Bitcoin Cash (BCH) has quadrupled in the past 2 months to date. On the 4th of November 2017, the price of 1 BCH token was only $600 and now it stands at $2420. With a market cap of $41,864,148,323 this is the fourth the most biggest cryptocurrency in terms of market cap and daily trading volumes.
BCH has lost close to 7% in the past 24 hours and is currently is at 0.164 BTC to a BCH token at 19:18 UTC. Bitcoin Cash, a decentralized virtual currency is built around the philosophy that “Peer-to-Peer Electronic Cash” transactions should become seamless with faster confirmation times and low fees. With an increased default blocksize limit of 8MB and new Signature Hash, BCH aims to be the replacement to Bitcoin by overcoming its limitations.
Segregated Witness or “SegWit” as it is popularly known, is the upgrade of block size basically enabling Bitcoin to greater number of transactions per second. According to Lancks, a cryptocurrency researcher says, “Segwit is complicated, but it basically boils down to stuffing more transactions into each block using a lot of math and complicated code. It works, but it’s not a great solution and doesn’t allow for many more transactions to go through which is the heart of the issue; IIRC it’s about 1.7x as many as the original blocks in a best case scenario, and often a lot less. On the other hand, Bitcoin Cash simply increases the block size to 8MB, so 8 times as many transactions fit in each block, increasing the supply and thus reducing the price of transactions. The only real drawback to that is the slightly increased bandwidth cost, which at some point will become a problem for the average internet connection.”
Inspite of the better technology there are some skeptical crypto currency enthusiasts who are against the currencies like Bitcoin Cash and Bitcoin Gold. Remya Jackson says, “I do not care about the real world application of Bitcoin any more. Bitcoin is going to become an asset which everyone would be able to show off. Diamond or Gold also does not really have value, The actual value of Gold is not derived from its mining cost, it is defined by how much the other person is willing to pay for it. Bitcoin will soon be considered in the same category and the prices are going to shoot up, so currencies like Bitcoin Cash and Bitcoin Gold won’t really survive, of course the value will remain at $10K in the next couple of years for both of them but not like $1M for a BTC coin”
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