With the upcoming fork on the horizon Bitcoin Cash (BCH) saw some more major gains. The value of the Bitcoin-forked coin jumped 21 percent on Sunday. The value of Bitcoin Cash is now at 557 dollars, compared with 418 dollars one week ago. That means the coin has seen some major gains because of the upcoming fork.
During such a hard fork, the blockchain will be split. That means two copies of the same chain will exist, each run by a different group of developers and each should have their own unique name. Investors who own Bitcoin Cash will automatically also get the same amount of the newly forked coin. That’s the main reason why people are now jumping on Bitcoin Cash; to get free money from the other coin.
Bitcoin has been forked many times. Bitcoin Cash and Bitcoin Gold are the most successful examples of coins forked from Bitcoin. While coins like Super Bitcoin and Bitcoin Diamond are examples of poorly supported forks that were clearly made as a cash grab.