TL;DR
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Bitcoin Cash hasn’t really caught on as a widely used payment method, but it’s also no more centralized than the original BTC.
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In the last 7 days, BCH is up ~78%, mainly fueled by the news that it will be 1 of 4 tokens listed on EDX Markets – the exchange supported by Fidelity, Schwab and Citadel.
Full story
Back on August 1, 2017 – well before this newsletter ever existed – something monumental happened in the Bitcoin world.
A proposal was made to increase the block size from 1 MB to 8 MB, but the community could not agree on whether or not to do it.
Some believed that this would allow the network to process more transactions per second, leading to faster and cheaper transactions.
Others said it would require more storage and processing power, making it harder for individual users to join the network and favoring those with more resources, resulting in more centralization.
Eventually, Bitcoin went through a hard fork and Bitcoin Cash (BCH) was created.
A hard fork is when the blockchain splits in two, with one blockchain (BTC) continuing to operate as originally planned, and the other blockchain (BCH) now operating under the new rules.
Since 2017, both blockchains continue to coexist.
BCH was designed to be used as a cryptocurrency that would often be used as a means of payment.
Ultimately, BCH hasn’t really caught on as a widely used payment method, but it’s also no more centralized than the original BTC.
However, in the last 7 days, BCH is up ~78%, mainly fueled by the news that it will be 1 of 4 tokens listed on EDX Markets – the exchange supported by Fidelity, Schwab and Citadel.
BCH now sits at around $190, which is a far cry from its 2017 peak of $2,947.
Let’s see if this price hike is a flash in the pan or the start of a long-lasting uptrend.