When Bitcoin was being conceived, there was no way anyone could predict the bloom of the crypto market. The exponential increase in the utility and value of Bitcoin leads to a higher volume of trading. Initially, programmers figured that 1 MB per block would be enough. However, the transaction speed was adversely affected and space in the blocks was lacking. The transfer time went from a few minutes to at least half a week. By 2017, Bitcoin had upgraded its protocol and improved the performance of the mainnet. In order for the change to come into action, all members of the network had to agree to switch. However, some of them did not like the idea and that is how Bitcoin Cash was born from Bitcoin in 2017.
By 2018, Bitcoin cash again split into BCHABC and BCHSV. BCHABC has a lot in common with Bitcoin. They both are limited to 21 million coins and they both follow PoW protocol. The main specifications of Bitcoin cash are that the maximum block size increased from 1 MB to 8 MB and them to 32 MB. The parallel functioning mechanism does not allow data to be erased, duplication of information, and transmission of the same message twice.
If you are looking to buy BCH in India, there are a lot of good exchange platforms in India that can assist you with trading. One of the best and most trusted platforms is CoinSwitch. It is user-friendly and extremely easy to use which makes it ideal for a beginner to use. If you wish to invest in BCH, there are a few things you should do before you go ahead. CoinSwitch can help you with patterns and identify the correct time to buy and sell BCH. The graph of Bitcoin Cash has been rocky and it is advisable to track their progress, future plans, history, and price predictions.
These are the things you should know about the price predictions for BCHABC.
1. Entry into the market – Bitcoin cash entered the crypto market at BCHABC to INR value of about 15,000 rupees in August 2017. Within a month, the value of Bitcoin cash had reached 41,845 rupees and gained attention from crypto enthusiasts. The upward trend continued and Bitcoin cash reached a peak value of 3,31,337 rupees. The ups and downs of BCH continued and it hit rock bottom in 2018 when BCH was being traded only for 5,708 rupees.
2. The collapse of BCH – In March 2019, BCH was upgrading to a bigger block size and a hacker took advantage of the situation and created a new blockchain. Miners tried to mine on the new chain and ended up blocking blocks which in turn led to the whole blockchain crashing. This meant people ended up double-spending and there were losses of more than 10 crore rupees. This raised doubts in the minds of people regarding the core values – decentralization and security.’
3. Developments planned for BCH – Despite its rough journey, Bitcoin cash has seen a decent year. Today, it has a big community of supporters, and miners and traders have started trusting the crypto again. There are a few developments planned for BCH that can transform the situation and fix maximum problems. A lot of experts and experienced investors believe that it will boost the value of BCHABC.
- Fortifying security to prevent cyber attacks
- Boosting of bandwidth to thousands of tps
- Cut down on transaction confirmation time to 2 to 3 seconds
- Introduction of smart contracts
- Introduction of a suitable protocol to make the operations untraceable
4. Prediction about the future – BCHABC has not made the investors’ or the experts’ task easier by showing troubling volatility in the past year. There have been predictions made that by the end of 2024 and 2025, BCH will be traded between 68,535 rupees to 76,150 rupees. The update that is being readied is known as the Avalanche update. It is predicted that there will be a boost in the value post the Avalanche update.
5. Bitcoin Vs Bitcoin Cash – Bitcoin Cash was developed by programmers who foresaw the issue of scalability with Bitcoin. BCH has an increased block size of upto 32 MB, whereas Bitcoin has a block size of 1 MB. BCH has an adjustable level of difficulty and acceleratedthe transaction verification process, irrespective of the volume of miners. One parameter in which BCH may be lacking as compared to Bitcoin is security. Despite comparisons and hard facts, Bitcoin is the undefeated champion of the crypto market. It has the highest market capitalization and is the most popular cryptocurrency in the world. The future of Bitcoin seems unaffected despite the potential of BCH. The BCH to INR value in December 2021 is 33,946 rupees, whereas BTC to INR is 37,12,854 rupees.
The features of Bitcoin Cash are one of the major reasons why there was a fork and Bitcoin Cash is the most successful fork of Bitcoin.