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Bitcoin Cash (BCH) is the Top Bitcoin Fork Ever, and Here’s Why

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Bitcoin Cash
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Bitcoin Cash (BCH) is an easily recognizable fork due to a controversy that surrounded its forking process. We all remember August 2017 when Bitcoin Cash was created as a fork of Bitcoin, that way representing the first Bitcoin fork by far. However, forking Bitcoin didn’t stop there. Bitcoin Cash turned out to be a pretty successful fork with being worth around 4,000$ at its best as marked back in December 2017, only a couple of months after Bitcoin Cash appeared in the crypto market scene. Moreover, BCH is a prominent cryptocurrency and the most successful fork that came from Bitcoin.

Bitcoin Cash Makes Protocol Updates to Enhance Block Size

Bitcoin Cash is probably the best known due to the controversy that surrounded its creation. Back in August 2017 when Bitcoin Cash first appeared in the market, BCH was created as a fork that was decided on based on the disagreement on the integration of the SegWit protocol into the system of Bitcoin.

As it usually goes with forking, the portion of investors and users that don’t agree with the proposed updates can create a fork that would enable them to keep operating on the old chain.

That is precisely how Bitcoin Cash was created, and probably unexpectedly, BCH was here to stay.

After it was forked out from Bitcoin’s own blockchain, Bitcoin Cash has once again made a move towards another update in its system.

This time, Bitcoin Cash updates its protocol so it would be able to enhance the block size, enlarging the block size to 32MB.

With this change, BCH made a quite astonishing update to its system as Bitcoin Cash will now be able to provide its users with faster transactions and lower transaction fees, which might add to its value in the following months as a consequence.

Bitcoin Cash Partners Up with BitPay

BitPay has as of the most recent case partnered up with Bitcoin Cash and Bitcoin Core. What brought Bitcoin Cash to this partnership is the fact that BitPay had some plans with BCH and Bitcoin Core that could potentially sky-rocket these cryptos to the moon in the following months.

BitPay makes up for a crypto payment processor that is based in the United States, and as of the most recent events, BitPay has made an agreement with Seminole County Tax Collector in Florida, named Joel N. Greenberg.

As per the agreement made between BitPay and the mentioned tax collector in Florida, the residents of this area will now be able to pay their taxes in crypto, meaning that the residents will be able to pay for their IDs, licenses and other official documents and taxes by using Bitcoin Cash and Bitcoin Core with BitPay as the medium service.

This is an amazing progress for BCH as it showcased its ability to be used in official real-life purpose – in this case, paying taxes in Florida.

How Bitcoin Cash Beats Other Bitcoin Forks?

In accordance with data provided by BitMEX research service, Bitcoin had 44 forks after Bitcoin Cash, which only counts the forks that were registered and promoted.

Among those 44+ forks derived from Bitcoin, it can be easily concluded that not even the half survived the market for long, however, Bitcoin Cash alongside with a couple of more examples, makes up for a perfect exception.

Bitcoin Cash seemed like a success almost at the start, and especially in mid-December when this fork managed to reach the price of over 4.000$ per one BCH unit, which was a massive success for this crypto given the fact that it only existed for 3 months at the time.

Now when we can see BCH trading at the price of 1.181$, which is pretty far from its all-time high value, we can still see it trading above other Bitcoin forks.

That is how Bitcoin Cash has even made it to the list of the top popular cryptos, also making the number 4 on the global coin ranking list which also makes it the 4th best crypto due to its market cap.

Besides from Bitcoin Cash, we can still hear about forks like Bitcoin Gold and Bitcoin Private, a lot of the forks derived from Bitcoin has been shut down like Bitcoin Classic for example. While some of them were doomed from the mere start, many decayed due to the inability to find investors willing to support their fork.

How is Bitcoin Cash doing at the Current Moment?

Bitcoin Cash seems to be unable to resist the current market trend, so we can see it dropping against the dollar while going down in the red zone.

Following the latest change that took place in the course of the last 24 hours, Bitcoin Cash can now be traded at the price of 1,176$ per one unit as we can see it dropping by -4.31% against the dollar.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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