The Bitcoin Cash (BCH) network has seen some major improvements even when the price of the cryptocurrencies had seen a major drop in the first quarter of 2018. The price of Bitcoin Cash had also fallen as a result of the talks about the regulations on cryptocurrency trading and the overall negative sentiment in the cryptocurrency market. The development phase of Bitcoin Cash includes merchant adoption, infrastructure and the creation of many on-chain applications. In the second quarter it has already been observed that many crypto coins are on the way to recover from the bearish trend of Q1. At the time of writing, according to coinmarketcap.com, the price of BCH shows $1,401.37 USD approximately and is ranked at 4th position. (As of 30th April 2018) In fact, there are many reasons to hold onto Bitcoin Cash (BCH) in the present year.
On-Chain Social Network, Memo:
Memo is basically an on-chain social network site that has been developed on the network of Bitcoin Cash. From the developer of Memo, “I’m happy to announce the launch of Memo, an on-chain social network built on Bitcoin Cash — Memo is both a protocol and a front-end application.”… “The protocol works by writing transactions to the Bitcoin Cash blockchain. Client applications can read these transactions to see the activity on the network.” The profile created by a user of Memo will be connected to a specific BCH address and will also have a public/private key pair. The user can then link certain data like a quote, a particular date or a website URL through the platform. The data must be hashed using an OP_RETURN transaction into the Bitcoin Cash chain.
Companies Starting to Adopt Bitcoin Cash (BCH):
With the development of blockchain technology and the increase in the number of cryptocurrencies, many vendors see the need of adding the crypto coins as a mode of payment. There are many vendors that are looking forward to BCH. Recently, 5 vendors including a cafebar have included Bitcoin Cash (BCH) to their list.
- Goldsilver: Goldsilver was founded by Mike Maloney and deals in the selling of precious metals like gold and silver in the form of bars, jewellery and coins. The company has also incorporated Bitcoin (BTC) into their payment system. However, the payment has to be conducted through Bitpay.
- Coins Crypto Cafebar: Like many Japanese vendors, a new cafebar has also accepted BCH into their system. Japan has already declared in the last year through Payment Services Act that paying with cryptocurrencies is also legal. This cafebar will be having a grand opening on 12th May in Osaka. Till now, 15 different crypto coins have been included by the cafebar.
- Safecast: Safecast, in the words of its Director of Global Operations, Sean Bonner “design the hardware and software for specific environmental monitoring”. Their products are mainly hosted on the website of Kithub. Kithhub, in turn, accepts payment made using BCH through Bitpay.
- Undertech: The Company specialises in selling concealed-carry clothing like jackets, leggings, vests and holsters. As Undertech has recently incorporated Coinbase Commerce as a checkout option, the customers can now pay using BCH, ETH, LTC and BTC.
- Rebecca Z: Rebecca Z is a Japanese jewellery website that focuses on everyday jewellery for working women. To make the payment procedure easier they had started accepting Bitcoin (BTC). Now, the company also accepts Bitcoin Cash (BCH) as a mode of transactions.
Increase in Bitcoin Cash Meetups Worldwide:
There are many ways of supporting a cryptocurrency and meetup is just one of many. Meetup is basically a platform where one can form groups and start a discussion regarding their area of interest. It also includes discussion forums on cryptocurrencies. Meetups regarding BCH had already attracted many cryptocurrency enthusiasts, traders and investors since the beginning of its journey. Recently, the growth of the BCH group meetings has increased exponentially. People from Tokyo, San Francisco, London, Hong Kong, Beijing, Sweden and numerous other places meet up regularly. Bitcoin Cash Fund and many other non-profit organisations facilitate the BCH meetups worldwide.
The above-mentioned points are the latest developments observed on the Bitcoin Cash network. One simply has to invest in Bitcoin Cash (BCH) and hold on to it and take the advantage of rise in price as BCH continues its adventurous trip.
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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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