It has been one year since Bitcoin Cash (BCH) was launched and the coin appears to be struggling in the market. Since the August 1, 2017 hard fork from Bitcoin, the platform has maintained a decentralized status but the market value between the two has always been worlds apart and BCH has remained undervalued.
The last two weeks have seen the price of BCH plummet, a shift that is reflected across the entire market. However, Bitcoin Cash appears more resilient compared to other Altcoins. The coin ability to hold amid unstable market is paged on its recent PR stunts and many holders are wondering whether these will help the coin gain additional traction and price appreciation.
Bitcoin Cash One Year Anniversary
As Bitcoin Cash celebrates is one year anniversary, it appears that the price is not part of the celebrations as many holders had anticipated. Prior to August 1st, the coin had been on the downtrend mode which saw it shed more than 9% to the green buck.
While other coins have been showing clear correction signs in the market, Bitcoin Cash (BCH) appears to struggle. Market analysts had pegged the coin price to skyrocket to the $850threshold but a resistance forming at $698 has dashed the holder hopes. This is beyond the coin PR moves, and will the market leader struggling, the ripple effect has slowed the entire market momentum registered 7 days ago.
Bitcoin Cash Independence Day Give Away Rises Eyebrows
To mark its independence day, BTC.com announced it will be giving out free BCH to anyone successfully use their mobile phones to scan flyer QR codes spread in more than 15 cities globally. Well the idea behind the promo is still scanty but it appears like a way to test the coin usability before going main-stream.
As much as the initiative might appear as a PR move, the idea is to increase attention that will culminate in increased adoption and BCH usage. The tweet does not the reason for the QR scan neither does it specify the rewards for successful scanning. Giving free digital coins might break or make the coin and this does not spur demand especially at a time when the market is battling with high volatility.
Bitcoin Cash Gets Sued as Rodger Ver Blunders
As Bitcoin Cash struggles with the price recovery, a Chinese crypto investor, Feng Bin, has moved to court suing OKCoin exchange for its bid to block the trader from receiving 38.748 BCH that was due to him after the August 1, 2017 hardfork. The refusal is based on the fact that the offer has since expired but Bin argues:
“I have been paying attention to the announcement of the OkCoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program.”
The claim is set to impact negatively on Bitcoin Cash just after one of die-hard supporter, Roger Ver’ claimed last year that: Bitcoin Cash is the real Bitcoin and it will have a bigger market cap, trade volume and user base in the future.
A few days ago Roger Ver, in his bid to promote cryptocurrency usage sent $100 worth of BCH to the Jeju Island governor, Won Hee-ryong. However, the gesture was not received with the enthusiasm expected, one of the governor associate said:
“In South Korea, there is a policy called Kim Yeong-Ran”, to which Ver asked; “is there a legal problem in sending a payment to the governor?”
Roger appears to have rubbed the authorities the wrong way and this could make it hard for BCH to enter the market. In South Korea, you can only send gifts worth less than $30. The incident has left many BCH admirers at crossroads and a lot is expected as to whether the incident will make or break the coin in the Asian market.