The network is overloaded with traffic, the transactions take forever to complete and the fees are skyrocketing. The buzz around cryptocurrencies has reached a new high and it's time to get involved. The term Bitcoin Cash was planned as a hard fork of Bitcoin by a group of miners who didn't agree with the way things were being handled.
With the fork came a rush of new cryptocurrencies that were created to gain market share.We've been hearing questions on whether Bitcoin cash is trustworthy enough or whether its creators have special motivations.
Despite being in a bear market for most of the year, its value is at about 40% of its three-month high and it may have the second biggest market cap among cryptocurrencies.
What are the reasons for its popularity?
Part of it is because it delivers relatively fast payments and low fees, which makes it very popular with Chinese users.
While there are some great benefits to the BCH coin, for example the low fees and fast transaction time.
For many people the question of whether to get involved in cryptocurrencies becomes very complicated. There are so many altcoins on the market, which one is right for you?
At Bitcoin.com, we strongly believe in educating people and giving information that helps you make good decisions with your cryptocurrency investments. This is why we put all our efforts into ensuring we provide you with quality information that allows you to make the right choice and invest wisely.
Should you invest in Bitcoin Cash?
That's a question that many investors are asking themselves at the moment, and in the cryptocurrency space, there is never any consensus. The decision to invest in Bitcoin Cash is always very difficult because there are many factors to consider.
To help you decide whether BCH is a genuinely worthy investment, we're going to give you three good reasons why it is not worth it right now and three strong reasons why you should consider buying in.
BCH comes with so many promises and offers much advice to it users. Most of this advice, one way or another, needs the trust in the currency it brings. But is that trust justified?
The following objective facts that are often overlooked in the "hype" around BCH:
1) The BCH Blockchain is an empty Blockchain. There is no mining happening on BCH blockchain as of now. It does not have any value apart from what the users give it.
2) According to Satoshilabs, Satoshi Labs is supporting BCH because of the fees. GDAX seems to have started accepting Bitcoin Cash deposits again and will start allowing trading when there's sufficient liquidity on GDAX and Coinbase Pro. However, this functionality doesn't yet include withdrawals to BCH.
3) Most importantly, there is no working client yet. There is no wallet or exchange that allows people to trade or use BCH safely.
The only reason people see price rise in bitcoin is because of the surge in demand for bitcoin cash. People are selling their bitcoins to buy BCH which leads to increase in price of BCH on some exchanges.
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