Why ‘Bitcoin Cash’ will ‘re-emerge’ as a viable altcoin on September 1
The digital currency Bitcoin Cash (BCH) will “re-emergence” as a “new” cryptocurrency on September 2, according to a new report.
Bitcoin Cash, which was launched in 2017, has gained steam in recent weeks after its creator, Peter Todd, announced he is backing rival altcoin Bitcoin Cash, or BCC.
Todd’s support came as a surprise, as he had previously suggested the cryptocurrency would not be worth anything for long.
Bitcoin has been gaining popularity in the US and elsewhere, and is on track to overtake gold as the world’s most popular cryptocurrency by 2020, according an Economist Intelligence Unit (EIU) report released in August.
Bitcoin’s rapid ascent has been aided by a surge in global interest in cryptocurrencies.
A report released on Monday said bitcoin is set to be the next major digital currency to gain significant adoption after Facebook’s $50 billion acquisition of Messenger, according the report.
The new report, which has been updated twice, found that BCC has gained more than 60% in the last 12 months, outperforming Bitcoin by about 10% and Ethereum by more than 20%.
Bitcoin Cash is a “recovery coin” that uses the Bitcoin blockchain to manage transaction fees and the supply of bitcoins.
It has a fixed supply of 1,000,000 coins.
It is backed by a mix of public and private assets, with private assets being backed by the bitcoin currency.