Bitcoin cash (BCH) is one coin that attracts all kinds of reactions in the crypto community. On one hand, there are those that swear by it being the real bitcoin. On the other hand, there are those who are fond of calling it a centralized scam. However, even with all the kinds of emotions that it elicits in crypto enthusiasts, one thing is clear, Bitcoin cash is one of the best crypto performers at the moment.
It has pushed up from lows or around $600 to highs of over $1700 in under a month. One of the factors pushing Bitcoin cash at the moment, is the upcoming hard fork. On the 15th of May, the network will do an upgrade, an upgrade that will see the block size increase from 8 megabytes to 32 megabytes. The update will also enable developers create smart contracts on the bitcoin cash network.
So what is likely to happen after the hard fork? Well, one thing that you can expect is that there is going to be an increase in the levels of adoption of Bitcoin cash (BCH) as a currency. That’s because with a larger block size, bitcoin cash transactions will get faster and cheaper, which is the whole of essence of cryptocurrencies that can be used as currencies. Even at its current block size, bitcoin cash has seen some significant levels of adoption. That’s a pointer to how much faster Bitcoin cash will get adopted once the block size gets to 32 megabytes.
Once the upgrade happens, bitcoin cash could also see Dapps developers start using it. Given that it is faster, more scalable and has cheaper transactions than Ethereum, it is not hard to see bitcoin cash taking a sizeable chunk of the smart contracts market. Such a scenario would be a big boost to its intrinsic value.
Basically, this upgrade is making bitcoin cash one of the most versatile cryptos in the market, given that it is highly efficient as money and for Dapps development. These factors are magnified by the fact that bitcoin cash is a well-known crypto. The fact that it is already well-known means that the upgrades will be a welcome catalyst to the value of bitcoin cash.
From an investor perspective, Bitcoin cash will most likely continue to make gains as we approach the hard fork. That’s because volumes are on the rise, especially in Asia, as we approach D-Day. After that, we could see a period of profit taking, but long-term, the bitcoin cash trend is upward. The speed and efficiency that the hard fork will bring, is guaranteed to see a wider adoption across the world. Most of this adoption could happen in Asia, where bitcoin cash is quite popular.
So whether bitcoin cash (BCH) is the real bitcoin or not, that’s a debate for another day. One thing is clear though, the intrinsic value of bitcoin cash is about to get a major boost.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.