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What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency that is a result of a fork in the Bitcoin blockchain that took place in August 2017. During it's short lifespan, cryptocurrency has seen tremendous growth–in terms of its price and user acceptance.
Bitcoin Cash Trade Volume
There was a good upswing in bitcoin cash's price point, from its opening value of $1385, as on 1st Dec 2017. Last night the price topped out at $2,000 per BCH, and at the moment the currency is at $2,370 per coin.
The cryptocurrency has the third largest market capitalization, as it surpassed the colossal figure of $40 Billion, today. Trade volume has been high all week, and today the decentralized currency has traded over $3.35 Billion worth of BCH. The top currency traded with BCH is Bitcoin (BTC).
Bitcoin Cash Surges: Reasons
So far the BCH chain is close to approaching 30,000 blocks, mined since the hard fork on August 1, 2017. Mining profitability has been very consistent–since the hard fork last month–when bitcoin cash changed the mechanics of its difficulty adjustment algorithm.
The mining pools participating in processing BCH network transactions right now include Antpool, BTCC, BTC.com, Bitcoin.com, Viabtc, BTC.top, and roughly four unknown mining organizations.
Bitcoin Cash also got a lot of support this week from several different places. For instance, BCH will have two exchanges that will only deal in bitcoin cash pairs from the companies Okex, and Viabtc.
BCH got more automated teller support from the ATM manufacturer Lamassu who integrated the codebase into their software. The wallet company ‘Edge‘, formerly known as Airbitz, announced future integration with BCH, and the most downloaded wallet in the globe, Blockchain Wallet, launched full bitcoin cash support on December 14.
The CEO and founder of Blockchain Wallet states:
"As the popularity of bitcoin cash has grown, so has the desire from our customers to manage bitcoin cash from within their Blockchain wallets in the same way as bitcoin and ether. We are thrilled to fully support bitcoin cash through our wallet and will continue to find ways to make interacting with digital assets even easier for our users."
The best explanation for this is given by Emil Oldenburg. He's the CTO and co-founder of popular media source Bitcoin.com.
”I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk,” Oldenburg said. “I have in fact sold all my bitcoins recently and switched to bitcoin cash."He doesn't stop there. He later goes on to say things like, “As soon as people realize how it works, they will start to sell," (of BCH) and, “The old bitcoin network is as good as unusable.”
In addition to these announcements, a company called Uquid has launched a bitcoin cash debit card. The company says the card can be loaded with BCH funds and used to pay for everyday purchases or withdraw cash at ATMs. However, the card is not available in all countries at the moment, including the USA.