Viability of BCH

There are a number of points that need to be covered to understand if this particular cryptocurrency is viable for investment. First of all, it heavily depends on what the expectations are from the investor’s side. Is it something where you want to keep your money in case of a rainy day? Or is making a revenue your primary objective? It is obvious that there must be a certain kind of reassurance for the trader to decide to invest. This can be anything starting from the long-term development perspective to the overall safety of the investment. These two and many other smaller aspects are all directed by some outside factors, such as whether the development team is actively working on the project or if there is a community of enthusiasts supporting the concept. Bitcoin Cash provides certain types of advantages. The core idea is that there are low transaction fees, which are, on average, about $0.0080, meaning that it is a very affordable endeavor. The block size limit is 32 MB, which means that transactions will be quick for the foreseeable future, and there is a limited amount of supply of 21 million. The idea of BCH has always been the cryptocurrency for everyday transactions, hence its features. In comparison, Ethereum has a significantly higher transaction fee sitting at around $1.7.

Is Bitcoin Cash Worth It in Present Days?

Currently, there is a potential for a breakout in pricing for BCH. Making a reliable prediction is extremely hard when the market is so volatile. The price of BCH has risen quite a bit in the last year. However, the latest analytics show that BCH has recovered slightly in August, reaching $311 per unit, but since then dropped the support by almost $100, where it is trading at $220 at the moment of writing this article.

BCH prices are impacted by anything starting from political news, investments from companies and people with high notability, mining possibilities, support from exchanges, and surges of Bitcoin. So, the recovery may happen at any moment. However, it must be said that BCH failed to capitalize on Tim Draper’s tweet of praise during the last month, which seemingly came out of nowhere and was attributed to a hack, but then confirmed in an interview that he authorized it. It is worth highlighting that the market is extremely volatile even in less “interesting” times but right now, with the novel coronavirus pandemic, the unemployment rates are rising like no other, and people are searching for options to make some worthy investments to diversify their risks, and Bitcoin Cash is one of those opportunities.

Conclusion

The short-term future of BCH stands quite strong. It is currently the fifth most popular crypto coin and boasts a hugely supportive community around it. Bitcoin Cash, with its lightning speed transaction times and small fees, provides a better alternative to most of the other cryptocurrencies. All in all, there are some downwards trends going on, and thus it may be a perfect time for some bullish investors to chip in. Bitcoin is expected to surge in price, and if we believe past trends, traditionally, altcoins follow suit as well, so this may be just the right time.

Article Produced By
Lavinia C.

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