That fork, which would have increased the block size to 2MB and improved flagging transaction times, was seen by some as a necessary step to sustain bitcoin’s price growth.
An increased block size would have made it more profitable to mine, while speeding up transaction times.
Bitcoin Cash, by contrast, already has a relatively large 8MB block size, and much quicker transaction times. Forbes reports that the latest price jump has actually made it more profitable to mine BCH rather than BTC, despite each coin still not being worth as much.
This has some speculating that BCH will be taking over in the future.
BCH is also implementing further technical upgrades, which might be attractive to BTC investors that are frustrated with the slow-seeming BTC upgrades, and were counting on the B2X fork.
To buy or not to buy?
Bitcoin Cash proponents say that BCH might become the new bitcoin, and suggest that its better transactability will continue to win over users.
As long as it's more profitable to mine, more hashing power may also move from the BTC network to BCH.
This might further hinder BTC, and further increase BCH growth.
BCH opponents point out that prices have fluctuated before, and say that miners will move back over as soon as BTC rebounds. Some also suggest that investors are using the disruption from the cancelled B2X fork as an opportunity to "pump and dump," and point out that the relatively low initial price of BCH, combined with the disruption of the cancelled B2X fork, makes for a perfect opportunity to buy up and escalate the price, before selling for a quick profit.
For investors, the question might be framed as whether BCH will go the distance.
On the one hand the B2X fork got a lot of interest in the BTC community, and a lot of people might have "made the switch." BCH has similar technical advantages, and it's reasonable to assume that its prices would rise following the cancelled fork.
This is backed up by the BTC price drop corollary.
On the other hand, BTC has rebounded before, and proved to have almost bottomless interest from investors.
BCH might have the technical chops to take over, but BTC has bounced back from every challenge so far.
It's not clear which way the competing coins will go, but it's safe to say they'll both be very volatile in the coming days and weeks.
There are reasons to get behind either.
To date, BTC prices have always rebounded, and often end up higher than before. But there's clearly a lot of interest in the technical benefits of BCH, and it might be one of the more promising bitcoin competitors.
Historical Rate chart of BTC and AUD
Updated: 19 Aug 2018 12:15:54 UTC
Where to buy Bitcoin Cash
At the time of writing, providers who allow the purchase, sale or trade of Bitcoin Cash in Australia include CoinSpot, Bitfinex and CEX.IO.
Note: Investing is always a risk – cryptocurrency perhaps more than most. There is no guarantee of returns and nothing in this article should be taken as an investment recommendation or financial advice.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.