Bitcoin Cash is the most prosperous and widely used permanent Bitcoin fork. No other forks of Bitcoin have been as successful as Bitcoin Cash (BCH). Bitcoin Cash boasts itself as a peer-to-peer electronic cash which can be used all over the internet. Its main purpose is to be used as peer-to-peer cash and Bitcoin Cash has been a transaction capacity focussed cryptocurrency since its inception.

Features of Bitcoin Cash (BCH)

Bitcoin Cash has seen a steady increase in the number of followers, traders, investors and also merchant adoptions. At present, Bitcoin Cash is deemed as the most business-friendly cryptocurrency and that is why spring of 2018 has observed numerous Bitcoin Cash adoptions as a payment method by various merchants.

Bitcoin Cash is equipped with a set of features unique to itself such as:

Bitcoin Cash has a bigger block size which is around 8Mb.

This currency has replay and wipeout protection and its transaction signature is different.

It can quickly adjust the difficulty of proof-of-work if the hashrate is low.

Bitcoin was supposed to be a cryptocurrency that offered its users with a low fee but Bitcoin core supporters dispose of the ideas. But it’s not the same case with Bitcoin Cash. Bitcoin Cash has now turned into low fee solutions for global payments.

A Difference in Transaction Fees

Including the obvious difference between Bitcoin and Bitcoin Cash, there are many other distinctions that make these two projects more of a competitor. Bitcoin’s high fee limits its transaction capacity and because of this limitation, a user doesn’t get his transaction unless he pays a higher fee. In worst cases, your transaction may get stuck for days, weeks and months even after paying a high fee. This unreliable nature of the system is not observed in case of Bitcoin Cash. It has plenty of space in the blocks which ascertain that transaction fee remains lowest at all times and your digital assets don’t get stuck in a limbo for long period of times.

Peer-to-peer Cash

Bitcoin Cash implementation is more about being able to make payments all around the world with ease and at a faster speed in a secure manner. This feature was supposed to be in Bitcoin as well, but the core Bitcoin supported strayed and when the BTC transaction fee increased they dubbed it as ‘digital gold’ means its main use case has turned into a ‘store-of-value’ from an ideal P2P electronic cash system.

Support from Merchants

Bitcoin core has been losing merchants and their support for quite some time now whereas, Bitcoin Cash has gained many merchant’s support as their digital choice of payment on a daily basis. Better user experience, low transaction fee has also helped Bitcoin Cash to grow more than its core project. Due to Bitcoin’s ambiguous and unsatisfactory performance, it has lost some significant merchants like Dell, Microsoft, and Steam who once accepted Bitcoin as payment but stopped.

Analyst’s take on Bitcoin Cash

During the Tax Day when the analyst’s had the results of cryptocurrency bear market, many of them started pointing out it to be a better investment and among the top 5. They recommended Bitcoin Cash as they indicate a breakout point on Wednesday and potential to grow. At this point many other giants of the crypto world are planning for a comeback, it’s better to buy the dip to prevent ‘FOMO’ later on. Since 11th April Bitcoin has risen to over 16%. Traders have already suggested that after tax-selling pressure is relieved, the cryptocurrency market will show an uptrend.

Upcoming Network Upgrade

According to its whitepaper, Bitcoin Cash has already declared that it will undergo a platform update (network upgrade) on 15th May this year. The team has published a list of specifications which is to be a part of the network upgrade. The main changes coming into effect are increased in block size and re-enabling of various op-codes.

Current Trading Position

Presently, Bitcoin Cash (BCH) holds the 4th rank on Coin Market Cap with a surge in the price of 13.08%. The total market capital held by Bitcoin Cash is $16 Billion with a circulating supply of 17 Million BCH. In a recent interview that took place on CNBC, Brian Kelly, the CEO of BKCM LLC was seen commenting on why he would prefer buying Bitcoin Cash at the current moment. He also seemed to indicate a breakout in Bitcoin Cash in coming days due to its increase in volatility in the past few days.

Conclusion

Even though it’s evident that Bitcoin Cash will reach further than Bitcoin has ever gone, we do not have the assurance of how it is going to trade after 15th May. There is a long way for it to go and beat its own core project and once it finishes that then Bitcoin Cash will no longer be perceived as a Bitcoin fork, but a killer crypto giant.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Marco Verch via Flickr