Bitcoin Cash Advocates Get Ready for the Next Six Months
Bitcoin Cash has had an exciting first six months, and the next six-month period promises to be even more so as the network and infrastructure continue to grow.
It’s almost inconceivable to think that only six months ago, Bitcoin Cash made history when it became the first ever fork on the Bitcoin network. Ever since this moment, the network has flourished, mining over 36,000 blocks and putting it 8,406 blocks ahead of the main Bitcoin network.
The Bitcoin Cash network itself recently celebrated a successful hard fork which allowed the network to implement a new algorithm to address difficulty. Ever since its integration, this algorithm has ensured that mining profitability remains consistent. At the moment, Bitcoin Cash is 5.6% more profitable to mine than its parent network, Bitcoin. In addition, all services that provide Bitcoin Cash recently adopted a new address format which makes it almost impossible to accidentally transfer Bitcoin Cash to a Bitcoin address.
In the last week alone, the Bitcoin Cash network received major upgrades in terms of its infrastructure and support expansion. Bitcoin Unlimited unveiled its new client version 1.2.0.1 which includes support for Bitcoin Cash as well as a better-performing logging system. The cryptocurrency exchange, Kucoin, added several Bitcoin Cash trading pairs to its platform, which has significantly increased the exchange’s liquidity. According to Kucoin, they took this action to satisfy customer demand.
The popular online shopping platform, Village Catalog, has also recently announced that they will accept payments in Bitcoin Cash. The online store is focused on healthy foods and cooking accessories.
In addition, a new plugin on the Woocommerce platform, Cryptowoo, will allow APIs to accept transactions conducted in Bitcoin Cash. The platform’s version 1.2.1 enables all WordPress merchants to accept cryptocurrency payments.
Bitplay, too, has announced a new plugin for Woocommerce and Prestashop, which adds support for Bitcoin Cash payments. Notably, the charitable organization, Tokenstars, has announced that they will switch from Bitcoin to Bitcoin Cash, as the core network is too impractical, due to its high transaction fees.
According to the Tokenstars CEO, Pavel Stukolov, whose most recent projects launched in December, Bitcoin will no longer be used as a payment method, as transaction fees have become too exorbitant. This inspired the company to switch to Bitcoin Cash instead.
Despite the recent price decrease that most cryptocurrencies experienced, Bitcoin Cash has had a great past few weeks in terms of its infrastructure. The cryptocurrency has demonstrated much more stability than its peers throughout the recent price depreciation. Notably, Bitcoin Cash has been compared to Bitcoin’s former market action. In recent months, Bitcoin Cash has remained in a price margin between 12-15% of Bitcoin’s value. Generally speaking, if Bitcoin drops $1,000, Bitcoin Cash drops $100. However, Bitcoin Cash advocates believe that the cryptocurrency could soon overtake its parenting network as its infrastructure grows.
The CEO of Civic, Vinny Lingham, has previously stated that Bitcoin Cash has the potential to surpass the Bitcoin core network in the foreseeable future. In a recent interview with Fast Money, Lingham stated that at the moment Bitcoin Cash and Bitcoin were targeting two entirely different markets.
Lingham added that currently there is a much greater demand for a peer-to-peer monetary system than a digital store of value.
Bitcoin Cash has been the very first and most successful cryptocurrency to date. Transactions are conducted with increased speed and volume, while costs remain nominal and stable. However, the developing team behind Bitcoin Cash has some plans for the future. In a recently-released road-map, the team explained some areas that they will focus on in the next six months.
Among these plans include another possible fork in the Bitcoin Cash network to address block sizes, which will add novel features such as coins in various colors. The whole crypto community seems committed to Bitcoin Cash’s growth, and Bitcoin Unlimited has donated their resources to the team. In addition, several prominent members from projects such as Bitcoin XT, Bitprim, ElectrumX, Nchain, Bitcrust, and Parity have all committed to ensuring that the Bitcoin Cash network remains stable and innovative.
