Yesterday, we saw the execution of a Bitcoin Cash hard fork, which was setup to increase the block size of the blocks on the Bitcoin Cash blockchain. This hard fork has been coming for some time, with many users of Bitcoin ABC nodes urged to update their software over the past month. Because of the anticipation leading up to this, the hard fork itself looked to be seamless, and overall, the update seems to have rolled out without any issues.
Usually, such events are approached with caution, however the Bitcoin Cash community have remained very open to this hard fork, given that Bitcoin Cash is already the product of a hard fork, mind, you can assume the community have confidence in the Bitcoin Cash and Bitcoin ABC team who have worked on providing this hard fork.
As Alejandro de la Torre of CCN states:
“It shouldn’t be understated that blockchain developers, including Bitcoin Cash, treat hard forking with caution, it’s a delicate process with potentially serious financial consequences. Though while many in the community treat hard forking with outright fear, this is a key part of how Bitcoin Cash operates, so the Bitcoin Cash community is not afraid of hard forks.”
— Bitcoin.com Official (@BitcoinCom) May 15, 2018
So, overall, in terms of the upgrade itself, all seems good within the Bitcoin Cash network. The problem we are seeing here however is that a poor market climate is really dragging the value of Bitcoin Cash down, something it could really do with avoiding in the wake of a hard fork ultimately.
At the time of writing, Bitcoin Cash is valued at $1,269.23 and is down 11.14%. Of course, this decline does seem to be down to the markets themselves and has no bearing on the outcome of the hard fork, overall though, this isn’t the start the Bitcoin Cash community wanted. The hard fork signaled a new start for a bigger and better Bitcoin Cash network, I’m sure that the state of the markets right now may have indeed dampened the communities spirits.
Of course, things will change. Bitcoin Cash have increased scalability, transaction time and reduced transaction fees. In the pursuit for adoption, something that Bitcoin Cash is at the fore of, these moves are making great tracks for ensuring cryptocurrencies smarten up, ready to present themselves to the mainstream.
The future for Bitcoin Cash is bright. It may very well slip below $1,000.00 by the end of this week should the decline continue, however, overall, Bitcoin Cash will regain value over time, it is just a case of holding on and waiting to see what happens.