Bitcoin Cash dominates with third place at Coin market cap:
In consequence of Bitcoin Classic’s hard fork, Bitcoin cash birthed in digital market on August 01, 2017. Just after 48 hours of its inception, Bitcoin cash appeared with a strong image appearing as 3rd position with the market capitalization of $7 billion.
Bitcoin & Ethereum maintained their dominant positions with market capitalization $44 billion & $21 billion respectively while Bitcoin Cash left behind Ripple with market capitalization around $6.7 billion.
People seen as a new opportunity to Bitcoin Cash in cryptocurrency market. Sebastian Quinn Watson told that they received off market orders for Bitcoin Cash in bulk numbers. People showed great acceptance for this big coin, they started to sell Bitcoin to buy Bitcoin cash.
Blockchain Global, Australian Exchange revealed that people warm welcomed to Bitcoin Cash on exchange.
On August 01, 2017, price of BCH was around $250 that started to climbed up to over $660 on the next day with odd price gains around 160% with market capitalization $10 billion.
This abnormal increase was an indication of subsequent performance of BCH.
Weekly Market comparison between Bitcoin & Bitcoin Cash:
With deep insight we analyze that onward November 05, 2017 to November 12, 2017, Bitcoin (BTC) lost 15% of its value falling from $7556 to $6260. In the meanwhile, Bitcoin Cash (BCH) attained price gains around 212% surging price from $625 to $1953.
|Cryptocurrency||7 days change|
Bitcoin Cash was launched with consensus driven approach:
Since launch of Bitcoin a novel virtual currency, Bitcoin community members have been facing an issue of slow transaction processing time due to its 1 MB block size which limiting the actual attributes associated with cryptocurrency popularity.
Bitcoin is not managed by any central authority, through a long consensus of bitcoin community, after reviewing number of proposals it was unanimously accepted to create a separate blockchain ledgers following high tech standards but several forks, for instance, Bitcoin Unlimited, Bitcoin XT failed to achieved audience attention.
Finally, Bitcoin Cash was created in result of fork of Bitcoin Classic. Bitcoin Cash comprising block size limit 8MB that has full penitential to execute fast & reliable transactions, widely accepted by people around the globe.
Some quick remarkable features are listed in the table below:
|Bitcoin Cash Features||Attributes|
|Fast||Fastest transaction confirmation|
|Secure||Highly secured using advanced blockchain technology|
|Simple||Easy to use without any hassle|
|Stable||Store of value|
|Low fees||Lowest remittances fee|
|Reliable||Heavy load resistant reliable network even in rush timings|
Bitcoin Cash is the true representative of originating concept “Peer to peer Electronic cash that was proposed by Satoshi Nakamoto at times of introducing Bitcoin underlying blockchain technology which finally shaped with all its carrying attributes.
With default 8MB block size adjustment, it reduces global transaction time allowing global adaptation by merchants & investors.
Decentralized plate form
It is not centrally controlled by any single party. The best independent & multiple teams of developers making theft resistant applications.
New Signature Hashing Algorithm
Bitcoin initiates its transactions using new signature hashing algorithm that restrict Bitcoin Cash transactions to replay on Bitcoin blockchain & also has strengthened hardware security.
Bitcoin Cash Visa Debit Card:
Bitcoin.com CEO, Roger Ver, with a tweet did on December 11, 2017 & expresses his intention to introduce BCH Visa debit card.
Roger Ver is the biggest supporter of Bitcoin Cash & advocates that BCH is the “real Bitcoin, which was claimed by Satoshi Nakamoto through his white paper.
He is a firm supporter of the potential impact of Bitcoin Cash i.e. 8 MB block size which is 8 times bigger than Bitcoin size 1MB execute fastest transactions with low fees.
The idea of spending crypto-coins have already been introduced through debit cards by TenX & Monero & Monaco with an aim to connect the people to the shopping world & pave the way of easy purchase using debit cards.
Comparison between Bitcoin & Bitcoin Cash:
Bitcoin’s scalability is a major concern which execute slow transactions. Bitcoin processed three (3) transactions per second while Bitcoin network takes 10 minutes transaction processing time which is comparatively much slow with respect to credit card transactions roughly around 1700 transactions in one second.
This situation ponders community members of Bitcoin where number of participants gradually increases but transaction of processing timing also increases.
The problem resolved with community consensus driven approach by fork of Bitcoin Classic & enhancing block size to accelerate transactions lowering costs.
Therefore, Bitcoin Cash has an edge over Bitcoin in resolving issue of scalability & accelerate transaction verification.
Bitcoin soaring transaction fees & delaying confirmation time its usability fallen from 95% to around 40%. Bitcoin prices increasing however merchants leaving Bitcoin for alternate transaction solutions.
Bitcoin cash scaling approach has potential to address this problem by fast transaction verification process with low fees. Merchants & investors are more receptive for adoption of Bitcoin cash.
Bitcoin cash is more suitable as payment network to compete PayPal & Visa transactions with respect to high volume transactions in result of retail payments by millions of consumers around the globe. Contrary to this, with Bitcoin small volume of transactions can be processed across the border.
Future of Bitcoin Cash:
Bitcoin Cash is the only currency that has achieved the prominent place in the crypto-world. There is no other digital coin not even Bitcoin attained as much attention as BCH attained. People accepted Bitcoin after four years of its evolution when the story of Cristopher Koch became viral.
He bought Bitcoin worth $5000 in 2009 that turned into $886,000 in 2013. Bitcoin Cash from the very first day of its arrival, it became a top third cryptocurrency in the digital currency market with $8 billion dollars on Coin market cap.
Bitcoin Cash price started around $248 price on August 01, 2017 that surged up to $661 on the next day with a high price gains estimated 166%. This trend continues to rice with somewhat fluctuations and on August 19, 2017, it touched to the height of $900.
Then for some time, it dropped down but maintained its popularity level high & it hit the height of $1953 on November 12, 2017, all times high price recorded. The figure envisaged that Bitcoin Cash surged in value with 687% price gains just in three months after its birth with market capitalization over $32 billion dollars. In the mid of December, 2017, it is being traded over $1700 with total market capitalization around $29 billion & this is the beginning.
Bitcoin & Bitcoin Cash both are high in demand & have global acceptance. Bitcoin cash becomes alternative with respect to fast transactions with low cost globally but it cannot be appeared as an alternative with respect to trade on exchanges because Bitcoin has obtained the investors’ confidence.
Market analysts have high hopes for Bitcoin Cash that it could significantly retain attention of the investors without replacing Bitcoin as Jacob Eliosoff, a cryptocurrency fund manager showed his concern that Bitcoin Cash would not replace Bitcoin neither competing it.
Thus, it is expecting that both would remain a market leader in future. Bitcoin Cash is seen to second to the Bitcoin in value but Bitcoin cash payment mechanism is more reliable.