In the run-up to the hard fork that will take place in May, Bitcoin Cash price is going up. At press time, this altcoin has already reached the mark of $1000 and according to CoinMarketCap it is traded at $1,093.39. It means that it has risen more than 20% over the last 24 hours as it is also informed by CoinMarketCap.
On April 6th, 2018, Bitcoin Cash price was as low as $603.71. Currently, it is 80% higher. And it is increasing further, while its current capitalization is above $18,6 billion.
Though nowadays Bitcoin still remains the most popular cryptocurrency and has a significant impact on the entire crypto market, some altcoins are gaining momentum. And Bitcoin Cash that is the first and the most promising Bitcoin hard fork is among the most demanded ones.
When Bitcoin Cash was launched, it was viewed as a solution of several Bitcoin problems. Bitcoin Cash provides cheaper and faster transactions as time-consuming Bitcoin transactions were the main obstacle for a number of traders.
As one of the crypto analysist Sebastião Coelho noted, “Before we see mass adoption of cryptocurrencies, we need to see a significant reduction in the time it takes to process transactions”.
And this goal was achieved thanks to using 8MB blocks for Bitcoin Cash instead of the 1MB blocks that were used by the more widely-known traditional Bitcoin. BCH was introduced to the crypto world on August 1, 2017.
Moreover, Bitcoin Cash offers a much more reliable system for operations with this coin. Moreover, control of this system is decentralized that ensures higher protection and peer-to-peer operations. And one more peculiarity that is highly estimated by miners is that BCH platform is considered to be much more user-friendly.
The upcoming hard fork that is planned for May 15 will contribute to further enhancement of Bitcoin Cash capacity for processing transactions thanks to increasing a number of blocks used up to 32MB.
What is more, several operation codes will be reactivated and upgraded. “This means simplified smart contracts will be possible on the Bitcoin Cash blockchain,” noted James Song, founder and CEO of blockchain startup ExsulCoin.
As experts say, while traders are anticipating to welcome Bitcoin Cash hard fork in May, Bitcoin Cash is enjoying benefs that growing interest and volumes bring to it.
It has been already announced that in the upcoming thirty days, the open source toolkit project Bitbox is planning to host two BCH-centric hackathons. The events are aimed at gathering the Bitcoin Cash development community with a view to elaborate new cutting-edge applications with the decentralized network implementation.
Experts believe that their conjunctive work will open new opportunities for developers and accelerate their work. “If we do that right we can set off the entire industry,” hopes Bitbox developer Carlos Cardona.