Since the birth of Bitcoin Cash (BCH) on August 1, 2017, Bitcoin Cash (BCH) is often compared to Bitcoin, and many believe that Bitcoin Cash (BCH) is a direct competitor for Bitcoin.
However, according to the Wall Street Journal, Bitcoin money, which has been transferred from Bitcoin, has dropped by almost 90% compared to historical highs, which is disappointing. At first, people hope that this kind of transaction is faster and the Cryptocurrency (BCH COIN) will be the mainstream payment method.
The Cryptocurrency Bear Market punishes investors who buy Bitcoin in the most passionate currency period last year. Take Bitcoin cash for example. According to industrial research, Bitcoin has fallen 67% compared to the highest intraday $ 20089 set in December last year, while Bitcoin Cash has dropped 88% from a height of $ 4355.62. On Friday night, the price of Bitcoin cash transaction was around $ 533.
The other value of hundreds of Bitcoin has also fallen sharply, but the poor performance of Bitcoin's cash is very interesting because it involves a larger theme: Can Cryptocurrency really be a way to change the traditional currency?
Bitcoin supporters believe that BCH can solve problems that are blocking the Bitcoin currency from being a mainstream payment tool such as Paypal or Visa. They think that the original version of the Bitcoin network is too slow and the costs paid by the user when sending Bitcoin to each other too high. They show that the bitterness of the Bitcoin operation has made people consider it a value storage tool such as gold, rather than buying items such as Hamburgers and Cappuccino Big Mac.
After failure to change Bitcoin from the inner part successfully successfully, Bitcoin cash is made instead. The technology that underlies the new Cryptocurrency is almost identical to the original Bitcoin, with only a few fine adjustments designed to speed up transactions and reduce costs.
A year later, several studies showed that branching confused currencies did not meet people's expectations. A study found that in May this year, people only paid $ 3.8 million in bitcoin money. According to analysis of the chainalysis company that conducted research, this figure was far lower than $ 10.5 million in March.
Bitcoin Cash is still the fourth largest CryptoCurrency by market capitalization, but the BCH value is relative to Bitcoin has shrunk, indicating that investors who bet on Bitcoin Cash may have returned to the original version of Bitcoin. Data shows that the value per Bitcoin Cash unit is currently around 8% per bitcoin, far below 18% in early May.
All this data and information show that the road for Bitcoin cash to defeat Bitcoin and replace the payment of a rough traditional currency. But this does not mean that it is impossible. It depends mainly about how Bitcoin Cash will go in the coming year. Let's wait and see!