Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

In this article we will talk about the most famous bitcoin`s hard fork – the Bitcoin Cash: it`s advantages and disadvantages, forecast for the future, as well as the hard fork, which will happen on November 15, 2018.

Content:
(please, click the topic to scroll down to it)

  1. Briefly about the Bitcoin Cash and comparison with Bitcoin
  2. Disadvantages of Bitcoin Cash
  3. Briefly about the hard fork Bitcoin Cash
  4. Conclusion

1. Briefly about Bitcoin Cash and comparison with Bitcoin

The main popularizer of the “new” coin is Roger Ver. He is quite famous person in crypto world. He was one of the first cryptocurrency investors. Due to increased attention to this industry, he became known as Bitcoin Jesus. But later, Ver decided to actively promote the hard fork (a branch) of the first cryptocurrency – the Bitcoin Cash. The network split occurred on August 1, 2017.

What is the difference between the BTC and the BCH?

  • Increasing of transaction`s speed in several times. The main feature of the new coin is an increased block`s size to 8 MB. On May 15, 2018, developers released the update, after which the block`s size increased to 32 MB. This solution made it possible to record much more transactions in one block, and thereby to increase network bandwidth.
  • Low commissions. Bitcoin Cash has very small commissions $0,05 – $0,010, which is significantly lower than that of the “older brother” $8 – $15.
  • With the current network load, a queue of unconfirmed transactions does not exceed 200 – 250, whereas with the original Bitcoin, this number can reach 7,000 – 10,000.

2. Disadvantages of Bitcoin Cash

Significant disadvantage of this fork is the automatic adjustment of the network`s computing complexity. Unfortunately, it has direct dependence on the speed of extraction of new data. That is, if for a certain amount of time miners get an insufficient number of blocks, then complexity decreases. This pattern works in both directions.

Miners started to use this vulnerability and got BCH in periods of complexity recession, and when the situation changed, they turned to BTC. Such actions led to the network`s destabilization and increased volatility of the BCH rate. This problem has not been solved till this day, but the development team manages to restrain it.

Cryptocurrency investors do not consider Bitcoin Cash as a long-term asset yet. This coin is more used as a speculative tool. For this reason, at the moment BCH has rather vague and uncertain future.

3. Briefly about the hard fork Bitcoin Cash

The hard fork of Bitcoin Cash was on November 15, 2018. After this event, the network received two incompatible consensus protocols BCHABC и BCHSV. The community of coin divided into two parts: on the one hand Roger Ver, and on the other Craig Wright. The outbreak of the conflict is considered to be Bitcoin ABC update, which began to support smart contracts and atomic swaps. In response to this update, Craig Wright offered the community his vision for the future development of the project. He proposed to increase the block`s size up to 128 MB. Such decision was not supported by Roger Ver and his part of miners. Because of this, another coin will now appear in the cryptocurrency world.

This is very good news for BCH holders. The matter is that after hard fork, investors received the same amount of coins of the new network, which complies with their BCH`s balance.

Against this background, the Bitcoin Cash rate grew up by almost 50% only for the first week of November.

Source: https://coinmarketcap.com/

This growth was artificial, therefore, we observed the same rapid rollback before the hard fork.

Source: https://coinmarketcap.com/

4. Conclusion

Bitcoin Cash is a project with rather big ambitions, ultimate goal of which is to push the original Bitcoin from the first place. In fact, BCH has fewer problems with scaling, and also can boast of low transaction commissions. But on the other hand, there is conflict between developers, still unsolved problem of automatic control of complexity, as well as increased volatility. Now it is hard to make long-term forecasts for Bitcoin Cash, as it is not clear yet, which of two networks will be more stable.

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Interview with the Founder of the Project Joys: “We transform digital money into real goods”

In the summer of 2018, we already interviewed the founder of the Joys project, Andrey Mikhailishin.

Back then the payment service team had just launched its ICO and shared plans for the future development of Joys. Let’s find out what stage is the development of the project at today and what new has happened during this time?

Andrey, hello. Tell us about the interim results of your ICO? Have you achieved all your financial goals?

Hello! Thanks for the invitation!

I appreciate the results of ICO as negative. Although not so bad really. At ICO, we fundraised only $ 300k with a minimum target of $ 35M. Therefore, we have not achieved our financial goals. The reasons for failure are different:

  1. Ourselves we have never performed an ICO before yet and therefore we hired a company that had successful ICO experience before. The guys themselves were inspired by our project, but the result did not suit us. The saying goes: “If you want to do well, do it yourself”.
  2. We started our ICO in the spring of 2018, when the cryptocurrency and ICO market experienced a strong decline. Investors were disappointed with past failures, the rate of cryptocurrency declined sharply, no one wanted to invest. The crowdfunding market through ICO has stopped.
  3. In the early stages, we had no internationally known advisors and communications with large crypto funds.

Has the collapse of the crypto market and ICO projects affected Joys?

Of course, it had a strong influence on the ICO results. Today we have reoriented our project to the venture capital market. There are much harder rules. We rebuilt our project, and we have received several suggestions already.

What new features have been implemented on the platform since the launch of ICO?

Our slogan is – We transform digital money into real goods. During this time, we have converted Joys from a crypto project to FINTECH. We cooperate with banks, payment systems and other financial institutions, we have direct contacts with the Central Bank of Russia and we plan to work together with regulators and banks in different countries. We are actively involved in the creation of the New International Payment System of the BRICS countries (NIPS – BRICS Pay). Now our solution allows using as well cryptocurrency to pay for goods and services, as customary fiat money. We have developed and implemented several business solutions: a private payment system for the Center for Digital Transformations in Moscow, a voting system, a loyalty program on the blockchain technology. Now we are actively developing on the use of Hyperledger in Joys. By the way, information about this has never been published before. We will make a public announcement about how we will use Hyperledger a little bit later. We also completely redesigned the payment application for users. Now JOYS, BTC, ETH, EOS, LTC, BCH are available in the application. We made the listing of our JOYS coin on the LATOKEN exchange.

We have created many more other things that today make our decision truly unique. But not all the secrets of our kitchen, I’m ready to tell. I really want to share much more news with the community, but this is still premature.

You as well as other representatives of your project take an active part in various conferences and meetings, such as the meeting of the Russian Association of Cryptocurrency and Blockchain (RACIB). What important issues are you discussing at such events?

Today we are working closely with the Russian Association of Cryptoindustry and Blockchain. We participate in the discussions of the problems and tasks of the business in the digital economy, help create a cryptocurrency regulation system in the Russian Federation, advise and share our efforts with other projects. Also in early April, we are launching a joint project with RACIB – a system of customer motivation based on blockchain technologies. Follow our news on our public channels.

As for the implementation of the project, how does Joys integrate into store POS systems?

We integrate at the level of cash register software manufacturers. We have an API that interacts with POS. Now we are finishing the testing of a new payment API, more advanced, even that we used in MVP at the ICO stage. We developed solutions not only for brick and mortar stores but also for e-commerce.

Which important companies or sites have you managed to partner up with lately?

As I said above, we actively cooperate with a number of banks, with the Central Bank of the Russian Federation, with the BRICS Business Council, we are member of the Russian Association of Cryptoindustry and Blockchain, member of the Fintech Association, and actively cooperate with the LATOKEN exchange.

In the last interview you said that “you plan to cover all countries of the world”. Did this goal remain on your agenda, or did you perhaps set new large-scale goals?

This goal has become even more relevant for us, as we have now included fiat currencies in our pool of means of payment. Recent studies show that cloud technologies, hybrid clouds, open APIs, Big Data, and artificial intelligence will produce a transformational impact on business and blockchain technologies will have a big effect on the business. Excluding artificial intelligence, Joys have solutions in all these areas of development, and this opens for us more potential than even we imagined six months ago.

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Analyst: Bitcoin Price Will Exceed $100,000, Or Even $400,000

Bitcoin price is something that many analysts had tried to predict but failed. Nevertheless, some of them still please a crypto community with predictions of 5- or even 6-digit numbers. Naeem Aslam, the Chief market analyst in Think Markets, feel assured that BTC price will fly up to as much as $400,000.

In the blog post, Aslam expressed his opinion considering the current rate of the first cryptocurrency. From his point of view, investors, especially long-term ones, should not worry about the $4000 mark. During the next bull run, the price will definitely rise up five times. First, it will reach the previous all high-time, which is $20,000 and then head for its low-end target of $100,000. A high-end target of $400,000 will also be possible as the price will surge in 20 times, as it was in 2017 when the price ran from $1000 to $20,000.

Naeem Aslam also stated that such high prices are not a joke:

“This number is not a fool’s paradise. $400,000 is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.”

At the beginning of December 2018, he told that Bitcoin had been very close to finding its bottom. Moreover, he thought that panic around the price of the first cryptocurrency only proves it.

Tom Lee made his prediction about the Bitcoin price about a week ago. He said that Bitcoin would enter the bullish market and repair itself in 2019. More information about his prediction is here:

Tom Lee: Bitcoin Bull Market Is Coming in 2019

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Binance To Launch Property Auction, Buyers Can Use BTC and BNB

One of the most famous crypto exchanges in the world – Binance – is launching a live property auction partnering with real estate auctioneer James Pratt Auctions (JPA). From now on, potential buyers can purchase real estate using Bitcoin or Binance Coin. The auction takes place on April 8.

The auction will sell a luxury, beach-front mansion in Casuarina, New South Wales.  Its area accounts for 412 square meters, including 5 bedrooms, 3 bathrooms, a heated 25-meter pool. The house provides a full Google Home automation, solar system, and a key-less entry system.

The auction was confirmed by the CEO of Binance, Changpeng Zhao, using hashtag #useBNB. He thinks that such auction will help to integrate digital assets in society much faster.

The CEO of JPA is very excited about this collaboration saying:

“This process gives the consumer another option to consider when purchasing real estate. For the vendor, it can help attract a whole new kind of buyer … There is a large audience internationally excited by this.”

Such purchase will not be the first in history; however, possible to buy real estate property in Binance Coin is something new. Using this method of payment will definitely cause BNB Coin to rise and adopt it massively in other spheres of life.

According to the CoinMarketCap, Binance Coin places the seventh place in Top 100 cryptocurrency with the market capitalization of more than $2 billion. The price at the time of writing is $15.28. Since the beginning of 2019, the rate of the coin is constantly growing, it has already increased by 2.5 times since January 1.

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A Large IT-Company Begins Accepting Cryptocurrency

An American company Avnet which is on the list of the largest technological organizations version of Fortune 500 announced that they are ready to accept digital coins including Bitcoin as payments. This was made possible because of a BitPlay service.

It should be noted that Avnet has also begun collaborating with Bitcoin.com. The main purpose of which is the development of a brand new cold wallet. It will provide the highest level of transactions safety and the storage of different digital coins.

Nevertheless, we shouldn’t forget the “dark” past of BitPay service. At the beginning of last year, representatives of large cryptocurrency communities called not to use its services.

The fact is that the workers of this service unilaterally without any negotiations with Bitcoin developers refused to support BIP21 and introduced a little known BIP70. Since 2013 it is of ill report because with its help BTC “blacklists” were created.

We want to remind you:

BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

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Cryptocurrency Prices Today, March 20: Cryptocurrencies Are Slightly Moving To The Red Zone

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coin360 online platform, Bitcoin (BTC) has remained stable over the past 24 hours and added 0.11%. The price at the time of writing is $3980 per coin.

Cryptocurrencies are mostly decreased:

Bitcoin Cash dropped by 1.42%, Bitcoin SV has lost 0.33%, the value of coins is $155 and $65, respectively;

Ripple fell down by 0.9% and costs $0.31;

EOS minus 1.66% and its price is $3.66;

Litecoin decreased by 0.4% and its price is $59;

Cardano added 3.28% and its value is $0.051;

Stellar dropped by 2.9% and costs $0.11;

IOTA minus 0.5% and its cost is $0.29;

Dash increased by 0.75% and its price is $91;

Monero added 2.6% and costs $53;

Over the past 24 hours, Ethereum has lost 0.5%. The rate of the coin is $136.

The total market capitalization is $140 billion. Bitcoin accounts for 50.9% of the total. In monetary terms, this is $71 billion.

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When Will Finally Growth Happen? Or Fresh Forecasts of Cryptocurrency Analysts

As we all remember, the 2018th year was far from the best in the history of Bitcoin as well as other cryptocurrencies. For the previous year, the first cryptocurrency slipped from $20,000 to $3,200. As of this writing, one BTC coin costs $3,940.

Perceptible revival in the cryptocurrency market has provoked another dose of optimistic statements from analysts. Let’s take a look at what professional traders and cryptocurrency market experts are saying about the immediate prospects for the Bitcoin rate.

Leah Wald

A professional trader, and in the past, World Bank economist Leah Wald, claims that the rate of the main cryptocurrency will fall to a critical level of $1,500, and only after that, new growth can begin, up to $6,500. But the user with the nickname Filb Filb doubts her prediction and claims that BTC has already “found its bottom” and now only the growth up to $6,000 and higher is waiting for us.

Leah Wald is confident in her forecast, so she decided to make a bet with her opponent – in case her prediction turns out to be wrong, she will have to transfer 1 Bitcoin to the user Filb Filb.

Cane IslandCrypto

An analyst from Texas, who is known on Twitter under the nickname Cane IslandCrypto recently published his own vision of the BTC price behavior in the coming years. So, he believes that a long and confident uptrend is waiting for us:

  • until the end of 2019, the BTC course will be $7,800;
  • in 2021 – $28,627;
  • in 2023 – $93,382;
  • in 2026 – $471,532.

He is confident that the bear market is over and only growth is waiting for us in the coming years.

Canaccord Genuity CapitalMarkets

A group of leading analysts of Canadian financial institutions Canaccord Genuity CapitalMarkets has a similar opinion about the rate of the first cryptocurrency. They believe that in two years Bitcoin will return to its peak values and go higher.

To create the own Bitcoin price chart, analysts were guided by historical data for 6 years (from 2011 to 2017). After analyzing the behavior of BTC, they came to the conclusion that at the moment the price of the asset has already “found the bottom”. And in the near future, the BTC course should start its growth.

Conclusion

If we analyze this information, we can conclude that the mood of market participants is beginning to change for the better. So far, the Bitcoin rate shows growing, even though slow: in recent months it has grown from $3,200 to $3,940 and continues to ascend. The nearest psychological mark is at the level of $4,000 – $4,100.

We will closely follow the latest news from the cryptocurrency world. If you always want to stay up to date with the latest events, then follow the updates on our website or subscribe to us on social networks.

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