Weather forecast today records 28°C. It is even higher in the capital of the country. It is 33°C there today. The temperature may not be that high but people in my region are not used to such heat. Well, our region is regarded as the summer capital of the country because it is supposed to be the coolest part during the summer season. Unfortunately, these few days, that is not the case. The lowest recorded temperature in my region was 6.3 degrees Celsius on January 18, 1961. This is in contrast to the all-time high of 30.4 degrees Celsius recorded on March 15, 1988 during the 1988 El Niño season.
It is really hot these days and various ways of beating the heat are sought after. Before the world health crisis, people would go for water activities such as, snorkeling, diving, swimming and many more. Some, would go travelling to beautiful places and others would indulge into summer heat foods and beverages.
Along with the summer heat is BCH rising to the top. 1 BCH is playing between 65,516.66 and 67,014.57 pesos which was just about 24K pesos a few weeks ago.
Photo above shows the rate at 3:36AM while the next photo shows the rate at 7:24 AM. Well, it is understandable as it is really volatile.
My friend said that it is not a good day to buy some BCH. Best time is when the exchange is low which was actually the case a few week or so ago. However, looking at how it ascended, I think it is less likely for it to go down. This is only based on my hunches because we know that anything is possible with cryptocurrencies.
While writing this, I checked the rates again and this came out. It is getting colder now unlike a few hours ago but BCH has no plans to cool down at the moment. It seems to want to go even higher.
Thus, I tried to research on when would be the best time to buy. Tim Falk (2021) gave some advise and here they are:
What could drive Bitcoin Cash’s growth?
Scalability problems with bitcoin. Bitcoin Cash was created to offer an alternative to bitcoin’s increasing transaction wait times and fees. If these scalability issues continue to create problems for bitcoin, this could be good news for Bitcoin Cash.
Miners shifting from BTC to BCH. Bitcoin Cash is much more lucrative for miners than bitcoin, so if this prompts more miners to switch from BTC to BCH then this could lead to further growth for BCH.
Links with bitcoin. BCH’s shared history with bitcoin means it’s closely linked with the biggest cryptocurrency in the world. This creates trust with investors and also suggests that this is a coin built on a strong platform.
Supply. Just like bitcoin, Bitcoin Cash has a total supply of 21 million. According to CoinMarketCap, at the time of writing (16/02/2018) there were 16,969,825 BCH in circulation. Consider the impact this limited supply could have on the coin’s value before you buy.
Availability. BCH is listed on a wide range of exchanges and also supported by several crypto wallets. This ease of access gives the coin credibility and is an important factor when determining the demand for a currency. You can also find a list of sites and merchants that accept Bitcoin Cash at the Accept Bitcoin Cash Initiative.
He went on with the following:
What could hold Bitcoin Cash back?
Bitcoin’s dominance. Bitcoin is easily the world’s biggest cryptocurrency and is very well established. Bitcoin Cash is a direct competitor, so if you expect Bitcoin to continue its market dominance then this could potentially have a negative impact on BCH.
Other competitors. BCH and BTC are far from the only two digital currencies designed to act as peer-to-peer electronic cash, with some even offering lower fees and faster transactions than BCH. As a result, competition from other coins could potentially limit the uptake of Bitcoin Cash.
Lack of adoption. Just like any other crypto coin, the value of BCH will be influenced by the level of adoption cryptocurrencies achieve among the wider community.
Mining centralization. Some BCH critics have pointed to the centralisation of BCH mining as one of the key drawbacks for a project that aims to create a decentralised cryptocurrency.
Source: https://www.finder.com/ph/bitcoin-cash-bch-price-prediction
There are still a lot of things to learn with Bitcoin Cash and cryptocurrencies as a whole. Learning more of it will make us wiser in making decisions as to whether we buy or sell and as to when would be the best time to do so.
As for me, I need to write more in this platform and hopefully be able to get more BCH. When the right time comes, I hope I would be able to share experiences on buying and selling BCH to fiat currency.