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#researchshort 🪙💵 Bitcoin Cash $BCH 💵🪙 Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency. On 21 July 2017, bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, which meant that the Segregated Witness upgrade would activate at block 477,120. Segwit controversially would enable second layer solutions on bitcoin such as the Lightning Network. A key difference of opinion between Bitcoin users was over the running of nodes. Bitcoin supporters wanted to keep blocks small so that nodes could be operated with less resources, while some large block supporters find it acceptable that (due to large block sizes), nodes might only be run by universities, private companies and nonprofits. A group of bitcoin activists, developers, and China-based miners were unhappy with Bitcoin's proposed SegWit improvement plans meant to increase bitcoin's capacity and pushed forward alternative plans which would increase the block size limit to eight megabytes through a hard fork. Supporters of a block size increase were more committed to an on-chain medium of exchange function. In June 2017, hardware manufacturer Bitmain, described the would-be hard fork with the increased block size as a "contingency plan", should the bitcoin community decide to fork implementing SegWit. The first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, mining pool ViaBTC proposed the name Bitcoin Cash. In July 2017 Roger Ver and others stated they felt that adopting BIP 91 (that would later activate SegWit) favored people who wanted to treat bitcoin as a digital investment rather than as a transactional currency. The fork that created Bitcoin Cash took effect on August 1st 2017. In relation to Bitcoin it is characterized variously as a spin-off, a strand, a product of a hard fork, an offshoot, a clone, a second version or an altcoin. A Hong Kong newspaper likened this to a new version of word processing software saying: Bitcoin cash is like a new version of Microsoft Word, which generates documents that can no longer be opened via the older versions. At the time of the fork anyone owning bitcoin came into possession of the same number of Bitcoin Cash units. The technical difference between Bitcoin Cash and Bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than Bitcoin which, in theory, allows it to process more transactions per second. Bitcoin Cash was the first of the Bitcoin forks, in which software-development teams modified the original Bitcoin computer code and released coins with “Bitcoin" in their names, with "the goal of creating money out of thin air". On 1 August 2017 Bitcoin Cash began trading at about $240, while bitcoin traded at about $2,700. On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018. In 2017 there were two factions of Bitcoin supporters: those that supported large blocks and those who preferred small blocks. The Bitcoin Cash faction favors the use of its currency as a medium of exchange for commerce, while the Bitcoin-supporting faction view Bitcoin's primary use as that of a store of value. Bitcoin Cash is sometimes also referred to as Bcash. Bitcoin Cash detractors call the cryptocurrency "Bcash", "Btrash", or "a scam", while its supporters maintain that "it is the pure form of Bitcoin". Bryan Kelly, a stock analyst likened it to a software upgrade: Bitcoin cash is doing a “hard fork” or “effectively a software upgrade”, Kelly said on “Fast Money”. “When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing.” Samson Mow of Blockstream pointed to Bitcoin Cash's use of the "Bitcoin" name as a source of animosity between the Bitcoin and Bitcoin Cash camps. Emin Gün Sirer, a professor at Cornell stated that Bitcoin Cash was focused on use and Bitcoin was "enormously" focused on store of value. -Wiki 😓 $BCH Struggles 😓 Bitcoin Cash at the monthly chart is trying to jump above its all vital moving averages of 20, 50, 100, and 200-day lines. Meanwhile, the volume activity is average and needs to improve enormously for a breakout above its vital DMA Lines. Currently, the crypto asset is trying to overcome losses with a good recovery from the lower levels. BCH is presently attempting to jump above its $600 mark but needs volume activity to sustain above its vital DMA lines. We can expect levels of $660 to $680 soon, once the coin maintains above all DMA lines with supportive volume activity. Support on the lower side is $520 and $460, whereas resistance on the higher side is $660 and $720. https://themarketperiodical.com/2021/10/30/bitcoin-cash-coin-bulls-struggling-to-suppress-its-vital-dma-lines/ 🙌 $BCH Praise 🙌 ETC Group, a financial services company based in London, has issued a report on Bitcoin Cash. The report, which touches on several important aspects of the cryptocurrency, establishes that Bitcoin Cash has experienced positive development when it comes to the actual usage of the currency. The report states: "Bitcoin Cash has retained its laser focus on facilitating easy, fast, everyday transactions. And this is starting to pay off. Daily active addresses, a proxy for daily active users, have continued to grow strongly in the past two years." What’s interesting about this is that adoption has grown even when spot prices have not accompanied this growth. This suggests that usage, rather than speculation, is the driving force behind Bitcoin Cash adoption, something very different from other cryptocurrencies. However, the report does state that prices have stagnated when compared with other cryptos on the market. Growth may also have been driven by the inclusion of Bitcoin Cash on the initial roster of Paypal’s supported cryptocurrencies in November 2020. This movement put the asset in the hands of people new to the crypto space, providing the option to invest in bitcoin cash to a wide market. The report also states that development has been constant since the 2017 hard fork that gave birth to BCH. This development, according to ETC, is what differentiates Bitcoin Cash from other crypto networks like Litecoin, which has stopped the addition of new features for its targeted use case. The report stresses: "There are scores of other utility developments in play that are adding to its practicality, developing tools like smart contracts, prediction markets, and EVM-compatible content." Smartbch just launched earlier this year, bringing smart contract capabilities and Ethereum-like decentralized finance apps to the chain. The nascent project still has a lot of room to grow, but constant development such as this seems to have been an influential factor in ETC Group’s assessment of the peer-to-peer electronic cash system. https://news.bitcoin.com/etc-group-releases-bitcoin-cash-report-praising-high-usage-and-vibrant-development/
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