Some would call it an anniversary and others would name it a birthday. Whatever it is in the cryptocurrency verbiage, it is safe to say that the much-vaunted cryptocurrency and a hard fork of Bitcoin, Bitcoin Cash (BCH) is celebrating its first full year of existence today.
What started as a hard fork on 1st August last year is a cryptocurrency that soared up to $800 on the same day. Right now, the value of Bitcoin Cash is around $765 which is close to its starting price.
The reason why Bitcoin Cash was created is simple. The cryptocurrency was meant to solve the problems associated with Bitcoin Core and the developers insisted that it is the pure version of the coin, as the Satoshi Whitepaper noted.
However, there have been many people pointing their fingers at Bitcoin Cash and labeling it as a simple offshoot with no value at all. There has been a constant war of words on this subject that hasn’t stopped until today.
The first anniversary was celebrated with a speech from the Vice President of Business Operations at BTC.com, Alejandro de la Torre. As he said, the problem of scalability in a transaction was solved by BCH when it increased the limit of its block size.
As de la Torre stated:
“Larger block-sizes give each block more space to include transactions, which drives down wait times and costs per transaction, making the blockchain fluid and more accessible.”
He also said that Bitcoin Cash can handle transactions in large volumes at low cost and high speed. Right now, the size of one block of Bitcoin Cash has been increased to 32 MB which eliminates any chances of congestion of its network.
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
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‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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