BitcoinCashCryptocurrency

Bitcoin Cash is close to its first birthday – has it been a success?

By July 17, 2018 No Comments

Bitcoin Cash is nearing its first birthday and it’s been some first year. Bitcoin Cash has gone as high as $3,800, achieved a multi-billion dollar valuation and become the fourth largest virtual currency by market capitalisation. It has been an eventful year for BCH which began trading on August 1st, 2017.
Created as an alternative solution to issues related to scalability facing the Bitcoin community, Bitcoin Cash’s block size is eight times that of Bitcoin and it utilises an alternate rate to adjust the challenge of mining a block. Its supporters debate that this is in line with Satoshi’s vision.
Bitcoin Cash has, so far, been more than a moderate success to say the least. It is valued relatively high and is present on almost all exchanges of pedigree including Coinbase. Let’s take a look at what enthusiasts of the virtual currency are really purchasing.
Bitcoin Cash – The journey so far
Bitcoin Cash is an alternate attempt to make Bitcoin scalable. The primary attraction is in the form of a feasible peer-to-peer currency with minimized transaction costs which is in line with the vision around which Bitcoin was developed.
At the time that Bitcoin Cash was introduced, it was with the declaration of an ever widening gap between Bitcoin core and its fork. Bitcoin Cash promised fast and unprecedented growth in adoption and seemed to have a significant advantage over other virtual currencies in part due to its scalability.
In the last twelve months, there has been an abundance of exciting new projects. QuarkChain is a good example. They recently concluded their ICO and they use rootchain and sharing to develop a safe and scalable network. Another example is Zilliqa, which also subscribes to sharding technology, declared that their network could facilitate 2,000 transactions every second as per their internal tests.
Bitcoin Cash is said to be a quick, safe and reliable alternative to fiat currencies but as of today there is nothing concrete to suggest that it can satisfy the demand at mainstream levels. At the time of writing this blog post, the Bitcoin Cash network is being hit with hundreds of thousands of minimum fee transactions but this is yet to finish.
Can Bitcoin Cash Really Deliver?
It was recently reported on Reddit that a bar owner in Argentina constructed his own Bitcoin Cash ATM machine which can be used to get local currency. The largest food delivery service in Germany accepts Bitcoin Cash.
The market is overpopulated and the level of competition is high. In the world of cryptocurrency, it has been a long time since the creation of Bitcoin Cash. This should tell you how much has changed about the space in the last eleven months. There are more people investing, many more coins in existence and a feeling that regulation is catching up with cryptocurrency.
One of the central advantages of Bitcoin as well as Bitcoin Cash is that it comes with complete privacy and any transactions in these networks cannot be accessed by the authorities. This will have to be reassessed with the increased regulation that seems to be headed for this space. It must be noted however, that this could have a positive impact on the propensity of the public to adopt cryptocurrencies like Bitcoin Cash.
As a consequence of Bitcoin Cash’s success, the bar has been raised and BCH’s competitors have had to push hard to stay ahead of the pack. The Bitcoin Cash value is a high and with that comes big expectations.
Conclusion
It remains to be seen if Bitcoin Cash can meet expectations and continue to soar in value but for the time being looks an interesting asset to add to your portfolio.

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