Bitcoin Cash broke the $1500 today and continues to climb. This latest marker is indicative of BCH’s skyrocketing growth over the last week, with 98.58% growth from 17th April to 23rd April. It broke the $1000 limit on 21st April, and analysts are predicting a higher growth.
BCH growth over past week | Source: CoinMarketCap
With the upcoming fork on 15th May, the value of the coin has continued its bullish run. The fork is set to increase the block size from 8MB to 32MB, which is the highest block size possible without changing peer-to-peer protocols.
Bitcoin Cash is making a more fully featured blockchain, with technologies such as Memo, Cointext, and Handcash coming to the forefront. Memo is described as being ‘a new on-chain social network launched for Bitcoin Cash blockchain’.
The press release on the official website states:
“The platform allows users to create a profile which is tied to a specific BCH address and a public/private key pair. Users can then tether certain data using the program such as a website URL, a quote, or a certain date which is hashed into the BCH chain using an OP_RETURN transaction. “
Twitterati, Michael Matthews says about Memo:
This is HUGE for freedom of speech!
Cointext is an emerging technology on the Bitcoin Cash blockchain which allows users to transact Bitcoin Cash with any type of mobile phone using simple text commands without the use of Internet, apps, accounts or passwords.
Handcash is a technology on the same blockchain which allows users to conduct BCH transactions using NFC. Other services such as Twitter’s @tipprbot functions on the same blockchain enables users to tip each other using BCH.
BCH has also seen widespread adoption in the 9 months since its inception. Wallet providers such as Edge, Broad, Jaxx, Copay, Exodus, Ledger and many more have added support for BCH. BCH’s adoption by BitPay has increased the transactions conducted using BCH.
Exchange services have also jumped on the BCH train, with top providers such as Bitstamp, Coinbase, Kraken, Bithumb, GPAX, Binance and others adopting for exchange. Prominent Indian exchange platform Zebpay has also begun exchanging BCH.
BCH has also seen adoption by mainstream service providers. VPN service provider Mullvad started accepting payments via BCH since February of this year, and Digital Artists online switched from accepting BTC as payment to BCH, quoting low transaction fees.
One of BCH’s advantage over Bitcoin is that it has lower transaction fees compared to Bitcoin’s. In December last year, transaction fees for Bitcoin went up to $28 per transaction, making it difficult to use for microtransactions. BCH transaction fees have stayed below $1.
Bitcoin Cash is also making progress on the security front. SBI BITS and Nchain’s patented technology known as distributed threshold blinded key system protects against hacking incidents similar to Mt. Gox and Tokyo’s Coincheck.
One of the largest mining operations in the world, Antpool, began burning 12% of all mined BCH earlier this week. They believe that this will induce significant growth in the on-chain transaction value.
The Twittersphere is showing signs of excitement over the fork and BCH’s new features.
Bitcoin tycoon, Roger Ver says:
“Bitcoin Cash has the roadmap that lead to Bitcoin’s original success, and Bitcoin Cash has the roadmap that will lead to Bitcoin’s future success. #BitcoinCash”
Twitterati, Sapere Aude says:
“#BitcoinCash is the real #Bitcoin It is the Phoenix, rising from the Ashes of an empty shell, that once was called Bitcoin. #BTC is dead, long live #BCH !”
Source: Read Full Article