Bitcoin cash finally breakout the bearish trendline and its pumping at four hour timeframe
Bitcoin cash (BCH) is a cryptocurrency that was created by a group of developers who wanted to follow the original bitcoin protocol but to increase the block size to 2 MB, thereby increasing the transactions that could be processed. This would allow BCH to be used on a global scale as opposed to being confined to the digital realm only. It's easy to see why people would embrace this sentiment when dealing with virtual cash.
Bitcoin and Bitcoin cash are two distinct digital currencies that share the same origin story but have unique features and use cases. However, there are many similarities between these two cryptocurrencies- both are decentralized, open-source and run on blockchain technology. In fact, bitcoin creator Satoshi Nakomoto originally called his creation 'Bitcoin.' He changed his name to 'Satoshi Nakamoto' later on and released it under an open-source license. In addition, Nakomoto designed bitcoin to be non-transactional; this allowed users to send bitcoins without requiring an exchange rate. However, bitcoin started gaining popularity when trading platforms started populating the web. Now, users can trade bitcoin for other currencies or buy goods with them.
To create bitcoin cash, several developments led up to the creation of this new digital currency. The most notable was the increase in block size from 1 MB to 8 MB that occurred on August 22nd 2017 in unison with China's fork of its own bitcoin blockchain. This was a contingency plan by China's Central Bank against a potential stock market crash. To make sure everyone was on the same page, this fork was also accompanied by a reorganization of the bitcoin blockchain which created brand new blocks with larger capacities. This allowed everyone using bitcoin to both upgrade and maintain their digital wallets at the same time.
There are several reasons why Bitcoin Cash has become so popular among investors. First off, BCH has a larger block size than its predecessor. This means that it can process more transactions per second. This is great for people who have trouble accessing their bank accounts due to high transaction fees. Additionally, Bitcoin Cash has a lower price ceiling than its sibling. While bitcoin is typically priced today at $19,000-$19,500 when available through major exchanges, BCH is only $110-$115 on the same platforms but after the breakout yesterday at four timeframe its now running on $120-$125. This creates an opportunity for new investors who want exposure to high-growth assets at low cost (both in terms of capital and emotion).
Bitcoin Cash has become highly sought after due to its sudden increase in value and global usage potential. This has led to an influx of capital into digital currency markets which has driven prices up in recent months. Not only does Bitcoin Cash offer faster transaction processing than its predecessor, but it's also cheaper and easier to acquire than bitcoin was before its hard fork. Although there are upsides and downsides with every cryptocurrency project, if you're in the market for some digital gold - keep an eye out for Bitcoin Cash!