Bitcoin Cash was created to replace Bitcoin as the one and only Bitcoin and while Bitcoin has been having a hard time, this dream hasn’t come true in the past one year. However, the Bitcoin fork has done relatively well over the past 12 months. The price has gone as high as $3,000, and fallen as low as $600. It is ranked in the top 5 and has a multi-billion dollar market capitalization.
Is Bitcoin Cash Worth a Billion Dollar Valuation?
When you consider how many cryptocurrencies have come and gone within the same time frame you’ll have to admit that Bitcoin Cash has done a good job. It is listed on the best cryptocurrency exchanges in the world and has a strong community behind it.
Bitcoin Cash (BCH) Price Today / USD
Bitcoin Cash was initially viewed as a viable peer-to-peer cryptocurrency that is more scalable and cheaper to use than Bitcoin. The scalability was to give it an added advantage over other cryptocurrencies. Unfortunately, many projects have come after that with the same promise and a little extra. One of the most recent options in the market it QuarkChain. This project depends on sharding and Rootchain to create a secure and scalable network called Zilliqa. This platform can process 2,000 transactions within a second.
Bitcoin Cash has been unable to deliver its promise as a viable, faster, more secure alternative to traditional money. It hasn’t been able to get mainstream adoption. However, this doesn’t mean that all hope is lost completely. Bitcoin Cash is still gaining appeal in some parts of the world. Recently, a bar owner Argentina installed a Bitcoin Cash ATM for withdrawing local currency. The largest mail delivery service in Germany also accepts payments in BCH.
The bottom line is that Bitcoin Cash has a lot of competition and if it doesn’t stay ahead of the game, it’s investors will redirect their funds to more promising alternatives.