A community of Bitcoin users has developed a cheap Bitcoin alternative where potential buyers of Bitcoins can purchase a more discounted cryptocurrency named Bitcoin Cash. Similar to stock splits, the price of Bitcoin cash is currently 8.7 times lower than the price of Bitcoin. The new cryptocurrency became available in the market on August 1 with an introductory offer of $376. The new cryptocurrency has been added to an ever growing list of cryptocurrencies in the cryptocurrency market whose number is more than 800 according to coinmarketcap.com, a website that tracks the market activity such as price and daily trading volumes of crypto currencies.

Other cheaper crypto currencies

There are other cheap cryptocurrencies other than Bitcoin cash, they include, Ripple, whose price is $0.1, NEM $0.2 as well as IOTA which costs $0.3. Cheap cryptocurrencies can be bought and hoarded with the expectation that their price will rise in the future.

Although Bitcoin cash is cheap, its cost has gone to as high as $691 after analysts predicted that its price might go even higher. The costs of the cryptocurrency also went up as new users got a chance to purchase the new cryptocurrency. Cryptocurrency investors can benefit from buying cheap cryptocurrencies because its cost can quickly rise in the future as a result of its affordability. The cost of Bitcoin back in July 2010 was $0.08, between February and April 2011, it averaged $1.

On July 8, 2011, it went up to $31. Bitcoin's price has skyrocketed to its current price of $2,844.

The future of Bitcoin cash

The cost of Bitcoin cash might increase in the future. Cryptocurrency exchange sites might also hesitate to support purchase and sale of the new cryptocurrency on their platforms. According to bitcoin.com, the list of exchange sites that are planning to support the new cryptocurrency is Kraken.com and Bitfinex.com.

Websites that are not planning to support the new cryptocurrency on their platform are coinbase.com, gdax.com, bitmex.com, exodus.io and bitstamp.net.

The future of cryptocurrencies

The future use or cost of crypto currencies is unknown. The central bank of Estonia called Bitcoin and similar currencies a pyramid scheme. Investor Warren Buffett has warned people against the use of Bitcoin.

According to a Bloomberg, stock analyst Ronnie Mosa predicted that the cost of Bitcoin would double in 2018. According to a CNBC report, stock analyst Kay Van-Petersen predicted in May that the cost of Bitcoin could hit $100,000 in the next decade. Kay Van-Petersen had previously predicted that the price of Bitcoin would reach the $2000 mark.