Price at time of writing – $326.77
Fiat: Bitfinex, Kraken, Bithumb (ROK) ViaBTC (CN), Bter (CN), Huobi
(CN), Bitcoin Indonesia (INR)
BTC: Bittrex, Poloniex, Cryptopia (NZ)
Bitcoin cash emerged as the result of a split or “hard fork” in the Bitcoin
technology on August 1st 2017. The end-goal of Bitcoin Cash is to function as a
The split occured out of problems with Bitcoin’s ability to process transactions
at a high speed. For example, the Visa network processes around 1,700
transactions per second whereas Bitcoin averages around 7. As the network
continues to grow, so do waiting times for transactions. BCC aims to run more
transactions, as well as, providing lower transactions fees.
One of the major solutions to this issue is increasing the size of each block, so
that more data can be processed at once. This is in line with solving the problems
of scalability that Bitcoin was facing previously. The technology itself worked in
the short-term, with the first Bitcoin Cash block registering 7,000 transactions
compared with Bitcoin’s 2,500.
The success of failure of Bitcoin Cash will largely depend on Bitcoin’s own
adoption of the SegWit technology later this year, and the ability to process
transactions quicker to act truly as a currency – rather than a speculative asset.
Detractors have also raised security concerns about Bitcoin Cash.
Bitcoin Cash has been widely adopted by many cryptocurrency exchanges. At
the time of writing, there are only a few weeks worth of data available and thus,
no one has been able to execute any long-term trends or technical analysis of
BCH as a commodity. As further adoption continues, the price may well
continue to rise. Early price rises for Bitcoin Cash have been largely driven by
demand from South Korea, with over 50% of the total trade volume being seen
on South Korean exchanges.
Miners have been quick to adopt the currency as well due to its higher mining
ROI when compared to Bitcoin. The decrease in mining difficulty (leading to
greater rewards for mining) will continue to see for miners move their resources
from Bitcoin into Bitcoin Cash.
Note: Depending on your exchange, Bitcoin Cash may use the symbol BCC
or BCH – double check before executing a trade