Bitcoin Cash Makes New Record & Breaks $3,500 Price Level
Bitcoin Cash has impressed the cryptocurrency community with its recent price hike. Trading above $3,500 as of this writing from $1,500 in the previous week, the altcoin shows a promising run toward the end of the year.
Bitcoin’s increasing transactions fees and the bearish market is one of the factors how Bitcoin Cash reaches $3,500. These, however, gradually push people and companies away from Bitcoin.
Bitcoin Cash Makes Impressive Run
Bitcoin Cash has recently seen a solid rally this week after breaking past the $3,500 price level. Peaking at $2,400 mark on Nov. 12, Bitcoin Cash now trades over a $1,000 more today. This price spike is significant, especially when the altcoin traded for as low as $190 in October. The price slowly inched higher, reaching $1,200 weeks after.
Bitcoin Cash is the first Bitcoin fork that came out at the start of August this year with an aim to address the problem of Bitcoin scalability by increasing the block size of Bitcoin from 1mb to 8mb. This allows Bitcoin Cash to be faster with its verification process than the classic Bitcoin. It also allows for adjustable levels of difficulty.
More Issues Plague Bitcoin
While many Bitcoin users are celebrating the cryptocurrency’s price that has brushed the $20,000 level this weekend, Bitcoin lost its original appeal. The cryptocurrency’s main selling point is its fast and cheap transaction. This was true at the start of 2017 when transaction fees were less than $1.
Today, however, transaction fees can reach as high as $20 in some exchanges. People need to pay this incredibly large cost even if they are sending just a few dollars’ worth of Bitcoin.
The staggering transaction fees have put off many companies that once accepted Bitcoin in the past. This includes the digital gaming store Steam, which recently removed Bitcoin as part of its payment method.
Some companies have not completely dropped the use of cryptocurrency. BitCart, an online gift card store, has dropped Bitcoin payment and switched to the Dash cryptocurrency. Another company, Bitspark, also dropped Bitcoin and instead started accepting Bitshares on its platform.
Bitcoin Cash Prospers in iGaming
Bitcoin casino players who have Bitcoin in their account are likely to celebrate the rise of the cryptocurrency. Those who want to transfer funds to their account, however, are required to pay the high transaction fees that are anywhere from $10 to $20.
Fortunately, there are many gambling sites that now support Bitcoin Cash and are offering it as a payment method to its players. These sites include Bitcoin.com, Betcoin.ag, Bovada, Bodog, and Ignition Casino.
Bitcoin.com offer proprietary games that have a provably fair system that lets a player know if he is getting a fair game. Betcoin.ag offer games from many of the leading software providers on the market. On another hand, Bovada, Bodog, and Ignition Casino feature casino, sportsbook, and poker rooms
Anyone can easily send Bitcoin Cash to their account in these casinos without having to worry about the fees. As more top names in the Bitcoin casino market accept Bitcoin Cash, there may come a time when Bitcoin will no longer be in the spotlight on the iGaming scene.