Bitcoin Cash Price Prediction 2020
Bitcoin Cash emerged in 2017 as a hard fork from Bitcoin. The growth of its popularity was accompanied by a certain number of controversies. In this article, we’ve prepared Bitcoin Cash’s price prediction but first, a quick summary of what Bitcoin Cash is and the factors behind its pricing.
What Is Bitcoin Cash?
In 2017, there were two factions of Bitcoin supporters, those who supported large blocks and those who preferred small blocks. Thus, Bitcoin Cash was created out of the need to accommodate and satisfy those who wanted to create a hard fork to increase the block size limit.
Those who wanted larger block sizes finally stopped pushing for it in July 2017, when some members of the Bitcoin community including Roger Ver (co-creator of BCH) felt that adopting BIP 91 (Bitcoin Improvement Proposal by engineer James Hilliard) without increasing the block-size limit favored people who wanted to treat Bitcoin as a digital investment rather than as a transactional currency. Bitcoin Cash supporters, compared to Bitcoin, were more committed to a medium of exchange function. This push by some to increase the block size met a hostile response though because, since its inception up to July 2017, Bitcoin users had maintained a common set of rules for the cryptocurrency.
At the time Bitcoin Cash forked from Bitcoin, it was largely referred to as a software upgrade. Anyone owning Bitcoin got the same amount of Bitcoin Cash. The main difference between Bitcoin Cash and Bitcoin is that BCH allows larger blocks in its blockchain than Bitcoin, which allows it to process more transactions per second. Bitcoin Cash was the first of the Bitcoin forks and on 1 August 2017, the Bitcoin Cash blockchain was officially launched. Like Bitcoin, Bitcoin Cash has a limit of 21 million coins, and each block is mined every 10 minutes before it is confirmed. BCH price at its release was at about $240, while Bitcoin traded at $2,700.
There is much more to Bitcoin Cash but that is just a summary behind its concept. Now let’s look at what determines Bitcoin Cash price.
Bitcoin Cash Price: What Does It Depend On?
The cryptocurrency market is one of the most volatile industries in the world, with prices often going up and down without any clear reason. It is safe to say Bitcoin Cash value depends on the activity of the currency holders, on the supply and demand for this cryptocurrency, and largely on the expectations from the project.
Bitcoin Cash 2020 and Long Term Price Prediction
The crypto market is volatile and prices go up and down, so predicting the price of a certain currency would be a complex issue. The best attempt we could have at a prediction is to present data from various sources. So in just a moment, we’d be comparing different points of view and elaborating a certain ‘common denominator’ of the most popular Bitcoin Cash price charts.
DigitalCoinPrice. As of March 26, 2020, the current price of Bitcoin Cash is $223.55. BCH price prediction is very positive as, by the end of the year, the price could hit $466.05. And in just one year’s time, the price should have doubled. So, in 2021, don’t be surprised if you see BCH trading for $534.21. By 2025, we could be looking at a whopping value of $979.67.
WalletInvestor. It is worth noting that WalletInvestor is a very conservative platform so their price charts are very skeptical. According to them, BCH price may be as low as 88.490 USD by the end of 2020, and in 2 years, a drastic drop would occur leaving its value at $25.79 in September 2022. Bitcoin Cash March 2025 Price Prediction is $158.95.
TradingBeasts. Accoding to this source, Bitcoin Cash price will be of the average $194.841 by the end of 2020. By the start of 2021, the average value should be $203.59. And by 2023 March, the average value should be $386.50.
Where To Buy Bitcoin Cash?
Adding Bitcoin Cash to your portfolio isn’t a difficult task, and you don’t need to go far. ChangeNOW offers you the necessary tools to buy it in 4 simple steps.
Step 1. On the ChangeNOW home page, choose a currency and enter the amount you would like to deposit. The service will automatically calculate the amount of BCH you will get, picking the best rates available at the market. Then click on the Exchange button.
Below is an example of buying BCH with USD.
Step 2. Enter the BCH wallet address where you would like to receive your coins.
Step 3. Check all the information carefully and if everything is correct, click Confirm. Remember that all operations are irreversible.
Step 4. After you have confirmed the transaction, send your funds to the generated address you see on the screen. Your BCH will drop into your wallet very soon.
Bitcoin Cash future
As you could see, the predictions for future BCH price are drastically different. Moreover, it should be noted that, given the volatility of the market and the possibility of the ‘black swan’ events, any price prediction for the future is a tricky thing. So please be moderate in your investment strategies.
To learn more about Bitcoin Cash, please visit the following BCH review in our blog.