Everyone in the crypto world already knows that Bitcoin is the biggest and the first cryptocurrency. However, there are many cryptocurrencies besides Bitcoin, and they are called Altcoins. One such altcoin is Bitcoin Cash, which was introduced on 1st August due to protest against Bitcoin Core’s implementation. The demand to hard fork Bitcoin and increase the size of its block up to 8MB gave rise to Bitcoin Cash. Since its launch, Bitcoin Cash(BCH) saw a sharp surge in its price, and people also started investing in it. Several latest news on Bitcoin Cash are provided every day. In this article, I am going to list down some facts about Bitcoin Cash that make it an interesting cryptocurrency.
Five Important Facts About Bitcoin Cash
1. A Fork From Bitcoin
Bitcoin Cash was the cryptocurrency which was forked from Bitcoin. The virtual currency fulfilled the promise of ‘P2P electronic cash’ and came into circulation on 1st August 2017. As stated before, the primary goal of the fork was to expand the block size up to 8 MB so that it could achieve the capacity to process more transactions as compared to that of the most popular cryptocurrency.
Coinbase is the cryptocurrency exchange platform which has its headquarters in San Francisco. Earlier, this exchange didn’t provide any support to Bitcoin Cash(BCH) because it was not sure whether this cryptocurrency would have any value in the future. However, due to sentiments from the users, Coinbase declared to start Bitcoin Cash trading from 1st January 2018.
3. Journey Of Bitcoin Cash
Earlier when Bitcoin Cash started its journey, it was traded at 0.5 BTC. However, its price fell down and came at 0.10 BTC. Presently, there are many digital currency exchange platforms that do not accept the trading for Bitcoin Cash, as it is not possible to move Bitcoin Cash over the Blockchain network due to its current structure. The other reason is that mining of a single BCH block takes a lot of time, and the process is also cumbersome.
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4. Current Worth Of Bitcoin Cash
When it comes to the current worth of Bitcoin Cash, the cryptocurrency has shown some significant growth. Its price skyrocketed, and at present, its value has reached more than $300 USD. In terms of valuation, Bitcoin Cash became the third-largest cryptocurrency in the market this year. Also, more growth could be expected from this digital currency.
5. Its Future Growth
Until now, Bitcoin Cash has shown significant signs of growth. Its value could be expected to grow at a fast pace in the coming years as it was forked from Bitcoin. Thus, Bitcoin Cash could have an advantage of Bitcoin’s popularity for its future expansion. The world of crypto is unpredictable, and any coin could show a rise or a fall. So, from this point of view, the future of Bitcoin Cash could not be predicted. Still, blockchain advisors suggest that this cryptocurrency could surge because the number of transactions would increase in the future.
In this article, I have tried to explain some interesting facts about Bitcoin Cash. The cryptocurrency was forked from the most popular cryptocurrency Bitcoin when some people demanded that the block size of the former digital currency should increase. The first fork increased the size of Bitcoin’s blockchain up to 8MB. Today, several crypto experts have emerged to provide daily updates on Bitcoin Cash together with Bitcoin. This cryptocurrency was introduced to speed up the transactions, the ability which Bitcoin lacked. Finally, one could say that Bitcoin Cash could see a surge in the future, as it has gained a great deal of attention until now.