Bitcoin Cash has taken the world by storm in recent days when it soared to incredibly high prices after settling at a more manageable amount almost immediately.
November 13 was a memorable day for bitcoin cash supporters, as the network forked in order to fix the BCH blockchain’s DAA. The primary development teams who have been working on the bitcoin cash protocol consensus change include Bitcoin ABC, Unlimited, Nchain, and XT developers. The original DAA applied to the BCH network allowed the currency to thrive but also produced wild hashrate fluctuations. After several DAA proposals were researched and tested by the above-mentioned development teams, the community chose to implement a DAA proposal from Bitcoin ABC’s lead developer Amaury Sechet.
This news saw top trading companies getting into the crypto currency with well-established ones such as Bitstamp indicating that they will be trading the currency within a few weeks.
Europe’s only regulated crypto exchange, and one of the oldest as well as biggest bitcoin exchange, is to launch Bitcoin Cash trading within weeks, the company said in a short statement.
“After careful consideration, Bitstamp will offer Bitcoin Cash (BCH) trading to its customers with an anticipated launch in late November or early December.
Bitstamp, a leading global digital currency exchange, takes a prudent approach and puts the interests of its customers first when evaluating whether a cryptocurrency is appropriate for trading – and has decided that BCH meets that benchmark.”
Bitcoin Cash has soared in popularity recently following segwti2x’s cancellation, with the currency rising to briefly take second position yesterday.
In three days of very volatile trading, it reached a brief high of $2,799, before settling at a current price of around $1,200.
Its trading volumes rose to an incredible $10 billion, before settling at around $5 billion in the past 24 hours, during some frenzied trading as the ecosystem remeasures the value of the two bitcoin chains.
The currency will now upgrade its network within hours to implement a better difficulty adjustment algorithm so that block times keep at ten minutes.
That will allow for as good as instant transactions for nearly free due to BCH’s significantly higher on-chain capacity which allows it to process all transactions in the next block.
Bitstamp will be the third biggest western exchange to add the currency, with Bitfinex and Kraken currently the only option in fiat trading.
Bitfinex, however, is under a banking blockcade. You cannot therefore deposit or withdraw fiat there, with US citizens no longer to be allowed on the exchange.
While Kraken is currently experiencing some considerable difficulties in their trading interface, with many traders complaining it can take 20 minutes to place or cancel an order.
Something which may make Bitstamp an attractive alternative, not only because it is regulated, but also because they have been running fairly smoothly during this incredible year.
Trading on platforms such as Etoro saw the price of Bitcoin Cash wildly fluctuate between highs of 1600 and lows of almost 1000 over the last weekend which could indicate substatial volatility. However, ever since the crypto currency launched on 2nd August, the price has been going steadily up, indicating that there is substantial potential for it in the near future.