BCH) price

Bitcoin Cash (BCH) was hard forked several weeks ago with the aim of improving the network functionality features. Moreover, it was expected that the fork will differentiate it from the parent cryptocurrency, Bitcoin Core (BTC). The new network currently has 32MB block size in addition to having smart contract functionality. However, while implementing at block 530350, a section of the community was left behind on the old network, shut out from the new upgrade.

The effect is so prevalent that about 16% – 17% of Bitcoin Cash nodes have not joined the new network. The nodes are still running on the previous software, besides the hard fork changes work in a way that the upgrade is not backward compatible. This situation means that if a transaction is made from these nodes to the current better new Bitcoin Cash; the transaction will not be recognizable.

The status has remained under wraps for some time now, but the critics of Bitcoin Cash (BCH), believe that it is definitely not a good sign. Some of the critics have interpreted the silence around the matter to mean that few are bothered. On the contrary, if it bothered people a lot more, then they would have contended that hard fork. The cryptocurrency space would be up in arms debating about the implications to the network. One of Bitcoin Core contributors, Kalle Alm, recently wrote on social media:

“You can tell bitcoin cash is not bitcoin by looking at how not everyone is losing their shit all over the place,” Kalle added, “Imagine if 20 percent of bitcoin nodes failed consensus? Everyone would explode.”

However, Bitcoin Cash enthusiasts think about this matter differently. The lead developer at OB1’s OpenBazaar Chris Pacia said in a comment:

“That’s a rather meaningless statistic. Likely the reason those nodes haven’t upgraded is because they aren’t in use and the owners haven’t bothered yet,”

Pacia, along with other Bitcoin Cash (BCH) supporters argued that the silence surrounding the hard fork is the fact that everyone is satisfied with the new changes. They even claimed that the section that is still on the old software is probably because those nodes are not operational and the owners choose not to upgrade.

While the new upgrade is working properly, Alm says that it is still reckless for the network to dismiss at least one-fifth of the users. Alm added that “In Bitcoin, the nodes are everything. They are the users of the system. To dismiss cutting off a fifth of your users in a hard fork, controversial or not, is reckless, to say the least,” Lastly, Pacia believes that competition from both Bitcoin Cash and Bitcoin Core communities to be the bigger issue. He says that both the communities are much attached to the assets, besides one of the assets will have to win the competition sooner or later.

Bitcoin Cash price Analysis

Bitcoin Cash (BCH) price had begun correcting lower at the time of writing. The asset has, however, been trading higher highs and higher lows throughout the weekend session. BCH/USD breached the key resistance at $1,200 before succumbing to selling pressure that has seen it smash through the support at $1,150. Bitcoin cash must find a support above $1,125 to avoid further declines, moreover, it needs to find a balance before attempting to recoil higher again. Failure to find support, the price will test the demand zone at $1,100 – $1,075. On the upside, BCH/USD will face resistance at $1,175 as well as the zone at $1,200.

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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.


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