Bitcoin Cash price movements seem to be so fast up and down. According to forbes.com, when it was launched on August 1st, Bitcoin Cash jumped as much as $ 7.6 billion in the market, but has now fallen back by more than half its value.
Why fall?
On August 8, the Bitcoin network, a consortium of miners opted to receive an upgrade called "SegWit." SegWit (short for Segregated Witness) is software that will enhance the ability of Bitcoin (BTC) to perform more efficient transactions. There are pros and cons, those who oppose the solution support different methods to achieve the same goal, namely by increasing the size of the block.
Since the rise of digital currency almost nine years ago, the Bitcoin network has undergone several upgrades and improvements.
But most performance improvements are not controversial because they basically do not change the behavior of Bitcoin networks, "said Bobby Lee, CEO of BTCC, China's first and largest Bitcoin trading platform.
Lee, who is also a board member of the Bitcoin Foundation, is among those who believe that releasing Bitcoin Cash, now also known as "Bcash," is a good move for two different minds. Each runs its own way and goes without resistance.
Bitcoin can soar even higher
Bitcoin prices have reached new highs, which are close to about $ 3,500 / BTC and reach the $ 55 billion market margin for the first time. It's almost the size of Luxembourg GDP.
The SegWit launch, which took two weeks to be fully implemented, is seen as a milestone for Bitcoin. With such activation, some traders speculate that it is only a matter of time before the virtual currency touches $ 5,000 / BTC.
Bitcoin represents a technology where its value stems from the fact that the rest of the world realizes that there is a limited amount, "Lee said. "It's a rare digital asset." Only 21 million tokens exist. Currently 16 million are in circulation. Twenty million will be mined in the next 10 years. Based on the open source math formulas, it takes 100 years to mine the last millions of Bitcoins, "explained Lee, who is very optimistic about the future of cryptocurreny.