Bitcoin Cash price rockets up 16%

The cryptocurrency market has been quite quiet over the last 24 hours, with Bitcoin and Ethereum only changing price by around 1%.

Ripple was a bigger mover overnight with the price falling by a further 6%. This means the cryptocurrency has fallen by nearly 60% since CoinMarketCap took the decision to exclude the Korean exchanges from its average price calculations.

However, the biggest move from the large cryptocurrencies came from Bitcoin Cash. The price has grown by 16% over the last 24 hours.

Bitcoin Cash was created to fulfil the original promise of Bitcoin to ‘bring sound money to the world’. Merchants and users can be confident with having low fees and reliable confirmations. All the Bitcoin holders as of block 478558 are also owners of Bitcoin Cash.

Essentially, Bitcoin Cash was created to solve some of the problems that Bitcoin had (and still has).

One of the improvements is on chain scalability. The blocksize limit is now adjustable with an increased default of 8MB and large future increases are being researched.

It has new transaction signatures to provide replay protection, improved hardware wallet security and elimination of the quadratic hash problem.

Bitcoin Cash boasts of having multiple independent teams of developers providing software implementations, no single group or project can control it and Bitcoin Cash says it’s resistant to political and social attacks on protocol development.

It remains to be seen which cryptocurrencies will survive and become widely-adopted currencies, but nonetheless we are living in a fascinating era of a new ‘gold rush’. History will decide if this was the start of a new age of financial transactions or purely hyped-up speculation tools.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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