It operates on a decentralised P2P network similar to Bitcoin. It maintains a public ledger called the blockchain which contains complete information on transactions in the network. Users have to store and manage their BCH in a digital wallet. When a user wants to send BCH to another user, they create a transaction, which contains the recipient’s public key, the amount of BCH being sent and a digital signature generated using the sender’s private key to prove ownership.
It supports smart contracts through the bitcoin cash Script language, enabling the creation of decentralised applications and the execution of programmable agreements on the blockchain. Apart from this, BCH works in a similar fashion to Bitcoin, albeit with some major improvements in speed and execution.
Bitcoin Cash’s value can be influenced by the following factors.
BCH was initially backed by a diverse group of individuals and organizations who supported the improvements done to the Bitcoin protocol. These included Roger Ver, Bitmain co-founder Jihan Wu, ViaBTC co-founder Haipo Yang, and Bitcoin.com. These early backers were instrumental in shaping the direction of bitcoin cash during its early years.
Network adoption and user base
The usage and adoption of BCH can have an impact on its price. As more and more individuals, merchants and businesses create more demand and utility for BCH, the price can surge higher.
Any type of technological advancements and upgrades to the BCH network can affect its price. Any improvements in scalability, security, smart contract functionality or other features can enhance its usability to users.
Regulatory development and government policies regarding cryptocurrencies can affect the price of bitcoin cash. Positive regulations that can provide security, and clarity and foster adoption can have a positive impact on the current bitcoin cash price.
Bitcoin market sentiment
Since bitcoin cash is a form of Bitcoin, changes in the sentiment towards the latter can have a spill over effect on bitcoin cash. The sentiment and trends in the broader crypto market can impact its price as well.
Since BCH was created, several incidents have influenced its price.
Many people new to crypto and BCH have one question – how much is one bitcoin cash? There are several widely used and trusted sources within the cryptocurrency community. It's important to note that cryptocurrency prices can vary across platforms due to factors such as liquidity, trading volume, and regional market variations.
This makes it crucial to compare the prices using different authoritative sources instead of relying on one. Traders can get insights from these sites to get a clear idea of the price of BCH, meaning they can easily buy and sell BCH on trading platforms as they see fit. The current bitcoin cash (BCH) price is at $111.20 as of 25/05/2023.