224
Technology has been growing at the rate of knots in the last 100 years; the adaptation of computer and taken man to the moon, changed our way of interaction with one another, internet has global market place for businesses to tap into unheard market places which were not possible a century ago. Technology has challenged all aspects of our life and offered evolution in our everyday life and how we interact with one another. From the simple complex smart phone to the complex of complex banking application that run our economy; our education system, our health system; the way we do banking etc.
Now the evolution demands a change in the way we interact with one another financially, it challenges the current fiat system which according to Crypto currency followers is flawed and creates a never-ending cycle of debt and inflation for the people. This was the reason why the founder of Bitcoin “Satoshi Nakamoto” started working to a “Peer to Peer” transaction system without the involvement of a third party. With the Global financial crisis of 2007 - 2008, Satoshi felt the need of an independent monitory system which did not require an oversight from a Reserve bank or the Government rather controlled by a consensus mechanism of its users.
In 2021, Bitcoin still dominates as the largest crypto currency in the space; with over $840 billion invested at the time of writing this article. Bitcoin offers the fundamentals of a currency capable enough to replace the current fiat system or at least that’s what the die-hard crypto fans believed. All first-generation technologies go through a phase of semi adoption and rejection which leads for further development and a second generation with further advancement. Same was the scenario with Bitcoin in 2017, where the block size was way too small to carry big transactions at an efficient cost. Hence, Bitcoin had to go through a fork and led to the introduction of Bitcoin cash ABC and Bitcoin Cash SV. (Satoshi Vision)
Bitcoin cash ABC later continued as the current Bitcoin cash (BCH), their aim to so solve the block size problem from its predecessor and offered an efficient Bitcoin alternative. It continues with the same principals and technology that was used for Bitcoin like a total supply of 21 million and a consensus voting system but offered solutions to the inherent problems BTC carried. BCH was launched at the end 2017 on all the major crypto exchanges around the world and receiving a lot of attention pushing the price to an all-time high of $3,785.82 in Dec 2017, a year later BCH hit its all-time low of $76.93 in Dec 2018 in line with the whole of the Crypto market.
In the last 3 years, BCH has entered into many new partnerships and ventures to rise up to its expectations but has not been able to achieve the same growth as its first-generation competitor BTC which has gone surging above with a strong support at the $35k - $40k level where BCH has remained under $1650 for the current year with a peak on just over $1600 around mid of May 2021. Many say the price difference is merely to due to the first mover advantage BTC has over BCH, but BCH offers the same as BTC minus the flaws. This begs the question why does BCH not grow the same way BTC has over the years. My opinion is based on the investors value assumption, as the current BTC holders’ value BTC as a long-term asset rather than a current asset (Like cash) which was the whole purpose of having an autonomous financial system without any third party. At the time of writing, BCH currently trades just over $580 breaking its previous resistance of $540. This is in line with the overall jump seen in the crypto market since the Crypto drop of May 2021, even after that BCH offered a 93% growth from the previous year.
Bitcoin cash BCH with the current market cap of $10.9 Billion is ranked 13th at the time of writing this article with a market dominance of 0.58%; listed over 200 crypto exchanges, first mover advantage on coins launched after 2017 along with a familiar name that everyone in the world knows. I still feel there is a lot BCH can offer in terms of reaching to more people and aim to build a community to support its cause. Current social media presence is limited to Reddit (600k users) and Telegram (1500 users) only. As per Coinmarketcal.com, they are a part of the World Blockchain Summit in October 2021 with an aim to create more awareness of blockchain technology and its benefits. (Generally, any news available published gets adjusted in the price of the coins very quickly and the current price of BCH might reflect the same).
Crypto still remains in its early stages and its very difficult to predict what will happen in the future; unless you have a magic ball. So, the oldest and most effective method known to humans when it comes to financial investments still remains: Market and fundamental research, and deep technical analysis. So please DO YOUR OWN RESEARCH (DYOR)!!
