On Thursday, Bitcoin Cash (BCH) entered the top ten market cap rankings again after rising 36% overnight to 68% over the week. The value of a single BCH coin jumped from $ 1,068 to $ 1,462 in less than 24 hours to Thursday, rising significantly from a weekly low of around $ 800.
Rebirth before the hard fork
Bitcoin Cash has a lot to catch up with in terms of the size of its network. Peaking at nearly $ 4,000 in 2018, it then dropped significantly and dropped to around $ 300-400 over the next few years. The spike in recent weeks has seen the price rise again to over $ 1,400.
The renaissance of what was once the backbone of the top 10 cryptocurrencies will come a little over a week before the two-year Bitcoin Cash hard fork on May 15, which will bring two small but important network changes.
The limitation on the chain of unconfirmed transactions in Bitcoin Cash has been removed, allowing more microtransactions to be broadcast without waiting for a block confirmation.
In Bitcoin Cash, blocks are mined every 10 minutes and the old unconfirmed chain limit was set at 50 transactions. High volume applications can now make 50 near-instant transactions before a lock confirmation is required. In the upcoming hard fork, this restriction will be completely removed.
The implementation of multiple outlets of OP RETURN is another major reform scheduled for May 15th. Simply put, the Bitcoin Cash blockchain currently allows various data such as text, images and other forms of data to be included in a transaction. At the moment, a transaction can only have one OP RETURN output - one image, text, etc. Several pieces of different data can be used in one transaction due to an inevitable network update.
The Bitcoin Cash network update aims to address centralization and transparency issues by introducing the concept of CHIPs known as cash improvement protocols. these are standardized proposals that will change certain aspects of the BCH. These CHIPs will act as full client programmers, seeking consensus and rejecting any significant changes.
The market price of Bitcoin Cash, like the rest of the cryptocurrency world, has remained the same since the beginning of the year. Its total consumption has also increased, according to Bitinfocharts.
The number of recurring Bitcoin Cash transactions increased by 650 percent from 20,000 in December to over 150,000 at time of publication. Between February and April, Bitcoin Cash processed more transactions every day than Bitcoin (BTC), peaking at 414,000 on March 21, up from 229,000 in Bitcoin.
However, the number of transactions from unique addresses increased by only 25% - from 40,000 to 50,000, which is one fifth of the number of transactions in bitcoins, according to the same data source.
Image credit : PixaBay
