Bitcoin Cash

Bitcoin Cash
Credit:iStock.com/Yurchello108

Bitcoin Cash is a spin-off of Bitcoin born out of a split by some concerned Bitcoin users on August 1, 2017. This led to an increased block limit and made it different from Segwit Core. More such splits of Segwit Core are expected to happen over the next few months leading to increased competition in this open market. The ticker symbol of Bitcoin Cash is BCH. The main difference is that Bitcoin Cash does not permit moving the transactions outside each block.  Bitcoin Cash prices in 2017 have heavily fluctuated between $200 and $800 since it was released in August.

Bitcoin Cash prices in 2017 began around $400 but fluctuated a lot and even fell below $300. However, it picked up to cross $800. Later it fell but averaged around $650 for some days. It further declined and averaged around $320. This volatility and fluctuations in the Bitcoin Cash values led to some obvious doubts being raised. Some analysts say that Bitcoin on the whole is just a bubble. Only time will tell if this cryptocurrency is a bubble or here to stay and grow.

So, we can see that while the Bitcoin value is growing, Bitcoin Cash value has declined. According to some analysts, this could have been due to some trading issues which led to a large number of miners switching back to Bitcoin. While some miners have stuck to Bitcoin Cash, they may be hoping a rise in its value in the near future. In spite of all this rise and fall, the optimism remains. Also, the ICO ban in China and South Korea does not seem to have affected Bitcoin Cash that much. Just for the information, this ICO ban is now expected in Japan as well. Both China and South Korea have been dominant markets for Bitcoin Cash. China accounts for 43.5% of the Bitcoin Cash market share, while South Korea accounts for 33.98%. However, the U.S. saw a drastic drop in its Bitcoin Cash market share from about 21% in the beginning to less than 2% in September.

The splits of Bitcoin and new variants of cryptocurrencies are not likely to stop at Bitcoin Cash. Bitcoin Gold is likely in the offing, which later may give rise to newer variants. This is just the beginning for Bitcoin Cash and yet it has seen lots of ups and downs in value over the last two months. With this kind of fluctuation, it is difficult to estimate the Bitcoin Cash Prices in 2017. It also would perhaps depend on the kind of support it gets from Bitcoin, if at all. As of now these two are competitors, but if, over the next few months, Bitcoin Cash value steadily surges, we may likely see these cryptocurrencies merged. But, based on the current scenario, it looks like it will take a while for Bitcoin Cash to achieve steady growth and actually compete with its counterparts such as Ethereum, Litecoin, and others.

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