Bitcoin Cash has been evolving significantly in recent days. Most people have continued keeping a close eye on the BCH price, which is not entirely surprising. However, it seems a lot more is happening behind the scenes, showing that this ecosystem is slowly growing. Do keep in mind this altcoin has only been around for a little over a week now. Good things are happening for Bitcoin Cash, yet there is still a lot of work to be done.
Recent Bitcoin Cash Ecosystem Updates
One of the biggest Bitcoin Cash developments in recent days is how the mining profitability difference has slowly come down relative to Bitcoin. As long as the latter remains more profitable to mine, very few people will switch to BCH. Miners want to maximize their earnings for obvious reasons. Right now, BTC is 42% more profitable to mine than BCH, but that difference was a lot higher not too long ago. Reaching parity will take several more weeks, if not months.
It appears Multipool has finally mined its first Bitcoin Cash block. The pool had announced they would support Bitcoin Cash at some point, without going into specifics. It has taken Multipool some time to get things in order, but now that its first block has been found, things look rather promising. It remains to be seen whether they will continue mining BCH blocks in the future. Having more hashpower pointed toward this network can only be a good thing.
It seems one particular Bitcoin wallet has introduced a new feature which is relevant to Bitcoin Cash. Few people may have ever heard of the BitPie wallet, even though it supports multiple blockchain-based assets. In the latest update, it now allows users to instantly exchange between BTC and BCH. That is an interesting feature to note, as it could be of great interest to a lot of users in the future. BitPie was developed by the Bither team, which lends it some more credibility.
Many Bitcoin Cash supporters have also been discussing how SegWit2x will affect the network come November 2017. The fact that the updated Bitcoin Core client will disconnect SegWit2x nodes from the network in the near future has been causing a lot of speculation. It is very likely that we will see three different Bitcoin blockchains come November, unless supporters of SegWit2x support either Bitcoin in its current form or Bitcoin Cash. Though BCH provides bigger blocks, it does not incorporate the SegWit upgrade.
— Bitcoin Core (@BcoreProject) August 11, 2017
All things considered, things are looking quite good for Bitcoin Cash as a whole. Although the ecosystem is still trying to find its place in the market, things are slowly coming together as we speak. That said, there is still a lot of work to be done. For instance, the BCH network still does not have a feature similar to SegWit’s transaction malleability fix. Ensuring that no one can exploit this malleability bug should be a top priority for developers. So far, no real proposals have been introduced to make that happen.
Last but not least, Germany’s largest cryptocurrency exchange is experimenting with Bitcoin Cash trading. Bitcoin.de is a well-known platform among German cryptocurrency enthusiasts. It is currently conducting a private beta with BCH, according to Reddit. It will be interesting to see how this situation plays out in the coming weeks and months. Such a platform supporting BCH could mean big things for Bitcoin Cash as a whole.