It’s been almost one year since the launch of Bitcoin Cash and the entire community is getting ready to celebrate the Bitcoin Cash anniversary on the 1st of August 2018. Even if the cryptocurrency was created just a year ago, its impact makes it feel like it’s been around for many years. One year after Bitcoin Cash was created to fix the problems that could not be solved by the original Bitcoin, what has happened? This article is a brief summary in commemoration of the Bitcoin Cash anniversary.
One Year And Counting
Bitcoin Cash was created to change the code and increase the block size of Bitcoin core after a group of cryptocurrency developers came together to upgrade Bitcoin core. After it’s launch, Bitcoin Cash was worth $555 per unit. Following the cryptocurrency market peak in December 2017, Bitcoin Cash reached its all time high in the first week of January selling as high as $4,000 per unit. While this was good news for the cryptocurrency market, it also led to an investigation of Insider trading. Unfortunately, the boost was not sustained and Bitcoin Cash, like every other cryptocurrency in the market fell dramatically. At the time of writing, Bitcoin Cash was trading at $792 per unit. It is the 4th largest cryptocurrency in the world per market capitalization.
Bitcoin Cash Anniversary: Has Bitcoin Cash Solved The Problems It Was Created To?
Bitcoin Cash was created to eliminate the possibility of network congestion because of its block size of 32MB. This also made it a more scalable option than Bitcoin (BTC). Transactions on Bitcoin Cash are also cheaper than transactions on Bitcoin. For this reason, many in the cryptoverse believed that Bitcoin Cash will become the one and only Bitcoin.
Bitcoin Cash (BCH) Price Today – BCH / USD
The Bitcoin Cash community is more engaged and more dedicated than the Bitcoin community. The creation of on-chain apps like Wormhole, Memo and so many others in the making will contribute in the mainstream adoption of Bitcoin Cash. The Bitcoin Cash platform offers 19 services in the blockchain community and it is listed on over 41 exchanges. Even if the price per unit is less than the original Bitcoin, it’s still doing well for a one year old platform. Whether it will eventually become the one and only Bitcoin is still not clear but it has grown enough for the community to celebrate the Bitcoin Cash anniversary in joy.