Bitcoin Cash was forked off of Bitcoin in 2017 and has had a controversial and incredibly effective history as a cryptocurrency. Led by Roger Ver, and forking on November 15th of this year, BCH has been a highly utilized and speculative coin. Ranked fourth by Marketcap at $9,119,787,212 with a price of $522.43, Bitcoin Cash (BCH) is a blue chip cryptocurrency that will become the face of cryptocurrency going forward. Bitcoin cash solves cryptocurrencies’ major weaknesses in fees paid to miners and scalability, in which it excels as a medium of exchange. In short, Bitcoin Cash functions as all other cryptocurrencies hope to while supporting a healthy coin price and marketcap. In essence, this is the coin Bitcoin was supposed to be.
Bitcoin Cash’s biggest selling point is it’s low fees and it’s scalability. Bitcoin Cash functions as well as Bitcoin was described to work in the Bitcoin Whitepaper published in 2009. When one looks at the transaction fee chart found here: https://bitinfocharts.com/comparison/bitcoin%20cash-transactionfees.html, it is apparent that the fees can be as low a $0.1 with millions of daily transactions supported. Bitcoin Cash was forked off of Bitcoin in mid-2017 as a result of changes in the Bitcoin block size from 8MB to 32MB. Bitcoin is limited in its scalability and can only perform at 7 transactions per second versus Visa at 2,000 to 27,000 transactions per second. Bitcoin cash can handle up to 61 transactions per second and has low fees to boot. It’s major success versus Bitcoin is that BCH is not a digital asset to be stored, rather an actual medium of exchange.
Craig Wright and Roger Ver will lead the forked BCH coins and continue to provide value to investors and users. Binance and Coinbase will support the forked BCH and a new coin may or may not become available. Going forward, both coins will have solid leadership. Craig Wright mentioned that Bitcoin Cash could become a proof of stake (POS) coin versus its current status as a proof of work (POW) coin.
In the future, the competition between the two forked BCH coins will lead to innovation. I anticipate that a new coin will be minted and that POS will be supported in at least one of them. Bitcoin Cash has a hard forked currency with two leaders in the cryptocurrency space, a huge market cap, small fees and scalability in its favor. I am bullish on this cryptocurrency for the long-term and do not follow the short-term technical analysis.