To include more transactions in the block and increase scalability, Bitcoin Cash developers decided to increase the block size from 1 MB to 8 MB.
After its release, BCH quickly became a popular cryptocurrency: almost 1,500 blocks were created within a month. Mining pools, such as Antpool and ViaBTC, recognized the potential of BCH and allocated large hashing power to its mining.
According to CoinMarketCap, Bitcoin Cash holds a strong 5 th place in the world crypto rating.
Achievements and highlights
The Bitcoin Cash code is based on the protocol of the first cryptocurrency.
In May 2017, digital money was in high demand due to investment attractiveness, and many speculators appeared on exchanges. As a result, a problem spot was discovered in the Bitcoin network: a fixed block size of 1 MB could not fit enough transactions. A queue was formed, and users had to wait for the transfer of cryptocurrency up to 2 days.
To solve the problem on July 20, 2017, the community voted for the third option called SegWitx2 (Segregated Witness). Some users felt that the decision was made in favor of large miners and investors, and did not develop the Bitcoin payment system.
Dissenters led by Amory Sechet announced the rejection of SegWitx2. They wanted to leave the original blockchain structure without taking information outside the system, but increase the block size to 8 MB, bypassing the scalability problem. A hard fork was to be held at block 478558. On August 1, 2017, two blocks №478559 were created in the Bitcoin chain. A new fork of the first cryptocurrency was named Bitcoin Cash.
All participants of the crypto community with BTC on block №478558 received a similar amount of BCH to their wallet account. At the same time, each coin cost about 500 USD on the exchange.
On April 8, 2020, the Bitcoin Cash blockchain hosted the first halving in its history. The reward for miners in the next four years will be only 6.25 BCH instead of 12.5 BCH.
It all started on August 1, 2017, at about $200 for 1 BCH, and even with this value, the cryptocurrency immediately reached the top of the Coinmarketcap rating. The next day the price doubled. At first, the stock index was stable, but after three weeks it rose to $1,000. Users seem to have decided that it was an artificial increase because the price immediately fell to $700.
In mid-October 2017, the index reached $317 per 1 BCH. In November 2017, the situation changed, and BCH rose to $1,600. The highest level of the Bitcoin Cash index was reached in mid-December and amounted to $4355.
Hard days for the cryptocurrency market began on December 22, 2017: all projects, including Bitcoin, began to lose ground. The price of Bitcoin Cash fell to $1,000.
The winter of 2018 was the worst for the cryptocurrency market: prices were minimal, and Bitcoin Cash could be bought for $80. After a slight increase, the price rose to $534 but then fell again.
As of 14.06.2020 CoinMarketCap the following statistics on the price of BCH: showed
Current price of Bitcoin Cash: $239.53
Market Cap: $4 415 585 770
Volume (24h): $1 244 459 937
Circulation Supply: 18 434 631 BCH
Max Supply: 21 000 000 BCH
Through the last 52 weeks, the peak worth of the coin was $522.09, and the minimum was $139.22. All-Time High Price for BCH was stated on December 20, 2017 — $4 355.6.
TradingView technical analysis on Bitcoin Cash based on the most popular technical indicators: Moving Averages, Oscillators, and Pivots. During the last month, it is seen that out of eight Oscillators, 6 are Neutral, 0 is indicating Buy action, and 2 are stating Sell action. Most of the Moving Averages are stating Strong Sell action. All in all, the Summary states that with BCH/USD pair the dominant action is Sell. reflects
Pivots for BCH/USD are indicated in the table below.
During the last week, the picture doesn’t change at all. Out of 11 Oscillators, 7 are Neutral, 1 is indicating Buy action, while 3 are stating Strong Sell action. Most of the Moving Averages are stating Strong Sell action. Thus, the Summary states that with BCH/USD pair the dominant action is Sell.
In the future, we shall be prepared for a bearish trend.
WalletInvestor Price Prediction
WalletInvestor analysts believe that a long-term fall in BCH is inevitable: the value of Bitcoin Cash may fall to $125. Moreover, they believe that BCH is a bad long-term (1-year) investment. Moreover, BCH will not be able to replace Bitcoin shortly.
LongForecast Price Prediction
LongForecast provides a mostly negative forecast for BCH prices in the coming years: by the end of 2020 the price will drop to $166, and 2022 will be the worst for Bitcoin Cash as BCH will fall to a historic low of $36, and only after that will it rise to $200 in 2024.
DigitalCoinPrice Price Prediction
Unlike LongForecast, DigitalCoinPrice gives the most positive BCH price forecast. They believe that the index of this cryptocurrency will grow rapidly: in 2020, Bitcoin Cash will rise to $500, and in 2025 it will reach the highest level — $1084 for 1 BCH.
Trading Beasts Price Prediction
Trading Beasts predicts a minimum price of $145 and a maximum of $213 at the very end of 2020. By the end of 2022, the price will be at least $341 and a maximum of $501 for 1 BCH.Plans
With the development of digital literacy of the population and the obvious failure of the bank transfer system, the popularity of Bitcoin Cash will only grow. But can Bitcoin Cash replace Bitcoin, becoming the number one cryptocurrency? If the Bitcoin Core team does not solve the scalability problem, then soon users will begin to switch to the best alternative — BCH.
Developers are constantly working to optimize digital currency protocols. So, on May 15, 2018, the network was updated, thanks to which the maximum block size increased to 32 MB.
- Faster Block Propagation (graphene or other);
- Merklix-Metadata Tree (scalable block processing);
- UTXO Commitment (blockchain pruning);
- Adaptive Block Size (market-driven growth to 1Tb clocks);
- Fee Improvements (cheaper transactions);
- Pre-consensus (near-instant security for merchants);
- New Transaction Format (more capable, more compact).
Bitcoin Cash just underwent its first halving.
At current prices, daily mining revenue will drop from $471,600 to $235,800.
According to Fork Monitor, in the 2 hours since forking, BCH has only mined 1 block, indicating miners may have already left the network. pic.twitter.com/kqEmlVyI4K
- Ryan Watkins (@RyanWatkins_) April 8, 2020
At the beginning of this year, a long-standing supporter of this cryptocurrency, John McAfee, also sharply Bitcoin. He stated that Bitcoin is “ancient.” criticized
Eat my dick in 12 months?
A ruse to onboard new users. It worked.
Bitcoin was first. It’s an ancient technology. All know it.
Newer blockchains have privacy, smart contracts, distributed apps and more.
Bitcoin is our future?
Was the Model T the future of the automobile?
- John McAfee (@officialmcafee) January 5, 2020
Today the BTC fees are low again but the stated goal from the Bitcoin Core developers are for the fees to be over $100 per transaction. Please consider giving #BitcoinCash a try. https://t.co/dZIkwxLKUi
- Roger Ver (@rogerkver) December 10, 2019
I just published: Infrastructure Funding Plan for Bitcoin Cash https://t.co/5hjECI2zGc
- Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 22, 2020
$BCH implementing a 12.5% miner’s tax is hilarious and anyone not donating will have their blocks orphaned.
Literally a centralized totalitarian regime with a 51% attack threat.
“A Hong Kong corporation has been set up to legally accept and disperse funds” https://t.co/UsDIv2yEl4
- WhalePanda (@WhalePanda) January 22, 2020
Thread: BCH is soft-forking in a Zcash-style in-protocol developer fund. https://t.co/qtESPalw6C
I must say, it has not even been one month and @MarkLutter’s “weird 20's” are coming true already.
- vitalik.eth (@VitalikButerin) January 23, 2020
Be aware that cryptocurrency is a highly risked asset that may rise and drop according to external obstacles. Before investing in any cryptocurrency or selling any cryptocurrency you possess, we advise you to check every information possible. We tried to collect the most relevant information for your convenience, but it is only your choice and decision whether to buy Bitcoin Cash or not. Do not invest money in any sort of business you can’t afford to lose, and listen to your common sense.
Originally published at https://coinjoy.io.