If you’ve been following the latest news about the fall in Bitcoin Cash, you’ve probably noticed that the price has been falling. What’s wrong with Bitcoin Cash? It’s mainly due to some problems with its usability. It had its heyday around the time of its launch, and later, when it was still a relatively unknown cryptocurrency. But the fall in its value has left the cryptocurrency market in a state of uncertainty, and it isn’t likely to reverse anytime soon.
This year has been a year of volatility and price crashes for Bitcoin and the broader cryptocurrency market. A major battle has broken out in the Bitcoin community over the size of blocks. After two attempts to upgrade the Bitcoin network, the BCH chain has been forked twice in the space of a few months. The latest fork is called Bitcoin Cash. In this article, we’ll discuss how this fight may be resolved. We’ll also discuss how Bitcoin Cash is currently faring against the other cryptocurrencies.
While the new version of Bitcoin has been welcomed by many users, the underlying tumult has fueled a heated debate. Bitcoin Cash initially remained on the sidelines, but has now thrust itself into the limelight. It’s now causing a significant dent in the value of Bitcoin. But despite the growing interest in the new version, there’s no sign of a resolution. It’s unclear whether the Bitcoin Cash fork is the best option for the community.
Limited use case
One of the key uses of Bitcoin Cash is its use for peer-to-peer payments. Unlike traditional currencies, fees for transactions are extremely low, less than a penny. This makes it a useful alternative to traditional payment systems for cross-border trade, remittances, and everyday transactions. While the limited use case of Bitcoin Cash is not ideal for everyday use, it is an effective alternative for many applications.
However, one of the major drawbacks of this cryptocurrency is its inability to distinguish itself from its larger and more popular counterpart. This is because Bitcoin Cash shares the same name as its parent, but has unique properties. Like Bitcoin, it uses a proof-of-work system, a method that requires miners to run their computers to solve complex cryptographic equations, a process that consumes significant amounts of electricity. While Bitcoin Cash uses less electricity than its cousin, it does come with a substantial environmental cost.
Conflict over block size limit
The recent split of the Bitcoin community has left the market with two competing versions: ABC and SV. Each side argues for its own solutions and accuses the other of incompetence, conspiracy, or self-aggrandizement. This conflict caused more than two dozen bitcoin marketplaces to issue a joint letter on March 17 stating that the new coin would likely split. The letter was the first high-level acknowledgement of the split.
Bitcoin Cash is a fork from the original Bitcoin blockchain. It was created to be faster, cheaper, and scalable. However, some developers felt that Bitcoin was moving too far from the original vision of Satoshi Nakamoto. Ultimately, the conflict led to Bitcoin Cash forming a separate blockchain. Since its inception, Bitcoin Cash has risen and fallen in tandem with the market. This recent conflict has sparked an even more dramatic rise and fall in its value.
Elon Musk’s tweets
One single word from SpaceX founder and chief engineer Elon Musk on Twitter has sent a shockwave through the cryptocurrency market. The tweets have made Bitcoin cash drop more than 20%, prompting a new round of selling. Musk, who has been a prominent supporter of cryptocurrency and electric vehicles, recently suspended payments to Tesla Inc. over environmental concerns. Musk has since deleted the tweets, but his remarks have fueled a firestorm on social media.
The billionaire CEO of Tesla and SpaceX has long been vocal about cryptocurrency, and his tweets have gained him a legion of followers in the crypto space. However, a recent study revealed that most of his followers are bots. These fake accounts have been programmed to react to tweets by Musk or Tesla, boosting his reputation and trolling critics. This suggests that Musk’s tweets are affecting more than just bitcoin.