According to details divulged by industry insiders to CNBC, Bitcoin Cash needs a catalyst to impart positive inertia to its otherwise mundane long-term run. This new cryptocurrency rose following the hard fork of the underlying Blockchain technology as cryptocurrency users nurtured different opinions in regard to Blockchain’s capacity which was having a tough time coping up with the record high Bitcoin transaction times.
Bitcoin Cash (BCC) came out as a direct effect of this much hyped split of Bitcoin which occurred on 1st August 2017. With a record high crossing $727 on Wednesday, BCC tumbled down to $310 within a few hours timeframe as per reports published by price tracking website Coinmarketcap.com. Keeping in view such volatile turn of events, experts have predicted short time trading activity of this cryptocurrency form. However they remain apprehensive about its performance in the long run.
Trading Exchange Views
According to Aurelien Menant the CEO and founder of Gatecoin, a cryptocurrency exchange – major setback causes of BCC are relatively smaller economy size regulating its blockchain, making use of this cryptocurrency form and developing its software platform.
However in contrast to Coinbase the world’s leading Bitcoin exchange which decided to maintain a safe distance from Bitcoin Cash by not registering support and allegiance in its favor, Gatecoin has announced it will extend support towards Bitcoin Cash and support associated trading of the same.
Coinbase CEO Brian Armstrong tweeted his thoughts regarding the uncertainties associated with the future of this newest form of cryptocurrency on Tuesday. He wished to uphold the compliance, trustworthiness and easy usage of Coinbase platform rather than rushing out on adding new assets to the same before conducting adequate testing.
Block Size Impetus
However the ongoing debate on optimum block size of Blockchain platform continues to heat up the market. User transactions are accumulated in various block sizes which in turn are worked upon by miners powered with technology. Once the Blockchain size is approved the miners are awarded Bitcoins.
Hiking up the block size will surely boost up transaction speeds. Some are hoping for a dramatic increase from its present 1 megabyte level.
However the lion’s share of the cryptocurrency community is expecting a block size hike to 2 megabytes. If the miners bring in necessary software updates, then the block size increase will be a reality within November. This in turn will impart increased power to Bitcoin Cash which will pave the way for greater developmental work in the same spectrum and widespread user adoption.
Bitcoin Cash, however has a long way ahead where it needs to establish its stronghold as a reliable and secure software in terms of technology.
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