What actually resembled the BCH is a spin-off intended to be more usable as a payment mechanism and this week has almost tripled from about $ 80 to $ 225. However, at the time of writing it was sitting at a price of $ 151 , 85, around 10% less in the last 24 hours. The variant of Bitcoin SV is not improving, with its price falling to just over $ 85, in turn the 8% less. That this is happening at the same time as a US selloff yields the stock market will undoubtedly warm the hearts of the crypto-evangelists, who believe that their currencies offer real alternatives on where to put money in difficult times.
After starting to emerge from Bitcoin in August 2017, Bitcoin Cash seemed ready to face the growing problems that cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) were facing at the time.
Bitcoin Cash is an attempt to increase the throughput of blockchain technology by increasing the block size to 32 MB, allowing more transactions in each block than Bitcoin.
However, Bitcoin briefly followed its temporary solution to the problem of downsizing: the Segregated Witness soft fork (SegWit), which saw the Bitcoin blockchain achieve a 60% increase in throughput. This combined with the recent fork of Bitcoin Cash has seen the sentiment of the users collapse dramatically while the Blockchain struggles to find his feet.
This until August 2018 when Bitcoin Cash was captured in a civil war, once again beyond the limits of the size of the block. The result was a splitting of Bitcoin Cash into two rival cryptocurrencies in November – Bitcoin ABC (supported by Roger Ver and Bitmain & # 39; s Jihan Wu) and Bitcoin SV (supported by Craig Wright) that would maintain blocks of 32 MB and 128 MB respectively.
With the support of a majority exchange desk, Bitcoin ABC became the new Bitcoin Cash (BCH) after the division, and Bitcoin SV became a separate cryptocurrency with the BSV ticker.
The BCH / USD performance review shows the upside of BCH towards the end of the years
BCH opened trading on 1 August 2017 for the first time at $ 294.60. From January 1, 2018, it was trading at $ 2,534.82 which is an increase of 760 percent.
In January, BCH fell more than 26 percent to $ 1,772 and has continued to decline since November 14, when it split into two cryptocurrencies.
BCH closed $ 425.01 on November 14 and the two resulting cryptocurrencies were traded at $ 289 (BCH or Bitcoin ABC) and $ 96.50 (BSV or Bitcoin SV) on November 15th. This represented a significant market loss for BCH as the two combined cryptocurrencies failed to recover BCH's market price the day before.
To make a comparison, in 2017, when BCH separated from BTC, the price of the two combined cryptocurrencies was worth more than the price of the BTC alone, with a consequent gain for BTC owners.
Great events of 2018
After a decent start in 2018, quotation on the exchange desk of cryptocurrencies of Coinbase GDAX in December 2017, the initial demand was so high that Coinbase had to abruptly disable its trading.
Shortly thereafter, the fear of repression in China and South Korea took over the cryptocurrency market, and BCH could not escape fate, effectively putting an end to its upward trend.
In February, the decentralized OpenBazaar marketplace added support for BCH on its platform. In March, Goldman-Sachs supported Circle, Abra and Grayscale Investments, starting to offer BCHs also on their platforms.
In July, the US financial services company Robinhood also began offering the free exchange of BCHs on its mobile app.
In August, Bitcoin ABC announced a software update for Bitcoin Cash with an intelligent contract feature to allow developers to build applications on its blockchain. This move was addressed with the resistance led by the self-proclaimed creator of Bitcoin Craig Wright and the cryptocurrency news site Coingeek, which launched its Bitcoin Cash implementation called Bitcoin SV, with the aim of increasing the scalability and transaction speed.
The incompatibility of the two implementations led to a major blow in November. After it happened, Bitcoin Cash began to attract mass attention when two competing software development teams failed to agree on how to best update the code and ended up splitting the network. The fight was accused of contributing to the biggest eight-month decline for Bitcoin, which Bitcoin Cash had separated from last year.
While BCHABC almost immediately became the longest chain, BCHSV saw the exchange support, apparently ready to conquer the entire network.
Bitcoin Cash SV maintains the support of Coingeek owner Calvin Ayre; its blocks are extracted from the Coingeek pool, the SV pool and the BMG pool while Bitcoin Cash ABC is supported by Bitmain CEO Jihan Wu and has so far been extracted from the pool of BTC.com, Bitcoin.com pool, AntPool, ViaBTC and Waterhole.
For his birthday, Bitcoin Cash has set foot in 19 services, some of which are Bitpay, Coinpayments, Coingate, Coindance, Viabtc. It is part of 14 different projects, including JoyStream, OpenBazaar, Counterparty and is available on 41 stations, as stated by Alejandro de la Torre, Vice President of Business Operations at BTC.com.
He also mentioned:
"Entering its second year, BTC.com is ready to help the Bitcoin Cash community shift its focus from investment, thinking only in terms of value retention, money, thinking as a means of exchange for traders and consumers ".
What to expect in 2019?
The next hard fork will take place in May 2019, which is giving great expectations to the BCH community. BCH ABC is introducing Schnorr's signatures, which would advance resizing properties by reducing bandwidth and storage space by over 25%. It also offers multiple benefits if the protocol is combined with transaction tumblers.
The trading company Trading Beasts expects that 2019 could be lucky for BCH and its price will rise to around $ 2703.17 by 2019.
The self-proclaimed bitcoin Jesus Roger Ver predicts that Bitcoin Cash could be 2 times more valuable within a year. Smartereum expects Bitcoin Cash to reach $ 6700, or a 500% growth in less than a year. Very optimistic are from Us Lifted that expect that the value of BCH could reach $ 9,735 by the end of 2019. From Crypto Ground they think that Bitcoin Cash may collapse towards the top and reach $ 707 by the end of 2019 .
The negative approach, however, comes from the co-founder of the cryptographic fund Multicoin Capital, Kyle Samani who confirmed that after the mass liquidation of employees, Bitmain would have liquidated its cryptocurrencies valued at $ 316 million, which could be bearish prices for Bitcoin Cash and Litecoin in 2019.