Bitcoin Cash (BCH), which has gained more than 100% value since the beginning of the year, attracts the attention of investors. The future of the BCH project and the price movements it will show in the future are curious.
Bitcoin Cash (BCH), a hard fork of Bitcoin, emerged with the aim of increasing the block size. The altcoin, which has been on the market since 2017, increased the block size to 8 MB and carried out a second hard fork in 2018. Thus, two more projects emerged as Bitcoin SV (Satoshi’s Vision) and Bitcoin ABC. Currently, the BCH network appears to be increasing the number of transactions recorded and making transactions faster, with blocks 8 times larger than BTC.
The Future of Bitcoin Cash
Just like the original Bitcoin network, the BCH network is based on PoW. Therefore, the project is among the leading networks that cryptocurrency miners are interested in. However, larger block sizes require more processing power and more energy. Although this leads to discussion of energy consumption costs, it is faster and cheaper transaction stabilizer.
The BCH community is focusing on developing Bitcoin as a payment network rather than a store of value. In this context, it is noteworthy that BCH can be purchased via PayPal. In addition, just like Bitcoin and Litecoin, BCH is used in various shopping points.
BCH is among the top 20 cryptocurrencies, proving adoption. It seems that there are various discussions for the successful hard fork. Because large blocks require more processing power, there are concerns that in a way, the project may be centralized among those who can afford the most power.
BCH 2024 Price Forecast
BCH coin showed strong price action as of 2023. The price of BCH has risen by 102% since the beginning of the year. The cryptocurrency is currently 96% off the ATH level. However to algorithmic price prediction platforms According to this, this gap may close soon. The platforms’ BCH coin 2024 price predictions reach up to $568:
- PricePrediction.net: $292
- Digitalcoinprice: $487
- Wallet Investor: $568