It’s another day and another time to look into the cryptomarket and see how the top contenders are doing. Do you remember that buzz that surrounded the Bitcoin fork? You recall how investors and spectators looked forward to the birth of a new Bitcoin currency? And then Bitcoin cash was born, and it marched forward strongly, standing tall in an attempt to give other bigger currencies a run for their fame. The million dollar question is, where is the buzz, fire, and eagerness towards Bitcoin cash? What happened? Now what will be Bitcoin Cash Future ? Will it be bright or bleak?
Bitcoin cash is a new version of Bitcoin, on a different blockchain and with an entirely different set of rules. This was the idea of a few miners who came up with a newer (and probably better) version of blockchain with the aim of speeding up transactions. The fork did not impact Bitcoin balance in any way.
Right after its debut in August 2017, Bitcoin cash is already having a turbulent time on the market. The currency began well with a price point of $750 per token but then plummeted to almost half the price. All this happened in its first hours of establishment. What an unfortunate way to begin!
The currency’s initial volatile performance is pinned to miners’ and major exchange markets’ reluctance to back it up. Major cryptocurrency information tanks are starting to advise bitcoin traders against spending a lot on it. Some are outright blunt that the currency may fail to gain traction to its former glorious beginning.
Here is what Aurelien Menant, the founder of Gatecoin had to say regarding BCH. ͞We will start to support Bitcoin Cash trading despite its limited long-term potential. He said that Bticoin Cash ’s blockchain is maintained by a small community of traders, developers, and users and thus not promising for long term cryptoinvestment.
A research expert from the Cambridge Centre for Alternative Finance, Dr. Garrick Hileman said that Bcash hasn’t yet received the best price it deserves as one of the top ten cryptocurrencies. This has made many traders handle it with a grain of salt. This treading on eggshells of clients is not good especially for a commodity that exists in a highly volatile market.
While it’s extremely hard to predict what will happen next, BCH price may disappoint its users who may decide to dispose of their remaining shares. How much mining is needed to exhume BCH from its current situation? Will it be able to confront the constant attacks facing Bitcoin if they come its way? Will it have similar swings as Bitcoin volatility or be more stable? All those questions need to be answer in order to establish some confidence into this new cryptocurrency.
So, is there a solution to Bitcoin Cash’s woes? According to Menant, yes Bitcoin cash may have a future if miners decide to increase its block on the blockchain to 2 megabytes. This will trigger more development and user adoption resulting in markets accepting it as a currency worth trading.
However, for these changes to take place, Bcash will need to prove that its technology is as secure and reliable as Bitcoin’s software. Increasing the size of a block will automatically speed up transactions thus blowing immediate competitors far behind.
Despite its boat being rocked, one thing is for sure, like other cryptocurrencies, Bitcoin Cash is not going away anytime soon. If many users adopt it, it will just become another problem Bitcoin, Ethereum and ripple will have to deal with. But if users, miners, and developers give up on it, then Bitcoin Cash future might be a bleak one.
In total honesty, despite the wild Bitcoin Cash price fluctuation, there is still some very sound developers supporting this new blockchain. Therefore, although this might look like a niche within a niche, there is still a good chance that BCC find its place. Also due to the cohesiveness of the team, Bitcoin Cash updates can be implemented quickly. Fast updates will certainly boost the Bitcoin Cash value and give it an edge over the other altcoins.