Bitcoin Cash: A Tale of Unrealized Potential

2018-8-28 19:58

Bitcoin Cash (BCH), the popular hard fork of Bitcoin is more than a year old. While it is still early days for the virtual coin, it has so far been unable to live up to its potential as Bitcoin’s superior. The 2018 general market decline as well as timely upgrades to BTC’s protocols have seen BCH slide in both popularity and value.

A Little Bit of History

The fundamental premise behind BCH was a desire to develop a more efficient and cost-effective Bitcoin. In the end, both sides of the debate had vastly differing philosophical views about what Bitcoin ought to be. The side that favored seeing BTC as a payment means rather than a store of value, disappointed in their ability to cause a change internally, engineered a hard fork, splitting the network.

After the split, BCH performed well and achieved top-ten status in little time. Proponents like ‘Bitcoin Jesus’ Roger Ver continued to tout the superiority of BCH, calling it the ‘real Bitcoin’.

Suggested Reading : Learn even more about Bitcoin Cash and how it differs from Bitcoin here.

SegWit Protocol

BCH’s claim to fame was a larger block size, which allowed for more transactions to be included in a single block. Hence, transaction fees on its blockchain were significantly lower than that of BTC. At the time, BTC fees had reached a worryingly high level with transactions requiring an average of $50 to be processed.

However, this situation didn’t last for long, as the Bitcoin network finally adopted segregated witness (SegWit) protocol which materially diminished the fees paid to execute transactions. Bitcoin Cash had lost one of its core advantages over Bitcoin. In little time, SegWit transactions on the BTC network had outstripped the total number of BCH transactions, reasserting Bitcoin’s dominance over the hard fork upstart.

2018 Bitcoin Cash Price Decline

Like other coins on the market, Bitcoin Cash has endured a wretched 2018. As at press time, the fourth-ranked cryptocurrency is trading at $525, which is 88 percent down from its all-time high (ATH) of $4,355 in December 2017. BCH has also dipped by 81 percent since the start of the year, making it one of the worst declines of any top-ten coin.

Apart from its price decline, BCH has also experienced decreased use in online payments. According to blockchain analytics firm Chainalysis, BCH use in online payments fell from $10.5 million to $3.8 million between March 2018 and May 2018.

The post Bitcoin Cash: A Tale of Unrealized Potential appeared first on UNHASHED.

origin »

Bitcoin (BTC) на Currencies.ru

$ 96600.04 (+0.06%)
Объем 24H $17.502b
Изменеия 24h: 0.44 %, 7d: -1.06 %
Cегодня L: $96540.24 - H: $96670.7
Капитализация $1915.37b Rank 1
Цена в час новости $ 6976.28 (1284.69%)

bitcoin potential cash unrealized tale decline well

bitcoin potential → Результатов: 126


Bitcoin and Solana Prices Explode, But What Is the Most Potential Profitable Crypto to Invest Now?

Bitcoin and Solana are seeing huge gains, capturing the attention of many investors. This surge raises an important question: which cryptocurrency holds the most promise for future profits? Readers will discover the digital coins poised for significant growth, offering potential investment opportunities in a rapidly evolving market.

2024-9-29 16:00


Bitcoin Braces For $50 Billion Influx Following ETF Launch, Bitwise CEO Says

Bitcoin (BTC) enthusiasts and investors have their eyes fixed on the potential launch of a spot Bitcoin exchange-traded fund (ETF), eagerly awaiting its impact on the cryptocurrency market. With predictions of substantial inflows, industry experts are delving into the potential ramifications of such a development, exploring its capacity to transform the landscape of digital assets.

2023-10-27 20:00


Фото:

Op-ed: Multi-Token Connectivity Is The Next Step for Global Blockchain Adoption

Thanks at least in part to Bitcoin’s incredibly bullish trend over the past 12+ months, cryptocurrencies are experiencing daily discussion within the public. With companies as large as Goldman Sachs and MasterCard opening blockchain divisions, it’s no secret that distributed ledger technology has massive application potential.

2018-8-21 14:36