Top Five Facts I Have Learned about Bitcoin Cash - Beginner's View

I think I have mentioned in every article I published that I am new in the world of Bitcoin Cash or just the whole cryptocurrency society. I have been allotting most of my time learning the different aspects of cryptocurrency. I did found out a lot of info about it like Altcoins and Erc20 which I will be reading more of because to be honest I am still bit confused.

Anyways, I have noticed that read.cash is actually more of promoting not just cryptocurrency but a very specific coin called Bitcoin Cash or mostly popularly known as BCH. So as a loyal read.cash user and lover, I started learning about BCH more than the other coins. I don't even know what really is a Bitcoin because I started immediately with Bitcoin Cash.

So on this article, I will be sharing to you the first five facts or information I learned about Bitcoin Cash.

A lot of people here on read.cash is crypto-addicts so you might be very technical and observant about what you're going to read in here today but I just want to remind you again - I am new and please take it easy on me. I am open for new learnings every day.

I might be putting in some information here that I might have misunderstood the meaning of and it would be great and a pleasure if you correct it on the comments.

So with all these being said, let me go ahead and share the things I have learned about Bitcoin Cash.

TOP FIVE: The origin of Bitcoin Cash

I already expected that the first thing that I would be learning about Bitcoin Cash is its origin - like where it came from or who created it. To be honest there was a lot of things that I did not understood. But I will be listing the information that I found out about the creation of BCH.

I think its better to start with the actual definition of BCH that saw.

"Bitcoin Cash (BCH) is a cryptocurrency created from a hard fork of Bitcoin. It is meant to have quicker transactions than Bitcoin."- Investopedia

So on how I understood, BCH was based out of Bitcoin. It was like branched out of Bitcoin of some sort. It says hard fork and I don't know what the meant. I will be checking that term as well. But year, on how I understood it, BCH is like the offspring of Bitcoin. I might be very wrong. Feel free to correct me.

TOP FOUR: Hard Fork of Bitcoin

As I mentioned earlier, there was a term hard fork that was relating Bitcoin to BCH. So might as well read something about it. And I actually did.

What I learned is that the the word "fork" attributed to the idea that the Bitcoin Cash system uses the same technology as the original Bitcoin cryptocurrency. So I think I was kinda right with the analysis that I had, sort of.

I also read that rather than beginning again, the Bitcoin Cash currency has used a copy of the Bitcoin transaction history to make things go smoother and established. That basically saying that BCH relied on Bitcoin once upon a time. And I mean, there's nothing wrong with that I think. Or may be is there? I don't know. I will be learning about more of this in the coming days.

TOP THREE: Trading Bitcoin Cash

So what I found out is that on July 23rd, 2017, Bitcoin Cash futures began trading at 0.5 BTC, and by July 30th, the price had dropped to 0.10 BTC. Because it is very difficult to transfer Bitcoin Cash via the blockchain in the present build status, it is not yet approved for trade on major exchanges.

I get the meaning of this like the concept of it but talking about the true meaning of it, not really. And this information about Bitcoin Cash is so long ago and outdated because it says 2017. But regardless, I think its still good to learn about the trading status of BCH way back.

Also, I am not really sure what futures trading is as but I would definitely add that to my list.

TOP TWO: Bitcoin Cash Price History

So this is actually an actual graph of the previous prices of BCH. I am hoping this is accurate though. I you want to check the data yourselves, go ahead and click on the link that I posted below - the Statista link on the image source.

I did navigate the whole graph and found out the the initial price of BCH is $578.58 and that was on August of 2017. I think its not that bad. More than $5oo dollars as an initial value is pretty good if you're gonna ask me. Or may be its bad because I don't really know the standard pricing of cryptocurrency. But still, that is a good money there.

I also check the highest point on the graph and I bet that you can see it as well on the image above. It seems that BCH reached $2,442.08 before. That was on the same year it has the its initial price. How did that happened? In a matter of 4 months, the value raised up to 400%. That is crazy! If I only knew about cryptocurrency and BCH before as well as knowing the path it will have, I would be crazy rich now. I can only say "I wish" now.

Well lets get back to reality. I searched the current price of BCH now and its actually $642.80. That was a massive drop from 2017 but still, a pretty huge amount and is actually higher than its initial value which is a great sign.

TOP ONE: Major Expectations for Bitcoin Cash

The very first thing that I have read that concerns the BCH future is that when this becomes a viable alternative, the cryptocurrency community is in agreement that they will sell the Bitcoin Cash deposits that have been assigned to them. I am not sure if that is still accurate up until this time but that is not a good plan for the development of BCH.

I also read that the price of Bitcoin Cash is expected to decline at this time. Now this is a negative expectation to have which is not 100% not going to happen. I mean there are a lot possibilities out there. Although I kinda doubt this because I believe that there are a lot of people who believes in the capability of BCH to surpass Bitcoin and eventually become the real deal. Another thing is, the support BCH has is so large and big that people actually invest in the mass adaption of it. Just like this amazing platform that you are in right now.

On the brighter side, a lotof analyst has the vision that there is a chance that the BCH currency may increase in popularity and demand, causing prices to rise. Now this is what I do believe in. A lot of projects has been made and practiced out there for the sake to introduce BCH to the world. More and more people is now aware about the existence of BCH which will really help about the fast adaptation of it. In no time, BCH will be taking all over the world!

These are some of the relevant things I learned about BCH. I would really try my best to learn more about it and eventually master the system.

Image Sources:

FX Empire ; Yahoo News ; Adobe Stock ; Trustnodes ; Qoo.ly ; Statista ; Reddit ; Changelly ; The Coin Shark ; Google Search

Lead Image Source:

Binance Academy