Bitcoin Cash (BCH) is getting ready for a hard fork, which is expected to increase its price by 6%. This upgrade, due on Monday, aims to enhance the network’s security and privacy. One of the new features is the creation of “CashTokens,” which will enable the use of decentralized applications on the Bitcoin Cash network.
Bitcoin Cash Increases by 6% Ahead of Network Upgrade (source Coinmarketcap)
Other improvements include smaller transaction sizes to increase speed, as well as smart contract functionality. This allows Bitcoin Cash users to take advantage of apps providing recurring payments, crowdfunding options, and derivatives trading.
Binance, a crypto exchange, has already announced its support for the hard fork.
Recently, Bitcoin tokens have gained popularity, with the launch of ‘Bitcoin Request for Comment’ (BRC20) tokens allowing developers to create tokens and decentralized finance (DeFi) apps directly on the Bitcoin network. This has led to the creation of digital art and meme tokens. Currently, over 11,000 tokens are traded publicly, with a total market capitalization of $500 million, says OrdSpace.
Compiled by Coinbold
