U.S. Markets open in 9 hrs 15 mins

Bitcoin Cash Solid Fundamentals Could Act as Catalyst in Next Bull Market

Kiril Nikolaev
Bitcoin Cash offers privacy features and its on-chain transaction volume has gone up. These developments could drive the price higher. | Source: Shutterstock

Many people have suddenly flipped bearish on Bitcoin Cash (BCH) as the bitcoin fork plunged to as low as $255.10 on July 15. That’s a drop of over 50 percent from this year’s high of $517.12 which was posted on June 22.

Nevertheless, the cryptocurrency is still up by almost 95 percent year-to-date even after a 50 percent devaluation. This says a lot about the strength of Bitcoin Cash. We looked under the hood to investigate the source of this bullishness. It was surprising to discover that the cryptocurrency has made numerous innovations and improvements over the last few months.

We believe that these developments could catalyze the cryptocurrency’s next leg up.

Bitcoin Cash Now Offers Enhanced Privacy Features

Bitcoin Cash holders can now use CashShuffle. The mixing software is currently being integrated into many Bitcoin Cash wallets. For now, it is available on the Electron Cash Wallet.

Cash Shuffle allows users to obscure their transactions and makes it difficult for prying eyes to track their coins.

With this development, Bitcoin Cash has a distinct advantage over bitcoin. The privacy feature significantly increases its fungibility. Since users have the option to keep transactions difficult to track, it dramatically decreases the odds of coins being labeled as “tainted.”

Keep in mind, there are some bad actors in the cryptocurrency world and a chain analysis can reveal coins that have been used for illegal purposes such as funding terrorism. This can negatively impact the fungibility of the crypto tokens. Their value can suffer just because an institution like the government discovers that they’ve been used to fund dirty deeds.

Read the full story on CCN.com.