While Bitcoin has become the darling of big investors, one prominent cryptocurrency evangelist would like you to take a closer look at its smaller sibling crypto, Bitcoin Cash. Bitcoin Cash is a hard-fork market coin and now it is at the expected to hit $500 in upcoming time.
Bitcoin Cash is currently the 13th most popular cryptocurrency in the world, with a US$9.03 billion market capitalization that is just a fraction of Bitcoin’s US$1 trillion. But the transaction volume on the Bitcoin Cash network is outpacing transactions on the Bitcoin network at a 10:1 ratio, according to blockchain analytics engine Blockchain.
“One of the things that most people don’t realize — there are already more transactions happening on the Bitcoin Cash network, right now, today, than there are on the Bitcoin network”.
Bitcoin Cash came into existence in 2017 after the Bitcoin community split into two factions. One group wanted Bitcoin to remain a simple store of value. But another group favored developing Bitcoin as a peer-to-peer transaction vehicle and to increase the block size to hold more transactions. A hard fork on the Bitcoin blockchain gave birth to Bitcoin Cash. “I have two regrets currently,” Ver said. “I regret that the split between those camps didn’t happen earlier.”
Ver also wishes his timing would have been better, as he did not get a 100 to 1 Bitcoin Cash to Bitcoin exchange, which was the exchange rate at the time of his trade.