Bitcoin Now Has a Twin and It’s Called Bitcoin Cash

What is Bitcoin Cash and how is the new cryptocurrency performing in the market?

India accounted for 16,754.76 bitcoins by trade volume  

(Photo: The Quint)

What is Bitcoin Cash?

Yes, here’s another cryptocurrency for us – Bitcoin Cash.

A new version of Bitcoin hit the market on 1 August, and it seems to be spreading like wild fire in the cryptocurrency circuit. The currency has been created as miners decided to split the actual currency Bitcoin into two. This primarily goal is to increase the capacity of the blockchain, which was struggling with record-high transaction times for Bitcoin.

A segment of miners who run the software that controls Bitcoin, started a breakaway version after a procedure called “fork” (which stands for what it is splitting the currency).

Also Read: What is Bitcoin & Why It is Being Used to Pay Ransom for WannaCry

Bitcoin Cash was launched on 1 August(Photo: The Quint/Rhythm Seth)

How Much is Bitcoin Cash Worth?

Bitcoin Cash has suddenly taken off and is currently the third largest digital currencies. The price of Bitcoin Cash, which was hovering over 200 to 300 dollars for the initial period, has suddenly shot up, and according to price tracking site Coinmarketcap.com, it’s currently valued at somewhere around $727 (30 percent more than the current Bitcoin value) as on 2 August 2017.

The chart shows how Bitcoin Cash has seen a rise in value(Photo: Giphy)

So what about the ones who received Bitcoins during the split? Well, most of the Bitcoin owners received the same amount of new currency. So if a person owns 3 Bitcoins, they are entitled to 3 units of Bitcoin Cash. 

A ‘Bit’ of a Problem

Despite the fact that the new cryptocurrency is already in circulation, there are popular cryptocurrency exchanges like Coinbase that aren’t even accepting the new currency, citing that they do not see long term potential in this new cryptocurrency.

Brian Armstrong, founder and CEO of one of the biggest cryptocurrency exchanges Coinbase, had some of his personal opinions on the new cryptocurrency.

We have seen a recent surge in cryptocurrencies all over the world, and it’s undeniable that India is also one of the major players when it comes to Bitcoin. As Bitcoin Cash is still in it’s nascent stage, we will wait and see how it performs. But one thing’s for sure, miners will be keeping a close eye on this ‘Bit’.

Also Read: Still Unregulated, Bitcoin Trade From India Jumps in Global Market

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