Bitcoin has undoubtedly been the King of cryptocurrencies from its price to its adoption rate. Its popularity has made it the center of crypto investment and the future of finance as proclaimed by some experts. Considering the fact Bitcoin has become so valuable to the extent that owning a single of the digital asset requires one to have over $6000; there has been the need for investors to turn to cheaper and similar cryptocurrency that has the potential of getting to the moon. Often, cryptocurrency analysts recommend the “less than a dollar” valued cryptocurrencies to investors, but Bitcoin Cash seems to be the real deal.
Introduction to Bitcoin Cash
In 2017, the Bitcoin community became worried about the slow transaction processing time of Bitcoin. This problem made the community come out with a solution. It was pointed out that Bitcoin has a smaller block size which affects its transaction speed. One of the solutions that came out was that they should engage in a hard fork to split the blockchain and the cryptocurrency into two, and then call the new Coin “Bitcoin Cash.” This decision was perfectly executed in August 2017, when developers split the cryptocurrency and its Blockchain into two. This action made any Bitcoin holder to obtain an equal amount of bitcoin Cash as at the time the developers executed the hard fork.
Bitcoin cash has excellent potential and acts as a better substitute to Bitcoin because it remains the only technology that offers a great solution to the scaling problem. Also, Bitcoin Cash uses EDD algorithm which makes it stable at higher prices. Bitcoin price has received applause from Dan Nathan, the founder of Risk Reversal Advisors, after revealing that he has some Bitcoin cash in his possession: “I’ve been buying Bitcoin Cash and Ethereum.” He said. He further added that Bitcoin has some technical issues: “Those two seem like ones that have some room to go here, while bitcoin seems to have some technical issues.”
Just like Bitcoin, Bitcoin Cash currently has an available supply of 17 million and a total supply of 21 million which is a good sign of an investable asset. It now has a market cap of $10 million, and trading at $548. Beyond doubt, Bitcoin Cash is one of the cryptocurrencies to look out for when the market gets back from the recession.
Disclaimer: The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto.