Weekly Technical Analysis 26.08.2017

www.tradescrypt.com’s Weekly Technical Analysis gives investors important insights on fundamentally strong cryptocurrencies which include Bitcoin, Ethereum, Litecoin, Ripple and AntShares(NEO).  It’s a quick read for investors at the start of the week which presents necessary statistics which could prove vital for considering investment position and making decisions during the week.

1.Bitcoin:

BTC-analysis-26.08.17.png

In spite of the seller resistance, Bitcoin has managed to stay above the USD $4000 mark which seems as the newly established floor. Investors have got in on 23rd and 24th when the prices were just above USD $4000. Bitcoin is currently trading at USD $4300. Investors who want to get in must wait for a short dip which we expect to occur in a few days.

Following are the statistical conclusions drawn from this week’s technical analysis:

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Note: Prices have changed significantly. Once the new floor is set, we can calculate the OTE and the risk/reward ratio.

  • Market Cap: USD $71,638,083,124
  • Circulating Supply: 16,527,225
  • Volume(24h): USD $1,503,230,000

2. Ethereum:

ETH-Analysis-26.08.png

Ethereum is gradually recovering its position which was lost during the Bitcoin fork period. It is trading at USD$330. Investors have entered on 24th and 25th when it was trading at around USD$320. We recommend this price as the OTE for the week which would ensure a good Risk/Reward ratio.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Market Cap: USD $31,766,976,757
  • Circulating Supply: 94,270,460
  • Volume(24h): USD $551,820,000

3. Litecoin:

LTC-analysis-26.08.17

Litecoin has crossed USD $50 mark. Investors who still want to get in must wait for a dip and get in at the blue buying region which would increase the Risk/Reward ratio significantly. Refer to our Litecoin fundamental analysis to understand the potential of the coin.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Optimal Trade Entry (OTE): Around 0.00004650 BTC
  • Market Cap: USD $2,893,886,049
  • Circulating Supply: 52,646,932
  • Volume(24h): USD $325,010,000
  • Risk/Reward Ratio: 0.64

4. Ripple:

XRP-analysis-26.08.png

Ripple was trading at USD $0.16 which was a stable floor since the past few days. With the current price at USD$0.20, Ripple has displayed a growth of 25% even after the correction. With strong fundamentals and growing community, invest and hold is our recommended position. Risk/Reward Ratio for this would be significantly higher than our recommended threshold.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Optimal Trade Entry (OTE): Around 0.00004650 BTC
  • Market Cap: USD $7,866,239,162
  • Circulating Supply: 38,343,841,883
  • Volume(24h): USD $177,526,000

5. NEO:

NEO-analysis-26.08

NEO has set a new floor of USD $35. We have observed a correction after NEO soared to USD$50. Risk/Reward Ratio at this point are greater than our recommended threshold. With strong fundamentals and growing community, invest and hold is our recommended position.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Optimal Trade Entry(OTE): Around 0.00867554 BTC
  • Market Cap: USD $1,901,680,000
  • Circulating Supply: 50,000,000
  • Volume(24h): USD $41,663,900

Information sources-

www.coinigy.com
www.coinmarketcap.com

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Applications of the Blockchain Technology

 

What is the blockchain technology?

 

The blockchain technology is defined as a public ledger of all cryptocurrency transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.

blockchain technology

Thus as per the above diagram, since there is no centralized administrator with exclusive control over the database, and since the control over the database is distributed to every client, therefore the blockchain technology is democratic in nature. 

 

What are the applications of the blockchain technology and what are the services provided by tradescrypt.com?

 

Business Services

 

Decentralized Autonomous Organization (DAO) (also known as a fully automated business entity (FAB), or distributed autonomous corporation/company (DAC)) can be considered as a self-governing organization under the control of an incorruptible set of business rules. These rules are typically implemented as publicly auditable open-source software distributed across the computers of their stakeholders. A human becomes a stakeholder by buying digital tokens, similar to shares in a company, or by being paid in those tokens to provide services for the company. These tokens may entitle its owner to a share of the profits of the DAO, participation in its growth, and/or a say in how it is run.

 

Financial Services

 

  • Asset Management: Trade Processing and Settlement

  • Payments: Cross-Border Payments

 

Cryptocurrency Consultancy / Information Services

 

For more details on the blockchain technology services offered by tradescrypt.com, kindly fill the Contact Us form or email to support@tradescrypt.com.

 

Analysis: BitConnect Coin (BCC)

Analysis: BitConnect Coin (BCC)

The hedge fund of the cryptocurrency world?!

1. What is BCC?

BitConnect Coin is an open-source, peer-to-peer, community-driven decentralized cryptocurrency that allows people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on the investment. This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain the security of the network.

(Source: https://bitconnectcoin.co/what-is-bitconnect-coin)

2. FIT Test (F: Future updates; I: Innovation; T: Trends):

FIT Test enables us to check the uniqueness, alignment with respect to the current trends and future update of the fundamentals of the corresponding cryptocurrency.

A. Innovation:

BitConnect community leverage on retail investors’ investment in BCC and through their so-called “cryptocurrency bots” invest in other cryptocurrencies or maybe other investment instruments in order to generate a daily interest for their retail investors.

Also refer to the following link for more information on what BCC is offering: https://bitconnect.co/bitcoin-information/18/investing-in-bitconnect-coin-and-staking

B. Trends:

BCC seems to be a hedge fund of the cryptocurrency world.

C. Future Updates:

Roadmap for the future of BitConnect Coin’s is not clearly presented by their community.

3. Community:

Community details not published anywhere by Bitconnect. Strange!

4. Uniques Features:

Not available; except for their referral scheme that makes BCC seems like a Ponzi scheme.

5. Downside / Risks:

Risks are extremely high since there seems to be no sustainable business model that backs BCC.

6. Future:

No information on BCC available based on which we can gauge a future.

7. Technical Analysis:

tradescrypt.com team does not want to present a technical analysis for this altcoin since it does not seem to be a fundamentally strong cryptocurrency and therefore not worthwhile recommending.

8. Comments:

No fundamentals, no business, no assurance except for the words written on BCC’s website. We fear that when time runs out, investments may be as good as burnt.

Our advice to investors investing in BCC: BE CAREFUL!

Analysis: OmiseGO

OmiseGO

Unbank the Banked with Ethereum.

1. What is it?

OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network and digital wallet framework, starting in Q4 2017. (Source:https://omg.omise.co/)

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2. FIT Test (F: Future updates; I: Innovation; T: Trends): FIT Test enables us to check the uniqueness, alignment with respect to the current trends and future update of the fundamentals of the corresponding cryptocurrency.

A) Innovations:  OmiseGO uses their own blockchain which is based on Ethereum to provide remittance services to the people without the involvement of any bank. These services operate across currencies and asset types. The OmiseGO blockchain has a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway. The OmiseGO blockchain network is highly performant and scalable. The cost of securing the transaction value is externalized to other chains in a way which directly promotes the value of those chains.

B) Trends: Payments, Remittances, Digital decentralized banking

C) Future updates: 

i) OmiseGO recently announced that every Ethereum holder holding a minimum amount of 0.1ETH will receive an amount of OmiseGO tokens which are proportionate to their Ethereum holdings. 5% of the total OmiseGo tokens are set aside for this generous distribution move.

ii) OmiseGO has acquired Paysbuy, a major payment service provider in Thailand. OmiseGO’s CEO Jun reveals that McDonald’s in Thailand, with their presence in over 240 locations will start accepting OmiseGO as a method of payment. He is confident that this can be implemented by Mcdonald’s across Asia.

 

 

OmiseGO logo


3. Community:

Forbes featured OmiseGO as a Fintech rockstar. OmiseGO has a great community around them contributing directly or indirectly.

A. Investors:

  1. SBI Investments
  2. SMBC
  3. Ascend Capital
  4. SMDV
  5. Golden Gate Ventures
  6. East Ventures
  7. 500 Startups

Total funding raised: USD $150 million+

B. Team: 

  1. Jun Hasegawa: Founder/CEO at Omise, Director at Alpha-do INC., Co-founder/CEO at LIFEmee INC.
  2. Donnie Harinsut: COO/Co-founder at Omise, International Trading manager at Alpha-do INC.
  3. Wendall Davis: Product development lead at Omise, member of Original Ethereum founding team
  4. Thomas Greco: Special advisor at Omise.
  5. Vansa Chatikavanij: Managing Director at Omise.

C. Advisors:

  1. Joseph Poon: Lightening network co-author.
  2. Vitalik Buterin: Founder of Ethereum.
  3. Dr. Gavin Wood: Co-founder of Ethereum, founder of Parity and Polkadot.
  4. Jae Kwon: Creator of Tendermind and Cosmos network.
  5. Vlad Zamfir: Kasper(Ethereum) Research lead.
  6. Martin Becze: Ethereum web assembly creator
  7. Julian Zawistowski: Founder of Golem
  8. Prof. David Lee Kuo Chuen: Professor of Quantitative Finance, Singapore University of Social Sciences
  9. Pandia Jiang: Founder of LinkTime
  10. Roger Ver: CEO of bitcoin.com, First Major Backer of Earliest Crypto Startups

 

4. Unique Features:

  • NEO applications can be developed using all major programming.
  • Tie ups with influential people in China.
  • A collaboration of digital asset management with real world asset.

5. Downside / Risks:

  • Replicable
  • Not available on Poloniex. Use Bittrex. (Not a downside for most of the people since they have already moved their assets to Bittrex recently.)

6: Future: Considering the community and innovations, it may be seen as a good competitor against Ethereum for the 2nd place in Total Market cap after Bitcoin in China.

7: Technical Analysis: 

 

Analysis OMG Coinigy

 

The prices have dipped to a point where buying OmiseGO would seem a good choice for OmiseGO believers. This is a perfect entry point for those investors who have a long term return goal in their strategy. The community behind this is pretty solid which promotes this token’s potential to grow across Asia.

  • Market Cap: $633,129,435
  • Price: $6.44
  • OTE: 0.00141725-0.00150593 BTC
  • Volume(24h): $106,064,000
  • Circulating Supply: 98,312,024

8: Comments:

Omise aims to capture the remittance market in Asia via its decentralized banking applications and so far it has done everything right to grow. One could say it is an undervalued token. The people backing this project are influential in the cryptocurrency world. This is one of the strongest selling points for OmiseGo. Long term investors can use this token for their portfolio diversification and observe growth in the future.

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Weekly Technical Analysis (14.08.17)

www.tradescrypt.com’s Weekly Technical Analysis gives investors important insights on fundamentally strong cryptocurrencies which include Bitcoin, Ethereum, Litecoin, Ripple and AntShares(NEO).  It’s a quick read for investors at the start of the week which presents necessary statistics which could prove vital for considering investment position and making decisions during the week.

1.Bitcoin:

btc weekly 14.08

This has been a great week for Bitcoin ‘HODLers’. They believed in Bitcoin during the hard fork and here’s their reward. There were speculations earlier this month which claimed that Bitcoin will cross the  USD $4000 mark by end of year but the milestone was achieved quite early. Bitcoin now trends in the range of  USD $4100. Following are the statistical conclusions drawn from this week’s technical analysis:

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Note: Prices have changed significantly. Once the new floor is set, we can calculate the OTE and the risk/reward ratio.

  • Market Cap: USD $70,344,345,000
  • Circulating Supply: 16,506,325
  • Volume(24h): USD $2,489,090,000

2. Ethereum:

Ethereum this week touched the USD $300 mark. It is a relief for Ethereum holders who endured the highs and lows in the past month. Investors who want an entry could wait for a bit as seller resistance seems more strong at this point. Once it falls to your ‘happy price’, you can enter and happily stay invested.

Following are the statistical conclusions drawn from this week’s technical analysis:

Note: Prices have changed significantly. Once the new floor is set, we can calculate the OTE and the risk/reward ratio.

  • Market Cap: USD $28,021,869,780
  • Circulating Supply: 93,994,008
  • Volume(24h): USD $905,213,000

3. Litecoin:

ltc weekly 14.08

Litecoin has been trending at around USD $40 for quite some time now. Seller resistance is winning the tug of war.  One could anticipate the prices to go further down before the next rise. We are still observing a lot of potential in Litecoin which makes it a good coin to invest in.

Following are the statistical conclusions drawn from this week’s technical analysis:

Note: Prices have changed significantly. Once the new floor is set, we can calculate the OTE and the risk/reward ratio.

  • Market Cap: USD $2,290,503,027
  • Circulating Supply: 52,465,882
  • Volume(24h): USD $158,629,000

4. Ripple:

Ripple 14.08

Ripple is currently trending at USD $0.16 which has a stable floor since the past few days. Again we would like to point out that Ripple has managed to be the star performer of 2017 with the growth of almost 4000% this year. Q2 growth of 2017 is beyond 1000%. With strong fundamentals and growing community, invest and hold is our recommended position.

Following are the statistical conclusions drawn from this week’s technical analysis:

Note: Prices have changed significantly. Once the new floor is set, we can calculate the OTE and the risk/reward ratio.

  • Market Cap: USD $6,501,118,020
  • Circulating Supply: 38,352,642,160
  • Volume(24h): USD $207,367,000

5. NEO:

NEO 14.08

NEO has literally skyrocketed this week. It was a great week for NEO enthusiasts. USD $18 seemed quite a price this time last week. Now we have hiked all the way to USD $42 after a short descend from USD $50. Risk/reward ratio turns out to be 1.53 which is not a very bad number. If buyer support wins, prices will start soaring again from this point.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Optimal Trade Entry(OTE): 0.00985612 -0.01033047 BTC
  • Market Cap: USD $2,201,305,000
  • Circulating Supply: 50,000,000
  • Volume(24h): USD $338,073,000

Information sources-

www.coinigy.com
www.coinmarketcap.com

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Cryptocurrency in India

Income Tax nuances of Cryptocurrency in India

When did cryptocurrencies become popular in India?

 

Cryptocurrency in India became more popular post demonetization in November 2016.

India in the past was known to consider the conservative approach whenever something different is introduced. However, since the past decade, acceptance of newer technology has been swift. Maybe rise in literacy and demographics of the country (approximately 75% of the population below the age of 30 years) is responsible for such greater level of acceptance.

Same is the case of cryptocurrency in India.

Post demonetization, leading cryptocurrency trading exchanges in India have witnessed a very significant rise in the Indian user base, which is still growing considerably even today.

However, many Indian investors, traders and speculators alike will have the following question in their head.

“How can I treat the returns/income on the sale of cryptocurrency in India for Income Tax purpose?”

Investors with www.tradescrypt.com asked this question often since they have generated extremely good returns on their investments in fundamentally sound cryptocurrencies over the medium term period.

Since the Central Board of Direct Taxes has not issued very specific guidelines yet, therefore this question had to be answered appropriately by digging deep as although cryptocurrencies in India are NOT ILLEGAL, they are not yet regulated.

Therefore, in the present situation, cryptocurrency in India could be treated as capital assets with the sale resulting in a capital gain, as in the US. If the individual/entity is in the business of trading in cryptocurrencies,  in such cases the income can be treated as business income. In addition, we have witnessed cases where individuals have preferred to treat the income from cryptocurrencies as ‘income from other sources’, in such cases relevant Income Tax slab rate applies.

Cryptocurrency investors should note that if their asset holding period is more than 36 months (as in the case of any property), then the investor is liable to pay Long Term Capital Gains (LTCG) which attract a tax rate of 20%. If the asset holding period is less than 36 months, then the investor will have to pay Short Term Capital Gains (STCG).

Now, if the transactions in cryptocurrency are substantial and frequent, then it could be assumed the individual is trading in cryptocurrencies and the income on sale will be considered business income, hence the applicable income tax slab rate will be deducted.

This brings us to another equally important question.

When will there be clarity on cryptocurrency in India?

On 08.08.2017, the government of India has reportedly completed work on a proposal that outlines steps to regularize cryptocurrency in India and it seems a tax policy will be established for cryptocurrencies in order to reduce this ambiguity.

NEO Coinigy

Neo Gas

How is Neo Gas generated?

Recently our subscribers have expressed their interest to learn more about Neo Gas generated from Neo cryptocurrency and we will now attempt to explain this in the most effective manner.

Before that here is a brief background on Neo. Neo (formerly known as Antshares) is China’s first ever original and open source public chain project, NEO serves as a smart asset platform. Smart assets are the combination of a smart contract of blockchain and digital assets.

Considering the reluctance of China to accept the dominance of foreign companies (eg Google, Facebook, Amazon, Uber etc), we consider the same trend to repeat when it comes to cryptocurrencies. We expect China to put considerable weight behind the promotion of Neo in order keep foreign cryptocurrencies such as Bitcoin, Ethereum etc on the back foot at least in their own backyard.

Now, considering the population of China and those many Chinese citizens accepting their own China based cryptocurrency – Neo, based on this reasoning and consideration, we see growing demand and rise in the value of Neo over the medium term period.

Coming back to our main subject – Neo Gas, it is similar to dividend credit to a shareholder of a company, Gas is credited to the wallet of Neo investors and the amount of Gas generated is based on a fixed formulae.

Neo Gas generated can be calculated on www.neotogas.com.

Neo investors can sell their Gas on an exchange or preferably hold it as an investment, as rising demand for Neo along with a finite quantity of Gas available may result in the value of Neo Gas to increase.

It must be noted that Gas will be generated only if Neo is stored on a private wallet and not on exchanges.

In case readers require any specific information on this topic, kindly feel free to post your comments and get in touch with us.

Analysis: NEO

NEO

A distributed network of intelligent economy

1. What is it?

China’s first ever original and open source public chain project, NEO serves as a smart asset platform. Smart assets are the combination of smart contract of blockchain and digital assets.

NEO allows for a smarter way for assets registration, issuance, and circulation. Digital assets exist in the form of electronic data and with blockchain technology, digital assets become decentralized, trustless, traceable and highly transparent. NEO’s underlying technology supports multiple types of digital assets and uses a digital certificate to enable trust for public chain, namely the assets issued by users via digital certificate are protected by law. On the other hand, for more complicated scenarios, users can use smart contract to enhance and enrich the functions of assets. Besides, users can also create smart contracts with other functions unrelated to assets. Smart contract, a concept that was first initiated by Nick Sazbo in 1994, has a history as long as that of the Internet. According to Nick Szabo, Smart contract can execute contract clauses when the preprogramed conditions are met. It is blockchain technology, due to its decentralization, immutability and highly reliable system that provides the very environment for smart contract to embody its value. (Source:https://neo.org/)

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2. FIT Test (F: Future updates; I: Innovation; T: Trends): FIT Test enables us to check the uniqueness, alignment with respect to the current trends and future update of the fundamentals of the corresponding cryptocurrency.

A) Innovations: One big contrast of these competing platforms is their programming languages. Ethereum requires developers to learn to program with Solidity. Neo, on the other hand, will support almost all programming languages via a compiler, including those on Microsoft.net, Java, Kotlin, Go and Python, greatly lowering the difficulty for developers to write smart contracts.

B) Trends: Digital Asset Management, Management of real world assets.

C) Future updates: 

i) Innospace CEO announced $29.3M USD incubation fund, a collaboration between his company and the NEO blockchain team. Plans for the fund include the establishment of a new blockchain space in Shanghai, combining working spaces, startup incubation and acceleration.

ii) Partnered with Agrello to develop smart contracts for automation, self execution, accuracy and transparency. Powered by AI, Agrello will be a platform for nonW programmers to create their own legally binding blockchain based smart contracts. Use cases for Agrello’s tech include renting and sharing, freelance contracting, orchestrating production flows, and reducing administration costs for multinational corporations.

iii) With offices in Israel and Shanghai, Coindash will be a social trading platform for crypto assets, offering portfolio management tools for digital asset investors. Features of the platform will include portfolio statistics and management tools, investment automation, an ICO dashboard, and insights into other traders’ successful investing strategies. In the upcoming development of Nest Fund, a blockchain based smart fund by the developers of NEO, Coindash will offer advisory and prediction tools for Nest’s modern investors.

iv) The former CTO of OkCoin, Mr. Zhao Chang Peng is starting his own digital asset exchange, hoping to compete with platforms like Poloniex. Calling his new platform Binance, this new exchange will only deal in coin to coin transactions, avoiding fiat pairs and therefore avoiding Chinese regulations. In order to maintain a standard in mature digital assets, Binance will only list coins that meet its strict criteria. With a launch planned for later this year, the platform’s first traded assets will be bitcoin, ether and NEO.

NEO Coinigy
3. Community:

At a gathering of 200 people at Microsoft HQ, Beijing declared a complete rebranding of the company. ANS became NEO. Following people took the dais as speakers:

  1. Da Hongfei, founder of NEO.
  2. Erik Zhang, Core Developer of NEO.
  3. Tony Tao, CEO of NEO and Founder of Nest Fund (Investment Fund).
  4. Srikanth Raju, Microsoft’s G.M of Developer Experience and Evangelism for the Greater China Region.
  5. Mr. Han Feng, Tsinghua University IWCenter.
  6. Chen Cheng Qiang, founder and CEO of Innospace.
  7. Alex Norta, founder of Agrello.
  8. Adam Efrima, COO of Coindash.
  9. Zhao Chang Peng, CEO of Binance.

4. Unique Features:

  • NEO applications can be developed using all major programming.
  • Tie ups with influential people in China.
  • A collaboration of digital asset management with real world asset.

5. Downside / Risks:

  • Replicable
  • Not available on Poloniex. Use Bittrex. (Not a downside for most of the people since they have already moved their assets to Bittrex recently.)

6: Future: Considering the community and innovations, it may be seen as a good competitor against Ethereum for the 2nd place in Total Market cap after Bitcoin in China.

7: Technical Analysis: 

NEO analysis Coinigy

Since the past few days, we have observed a significant price hike in NEO. Prices have soared from USD $7 to USD$10. The floor seems to have risen. Investors with a long term market strategy can still get in when the price corrects itself by about 60% and hits the blue region which is the Optimal Trade Entry (OTE) region. The strong community support in China makes NEO’s potential growth more prominent in the future.

  • Market Cap: $546,390,000
  • Price: $10.93
  • OTE: 0.00322591-0.00331973 BTC
  • Volume(24h): $46,520,400
  • Circulating Supply: 50,000,000

8: Comments:

NEO rebranding led to increased prices. USD $10 seems to be the new floor for NEO. Early investors, who had invested in AntShares weeks ago when we had rolled out our analysis, have started realizing portfolio growth at the moment. Investors who want to start today by investing in NEO will have to buy and hold for quite some time to see growth in their portfolio.

Stay tuned for our next article which will emphasize on NEO’s GAS.

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Bitcoin Hard Fork, creation of Bitcoin Cash and its impact on Bitcoin.

What impact will the Bitcoin Hard Fork and creation of Bitcoin Cash cryptocurrency have on Bitcoin?

  • For the last several years, the Bitcoin infrastructure has been struggling to handle a growing number of transactions hence technical experts recommended a new cryptocurrency creation that will solve its back-logging issues.
  • Since then Bitcoin miners and developers opinions were split over their vision on Bitcoin’s technical roadmap for the future.
  • These differing opinion within the community had been a prominent cause of the recent Bitcoin price fluctuations.
  • Eventually, on 01.08.2017, a Hard Fork created a split in Bitcoin resulting in the creation of a new cryptocurrency called Bitcoin Cash (BCH).
  • Although BCH will be based on blockchain technology, however, BCH is technically superior to its predecessor Bitcoin since it offers eight fold increase in transaction capacity and will combat high transaction fees that made mining larger blocks invalid.
  • Creation of BCH from Bitcoin through Hard Fork implies that Bitcoin owner will now own equal quantity of BCH as well (please note a similar event occurred last year as well on the Ethereum platform when a cryptocurrency Ethereum Classic was created).
  • Therefore, this Hard Fork also generated millions of dollars in new value for Bitcoin investors and at the time of writing, BCH is valued at USD 430.78 and Bitcoin is valued at USD 2737.50.