Bitcoin Classic (BTC) is the original cryptocurrency run on blockchain technology. However, the emergence of Bitcoin Cash (BCH or BCC) has certainly caused a shake-up within the crypto community, gaining over 60% in value in just 48 hours. Some die-hard Bitcoin Classic supports believe BCH is a fake, a cheap imitation of BTC and not worthy of investment. Others have openly accepted the use of Bitcoin Cash. Essentially, it is a clash of ideologies over which chain is the true Bitcoin.
Bitcoin Cash was officially established on the 1st of August 2017, with an opening price per unit of $380.01. It was the result of a hard fork in the Bitcoin Classic chain that led to the Bitcoin Cash being considered. Simply put, a hard fork is a split in the blockchain, often due to scalability issues.
Bitcoin Cash investors believe they have adequately solved the problem of scalability – handling larger number of transactions and being able to process them relatively quickly. During May 2017, the BTC chain took up to four days to complete a transaction and fees were in the region of $30 per transaction, ultimately making it useless as a store and transfer of value.
However, it was not easy sailing for BCH as it faced the task of attracting individuals to mine and promote the use of the new digital currency. It is now clear to see that Bitcoin Cash has been widely adopted and as such its current price is fast approaching the $1,500 mark.
Bitcoin Cash is listed on most of the popular exchanges and is being traded in high volumes daily. In the past week, BCH has seen its value rise from around $770 to $1400. A wonderful sight for any investor hoping to bag a profit in the short-term.
Ultimately, I am of the opinion that nothing can replace the original Bitcoin Classic blockchain. However, Bitcoin Cash should be seen as a viable alternative as it does fulfil the same objectives and is worthy of being labelled a cryptocurrency in its own right.
The recent spike in BCH price brings with it fresh whispers of a Bull run. Markets are expected to make growth daily as new, cash-rich investors pile in. Financial establishments have had plans to establish their own blockchain to handle international transactions more efficiently, just one of the many reasons contributing to the increase in market cap.