The Bitcoin Cash price peaked on December 20th 2017 at USD3,785. Since then its value has dropped by ~94% and it currently trades for USD230.21. But all cryptocurrencies that were part of the 2017 bullrun have seen similar falls. What may be more concerning for holders is that the value of BCH in BTC terms currently hovers around all time lows of 0.0021 BTC per BCH.
The coin’s popularity as a direct competitor to Bitcoin has waned considerably but the Bitcoin Cash market cap still sits around ~USD4.2 billion and it has maintained a vocal community of believers. There has been trouble in paradise during 2020, though, as once again the protocol faces a fresh set of governance issues that threatens to split the community.
In January 2020, a group of Bitcoin Cash developers suggested enforcing a 12.5% tax on each block mined on the Bitcoin Cash blockchain as a way of funding community development. The plan split the community and after weeks of debate it was decided the ‘miner tax’ or infrastructure funding proposal (ISP) should be scrapped.
However, according to the most recent proposal made by Bitcoin ABC ( the primary development team for the Bitcoin Cash protocol) a November network upgrade will come with an amendment that adds an 8% tax on block rewards.
It appears that a large subsection of the community is against the ABC proposal including one of Bitcoin Cash’s most famous backers and investors Roger Ver. On the 1st of September he tweeted “Diverting part of the Bitcoin Cash block reward to pay a single development team is a Soviet style central planner’s dream come true. Please stop.”
There appears to be some chance of a new “ABC” coin being created. While miners and much of the community appears to support the existing version of the Bitcoin Cash protocol, the trend of governance by hard fork indicates there are inherent issues with the management of the protocol.
Hmm there are a lot you still have to know about Bitcoin and Bitcoin cash