About 100,000 merchants have since taken up Bitcoin Cash as a way of making payments and a tweet by Bitcoin cash (BCH) News @BTCNewsUpdates on March 12th adds Microsoft to the list of merchants accepting BCH. Microsoft allows its users to top up their accounts using bitcoin cash incurring zero fees. The company has previously accepted bitcoin (BTC). This is in line with one of the objectives of cryptocurrencies which is to reduce costs associated with intermediaries in completing transactions.
This comes days after casinos around the world look towards Bitcoin Cash, Litecoin and Monero to replace Bitcoin citing the slow time of transaction of BTC as the major cause.
Technology is moving fast and the Fintech world has not been left behind. In the past decade, cryptocurrency has grown as a preferred model for payment and banking to market. There are currently over 1500 cryptocurrencies currently in circulation, a testament to the growing popularity for this system. This system has however not lacked its share of challenges. Bitcoin cash (BCH), born in August 2017 addresses the issue of expandability that had dogged bitcoin, its goal being to improve the potential of bitcoin transactions 8 fold.
BTH uses BitPay, a payment processor that partners with merchants and payment system operators such as PayPal, to handle its transactions. These transactions involving cryptocurrencies are stored permanently in ledgers often referred to as blocks. Bitcoin cash considers holders of bitcoins from block 478558 onwards as bitcoin cash holders offering them flexibility to either use their cryptocurrency as bitcoin or bitcoin cash.
As at today, (March 14, 2018) BCH is trading around $1027 0.11503 and 0.11916 to the BTC. BCH currently has a market capitalization of over 17.65 billion USD with over 17.02 million units in circulation and a maximum supply of 21 million units. With the coin market capitalization of 372.67 billion, BCH comes 4th with 4.75% of the market share. The largest share is held by bitcoin with 41%. Today, 437.02 million USD worth of Bitcoin cash have been traded, representing 10% of coin trades.
We can see the growth in adoption of cryptocurrencies and of Bitcoin Cash in particular. It is anticipated that in the near future, cryptocurrencies can be used not just as a means of payment for goods and services but also for other transactions such as trading shares. Recently, Gemini, a crypto exchange platform announced plans to start trading BCH and LTC by the end of the year.
There are a number of challenges facing cryptocurrencies. Due to the anonymity provided by this mode of payment, concerns have been raised about its using the financing of criminal groups, money laundering and issues pertaining to consumer protection. That notwithstanding, the trend in the recent past points better days for Bitcoin Cash(BCH) and similar models in particular as we move towards a more digital society.