It has been one year since the first fork in the crypto world, Bitcoin Cash, came out as an independent token from Bitcoin. In the past year, the BCH was viewed as a powerful rival to Bitcoin for its higher level of decentralization and flexibility, as it does today, somebody may say.
Really? Is BCH still on the way to replacing BTC in the physical world to be the most applicable token?
Before the fork, there were concerns and criticism in the community about the transaction speed and people then were deeply divided over the future direction of Bitcoin. In result, some developers at that time and investors who shared the idea of building the most decentralized cryptocurrency in the world called for and enforced plans to build a brand new token from Bitcoin. That token is Bitcoin cash.
Bitcoin Cash: a bitter rival to Bitcoin
The new token beats Bitcoin at scalability and technical flexibility, by introducing an increase in block size and an adjustable difficulty. In other words, it successfully maintains the level of decentralization and keeps the relatively low-cost and high-speed transaction in the meantime.
Moreover, it does outperform most of its rivals in the crypto market. It takes one year for the token to hold the fourth place firmly on the list of top 10 and the BCH’s market share once reached a record high, up to 19.07% of BTC’s.
snapshot from www.citicoins.com
Therefore, is the strong BCH still on the way to replacing BTC now?
It did, for a while. But data from analytical institution shows the token may be not ready for its prime time, either in BCH price or its trading volume for we are in a time when the whole crypto market sees a bleak outlook.
Bitcoin Cash: a bitter rival to Bitcoin in turbulence, is floundering too
As we can see from reports and news coverage, the market now is stuck in long-lasting underperfomance since the second half of 2018, with the price of Bitcoin never really reach the higher price level as it did before and lingered around $6000-$7000. though there are always ups and downs in the token value. (By the way, the Bitcoin value shows a slight increase, standing at the price range of $7000)
Then the dim outlook is weighing on the performance of BCH. According to data from Chainanalysis, the trading volume of BCH in May plunged to $3.7m, down from $10.5m in March.
Then, the history repeats itself, the BCH now is again plagued by the problem of lacking consensus of the future blueprint, for Cobra is now calling for a new round of upgrading in the community. The token is in the center of a controversy.