What is bitcoin cash, will bitcoin cash go up?
From day to day, the ranking of cryptocurrencies is always changing, today it is ranked tenth, tomorrow may have shifted to the eleventh rank or even up to the ninth rank.
Bitcoin cash currently ranks fifth on rating site Coinmarketcap with a market capitalization of $ 4,520,930,093 at time writing. For crypto lovers, Bitcoin cash with the ticker BCH is one of the cryptocurrencies of concern because this is the result of the Bitcoin hard fork.
For crypto investors, it is very interesting to learn more about how it works and also whether it can be a profitable investment asset in the future. I hope this article will help you decide whether to buy Bitcoin Cash or avoid it.
What is the bitcoin cash app?
Let me start with the history of Bitcoin cash first.
All crypto lovers know that Bitcoin is increasingly popular and many people are using Bitcoin for the payment system. With this increase in users, Bitcoin technology takes longer to complete transactions, resulting in more expensive transaction fees. Simply put, the increase in users, the slower the transaction speed.
To solve this problem the developer suggests two options. The first is to change the format of each block, the analogy is that the sender and receiver make one transaction in one paper containing the address and signature.
Due to the limited space, there is imperfect writing, so the option offered is to split it into two papers. One paper for writing the addresses of the sender and recipient, and the other for writing the signature.
The second option is to increase the block size, but this idea has a drawback because as the user gets larger it can only solve the problem temporarily.
Which option is chosen, based on the vote made, the first option is used and leaves the second option.
To follow up, there was a hard fork of Bitcoin and generated Bitcoin cash. The hard fork was done because the developer was not satisfied with only doing a soft fork. The hard fork increased the blockchain size by 8MB for Bitcoin cash and the original Bitcoin remained small size.
How does bitcoin cash work
When a Bitcoin hard fork and Bitcoin cash were created, all users who owned Bitcoin directly will receive the same amount of Bitcoin cash tokens. So if you have 1BTC then you will receive 1BCH after the hard fork.
Bitcoin cash works the same as Bitcoin, it is useful as a payment system, but with lower transfer fees and better transaction speeds than Bitcoin.
Bitcoin Cash was officially launched in 2017, and at that time people thought that they would soon sell their BCH, but it didn't happen that BCH got a place in the hearts of fans so BCH became popular and was ranked fifth and listed in Coinbase.
With BCH listed on Coinbase which is a well-known exchange, BCH's popularity has increased.
The growth of Bitcoin cash is quite good because many merchants accept Bitcoin cash so this is also the reason for increasing transactions using BCH.
One cool site which is a site where there are various merchants on the list that accept Bitcoin Cash as a payment method. That site is Acceptbitcoin.cash.
Using this site you can find many merchants from various directories that accept Bitcoin cash, various products that have registered as merchants.
What is the Bitcoin cash address?
Bitcoin cash address is a public wallet that is used as an address to receive BCH from other users' wallets.
In the beginning, the Bitcoin cash and real Bitcoin addresses were the same.
However, because it is considered quite confusing how to distinguish the two, to reduce confusion, BCH developers have proposed a new unique format for BCH addresses called CashAddr.
This address format has a specific unique code which helps users more easily distinguish between bitcoin and BCH addresses.
Each BCH address also has an "old address", which is the corresponding bitcoin address.
Going forward, Blockchain wallets will only display the corresponding CashAddr address.
Users can continue to send and receive using the legacy BCH address, but we recommend using the new format for optimal user experience.
The BCH address on the Blockchain wallet now looks like this qp3wjpa3tjlj042z2wv7hahsldgwhwy0rq9sywjpyy.
Or have the prefix bitcoincash: qp3wjpa3tjlj042z2wv7hahsldgwhwy0rq9sywjpyy.
Meanwhile, Bitcoin cash stores require a wallet, many wallets support Bitcoin cash, you can choose the one you like.
One of the Bitcoin cash wallets that you can use is Coinomi. You can search for it on Google play store or App store and download the application.
How to register is easy, you just follow a few steps according to the instructions.
Who accepts bitcoin cash?
Find the location of the area where Bitcoin cash is accepted by referring to the merchant map of Bitcoincash.org, most merchants are located in Europe and South Africa. In Japan, it is also seen starting to develop as well as the US and Australia. Take a look at an image below location merchant provided by Bitcoincash.org.
The growth in the use of Bitcoin cash is inseparable from the advantages of BCH compared to Bitcoin which is faster in transaction times. There are already various types of merchants that accept Bitcoin cash. According to AcceptBitcoin.cash, more than 1167 registered merchants accept Bitcoin cash.
You can search for merchants by selecting one of the available categories from all directories listed through the AcceptBitcoin.Cash site and browse all the merchants that you need.
Is bitcoin cash going to rise?
Some differences by analysts regarding the future price of Bitcoin cash. Is BCH going to rise again and become one of the digital assets that deserve to be maintained or is it a risk. When looking at the growth in Bitcoin cash users that many merchants have adopted BCH, enabling Bitcoin cash investment is a valuable option.
The value of BCH is also always changing because it is one of the traded assets so that demand and supply affect price changes.
On a flashback, the highest price of BCH was reached in February 2020 according to the Binance exchange, reaching a high of $ 503. But the euphoria did not last long. The value of BCH finally fell again to a low of $ 111 in March 2020.
Although its main purpose is for the payment system, BCH is somehow a tradable asset so its value can change at any time.
If you believe that Bitcoin cash will rise again, maybe you will dare to take steps to wait to buy at a low price. In terms of security Bitcoin cash is claimed to be one of the safe assets in the future.
But there are also those who are skeptical by providing details on the reasons that so far people think Bitcoin cash is better and faster at making money transfers than Bitcoin.
Is bitcoin cash worth investing in?
Bitcoin is still continue developed by building layers and dramatically the fees have decreased and the block sizes have become larger than Bitcoin cash.
So is it worth investing in Bitcoin cash? Of course its back to each investor, because every investment has a level of risk.
Paying attention to the correlation between Bitcoin and Bitcoin cash, the price changes are similar, If BTC goes up BCH also goes up, vice versa. Even though it is not directly correlated, it is also important to learn about the growth or news about Bitcoin that can add to your insight.
Bitcoin cash price prediction
It is very difficult to be able to predict exactly the price of Bitcoin cash for the future, but what can be done is to study how the mechanics of market psychology work.
In general, the growth in the value of cryptocurrencies is influenced by Bitcoin as the parent of all altcoins. If Bitcoin rises then most cryptocrencies will rise too.
This is because Bitcoin is considered to represent all existing cryptos, a good assumption for Bitcoin is also good for other cryptos including Bitcoin cash.
However, from several forecasting site sources, I have concluded that in the long term Bitcoin cash will decline but in a normal corridor.
Several forecast sites analyze both bullish and bearish possibilities, however, altcoin competition is getting tighter these days.
Here is a Bitcoin cash future forecast from several forecasting sites.
Wallet Investor BCH’s price prediction
Wallet forecast is a well-known forecasting site, with a smart technical system by processing historical data and currently, they predict that in the next year is bad for Bitcoin cash which is expected to fall to a price of $ 167,178 by 2021 October 10.
Wallet investor BCH’s price short term prediction
The prediction of short-term investor wallets in the next thirty days is expected to increase with a bullish signal..
Below is the graph price prediction.
Source wallet investor.
From the prediction chart above, it is estimated that BCH will reach above $ 240 on 22 October 2020.
Wallet Investor BCH’s price long term prediction
For the long-term price prediction, it is different from the short-term prediction, in the short term it is expected to be bullish, but in the long term, it is expected that bearishness in the next year can touch as low as $ 167,178 based on the current forecast.
Below the graph prediction for long-term.
Source wallet investor.
Digitalcoin BCH’s price prediction
Digitalcoin prediction results are different from wallet investors, because they predict the future price of BCH will actually rise is expected to reach a highest price of $ 1,325.15.
In detail, the Digitalcoin forecast from year to year is, 2020 reaches $ 504.2, 2021 reaches $ 596.11, 2022 reaches $ 731.18, 2023 reaches $ 846.28, 2024 reaches $ 976.03, 2025 reaches $ 1,093.19, 2026 reaches $ 1,216.24.
Here is the bar price prediction
Gradually according to Digitalcoin's prediction for BCH rising significantly.
Gov capital BCH’s price prediction
Gov Capital, who claims to use a custom algorithm, predicts the future price of Bitcoin cash because it is zero.
Currently, the price of BCH is $ 240, but by 2021 October 10, Sunday by Gov Capital it is estimated that the value will be 0, a decrease of 100% which is the lowest forecast compared to other forecasting sites.
Gov capital BCH’s price short term prediction
In the short term it is estimated that prices will move in the range of $ 240 as the highest price and $ 213 as the lowest price.
Below is the graph
Source Gov capital
The prediction above is valid until 26 October 2020, for short-term traders investors can take advantage of price swings by finding swing highs and swing lows.
Gov capital BCH’s price long-term prediction
It has been mentioned before that the BCH prediction by Gov capital will reach $ 0 in 2021, but after reaching that low it is expected to rise to $ 768 in 2022 at the beginning month.
Here is the graph
Source Gov capital
The prediction by the forecasting site above is just a possibility that hasn't happened yet, no forecasting can be 100% accurate all the time. As an investor you determine yourself with all the risks that can occur at any time.
BCH/USD short term technical analysis 11 October 2020
Curreently BCH at $239 move up 1% from open price. The price movement this week shows a bullish market tendency. For five days the candlestick pattern shows a bulls candle forming a higher high.
Here the daily chart BCH/USD
On the chart above, we can see that the resistance area has been broken which is marked by the upper band of the Bollinger band indicator. It’s mean volatility was increase.
We know that Bollinger bands are an indicator used to measure volatility. When the BB line tends to be flat, it means that the market is sideways and often moves in a range.
At this time what happened is a break of the upper band line so it can be said that a breakout has occurred.
Meanwhile, two other indicators MACD and RSI point to the same bullish direction, but the histogram signal still shows bearish.
Taking into account the candlestick pattern and Bollinger band’s breakout coupled with the RSI signal, it is estimated that BCH price could rise to $ 260 in the next few days.
We go to the 1H timeframe, and we can see that the bearish trend is really dominating at the moment. if we draw a trend line it will display a significant bullish trend.
Chek the chart below at 1H timeframe
Based on the trend line drawn above we can open long positions at $ 239 which is the low price according to the trend line. With the stop loss below the lower band.
Bitcoin cash does offer higher speeds compared to Bitcoin because there is an increase in the block chain size to 8MB.
However, the market capitalization is still Bitcoin which is the king of cryptocurrency. His rank from the start has not been replaced.
Forecasts about the future Bitcoin cash by some experts show a positive gain even though there are those who predict the price will fall.
However it is a common thing in a forecast for digital assets, how to deal with it is by following the golden rules of investing, only spending cold money or money that afford to lose.