Cash Bitcoin Will Get Security Improvement In Networks In May 2023

JAKARTA Bitcoin Cash (BCH) is the first branch of the main Bitcoin blockchain. BCH experienced a significant increase in 24 hours on January 13 by 10 percent.

Meanwhile, in the past week, BCH has experienced a 17 percent spike, according to data reports by Coingecko. BCH is currently ranked 28th on Coinmarketcap's crypto list, with a market capitalization of US$2.37 billion. At the time of writing, BCH coins were trading at Rp1,879,711.

Even so, the BCH rally is inseparable from the general increase in the crypto market this week. Almost all cryptocurrencies experienced a massive spike after the largest increase in cryptocurrency prices by market cap, Bitcoin (BTC).

BCH prices experienced a significant decline throughout 2022 triggered by a number of events that rocked the crypto market, such as the fall of Terra LUNA to the bankruptcy of FTX. As a result, most cryptocurrencies slipped from their all-time highs.

Improved Hard Fork Bitcoin Cash (BCH) and Cash Token

Despite all that, the BCH increase also coincides with plans to increase the Bitcoin Cash hard fork which is scheduled to start in May 2023. In this case, Bitcoin Cash will receive an upgrade to security on the network.

According to a Coinpeaker report, in November 2022, Jason Dreyzehner, a developer for Bitcoin Cash has updated that hard forks have the potential to introduce key privacy and security changes to developing networks.

Additionally, developers plan to introduce Cash Tokens, which will allow for running decentralized apps (DApps) on the Bitcoin Cash blockchain. Currently, the contract on Bitcoin Cash has no primitives to issue messages that can be verified by other contracts.

Several other improvements proposed along with the Bitcoin Cash hard fork will include a small transaction size. This will help speed up transaction times as well as smart contract functionality.

This, in turn, will allow the construction of Bitcoin Cash-based apps for recurring payments, crowdfunding opportunities, and derivative trading, in addition to other uses for Bitcoin Cash users.