Ever since I started steemit and joined the trading platform of cryptocurrencies, I had been listening to the merits and demerits of various cryptocurrency. For example, my cousin and my trading circle would always advocate for Dash, Ripple, Xem, Etherium, Monero, Iota etc but there are few coins which had the amazing tech and were a little funny like Dogecoin.
We all were astonished when Elen Musk joined as the Doge CEO. Eventually, he resigned and the news read like this.
Coming back to the topic, I have always wondered about the performance of BCH. When it came into the existence after the successful fork of Bitcoin in 2017, all the people around me and those I looked up to educate myself over crypto, rejected the possibility of the success of this coin but since then I have seen that BCH not only surprised me but also opened the jaw of those who rejected it initially.
Out of all the crypto, BCH is sustaining market pressure even now and we have witnessed 300% increase in the last two months. This is really amazing. I have tried to analyse the reason beyond its such a strong resistance and comebacks.
Emancipating various conjectures leading to the rise of Bitcoin Cash price.
Fluctuation is very rampant in Crypto domain. 5 to 10% fluctuation in the prices of the cryptocurrencies is very rare, as it is still, in its nascent stages and hence, it entails high volatility within it. Specifically, it is related to the market size of Bitcoin, which is relatively very low when compared to the other stabilized markets, which indirectly means that a small disturbance in the market would result in a huge fluctuation. Also, the unethical journalistic actions which spread fear, uncertainty, and doubt among the Crypto community acts as a catalyst in driving the market price.
Bitcoin Cash was deliberately split away from bitcoin by a team who thought high fees and slow transactions would eventually destroy bitcoin. It was deliberately designed to essentially be bitcoin, except easy to send, receive and transact with.
Hence the “cash” part of its name. It was designed to be the spending money next to bitcoin’s gold.
Mining difficulty refers to how quickly a block can be discovered and attached to the blockchain. To solve a block, the miner needs to spend processing power on solving a complex math problem. By making the problem easier, blocks can be mined faster. By making it harder, blocks are mined slower.
On the bitcoin and Bitcoin Cash blockchains, fast and easy blocks are good for transaction times, but not necessarily good for the currency in the long run. This is because miners are rewarded with newly minted coins for solving these problems and finding new blocks. If it’s too easy, the currency faces too-high inflation rates and gets devalued. Both BTC and BCH will get considerably more difficult to mine as they get closer to their 21 million coin limit.
Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as "Peer-to-Peer Electronic Cash". Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.
Disclaimer: Above mentioned details are based on my own research and opinion, I do not encourage anybody to make their decisions based on this post. Every individual should do their own research before investing in any cryptocurrency or public sale.
Good information about Bitcoin Cash. Where do you find these kind of information?
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Thanks buddy. :)