Since its launch, Bitcoin Cash (BCH) has steadily assumed its position in the cryptocurrency world as an ideal exchange medium that guarantees affordable payments.
What’s more, besides BCH gradually increasing its overall grounds and user base, it has also facilitated censor-free and open-minded communication within the BCH community by launching the Bitcoin Cash Talk Forum.
Even so, what is perhaps the most notable fact about BCH is the recent surge in its price amid an upcoming hard fork.
The imminent hard fork has given Bitcoin Cash (BCH) a significant price boost with the latest figures indicating a 40 percent increase.
This move has garnered support from Coinbase and Binance, a factor that has also further contributed to the subsequent price boost.
These announcements, together with the continual publicity around the much-anticipated upgrade, are the catalysts of the sharp surge in price for Bitcoin Cash (BCH).
Since Coinbase and Binance publicly approved of the forking decision, several other significant exchanges have also made official announcements in support, which has further sparked up the momentum to the surge.
In just a couple of days, the value of Bitcoin Cash shot up from about $420 to an unexpected high of around $550, which represents an approximate 40 percent increase in its price.
The hard fork is scheduled for mid-November, when it is expected that the currency will split into two different versions.
What Is Bitcoin Cash (BCH) Hard Fork?
A hard fork usually defines the process where one cryptocurrency is split into two versions. This happens when the existing code of a cryptocurrency is altered, resulting in a new and old version of the currency.
Bitcoin Cash is also a product of a similar process. It was launched last year from a hard fork of the popular cryptocurrency, Bitcoin.
Usually, Bitcoin Cash is viewed as a Bitcoin alternative since all their features are the same. In fact, BCH has more advanced features compared to Bitcoin.
BCH is designed to provide both faster and more affordable transactions in comparison to Bitcoin.
For Bitcoin Cash (BCH), the hard fork is expected to occur on November 15. Nonetheless, unlike conventional hard forks that are primarily about upgrades, it is yet to be determined what precisely the split is for because up to now, the developer community is yet to come up with a final unanimous decision as to what changes are to occur.
If each of the developer community parties mutually agrees, the odds are that one of the versions will ultimately push through as the dominant party while the other party would be left in a state where they need to acquire additional support.
Each Bitcoin Cash holder is expected to receive the said hard fork in a ratio (1:1) which has led to numerous speculators and investors to purchase Bitcoin Cash (BCH) with the hope that the hard fork version will ultimately be valuable.