Is Bitcoin Cash (BCH) worth investing money?

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Avatar for ZahidAbad
3 years ago

What is Bitcoin Cash (BCH)?

Bitcoin Cash is a hard fork of Bitcoin. It showed up in August 2017, as a decision of influential miners, developers, investors, and users who were opposed to the SegWit2x consensus. Now, it's a P2P decentralized payment system. The idea of BCH is "a coin for everyday transactions".

Bitcoin Cash's developers decided to change the block size to enable greater transactions and improve cryptocurrency scalability. They, therefore, increased it from 1 MB to 8 MB.

After its creation, BCH quickly became popular. Almost 1,500 blocks were created within a month. Mining pools such as Antpool and ViaBTC recognized this cryptocurrency and routed high volumes of hash-rate to mine BCH.

Bitcoin Cash (BCH) Price History

It all started at about $200 for 1 BCH. Even at this rate, the cryptocurrency immediately hit the top of Coinmarketcap's charts by market capitalization. The rate doubled the next day. The price was stable, but after three weeks, it rose to $1,000. The community must have been convinced that it was an intentional rise because the price immediately fell to $700.

We can observe a long, smooth decline. In the middle of October 2017, the price hit the $317 mark for 1 BCH. Then, there was a significant reversal, and BCH rose to $1,600.

Following this, the market grew several times. Each cryptocurrency rose by around 400%. Some prices increased by up to 1,000%. Bitcoin Cash was at its highest level in the middle of December, with a value of $4,091 per coin.

In the recent market, where bitcoin dropped from 60,000$ to 37,000$, BCH showed much more resistance, and the signs show that it will hit 2000$ mark really soon.

How high Bitcoin Cash (BCH) can go?

It depends on whether Bitcoin Cash will destroy Bitcoin. It's hard to answer this question. I think BCH can be scaled much higher than Bitcoin.

Bitcoin will not die anytime soon because it's needed to exchange most cryptocurrencies on most exchanges. If Bitcoin crashes shortly, the whole market will fall. While the need for BTC exists, neither Bitcoin Cash nor other altcoins can overtake the market.

Therefore, we can't give a forecast for the highest Bitcoin Cash price because it has many variables affecting it. However, we do believe that it will rise to $3,000 in the next years. 

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