Bitcoin Cash (BCH) has not been off to a good start in 2018, and for weeks now there has been little talk of displacing Bitcoin. The BCH market price slid by more than 13% in the past week to $1,093.23, as volumes thinned out in unison with the rest of the market.
As the slide continues on a mix of negative news regarding exchanges and their harsher regulations, as well as recent news of the Binance hack, it is possible that BCH slides once again below $1,000.
At the same time, Bitcoin Cash continues to be recognized: being added as a payment asset on BitPay, as well as an investment opportunity through the Grayscale crypto-based funds. Additionally, sending BCH as a peer-to-peer payment method is now available through CoinText.
Was just sent $BCH via @CoinText for the first time. Impressive stuff.
Right now, the task of Bitcoin Cash is to establish itself as a medium of payment, while competing with the potential of the Lightning Network to speed up payments for Bitcoin Core. Yet the Lightning Network has seen criticism and is still considered a risky technology.
Bitcoin Cash transactions have been fluctuating, and are roughly 1/10 of Bitcoin transactions. For now, the Litecoin network still carries more transactions compared to Bitcoin Cash.
At the same time, the public image of Bitcoin Cash is not quite perfect, and the project continues to be attacked:
Censorship, shadowbanning, mass-reporting and FUD against $BCH are reaching all-time highs. It's always darkest before the dawn, my friends. Don't be discouraged by opposition; opposition means you're moving in the right direction.
Forked coins, especially forks of Bitcoin, tend to act well for market hype, but their prices afterwards remain underwhelming.
Bitcoin Gold (BTG) has slid from peaks near $500 to recent lows of $90. Bitcoin Diamond (BTD) is down from around $60 to $4.58. Bitcoin God (GOD) hovers around $31.
The most recently forked Bitcoin Private is not even traded yet, and still has to undergo price discovery. Yet in all the cases, the initial intention was stated as improving on the Bitcoin approach. However, forks continued to live on as altcoins, with little chance of displacing Bitcoin due to its large ecosystem.