to trading cryptocurrencies like Bitcoin Cash easier. You just have to be vigilant to know when to buy at the cheapest price and monitor the market closely to sell at the highest possible price. This is risky, but the reward comes pretty faster.
Another method/strategy of investing in cryptocurrency is HODLing. Though it requires patience, informed decision, and a bit of luck, HODLing is very profitable in the long run. You have to find a digital currency or asset you know/believe will rise in value in the coming years and buy a significant volume. You can wait for years for the price to improve meaningfully before selling.
Many people became Bitcoin millionaire through HODLing. Bitcoin Cash has been around for just 4 years, and there are indications the coin may not grow as much as people anticipated in the early days. We are unsure about the suitability of Bitcoin Cash for HODLing, but it can still be a viable investment.
To invest in Bitcoin Cash, you need a digital wallet. Some of the best digital wallets allow you to buy and exchange most digital coins. You will also be able to use the coins in your wallet to pay for goods and services online. This may make it a little difficult when you are trying to leave a particular digital coin for several years.
One of the best ways to invest in Bitcoin Cash or any other cryptocurrency for the long run is to use a brokerage firm that allows cryptocurrency investment. Etoro happens to be one of the most reliable ones. It is a full-service brokerage that allows people to invest in cryptocurrencies without undue restrictions.
Should You Play The Long-Term Game With Bitcoin Cash?
Bitcoin Cash can be a good digital asset for active traders. In its early days, the coin was very profitable – early investors saw their investments shoot up astronomically in the first few weeks. Within four months of its fork, the coin value went from $200 to $3,785. An initial investment of $20,000 would have gotten you 100 BCH. Within the first four months, that same 100 BCH would have been worth $378,500.
As we have already discussed here, Bitcoin Cash’s rise did not last. The price of the coin started declining in 2018. Three years down the line, it is yet to reach even 20% of its ATH value. If you invested in the early days and held on to your investment through these years, it wouldn’t amount to much at the moment.
From what we’ve discussed so far, Bitcoin Cash is not looking like the most promising digital currency. There are good chances that things can change in the future, but we are not so enthusiastic about the prospects of the coin. It doesn’t look like the best coin for investors who want to buy a digital asset and leave it alone for ten years. The value in ten years may not worth the risks.
Read Also: Is Bitcoin Cash a Good Investment?
Important Tips for Investing In Bitcoin Cash
Are you determined to invest in Bitcoin Cash? Here are a few tips to keep in mind.
Don’t Invest Everything You Own
Like other cryptocurrencies, Bitcoin Cash should be considered volatile. The price might have been stable over the years, but there is a good chance that things can change anytime. The original Bitcoin is taking a hit at the moment, and Bitcoin Cash is not any better. You are better off investing what you can afford to lose. Do not invest everything you own or go into debt to invest in Bitcoin Cash.
You Don’t Have To Wait For Ten Years
Bitcoin Cash is only four years old, so no one can authoritatively say what will become of the coin in the next ten years. Compared to other cryptocurrencies, it is not the most reliable digital asset, so you shouldn't depend on it as a long-term investment. You can buy the coin, hold it for a while, and sell it when the price is right.
The cryptocurrency universe is evolving continuously. Those who will become rich by investing in crypto are those who are willing to learn and take relevant bold actions. You should keep learning about crypto trading and stay up-to-date with the latest happenings in the industry. Do not focus on one coin – keep learning about other digital coins and other assets you can trade online to create wealth.
Invest the Smart Way
Investing in cryptocurrencies can be easy or hard – it all depends on what you know and how you play your game. You can choose to use your digital wallet to trade or work with a full-service brokerage that will make the process of investing easier and less risky.
We always advise beginners to work with expert brokers when investing in cryptocurrencies and other securities. Etoro is one of the most reliable brokerages that supports cryptocurrency investment.
eToro – Best Broker to Buy Bitcoin Cash BCH
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.
You can get more exclusive information about investing in Bitcoin Cash and other cryptocurrencies from us. You can also contact us for any information or concern about profitable online trading.