Bitcoin Cash (BCH) entered the digital currency landscape with a bold mission: to restore Bitcoin’s original vision as a peer-to-peer electronic cash system. Since its inception in August 2017 as a hard fork of Bitcoin, BCH has aimed to solve one of blockchain’s most pressing challenges—scalability—by increasing block sizes to allow for faster and cheaper transactions.
In 2018, BCH experienced dramatic highs and divisive lows, culminating in a controversial split that reshaped its future. This article reviews the key milestones, price movements, and technological developments that defined Bitcoin Cash in 2018 and explores what investors and users might expect in 2019.
The Evolution of Bitcoin Cash: A Scalability-Focused Fork
At its core, Bitcoin Cash was designed to enhance transaction throughput by increasing the block size limit from 1MB (in Bitcoin) to 8MB initially, later expanded to 32MB. This architectural change allows more transactions per block, reducing fees and confirmation times—making it more practical for everyday payments.
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While Bitcoin addressed scalability through Segregated Witness (SegWit) and the Lightning Network, Bitcoin Cash took a more direct approach. By prioritizing on-chain scaling, BCH positioned itself as a viable alternative for merchants and consumers seeking fast, low-cost transactions.
However, this fundamental difference in philosophy sparked ongoing debate within the crypto community, eventually leading to internal conflict within BCH itself.
2018 Price Performance: From Peak to Post-Split Volatility
Bitcoin Cash began trading on August 1, 2017, at approximately $294.60. By January 1, 2018, it had surged to $2,534.82—an impressive 760% increase in just five months. This rally reflected strong market enthusiasm and widespread adoption expectations.
Yet, the momentum didn’t last. Throughout early 2018, BCH entered a prolonged downtrend, shedding over 26% in January alone. Regulatory fears in major markets like China and South Korea contributed to broader market pessimism, impacting BCH along with other cryptocurrencies.
By November 14, 2018—the eve of the hard fork—BCH was trading at $425.01. The following day, the network split into two separate chains: **Bitcoin ABC (BCH)** and **Bitcoin SV (BSV)**. Immediately after the split, BCH (ABC) traded at $289, while BSV opened around $96.50.
Although the combined value of both assets fell short of pre-fork levels, the event marked a pivotal moment in crypto history—one that tested network resilience and community loyalty.
Notably, exchanges overwhelmingly supported Bitcoin ABC as the legitimate continuation of BCH, cementing its status as the primary successor. Meanwhile, BSV carved out its own niche under the leadership of Craig Wright and Calvin Ayre, advocating for even larger blocks (up to 128MB).
Key Developments That Shaped BCH in 2018
Several major events underscored Bitcoin Cash’s growing integration into the financial ecosystem:
- December 2017: Listed on Coinbase’s GDAX platform, triggering massive demand that temporarily overwhelmed trading systems.
- February 2018: OpenBazaar integrated BCH, enhancing its utility in decentralized commerce.
- March 2018: Institutions like Circle (backed by Goldman Sachs), Abra, and Grayscale Investments added support for BCH.
- July 2018: Robinhood launched commission-free BCH trading on its mobile app, expanding retail access.
- August 2018: Bitcoin ABC announced a software upgrade introducing smart contract capabilities—an ambitious step toward decentralization and dApp development.
These advancements signaled growing institutional confidence and expanded use cases beyond mere speculation.
However, the proposed upgrades also ignited fierce opposition. Craig Wright and Coingeek argued that deviating from pure payment functionality compromised Satoshi Nakamoto’s original intent. Their resistance led to the November hard fork, fragmenting the community but also clarifying competing visions for blockchain utility.
Alejandro de la Torre, VP of Business Operations at BTC.com, emphasized a shift in focus:
“Now entering its second year, BTC.com is poised to help the Bitcoin Cash community shift focus from investment, thinking only in terms of storing of value, to cash, thinking as a medium of exchange for merchants and consumers.”
This vision aligns with BCH’s foundational goal: becoming digital money people actually use.
What’s Next for Bitcoin Cash in 2019?
The crypto community anticipates another significant upgrade in May 2019. Bitcoin ABC plans to implement Schnorr signatures, a cryptographic enhancement that improves privacy and efficiency by aggregating multiple signatures into one. This innovation could reduce bandwidth and storage requirements by over 25%, further boosting scalability.
When combined with transaction batching or privacy tools like coinjoin-style mixers, Schnorr signatures may make BCH even more attractive for high-volume applications.
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Price Predictions: Bullish Outlook Amid Uncertainty
Market analysts remain divided on BCH’s price trajectory in 2019:
- Trading Beasts forecasts a year-end price of $2,703.17.
- Roger Ver, often called “Bitcoin Jesus,” believes BCH could double in value within a year.
- Smartereum projects a potential rise to $6,700, representing nearly 500% growth.
- Us Lifted offers an extremely optimistic forecast of $9,735 by December 2019.
- Crypto Ground predicts a more conservative climb to $707.
On the bearish side, Kyle Samani of Multicoin Capital warned that Bitmain’s planned liquidation of $316 million in crypto holdings—including BCH—could exert downward pressure on prices in early 2019.
While macroeconomic factors and miner behavior will influence outcomes, the upcoming protocol upgrades could serve as catalysts for renewed investor interest.
Frequently Asked Questions (FAQ)
Q: What is Bitcoin Cash (BCH)?
A: Bitcoin Cash is a cryptocurrency created in August 2017 via a hard fork from Bitcoin. It aims to improve transaction speed and lower fees by increasing block size limits.
Q: Why did Bitcoin Cash split in 2018?
A: The November 2018 split occurred due to disagreements over protocol development—specifically block size limits and smart contract functionality—resulting in two chains: Bitcoin ABC (BCH) and Bitcoin SV (BSV).
Q: Is Bitcoin Cash good for everyday transactions?
A: Yes. With low fees and fast confirmations, BCH is designed to function as digital cash for daily purchases, supported by payment processors like BitPay and CoinPayments.
Q: What are Schnorr signatures, and why do they matter for BCH?
A: Schnorr signatures are a cryptographic method that allows multiple parties to combine their signatures into one. This reduces data load on the blockchain, enhancing scalability and privacy.
Q: Can Bitcoin Cash reach $10,000 in 2019?
A: While some analysts project prices near $10,000, such levels would require massive adoption and market bullishness. More conservative estimates place year-end values between $700 and $3,000.
Q: How does BCH differ from Bitcoin?
A: The main difference lies in block size—BCH uses larger blocks (up to 32MB) compared to Bitcoin’s 1MB (effectively ~4MB with SegWit), enabling higher transaction throughput at lower costs.
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Final Thoughts
2018 was a transformative year for Bitcoin Cash—marked by innovation, conflict, and reinvention. Despite losing significant value from its all-time high, BCH maintained relevance through real-world adoption and technological evolution.
As it enters 2019 with critical upgrades on the horizon and renewed focus on usability, Bitcoin Cash continues to champion its role as digital cash. Whether it regains investor confidence and achieves widespread merchant adoption will depend on execution, ecosystem growth, and market conditions.
For those watching closely, BCH remains a compelling case study in blockchain governance, scalability trade-offs, and the ongoing quest to build money that works for everyone.
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