Bitcoin Cash is an offshoot of its predecessor cryptocurrency Bitcoin and shares the same underlying blockchain ledger; however, they vary in terms of block size and mining rewards.
Wallet Investor’s short-term price forecast shows the coin falling back down to $17 by 2024. Gov Capital shares this view and are pessimistic of BCH long term.
How to Buy
Crypto trading entails significant market risk and price volatility, so investments may either rise or decline dramatically over time – with possible loss of invested funds due to price fluctuation or even possible non-recovery of their entirety.
Bitcoin Cash emergeds through a hard fork of the original cryptocurrency in August 2017 to reduce transaction costs and enhance scalability, enabling it to process more transactions per second.
Investment options for Bitcoin Cash include purchasing actual BCH coins on an exchange, but this requires having access to a secure wallet capable of handling frequent transactions. Alternatively, traders can leverage our platform with multiple order types to buy and sell Bitcoin Cash CFDs instead.
Use stop losses and take profits to set limits on how much you are willing to lose or gain on each trade, and adjust them as desired. Our WebTrader platform also features advanced technical analysis tools which can help you interpret market data and spot opportunities.
Exchanges
As most people cannot purchase BCH directly, cryptocurrency exchanges provide the next best solution. Essentially, this involves exchanging fiat money for Bitcoin that you can then trade into Bitcoin Cash.
Since its fork from the original Bitcoin blockchain in 2017, Bitcoin Cash’s community has focused on making secure money easily accessible worldwide. Through low fees and reliable confirmations, BCH delivers on its promise as peer-to-peer electronic cash.
HitBTC was among the first major exchanges to offer trading of Bitcoin Cash after its hard fork and has begun offering it alongside BTC on their exchange. They also support trading fiat currencies and use ShapeShift for cryptocurrency coin conversion.
Technical Analysis
BCH is an attractive alternative to its original Bitcoin, yet it faces several hurdles. One is its undervalued status in many marketplaces and two, it doesn’t have enough users supporting its growth.
The Bitcoin Cash blockchain provides a cost-effective method of sending and receiving global payments, while “Coin mixing” enables users to protect their privacy by grouping transactions into single blocks similar to how tokens are issued on Ethereum.
Wallet Investor and Gov Capital both predict that Bitcoin Cash’s value will decrease significantly within one year, and go so far as predicting it could plummet to $17 by 2024. BCH, though a large cryptocurrency, should likely be less vulnerable to panic selling than smaller coins and tokens due to its high market cap and established status.
Profitability
Bitcoin Cash is a peer-to-peer cryptocurrency that enables users to transfer value quickly and cheaply around the globe, rewarding miners for verifying transactions on its underlying blockchain platform.
The maximum token supply is 21 million BCH. This variety of Bitcoin was developed after disagreements among mining communities over its scalability in 2017.
Similar to its more renowned counterpart, Bitcoin Cash employs a proof-of-work protocol for network security. But unlike its more renowned sibling, Bitcoin Gold, this coin aims to reintroduce decentralised mining to the ecosystem after becoming dominated by large mining farms.
Bitcoin Cash’s profitability depends on people’s willingness to pay for it. Some analysts, including Wallet Investor, are pessimistic about its long-term prospects, predicting its decline to $17 in 2024. Other observers remain optimistic.
