The most notable Bitcoin’s hard fork, Bitcoin Cash has reached one year of existence on August 1. Ultimately, at the day of the launch, the BCH token has reached $800 in price. The project more or less manages to maintain that level; the current BCH price is $765 on Binance.
Initially and continually Bitcoin Cash’s aim was to ‘restore’ the purity of Bitcoin. The creators, among whose Roger Ver was the main contestant, claimed that Bitcoin Cash is the purest version of the world’s first cryptocurrency, which derives its inspiration from the original Satoshi Whitepaper. This project was highly debated and obviously disseminated controversy around itself. Ver fueled controversy by creating a website Bitcoin.com with purpose to solidify the BCH brand.
The Vice President of Business Operations at BTC.com Alejandro de la Torre unveiled how Bitcoin Cash managed to deal with the scalability problem. He said that the developers decided to increase block sizes to add more space for transactions. This allowed to reduce wait times and transaction fees and made blockchain more fluid and accessible.
Moreover, Torre argues that Bitcoin Cash is capable of low-cost and high-speed-large volume transactions. The current block size in BCH system is 32MB - this size is enough to keep the network from clogging. The Vice President mentioned Venezuela in the example of coin utilization. Since the country’s inflation has reached more than 40,000%, cryptocurrencies may be used as an alternative currency for transactions. Interestingly, the country has came up with its own crypto entitled Petro, price of which is attached to oil reserves in Venezuela.
In London, Coingeek, the website that admires BCH, organized an enormous party to celebrate the anniversary inviting all miners and proponents of the Bitcoin Cash. The site creator Calvin Ayre gave a comment on the event noting that BCH’s purpose is greater than just being another Bitcoin hard fork. As Bitcoin Cash is setting up to restore the original Bitcoin protocol, Ayre is convinced that the project appearance is a very notable moment in the history of money. The main goal is to create an unlimited block size - that would be a greatest achievement for the blockchain community.
Through the year since the origination, Bitcoin Cash has gained vast acceptance and now has agreements with such services as Bitpay, Coinpayments, Coingate, Coindance and Viabtc, is a part of popular projects like JoyStream, OpenBazaar, Counterparty, and at least 41 exchanges allow people to trade BCH worldwide.