Despite the strict regulation and restrictions from the government to curb the growth of digital currencies, every day a new cryptocurrency emerges but no coins were stout to witness of overtaking Bitcoin.
The top cryptocurrency since 2009, Bitcoin had a record-breaking year in 2017. Probing out the volatile journey from $900 at the start of the year to $19000 in mid-December 2017 depicts the power of anonymity and decentralized implication. During the same year, a fork is created to increase the block size, from 1MB to 8MB that enables more transactions to be processed, called Bitcoin Cash.
Bitcoin Cash and Journey
The Bitcoin Cash is a hard fork of Bitcoin classic and an upgraded version of the Bitcoin core software, released on August 1, 2017. At instigation, there were clashes among crypto investors and miners’ community on the point of scalability. This cryptocurrency was developed to wash out Bitcoin issues-related to transaction processing delays while increasing block sizes.
Additionally, it will also remove Segregated Witness (SegWit) which urges rising block size that PayPal and Visa usually do.
According to the official website,” Bitcoin cash is peer to peer electronic cash for the internet.”
Will Bitcoin shut down, and Bitcoin cash replace it?
Bitcoin Cash stands on a list of top cryptocurrencies, second bagged by Ethereum and the third fourth is bobbing between Ripple and Bitcoin Cash.
2017 was the year of Bitcoin, it shot up 50 percent within the opening month of 2018. The figures were hitting at a meager price, almost half of its peak value of December 16, 2017, which was encouraged due to the launch of Bitcoin futures.
Bitcoin cash which began trading at $200 on the first day of launch, is looming at $2000 today. Looking over the fact that market key players like Bitconnect are shutting down the operations, whose core currency was Bitcoin, investors are moving from BTC and showing interest towards other top cryptocurrencies of the list. Bitcoin cash seems to be the first preference.
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Within a period of six-month, Bitcoin cash has marked a huge success which creates a sense of assurance among its investors to expect the great volume of returns in a coming year.
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