It has been a very exciting year for all cryptocurrencies. Hundreds of new coins and tokens have been issued. Bitcoin Cash is one of those currencies. The coin was believed to die off quickly. However, Bitcoin Cash is celebrating its first birthday this week.
Bitcoin Cash had a very rocky start. And despite the fact that crypto markets are not stable and show high volatility, Bitcoin Cash now seems a bit stabilized remaining its fourth place among cryptocurrencies ranked by market cap.
Bitcoin Cash has introduced some changes to the cryptocurrency environment, including increased block size, lower transaction fees, and high mining profitability. Currently, the crypto community is observing a competition between BCH and BTC, as miners keep looking for the most profitable currency to mine at any given time.
BitPay now accepts Bitcoin Cash, which makes the coin attractive for crypto investors, consumers and retailers. Being supported by the world’s leading Bitcoin processor is a major step forward for the BCH team. However, it is still a little bit unclear how many retailers and merchants accept both crypto coins at this stage.
BTC.com VP of Business Operations Alejandro de la Torre stated:
With the rapid growth of cryptocurrencies in the past year, many blockchains have tested the limits of how many transactions can be processed at a given time. Bitcoin Cash was created to solve this issue by increasing the block-size limit. Larger block-sizes give each block more space to include transactions, which drives down wait times and costs per transaction, making the blockchain fluid and more accessible. Each Bitcoin Cash block has plenty of room to process a high volume of transactions. Their last hard fork increased the block-size to 32MB, virtually eliminating the risk for any network congestion due to scaling, and paved the way for a low-cost transaction super-highway. In countries such as Venezuela where monetary inflation is estimated above 40,000%, the utility of this new block space to open up fast, low-cost transactions as an alternative payment system to local fiat has been more than salient.
Nobody knows whether Bitcoin Cash’s second year will be as successful as the first one. All cryptocurrency markets look very different now then a year ago, which is also a sign of how the industry is maturing. With proper development Bitcoin Cash has a huge potential to achieve better results in the crypto coin race.