BCH rises 73% to surpass Ethereum and is expected to challenge Bitcoin

Recently, the price of Bitcoin has plunged sharply due to the suspension of Segwit2X. According to the market data of OKEx platform, Bitcoin has dropped from yesterday's highest price of $6,738 to $6,071, a drop of more than 10%. The biggest beneficiary of this is BCH, which rose from $995 to $1,721 yesterday, an increase of 73%, which is also the largest increase since the birth of BCH. The number of BCH exchanged for Bitcoin has also increased significantly, from yesterday's lowest 0.11 to 0.286.

As of press time, the price of BCH is $1,782.62 (according to coinmarket data), making it the only cryptocurrency in the top five that is rising in market value. The total market value of BCH has now exceeded $29.9 billion, returning to the second place in the market value ranking, second only to Bitcoin. The rise in BCH prices also shows that the market recognizes it.

Some people may still not understand, what good will the failure of 2X bring to BCH?

It's very simple. Both 2X and BCH are solutions to Bitcoin expansion in the game of computing power and core. The failure of 2X means that BCH, with a current block size of 8M, has become the only solution for Bitcoin expansion. The expansion dispute should come to an end, and BCH has become the biggest winner. In addition, BCH has many supporters overseas. Some people claim that "BCH is the orthodox Bitcoin" and the reason is very good: without segregated witness and lightning side chain, only the expansion of block size is closest to the Bitcoin originally designed by Satoshi Nakamoto. Today's 1M block size is a "stopgap measure" to prevent replay attacks at the beginning of Bitcoin.

OKEx analysts explain the reasons for BCH’s rise:

1. BCH has gained support from a large number of computing powers

For Bitcoin and its forked coins, computing power is the foundation of their survival. If a coin does not have the support of computing power, it will eventually die. So if the Segwit2x hard fork succeeds in the future, it is very likely that one of the 1x and 2x coins will die due to the battle for computing power. However, BCH still has many mining pools supporting it. Currently, the mining pools supporting BCH include ViaBTC, BTC.com, BitClub Network, BTC.TOP, Bitcoin.com, F2Pool, AntPool and some unknown mining pools. The top five mining pools in terms of computing power have already joined.

2. BCH’s applications continue to increase

The application of BCH has always been criticized by many people. A small number of people always feel that BCH has few applications and cannot compare with Bitcoin. But they have never thought about how long it took Bitcoin to develop to where it is today, and how long it took BCH to achieve today's achievements. In the three months since the birth of BCH, many merchants have joined. For example, the social network Yours previously exchanged Litecoin for BCH, and merchant service providers such as Rocketr and Coinify provided BCH services to their merchants. Recently, the WikiLeaks Shop announced the opening of BCH payment, and the Bitcoin ATM company Bitcoin Plug ATM plans to add BCH options to ATMs in Los Angeles to facilitate user transactions.

BCH will deploy a hard fork upgrade to make it more perfect

Before the Segwit2x hard fork, BCH will first undergo a hard fork upgrade. On October 31, the Bitcoin ABC development team, one of the BCH clients, has released the 0.16 open source code and plans to deploy a hard fork at 10 pm Beijing time on November 13. Through this hard fork, BCH will adjust the difficulty algorithm, increase the stability of the network block generation, and improve the user experience. Therefore, after the Segwit2x hard fork, BCH will have a greater advantage in the battle for computing power.

Since the moment BCH parted ways with Bitcoin, it has been moving forward along its own path, committed to implementing the blueprint of the "peer-to-peer cash system" proposed by Satoshi Nakamoto: expanding the network, reducing transaction fees, stabilizing network operations, and creating a decentralized peer-to-peer cash. As time goes by, BCH is getting closer to its original dream step by step.