Bitcoin Cash is a cryptocurrency created as a result of Bitcoin’s fork which aimed to improve the technical characteristics of the main cryptocurrency. Bitcoin Cash is different from its predecessor, being a more advanced work model.
First, it is about the bandwidth of the Bitcoin Cash network, since its block size is 4 times as large – 8MB. Secondly, the BCH network can rightly be considered more decentralized, since its mining is possible with ordinary GPU (video cards), which allows more users to earn money from the mining of coins.
But in November 2018, the Bitcoin Cash community was divided in its views on the development of the project. As a result, the Bitcoin SV (BSV) cryptocurrency emerged, with supporters including Craig Wright, Calvin Ayre, and the nChain development team. Bitcoin Cash continues to deal with the development of “Bitcoin-Jesus” Roger Ver, and the founder of Bitmain, Jihan Wu.
How the rate of BCH changed for the whole history
After the Bitcoin Cash network was forked, Bitcoin owners received the same amount of BCH to their accounts. Most people liked it, considering that the rate of the new coin initially was $240 and in a few days, it rose to $500. But even a confident start did not convince the owners of free coins: trying to play it safe, many of them decided to sell Bitcoin Cash and purchased Bitcoin with money they received. As a result, the price of the new coin has fallen to $300.
This was followed by several “bearish” trends, apparently organized by the developers themselves. The first price increase (up to $900) happened at the end of August, followed by a smooth drop to $320 for 2.5 months. In November, BCH managed to grow even more – almost to $1,800, and then to $3,600 in December. During this time, the new coin increased its presence on cryptocurrency exchanges, increased capitalization, and as a result, took one of the leading places in cryptocurrency rating.
In May 2018 there was a hard fork of the Bitcoin Cash network, which was the reason for the next BCH growth (to $1,700). As a result, the fork of the new coin did not appear: the developers' goal was only to improve the blockchain, including increasing the block from 8 to 32MB. This innovation has increased network scalability and had a positive impact on the viability of the coin.
Another small increase occurred at the beginning of June ($1,170). Since then, the most famous Bitcoin fork, like all other coins, has experienced a period of correction.
Bitcoin Cash Price Prediction 2019
We have listed the top 6 factors that could influence Bitcoin Cash’s rate:
Broad support. Soon after BCH was created, it set a record for the number of trading platforms that added it to the list of trading pairs. Today, the coin is present on all the leading exchanges: Binance, Coinbase, Poloniex, Kraken, Bithumb, Bitstamp, GDAX, Bittrex. This makes BCH accessible to a wide range of users and allows to save on commissions. For example, the relatively young Crypstyx exchange, in the listing of which there is also BCH, works directly with the euro. This means that you can deposit into your wallet with a simple bank transfer. In the near future, the developers are about to introduce the function of depositing and withdrawing funds on a debit card.
The possibility of safe storage. BCH has six official wallets: Unlimited, ABC, Parity, XT, Flowee, and Bitprim. In addition, this asset is supported by hardware wallets Ledger, Nano S and Trezor, convenient multi-currency versions of Exodus and Jaxx, and online wallets Blockchain.info, CoinBase, BTC.com, WMH, etc.
Community. Supporters of BCH started to unite even before the official release of the coin. The backbone of the community was formed by those who fought for holding hardforks. Even today, at a difficult time for the entire industry, the volume of BCH capitalization is approaching $3 billion.
High speed and low transaction costs.
Compliance with the principles of cryptocurrency outlined by Satoshi Nakamoto. The Bitcoin Cash network is developed in accordance with the scenario of the creator of the original Bitcoin. The developers are about to provide the technical ability to enjoy the benefits of cryptocurrency to all people on the globe. They are planning to develop educational projects and create charitable foundations for third world countries.
Availability of opportunities to transform into a global cryptocurrency for daily payments.
Forecasts from analytical agencies
CoinOracle experts calculate the rate of BCH according to its own algorithm. The forecast is constantly updated with the latest trends on the stock exchanges, cryptocurrency news in general and the Bitcoin Cash project in particular. Today, the Bitcoin Cash forecast for 2019 from CoinOracle is $2,406.
TradingBeasts assumes that the rate of the most popular hard fork will be from $4,037 to $5,937 until the end of 2020.
Bitcoin Cash plans for 2020-2025: life after hard forks continues
In early January, the Bitcoin Cash team announced development plans for the upcoming years. The changes will affect both the blockchain and the wallet.
The platform is expected to receive important updates:
Graphene or XThinner technology integration, as well as QUIC transport protocol
Implementation of the Bitcoin protocol BIP70
To invest or not to invest?
The cost of Bitcoin Cash is growing rapidly. Cryptocurrency, separated from Bitcoin, is undoubtedly in demand among specialists and is already actively bought up by beginners who do not understand what is at stake. Everyone wants a repetition of Bitcoin’s history.
In August 2019, the rate is supposed to reach 1000 - 1200 dollars. However, there are many factors that could lead to the fall of BCH or its growth. You should look to the future, study forecasts and invest your personal money only in projects that have potential.
There is no need to panic if there is a decrease in the rate. That is how the cryptocurrency market works: the rate rises, then drops sharply, followed by rapid upward trends. This allows investors to increase their capital by many times.