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Hey I got a question for you. Are you a fan of Bitcoin Cash (BCH)?
Silly question, I know. If you don’t like BCH then you won’t be in this platform, writing articles. But I still need to ask the question because this article is all about BCH and all of the positive things about it.
So if you don’t like BCH and hated people talking about its good points then this article is not for you.
Now that’s out of the way, here’s another question: What price should BCH be?
I’ve read articles and comments telling people that BCH should be valued higher than it is now. That it should not be valued in the hundreds of dollars but rather in the thousands – it should be priced at $10,000. Personally, I agree AND disagree to that statement.
I agree that BCH should be valued higher but I disagree to the price tag of $10,000, no, it should be more than that – it should be where Bitcoin (BTC) is currently at.
Bitcoin Cash is one of the most popular cryptocurrency and is currently at rank #15 globally with a marketcap of 11.89 Billion (as of time of writing). Before the split though, it was actually ranked much higher – in the top 3 – along with Bitcoin (BTC) and Ethereum (ETH).
But after the hard fork in 2018, the original BCH split into BCH and Bitcoin Cash Satoshi Vision (BSV) respectively. Moreover, BCH later split even further into BCH ABC and Bitcoin Cash Node (BCN).
There was even a period of confusion in the community as to which one of the two would be the “official” BCH. Eventually though, BCH ABC emerge victorious, becoming the BCH we know and love today.
The split of the original BCH into two entities played a major role as to why BCH is just rank #15 in the global cryptocurrency market. If not for the unfortunate split, BCH would still be in the top 3. There’s even a good possibility that BCH could usurp the number one spot if the hard fork of 2018 didn’t happen.
Yes. BCH could still take the number one spot but so does ETH, BNB, ADA, UNI, DOT, USDT, etc. Heck, even DOGE could become number one once the people realized that BTC is overrated and is not really deserving of its spot.
What I’m trying to say is that it’s not impossible for BCH to overtake BTC. But actually doing so is the hard part. In order for BCH to become number one, BCH must first have the overwhelming support of the cryptocurrency community which, although very possible, is also a very difficult thing to do.
Why? It’s because there are nearly 6,000 cryptocurrency out there and some of which are far more popular than BCH. Moreover, the split had made investors a little afraid to invest in BCH as they are afraid that another split would happen again which would in turn affect its value once again.
So before passing BTC, BCH must first pass the others in the top 10 of which in itself, a very daunting task. Fortunately, BCH have many advantages over its competitors because…
There is a good reason why BCH used to be on the top 3 before the split. Firstly, it’s trustworthiness. Although the trust in BCH was slightly shaken after the split, it still remained one of the strongest and most trustworthy cryptocurrency out in the market to date.
Secondly, it’s practicality and usability. Bitcoin is not practical so does Ethereum. The transaction and gas fees alone would make anyone trading with the aforementioned cryptos sigh, not out of relief but regret.
Unless one plans to buy a house or a car, there’s really no need to use any of the above coins in normal transactions because the transaction and gas fees could make one vomit blood. Yes, it’s an exaggeration but you get the point.
Thirdly, BCH is true to its core. The popularity of BTC is worthy of praise but the same popularity also made it lose its core value – a decentralized currency. Satoshi Nakamoto created BTC to be the currency that regular people could fall into – a currency not under any government’s support.
Unfortunately, BTC is slowly moving away from its decentralized core. Of course it would be unfair to blame everything to BTC as the government would still try to shackle BTC and put it under its control no matter what.
But market manipulation and most probably under the table dealings by whales made things a lot worse. It’s not a secret that whales could dictate the price of BTC and market manipulation is one of the things that regulators hated the most.
This might come as a surprise… okay, maybe not but Dogecoin is extremely popular. So much so that it is currently ranked #8 in the global cryptocurrency ranking with a market cap of 31.81 Billion which is almost thrice of that of BCH.
Despite being known as a meme coin and created mainly as a satire to BTC, DOGE actually manages to defeat many of its contemporaries with higher price tags including BCH which is insane if you think about it.
Why? Two words: Elon Musk.
Yes, Elon Musk almost singlehandedly propel DOGE to its current heights. The CEO of Tesla and one of the richest men in the world supported a coin that many in the cryptocurrency industry considered a joke.
Although BCH also have its share of supporters, they still pale in comparison to a celebrity like Musk. I think you already know where I was going with this but yes… we need someone like Elon Musk to propel to a new height.
I’m aware that not many share my view (and that’s okay) but we need to be realistic here. Just think about it. If Elon Musk could prop up a meme coin, imagine what a celebrity with the same level of clout could do to BCH – a coin that was made to surpass BTC?
In all honesty BCH already have what it takes to be the top coin, it’s simply lacking the necessary impetus. If BCH didn’t split then all of this won’t be necessary. But after everything that had happened, BCH needed something or someone to re-ignite the trust of investors damaged by the split.