This year has been a tumultuous one, especially for Bitcoin. Different groups within Bitcoin’s original community have not been able to even remotely agree on which protocol should be implemented in order to solve Bitcoin’s scalability problem. One particular group felt strongly that bigger blocks were the solution to the problem and so hard forked away from the original Bitcoin blockchain to create Bitcoin Cash (BCH).
Bitcoin Cash was born in August 2017 and since then there has been a tug of war between the different sides of the dividing line, with many key users and insiders publicly taking sides on what they feel is the best solution for the future of Bitcoin.
Bitcoin Cash had an initial massive surge after being created before following a generally downward trend. During this drop, Bitcoin continued to smash their previous records, regularly setting new highs. Recently, however, Bitcoin did drop about $2,300 in the space of just a few days. The difference between this drop and previous occasions was the corresponding surge in the value of Bitcoin Cash. It was this perfectly timed surge that led many people in the cryptocurrency community to see Bitcoin Cash as being a potential future direct rival for Bitcoin.
This surge in Bitcoin Cash’s value caused many trading platforms, including eToro, who were previously neutral to dividing or political developments in the cryptocurrency world, to add Bitcoin Cash support to their platforms with a significant increase in members that are paying close attention to the developments.
Affectionately known as “Bitcoin Jesus”, Roger Ver is known for how he preached the benefit of Bitcoin in its founding days, however, he now appears as the main face of Bitcoin Cash. He insists that Bitcoin Cash is the future and will eventually have the higher market cap, trade volume and a much larger user base than Bitcoin currently has.
As it currently stands, Bitcoin Cash has a market cap around one-fifth of Bitcoin’s, a daily trading volume of over half Bitcoin’s volume and their circulating supply is slightly higher than that of the original currency. Following the recent surges in Bitcoin Cash’s value, the wider community is beginning to pay close attention to the developments of Bitcoin Cash.