Bitcoin Cash Price Prediction 2020
September 24, 2020
What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is an altcoin or a spinoff of Bitcoin cryptocurrency. It was developed as an outcome of a hard fork in blockchain technology. A hard fork means that a coin obeys new protocol rules. The new rules originated from the initial rules obeyed by Bitcoin. Also, the new protocols were incompatible with the original protocols.
The main objective of creating BCH was to increase the block size. When the fork occurred, any person owning Bitcoins had a similar number of Bitcoin cash units. However, the main difference was that BCH supported larger blocks than Bitcoin. Also, BCH allowed more transactions per second than Bitcoin. When BCH was released, it was trading at $240 while Bitcoin was trading at $2700.
In November 2018, Bitcoin Cash underwent a fork. It split into Bitcoin Cash SV and Bitcoin Cash ABC. As more people invested in Bitcoin, it experienced scalability issues due to the 1-megabyte block size limitation. BCH solved the problem by increasing the block size to between 32 megabytes and 8 megabytes. While Bitcoin allowed up to 1500 transactions per block, BCH surged to 25000 transactions per block.
Bitcoin Cash (BCH) Price Analysis
At the time of writing, Bitcoin cash had a price of 284 USD. When it was launched in August 2017, its price was 240 USD. Within a month, its price had risen to 550 USD and a market capitalization of 9 billion USD.
The sharp increase of Bitcoin Cash prices was caused by the buying activity of traders and interest by miners. It was a coin that was convenient for mining, and it was believed to be Bitcoin’s competitor. Most people believed that they would make a lot of money from the coin.
It has a maximum supply of 21 million coins. Its market capitalization is 5,193,238, 871 billion USD. It has grown into the top 5 most valuable cryptocurrencies according to market capitalization. It had an all-time high of 4355 USD and an all-time low of 75 USD. Bitcoin Cash conducted hard fork in 2018 into Bitcoin Cash SV and Bitcoin. Bitcoin ABC grew into the dominant chain. Bitcoin ABC took over the BCH ticker because it had most of the nodes in the network and had more hash power.
Coin Price Chart
Figure 1 showing BCH price chart history
Bitcoin Cash (BCH) Price Prediction 2020
Since Bitcoin Cash was launched in 2017, it has experienced several hard forks. However, it has been resilient and has grown into the top 5 cryptocurrencies according to market capitalization. It has a market capitalization of 5,240,436,421 billion USD. The coin chart has shown that it has experienced explosive growth in some periods. Bitcoin Cash is an attractive investment option.
Roger Ver Bitcoin Cash (BCH) Price Prediction 2020
Roger Ver was nicknamed “Bitcoin Jesus.” He has been one of the main supporters of Bitcoin Cash since it was launched. He predicts that Bitcoin Cash will be two times more valuable than its current price within a year. He believes that it is only Bitcoin Cash can compete against Bitcoin. On November 4, 2019, he said that BCH worth 1 USD today could be worth 1000 USD in the future.
Co-Founder of Bitmain, Jihan Wu, Bitcoin Cash (BCH) Price Prediction 2020
Wu states that he has great confidence in the future of Bitcoin Cash. Miners will continue playing a greater role in its success. Also, he believes that Bitcoin Cash will gain more users in the future. The increased uses will translate into increased value.
Brian Armstrong, Co-founder & CEO at Coinbase, Bitcoin Cash (BCH) Price Prediction 2020.
He believes that an economy with widespread cryptocurrency adoption offers more opportunity than the current system. Furthermore, he predicts that many financial institutions will have a crypto component. Bitcoin Cash will improve its accessibility and usability. BCH’s future is bright.
Bitcoin Cash (BCH) Price Prediction 2020
- Improved security and data protection may influence BCH prices. CashShuffle protocol is an open-source innovation that reshuffles crypto coins to avoid third-party tracking. Avoiding tracking ensures that users do not face problems with authorities. Bitcoin Cash began using CashShuffle in 2019. Users will experience improved security and reliability.
- Increasing the mainnet bandwidth to thousands of tps
- Reducing the transaction confirmation time to 2 seconds
- Bitcoin Cash will be adopting the Avalanche consensus mechanism soon. Experts predict that the move could boost the BCH price to 600 USD.
Bitcoin Cash (BCH) Price Prediction Verdict 2020
As most people know, the crypto industry is volatile. Major price hikes can occur instantly, and it is highly speculative. Some of the issues that may affect Bitcoin Cash in 2020 include market sentiments, regulations, competition, and many others. It may be difficult to come up with a specific market prediction.
However, experts’ advice suggests that if you invest in Bitcoin cash now, you will earn extra income when BCH price appreciates. One of the experts, Roger Ver, believes that within a year, BCH will be two times more valuable than its current price.
Bitcoin Cash is popular in the market because it can be spent and stored similar to cash. Also, it can be used in people’s daily lives. It will have more uses in day to day lives than most cryptocurrencies. Most people believe that Bitcoin Cash (BCH) is the best alternative to Bitcoin. It has proven benefits, such as low transaction costs and fast transactions.
Atomic wallet allows you to buy, sell, and exchange Bitcoin cash. The wallet offers the most secure, transparent, and reliable platform to invest in Bitcoin Cash. Atomic wallet allows you to invest in BCH’s long term success.
Main Features of Bitcoin Cash (BCH)
Different name. Its different name appeals to new users. Its name makes the coin appear easy to exchange with minimal fees.
Block size. Developers, users, and miners advocated for a larger block size in BTC. Its block size limit is 8megabytes, while Bitcoin has a 1-megabyte block size limit. The larger block size facilitates low-cost transaction fees. Also, it allows for more reliable and faster peer-to-peer transactions.
Wipeout and Replay Protection. BCH has a definite plan if the coin undergoes another fork. The plans ensure there are minimal disruptions, and different chains can work together.
Transaction speed. Bitcoin Cash can execute up to 25000 transactions per second. Bitcoin had an average of 1500 transactions per second.
Mining. Bitcoin Cash uses Proof of Work mechanism to mine new coins. There are 21 million BCH coins in circulation.
Open Source. The concept helps in building safety and trust in the network.
How to buy Bitcoin Cash (BCH)
Atomic wallet allows users to buy, secure, and exchange over 300 tokens and cryptocurrencies on a single interface. It provides a powerful and in-demand service that will allow you to spend less energy managing your coins. Its processes are reliable and transparent.
Download and install Atomic wallet app. Create a strong password. Only the account holder should have the password. Verify your identity and buy Bitcoin Cash. 50 USD is the minimum amount to purchase Bitcoin Cash (BCH). Atomic wallet offers custody-free and strong encryption solutions that will guarantee you the best security.
The wallet will allow you to buy and store Bitcoin Cash in addition to other currencies. Your account is entirely safe unless you lose your private keys. If you lose them, and someone hacks and steals coins or funds, the process is irreversible.
How to Exchange Bitcoin Cash (BCH)
Atomic wallet allows users to exchange Bitcoin Cash (BCH) for other coins or other coins for Bitcoin Cash. A cryptocurrency exchange is a complex and time-consuming process. Atomic wallet solved the problem by developing a platform that allows exchange with over 300 tokens and coins.
The platform works with ChangeNow and Changelly. Atomic wallet provides a secure platform where you can exchange cryptocurrencies. Atomic is the best solution for you to buy, sell, and exchange cryptocurrencies. There are many exchange platforms on the internet, but Atomic offers the best exchange rates.