On the 1st of August 2017, due to a heated debate within the Bitcoin community, Bitcoin experienced a major fork which gave birth to Bitcoin Cash. Since then the young cryptocurrency has made huge advancements, not only in value but also in services available to the currency. For example, in December, Bitcoin Cash’s value surged 24% in just 90 minutes. Moreover, 2018 is shaping up to be a productive year for the cryptocurrency, so far.
On Wednesday, Trezor announced upcoming support for cashaddr, a BCH address format. This is a significant advancement for Bitcoin Cash as support from the most popular hardware wallet could result in new money entering the market, with the potential for increased security for those who want to safeguard their investment carefully.
No ETA, but the cashaddr support is being developed: https://t.co/MPhpJWw47R
— Bach N. (@_xbach) April 1, 2018
In addition to this, Remitano, an escrowed P2P cryptocurrency marketplace, today announced the integration of a Bitcoin Cash feature on their platform.
Remitano helps to protect crypto trades by providing a P2P marketplace where people can buy and sell cryptocurrencies securely and quickly. Remitano offers the best prices by providing traders with low transaction fees – 0.5% compared to 1% market average. Furthermore, by holding the crypto in escrow during transactions, the platform has an added security feature, ensuring both sides stick to their original deal. Exchanges can therefore take place securely without worrying about fraudulent activities or scams.
The platform previously featured trading between Bitcoin, Ethereum, and Tether USDT, but now Remitano users across the globe can also securely exchange Bitcoin Cash. A fork of Bitcoin resulted in the launch of Bitcoin Cash on August 2017. Since the fork, Bitcoin has been held back by high transaction fees, and slow transaction times, whereas Bitcoin Cash has comparatively low fees and quick transfer confirmations.
However, aside from Remitano, most major P2P trading platforms have been slow to add the new cryptocurrency. Remitano believes that integrating Bitcoin Cash on its platform is a potential solution to increase the day to day usability of cryptocurrencies, particularly for everyday payments and micropayments.
“While Bitcoin has been suffering from high transaction fees, Bitcoin Cash offers a far cheaper transaction fee,” said Dung Huynh co-founder of Remitano. “It can therefore be more easily used as daily, P2P electronic cash.”
In fact, Bitcoin transaction fees have skyrocketed from around $2 a transaction in October, to $37 in late December last year, according to Business Insider. Bitcoin Cash in contrast offer cheaper transaction fees and its big-block model helps secure the immediate transaction of payments for anything as small as buying a cup of coffee. Remitano’s integration of a Bitcoin Cash feature therefore allows users to have cheaper deposits and withdrawal fees.
“We believe that Bitcoin Cash can foster crypto payment to the next level and are therefore proud to be the first major P2P exchange that offers this to our users,” added Huynh.