Bitcoin Cash has emerged as a result of Bitcoin hard fork on August 1st. The community holds various opinions on the world’s newest cryptocurrency. You may wonder what has been accomplished by Bitcoin Cash since its birth. Let’s take a look.
The growing ecosystem
Bitcoin Cash isn’t nearly as valuable as its big brother, but you gotta keep in mind that it’s only two weeks old. There’s a lot happening behind the scenes that indicates the further development of the cryptocurrency ecosystem. However, there’s still a long way to go.
Over the past few days, the main focus has been on the mining profitability development.Every miner is obviously aiming to maximize their profit. In order to attract more miners for Bitcoin Cash, the profit has to be closer to that of Bitcoin. As of now, Bitcoin mining is 42% more profitable than the mining of Bitcoin Cash. Reaching parity may take weeks, if not months.
More hash power
Finally, Multipool has found their first block. The pool has announced Bitcoin Cash support a while ago but we didn’t know any details. It took them quite a while to figure everything out, however, things look quite promising. It is unknown whether Multipool will keep mining Bitcoin Cash in the future. The new cryptocurrency could really use some more hash power.
Instant cryptocurrency exchange
Not many of us have heard of BitPie wallet. Recently, it has caught our eye by introducing a brand new feature. Aside from supporting several cryptocurrencies, the wallet now offers instant exchange between Bitcoin and Bitcoin Cash. The feature is very convenient and may become extremely popular among cryptocurrency users in the future. The BitPie wallet has been developed by the Bither team, which adds some extra credibility to the wallet.
Bitcoin Cash supporters are actively discussing SegWit2x and its impact on the network in November 2017. The fact that Bitcoin Core client will disconnect the nodes from the network is causing a lot of speculation. There’s a chance that we will see three independently running Bitcoin blockchains in November, unless SegWit2x supporters show support for either Bitcoin or Bitcoin Cash. While Bitcoin Cash operates bigger blocks, it does not include a SegWit update.
So far, things look pretty good for Bitcoin Cash. The brand new ecosystem is still trying to finds its niche in the market and a lot of work still needs to be done. But, with enough support from developers, miners and cryptocurrency platforms, Bitcoin Cash can have quite an eventful future.