Why Cryptocurrency Traders Are Now Turning To Bitcoin Cash
The cryptocurrency market saw Bitcoin – the most popular cryptocurrency in the world face a dramatic decline during the first quarter of 2018 and other cryptocurrencies also struggled to survive the market slump.
However, one particular cryptocurrency has been garnering particular attention as it continues its upward climb and that is Bitcoin Cash (BCH). This variant of the original Bitcoin is gaining ground as the Bitcoin network approaches another hard fork. A lot of traders and Bitcoin Cash supporters believe that BCH is poised to reach new heights this year.
BCH's reliability as a cryptocurrency has only risen as demand for it has increased. It has seen gains of over 56 percent in recent weeks. Shapeshift, the popular peer-to-peer trading platform has reported that most of the most popular trades taking place on its platform for Bitcoin core is BCH. BCH has managed to build up solid infrastructure and support to become a reliable alternative to Bitcoin core. Here are some reasons why BCH has turned out to be a reliable cryptocurrency for investors.
Strong Infrastructure And Grassroots Community
BCH has received a lot of infrastructure support from many exchanges and wallet providers. This is an incredible achievement since it has only been nine months since the August 1 hard fork that started off BCH. Right now, it is supported by major exchanges such as Coinbase, Bitstamp, Kraken, GDAX, Bithumb, Poloniex, Binance and Bittrex. It also has support from several well-known wallet providers like Edge, Jaxx, Bread, Exodus, Copay, Ledger, Stash, Trezor and Mobi. There are also six full node implementations that help contribute to the development of BCH.
Yet another reason why BCH is so popular is because it has passionate support from the grassroots community. This is thanks to its shared history with the original Bitcoin core. The cryptocurrency managed to inherit a lot of the followers who disagreed with the approach taken by the core fork. Many BCH followers have been with Bitcoin for a long time and they feel that BCH is the closest to what Bitcoin founder Satoshi Nakamoto first envisioned. This solid support has ensured BCH's strength in the market.
Cheaper Transaction Fees Help
BCH's main advantage over Bitcoin Core is that it has cheaper transaction fees, thanks to improved scaling. As of April 20, Bitcoin core's average network fee is around 20 cents per transaction. The fees for BCH are usually at $0.0028, a really low amount. Plus, thanks to protocol upgrades those fees should continue to remain low.
While bitcoin continues to battle speculation and stringent regulations, BCH is quickly becoming the go to cryptocurrency for crypto investors.
Kate is market industry expert who has spent majority of her life on wall street, she has thought to have a knack at picking the right stocks to invest into. With the rise in cryptocurrencies she has is now able to use her expertise to a new market and give us insights on what we can expect in the present and the future.