Will fork uplift Bitcoin Cash [BCH] to the 3rd spot in the rankings?
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Bitcoin Cash [BCH] is in an intense fight with Ripple [XRP] to determine who takes the 3rd spot on the crypto-rankings.
Bitcoin Cash has a market cap of $28.29 billion. It has a circulating supply of $17.12 million and a volume of $1.13 billion.
It is currently priced at $1,652.43 as of 10th may 2018. Bitcoin Cash 7-day chart | Source: CoinMarketCap
Bitcoin Cash’s price needs to reach around $2000 to take the 3rd spot. This is highly possible as BCH increased from $600 to $1700 in one month.
The coin has had a 5.57% growth rate over the past 24 hours.
Many speculate the fork which will happen on the 15th of May might be the main factor in BCH beating XRP. The fork is an upgrade to BCH. The block size of Bitcoin cash is upgraded from 8 megabytes to 32 megabytes. The update will also allow developers to create smart contracts on the bitcoin cash network.
There is a lot of speculation that the fork will increase the number of BCH transactions due to increasing speed and reduction in the price of transactions. The volumes are rising and many people are investing in the coin, especially in Asia.
Bitcoin Cash is widely popular in Asia, especially South Korea and Japan.
The coin was recently promoted and uplifted by Akari Global . The coin recently has been in the big stories like the Roger Ver Lawsuit which was canceled due to the lack of funds and the London Block exchange now accepting BCH.
LexGrom, Reddit user comments on the Fork:
“Darwinian evolution. I’m rooting for forking all open blockchains all the time. The fittest one will survive”
Chelo, a Twitter user says:
“I’m super excited for the fork, BCH will overtake Ripple after the fork, can’t wait for BCH to overtake Ripple.
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Rajath Kumar is an intern at AMBCrypto. He became aware of the crypto-world through gaming and has been a part of it for two years now. Rajath does not hold any value in any cryptocurrencies or its projects. Continue Reading May 11, 2018 at 11:06 AM
The fundamentals are there. Inexpensive transactions and a expandable block size. utility is what gives Bitcoin value (along with a cap on units) so this should be an easy goal. I’m seeing more mainstream adoption every day. Your email address will not be published.
Required fields are marked * Comment Bitcoin Cash [BCH] looks to take #3 position from Ripple [XRP]
Published Anirudh VK Source: Wikimedia Commons
Ripple [XRP] is feeling the burn from Bitcoin Cash [BCH], with a $3 billion difference in the overall market cap of the two. The fight is for the #3 position, which holds a lot of assumed power as being in the top 3 most traded coins.
Ripple is currently still at the number 3 position with a market cap of $31.
44 billion. Bitcoin Cash is close behind with $28.57 billion. Bitcoin Cash needs a 15.15% hike in price to take over Ripple’s position as the number 3 biggest currency by market cap.
This would mean that a price increase to close to $1900 would break Ripple’s position in the top 3, assuming XRP doesn’t change in price.
After a week of decline, Ripple is staying stable today after rallying from a low point of $0.77 yesterday. It continues to hover around the $0.80 mark, occasionally falling below and going above over the day. Its seven-day decline rounds up to 6.86%. It had a series of sharp declines from $0.
91 to $0.87 on May 6 th , further down to $0.80 on May 7 th .
Bitcoin Cash, on the other hand, saw an uptick this week, probably due to the upcoming hard fork on May 15 th .
Ripple also has significant events lined up this week, such as the Community night on May 15th featuring Snoop Dogg .
Although its status as a security has been subject to a large amount of FUD, investors have compared it to the likes of Netflix and Amazon before it. Poster gamedev268 said on the Ripple subreddit that:
“Just like Netflix and Amazon before that Ripple/XRP gets a ton of FUD because it is a threat to established businesses.”
He went on to say that Ripple and the XRP token suffers a worse problem as it is attacked on two front; by the threat Ripple poses to big central banks and the SWIFT protocol, and also as an attack to Bitcoin and its surrounding philosophies.
He finished by saying:
“No one would care to write up blatant lies and FUD if they didn’t see XRP as a threat. Hold tight, XRP’s enemies can see the writing on the wall.” Bitcoin [BTC] versus Bitcoin Cash [BCH], the fiery debate continues with insights from Vinny Lingham
Published Aman Swami Source: Wikipedia
Civic CEO popularly known as the Bitcoin Oracle, Vinny Lingham, has weighed in on the Bitcoin versus Bitcoin Cash debate.
Lingham has been involved in the cryptocurrency industry for years and describes himself as an active investor focused on blockchain technology projects.
Lingham’s Civic is an identity verification project which allows users to prove their identity with blockchain technology.
The debate between Bitcoin and Bitcoin Cash advocates has raged since the inception of the ‘Cash’ cryptocurrency during a hard fork in 2017. Proponents of both coins laud their cryptocurrency as the one true Bitcoin, often pointing out the limitations of the opposing technology to substantiate their claims.
One of the major differences between the two blockchains is their approach towards scaling.
While Bitcoin opts to implement Segregated Witness and second-layer scaling solutions like the Lightning Network, Bitcoin Cash relies on increased block sizes.
Currently, Bitcoin Cash is a lot cheaper to transfer and use, while Bitcoin is perceived to be more stable and widespread.
Lingham said:
“At the moment, Bitcoin and Bitcoin Cash are focusing on two completely different markets. Bitcoin Cash is most commonly used for fast payments, as a medium of exchange, and Bitcoin is the better suited for store of value, in my opinion”
He added:
“When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold, given the size and velocity of the markets.”
He further said that however there is still uncertainty about the potential adoption of Bitcoin Cash. It remains to be seen if the network effect around Bitcoin Cash can grow faster than Bitcoin’s. The question remains about Bitcoin Cash’s capability to catch up to Bitcoin if it focuses just on payments.
Bitcoin Cash is designed to function as a substitute, and possible replacement, for cash as it offers fungibility and security.
While cryptocurrencies have steadily gained the attention of mainstream consumers, Lingham said there is a long way to go before they could replace cash as a medium of exchange.
He said what we are seeing now is the beginning of a token economy.
Lingham says:
“Blockchain technologies are changing the way the world functions, and I believe this is just the beginning of the token economy. The adoption of the infrastructure, the cost of transactions and network security will be in relation to primary value of the token infrastructure. It will not be pegged to the value of the underlying assets on that network, but rather the activity levels for trading those assets”
He predicted the demand for Ethereum and Bitcoin would rise on fiat-to-crypto exchanges in the short term, leading to possible widespread adoption and utilization of the technology in mainstream applications.
Lingham concluded:
“Given that these token assets can typically only be purchased on exchanges that accept cryptocurrencies like Bitcoin, the demand for Bitcoin and Ethereum will rise at the fiat onramps. However, it’s not far-fetched to believe that you could one day buy a CoffeeCoin, blockchain-based stock, or Civic token directly via your bank or brokerage account with the token economy’s growth and becomes more mainstream.” .