It’s been crazy 10 days for Bitcoin enthusiasts as the network hit its first hard fork and split into two – Bitcoin and Bitcoin Cash.
Before the fork, BCC price was over $400 and the currencies market was booming with the expectations for the new altcoin. But since then we haven’t heard much about it.
Bitcoin, on the other hand, has stormed the news, investors gained their confidence back and all of a sudden Bitcoin is worth $3,500.
Does Bitcoin Cash still matter or should we move on? Let’s have a look at the latest Bitcoin Cash update.
Who Accepts Bitcoin Cash
As of August, Bitcoin holders were given an access to both BTC and BCC and could choose which one they preferred to use.
Some exchanges have decided not to support it and users were advised to withdraw all their funds. But here’s a list of exchanges that trade Bitcoin Cash:
- Bittrex
- Kraken
- Viabtc
- Bter
- Huobi
- BTCC
Bitcoin Cash Current Value
The current value of BCC is at $278, which 12% lower since the launch. Many in the bitcoin community think that BCC price has been inflated because of the technical issues behind BCC.
Whoever invested in BCC and had been storing them in a wallet, has started to move funds to the exchanges, where they can be actively traded and sold. Keeping BCC on a wallet won’t allow you to actively use the funds, hence the need for a movement to an exchange.
Bear in mind, Bitcoin Cash was a sudden invention and its still in its infancy so it will take the time to figure out the proper technology.
The sudden move of currency and urgent selling is dragging the Bitcoin Cash price down, which is predicted to fall by another
Locking in the SegWit update also didn’t help with Bitcoin Cash value – those who were waiting around for picking their Bitcoin received a confirmation that Bitcoin’s update will go ahead in November.
The Future of Bitcoin Cash
At the moment, it’s almost impossible to determine the future value of Bitcoin Cash. It’s unlikely it will ever jump over the Bitcoin price. In the span of few days, the value dropped by almost $500 and hasn’t been on a big rise yet.
Bitcoin’s price has accelerated, but it can all change depending on whether it will face another hard fork in November. Unfortunately, BCC will rely on BTC value for a very long time.
Over the last weekend, miners were able to ease out the mining difficulty of Bitcoin Cash. As a result, BCC is 16.7% as difficult to mine as Bitcoin and more miners are moving to BCC. It’s certainly more affordable to buy the equipment, but it’s still more profitable to mine Bitcoin. For BCC to be more profitable than BTC, it would need to be worth ⅙ of the Bitcoin price.
The lack of news and Bitcoin Cash updates indicate the uncertainty around the new altcoin and a big question mark from the investors.
When an altcoin is first released and mined, it rarely hits the news until something big happens. Bitcoin Cash became popular thanks to Bitcoin itself but it has the same principles as with any other new altcoin at the beginning.
Bitcoin Cash is one of the biggest conundrums of the cryptocurrency market at the moment. Let’s hope the next few weeks will bring some answers.
What are your thoughts on Bitcoin Cash? Share this and any other updates you may have in the comments below!
