Bitcoin Cash is a leading cryptocurrency which occupies the fifth position recently in the trading market, as per the Coinmarketcap. This cryptocurrency has completed its run over of one year, experiencing the ups and downs until today.
During mid-2017, some developers prepared a code change for increasing the bitcoin block size limit. This modification was named as the hard fork which came into effect on August 01, 2017 which was named as “Bitcoin Cash”. At the period of the fork, anyone holding Bitcoin had ownership of the similar number of Bitcoin Cash units.
Today, the fans are celebrating “Bitcoin Independence Day”. That was the time period when the Bitcoin network experienced the highly productive year. This was due to the decentralized nature of cryptocurrency that surpassed massive milestones resulting in substantial merchant adoption, effective network upgrades, and a huge variety of applications built using the operating chain.
According to the reports, the Bitcoin Cash developers increased its block size parameter directly from 8 MB to 32 MB (the limit = ~1 MB). However, Bitcoin cash has already seen an influx of the upcoming projects like social media and tipping strategies, reaping the benefits of its blockchain.
The founder of Bitcoin Cash Australia, Eli Afram stated:
“The tremendous accomplishments that the bitcoin cash community has managed to garner in a year of existence with a new ticker, wallets and an all-around ecosystem has been phenomenal, and we hope to continue and increase on this trajectory.” He added, “There’s a lot happening. We truly have an app explosion in full effect.”
August 1, 2017, Bitcoin Independence Day
On August 1, 2017, the Bitcoin blockchain after splitting, using two protocols began processing blocks: Bitcoin Cash (BCH) and Bitcoin Core (BTC). One year after its creation, BCH continued to explore up to 19 distinct services including Bitpay, Coinpayments, etc.
Bitcoin Cash BCH is also dealing in fourteen different projects such as Joystream, Openbazaar, Counterparty, and tradable on 41 variant exchanges. Finally, Bitcoin Cash is ready to enter its second year. BTC.com is committed to serving the Bitcoin Cash community; hence, the BCH decides to shift its focus from the investment with regards to store the value to cash, thinking as a method of exchange for traders and consumers.
The vice president of business operations at BTC.com, Alejandro de la Torre stated:
“We think these community-driven networks can be very effective at moving the needle in the adoption of bitcoin cash as a medium-of-exchange, which is the primary reason it was forked and developed.”
The Popularity of Bitcoin Cash (BCH)
Household Shopping and Luxury Goods
Shoppers and savvy online retailers have integrated BCH as an alternative to the traditional currency. Some merchants are:
Purse.io allows customers to shop on Amazon with a 15% discount for those who are looking to spend their BCH. Fancy.com is a social platform and e-commerce site which has recently on-boarded Bitcoin Cash. The Bitcoin Store itself gives you multiple ways to accept Bitcoin Cash.
Social Media and Publishing Sites
Yours.org and Memo.cash give users the option to tip anyone in BCH for the posts they like. Money Button, the micropayment platform can be listed to the sites allowing merchants and traders to adopt small payments of Bitcoin Cash instead of bank transfers, PayPal, or credit card payments.
Bitcoin Cash has driven the wave in the travel industry this year with sites including Destinia, Cheapair, Travelbybit, and Cryptocribs that accepted BCH as their preferred currency. It will be just a matter of time that larger players will also seek to join in the travel industry adopting Bitcoin Cash as a universal payment gateway.
Paying Friends Is Now More Convenient
Now no more cash or cash transfers you need to perform while traveling or while you go out for the dinner with friends. Using Bitcoin Cash, anyone can instantly reimburse without any fees, just you need to scan a QR code.
No-Fee International Money Transfers or Sometimes Low-Fee
International money transfers have become simpler and cheaper with cryptocurrency. Anyone can transfer money by tracing the exact amount you are sending. Bingo, it’s an immediate and hassle-free P2P payment solution without fees.
Bitcoin has been the savior of many businesses that solely depend on technology. In cities like Tokyo, New Hampshire, Bitcoin Cash is in trend. Even smaller merchants have established their customer base entirely on digital transactions for the business like yoga studios, coffee, beer, hardware, and lunch. Currently, there are thousands of merchants that are adapting Bitcoin Cash worldwide.
Paying in #BCH is easy in Japan. https://t.co/8oLCStAsw8 team bonded over lunch at the cool 'O’K, OK', in Daikanyama.
They quickly paid in BCH and even updated the restaurants sticker collection- featuring new designs by @corbinfraser ✌?#FridayFeeling #BitcoinCash #P2P pic.twitter.com/oWHvYVFVeU
— Bitcoin.com Official (@BitcoinCom) July 6, 2018
Planning for Bitcoin Cash in 2019
By experiencing the massive adoption with multiple ways to use the cryptocurrency, the team is planning to drive more mobile apps, payment solutions, bitcoin investment tools and personal finance.
Our product managers and developers thought they would share their experiences and plans for Bitcoin Cash in the coming year. These are just a few of their insights:
Developer.bitcoin.com is made with the intention to empower the developers in moulding the world via Bitcoin Cash. Their intent is to follow the go-to source of experience, knowledge, and tools for BCH developers all through space.
Bitcoin official site says, “For the planet to gain personal economic freedom is not only what propelled us into introducing a new wallet right prior to the independence day, but also what boosts us wanting to enhance this and so many other products, and heck, it also gives us the motivation to dedicate our lives to this mission.”
The initial few weeks of the store has been more about the swag and infrastructure as well. They are all set; however, their schedule seems busy for the next of the year.
In the coming months, the company is planning to add more games to the premier gambling property. Some include new video and casino games such as baccarat, the upcoming “Low Rider” game, and few player-vs-player games too.
What do you think of Bitcoin Cash future aspects? What will be the next move? Share your thoughts with us via Twitter.
Image Credit: Bitcoin