You could be forgiven for thinking Bitcoin Cash was dead; the currency had slumped to about $600 before a sudden revival last week caused the price to soar to $2,600 while simultaneously knocking Bitcoin down a few notches.
As a brief recap, Bitcoin recorded a new all-time high of about $7,800 on Wednesday, November 8 followed by a downward trend, which saw Bitcoin fall by nearly 30 percent to under $5,630 by Sunday, November 12. The root of this was that the Bitcoin community couldn’t reach a consensus to proceed with the proposed SegWit2x hard fork. However, it didn’t take long for Bitcoin to return to its previous values and seek new highs.
The discussions of a hard fork finds its root in the one megabyte block size limit that the original developer of Bitcoin, Satoshi Nakamoto, set to make the digital currency more secure. Given the limit of only 21 million Bitcoins, Satoshi most likely didn’t envisage that Bitcoin will be as huge and valuable as it is today. That’s certainly understandable since nothing like it had ever existed.
However, now that the digital currency has become more popular than Satoshi probably envisaged, the currency is dealing with the modesty of its original design. Bitcoin’s lack of capacity has led to the growing amount of time it takes to process Bitcoin transactions. Those who would like to have their transactions confirmed in a timely manner have to pay relatively more transaction fee as an incentive for transaction validators (miners) to prioritize their transactions…
Read Full: Bitcoin vs. Bitcoin Cash: Can Both Survive?