Estimated reading time: 3 minutes, 52 seconds
As most readers know, bitcoin was the first cryptocurrency ever created. However, as time went on, concerns began to arise over limits on the number of transactions the Bitcoin network could process. This was due to the fact that the blocks in the Bitcoin blockchain are limited in size and frequency. The issue was referred to as the scalability problem.
After much debate, the Bitcoin ledger experienced what is known as a hard fork (split). As a result of the fork, both the Bitcoin blockchain and the cryptocurrency were split in two in August 2017.
The new cryptocurrency that emerged from the hard fork came to be known as Bitcoin Cash (BCH). One way that Bitcoin Cash differs from the original is that its increased transaction capacity helps to accelerate the transaction verification process. In other words, it’s faster than Bitcoin.
Bitcoin Cash has gone on to become one of the more valuable altcoins, and at press time is the number 4 in terms of market cap. After going as high as $4,091 in late December, at the time of writing, a single BCH can be purchased for roughly $916.
The popular , like most cryptos, has hit a bit of rough patch recently. However, as we are about see, there is still plenty of enthusiasm for Bitcoin Cash amongst some in the altcoin community. Here are three Bitcoin Cash Price Predictions for 2018.
Note: This article is not intended to be investment advice. Readers are strongly encouraged to do their own research before investing in any cryptocurrency.
Canadian-Antiguan entrepreneur Calvin Ayre founded the gambling company Bodog, which ended up making him a billionaire. Besides being a successful businessman, the gaming guru is also an outspoken Bitcoin Cash advocate. He was recently appointed as an Economic Envoy for Antigua and Barbuda to advise them on matters related to blockchain tech and cryptocurrency.
In an interview with Becky Liggero last September, Ayre had the following to say about BCH,
“Myself and a lot of other people as well that I’m working within the industry believe that massive on-chain scaling and the subsequent low transaction fees that we believe will come out of [BCH] is what’s going to drive the crypto-currency movement. We think low transaction fees will increase the velocity of transactions and will increase the value and security of the one public Blockchain which I believe will be BCH.”
The billionaire reiterated his statement last January on social media by predicting that Bitcoin Cash will trade above $10,000 (for a single token) by May of 2018.
Lombardi Financial research analyst and Profit Credential author Patrick Brik has 18 years of trading experience to his credit. He published an article in late January in which he shared his thoughts on the future of Bitcoin Cash.
In his piece, Brik claimed that,
“Bitcoin Cash is an alternative to Bitcoin, and some of the perks are lower fees and faster confirmations. This means that BCH can be used as a prominent network for business-to-business and peer-to-peer transactions. This is why I believe that Bitcoin Cash should be appreciating on relative basis compared to Bitcoin.”
The article also claimed that BCH could be trending toward $7,000 in 2018, with the potential to go even higher.
Those who have read our some of our previous prediction articles may remember Spreadstreet.io founder, former financial analyst, and blogger John Young. While many forecasters combine data with their own opinions, Young utilizes what he calls a “Monte Carlo simulation using the geometric Brownian motion model.”
The method involves accumulating daily prices, calculating daily returns, and creating simulations for the coming year, several times over.
In many cases, those in the prediction business usually offer one price point. However, Young’s simulations offer a wide array of potential outcomes.
Using this method he determined that in 2018,
“We can be 95% certain that Bitcoin Cash prices will fall between $94, and $94,225 with a median of $2,899.”
What are your Bitcoin Cash price predictions for the coming years? Let us know on Facebook or Twitter!
For more awesome articles by Jacques Martin, check ’em out here! For other price prediction articles we’ve published, check out our ones for Ether, Bitcoin, Ripple, Dash, NEM, Cardano, Monero, and Litecoin!