Bitcoin Cash – The Rise of a Cryptocoin

bitcoin cash

To understand where Bitcoin Cash (BCH) came from, you need to first understand what a fork is. A fork is when software splits into two, meaning the original system will continue while a new fork, a duplicate one, will be created.

The creation of BCH was the result of a fork from the original Bitcoin. All the users that had owned Bitcoin found themselves with Bitcoin Cash as well. This fork, and the fact that users held the coin from the very beginning, added value to the new coin. As I write these lines, Bitcoin Cash value is more than 300$.

Others say the newly created coin is a spinoff of Bitcoin, a clone like many other coins before.

Some exchange platforms, such as Coinbase, announced they would not support the newly created coin. The company urged users who wanted the new coin to switch to a different exchange platform.

On August 1, right before the fork, Bitcoin was trading at 2759$. By the end of the first two weeks, the value has been over 4000$. Bitcoin Cash, however, was hovering around 250$-300$ and the future is unknown and unpredictable for the new coin.

BCH might survive all this, but it is probable to drop below 100$. It's currently trading around 200-300$, but the price inflation is due to the fact that many exchange platforms are refusing to accept deposits. And in the meanwhile, the Bitcoin Cash blockchain is not functioning correctly. While Bitcoin process a new blockchain every 10 minutes, Bitcoin Cash defines with one hour creation time and up to 13 hours delay occasionally. These delays and the fact that Bitcoin exchange platforms are unwilling to support the new coin makes it harder for Bitcoin Cash holders to sell and may prevent the value from continue dropping so fast.

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2 thoughts on “Bitcoin Cash – The Rise of a Cryptocoin”

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