Although the cryptocurrency market has started to pick back up again, there is one in particular that is standing out, and that is Bitcoin Cash. They are due to have another hard fork next month, but the cryptocurrency has just been on the up and up.
There are a number of different reasons that we should be watching this cryptocurrency closely, and why it just seems to be on the up and up. Let’s start with the infrastructure and support. Since the hard fork last August, the cryptocurrency has received a lot of infrastructure support from wallet providers and major exchanges. The huge support for this virtual coin is undeniable, and it is one of the most accepted cryptocurrencies, with thousands of merchants accepting Bitcoin Cash as a payment method, due to the BitPay payment processor service.
On top of this, it has a passionate grassroots community, who have supported the cryptocurrency since the very beginning. When you combine this with the low transaction fees, it becomes obvious as to why we should be supporting this cryptocurrency. Bitcoin Cash networks are cheaper than most other blockchain networks, which makes it very appealing.
The network is due to be upgraded mid May, and once it has, users can expect to fit a large number of transactions within a block, which will allow even more on-chain activity. It will also reinstate and add new operating codes, which will enable tokenising methods and the ability to code smart contracts within the BCH network.
The Bitcoin Cash network aims to be as similar to Satoshi Nakamoto’s original whitepaper, which means that fees will remain low, meaning everyone can benefit from it, including third world countries, where the virtual currency could be the most beneficial.
This recent fork that is due to take place next month has given Bitcoin investors the chance to have their say in how they want the cryptocurrency to progress, which is only a good thing. Experts have predicted that Bitcoin Cash is likely to break out into a massively used cryptocurrency that will be adopted by thousands. It is an offshoot of the most popular and longest running cryptocurrency which can only mean big things for Bitcoin Cash.