Bitcoin Cash is derived from Bitcoin. Although they use the same technology and have the same uses, it is a separate and unique version of the world’s most famous crypto, Bitcoin. In this article, we’re going to give you a breakdown of everything about Bitcoin Cash.
What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency created by altering the Bitcoin blockchain in 2017. Consider it to be a branch on a family tree that can then grow into another branch and so on. Bitcoin Cash is similar to Bitcoin in that it is a decentralized system that does not have any government or bank backing. It uses blockchain to process, validate and log all transactions, uses anonymous data, and Unlike Bitcoin, the supply is finite and unaffected by inflation.
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There were many issues with the main bitcoin, including issues with a technology called segregated witness, block size and signature data but since Bitcoin’s popularity soared, the blockchain it was built on got clogged with small blocks.
More people joining the system made it hard to scale. Bitcoin’s chief producers and miners were worried about its viability because both transaction times and transaction costs grew so high. Their response was to create a Hard Fork, a deviation from the original Bitcoin chain. With the new chain, Bitcoin’s user base will be able to grow as the number of blocks grows.
As a result of reducing the costs and processing times enough to allow Bitcoin to be used as cash, the only logical name for such an alternative was Bitcoin Cash.
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How much is Bitcoin Cash worth?
As of 2021, Bitcoin cash traded on the market for around $480 but as of January of 2022, it is trading at $385.30, almost a hundred dollars short of what it traded the year before. However, they share one thing in common when referring to price and value and that’s extreme volatility.
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At the beginning of May 2020, it reached over $1,500, but by July 19, it had dropped to about $418, and as of now Jan 2022, it is $385.30. That cannot be compared to the 2017-18 era when BCH went from$1,000 to under $100 seemingly trying to stop at every point in between and back again.
Should we invest in Bitcoin Cash?
If users can handle Bitcoin Volatility, follow its constantly evolving tech, and tolerate that it isn’t backed by any recognized institution, then you can invest in Bitcoin Cash. With Bitcoin Cash, you can make seemingly unimaginable profits, but you put yourself at risk of big bubbles, wild price swings, and high risks.
BCH is suffering from short-term bearish sentiment. Wallet Investor predicts that bitcoin cash (BCH/USD) prices will be at $650 by the beginning of 2022, then rise to $922 towards the end of 2022, and rise again to $1,771 before the end of 2025.
According to DigitalCoin’s price prediction, BCH could land $449.2 in 2022, then rise to $837 in 2025 and $1,779 by 2028. Based on Price Prediction’s forecast, bitcoin cash has the potential to climb to an average price of $17,439 by 2030, from an average of $449.2 in 2021.
As the cryptocurrency market remains extremely volatile, it is challenging to accurately predict what the price of a coin will be in a few hours, and even more difficult to give long-term predictions. The analysts and sites that provide forecasts are therefore prone to making mistakes.
Before investing, we advise you should do your research, and check the latest market news, trends, fundamental and technical analysis, as well as expert opinions. Also, never invest more than you’re comfortable losing.