Bitcoin Cash and XEC (BCHA) | Hardforks of Bitcoin | Do They Have The Same Potential As Bitcoin?

0 38

Written by

No bio yet...

1 year ago

Topics: Bitcoin, Bitcoin Cash, XEC, Hardfork

Disclaimer: This looks like financial advice, doesn’t it? You look at it from the right, it even looks like I am pushing you to do what is written in the article. If you put your head down and think, you may be convinced that this indeed is financial advice. If you close your eyes, it may seem logical to do what is in the article.

Even then - Do Your Own Research! This is not financial advice! 😊

-----------******--------------

The Bitcoin Dilemma

Never was it a good time to buy Bitcoin than the 2023 season. At the time of this article, Bitcoin at $31,500 is still a good buy. You have to admit that 1 Bitcoin costing thousands of dollars is still a big buy for countries where the local currency is weak against the dollar. There is always the option of buying Bitcoin in sats which even I had done in the past. So, when we are sats stacking we can only hope that we hit 1 BTC soon. Not a bad thing, but what about other opportunities out there?

Again, we all know of ETH or other chains and, in many cases, shitcoins too. I am not against shitcoins, and I know millionaires out of shitcoins. So, it’s a misnomer to call them shitcoins as many have indeed become millionaires with those tokens. However, when I have cash in hand, I wonder if I should put it in BTC or ETH, or any of the other coins/tokens. My heart automatically settles for BTC. It has proved over a long time that it is the most dependable when it comes to the blockchain world.

If Bitcoin is so dependable what about its hardforks (I may even go to the extent of calling them the Bitcoin derivatives) like Bitcoin Cash and XEC (erstwhile BCHA. Also known as eCash)? Do they have the same potential?

The simple answer to the previous question is – I don’t know. And if any influencer tells you otherwise, I suggest you ask them for a few thousand dollars to invest in their bet. Also, promise them some profit sharing if the coin/token does well. 😉

Bitcoin Cash and XEC | Hardforks of the Mighty Bitcoin

If Bitcoin Cash and XEC are essentially the same chain, with the exception that they are hardforked, wouldn’t they have the same potential as Bitcoin? While the teams are different, the reasons for hardfork vary and the eventual price in the market has nothing to do with Bitcoin’s price, is there any similarity? The one and only similarity is that all of them intended to be a source of payment in the new world order.

The original Bitcoin network was extremely slow for real-world transactions. The network could process only about 7 transactions per second as against Visa’s processing speed of 56,000 transactions per second. Remember, this is before the lightning network came out as a solution for Bitcoin payments. Anyway, we will keep the lightning network discussion for a different day. The point is BCH hardforked so that it could be faster than the original Bitcoin network.

Did that work? Yes, it did and it was indeed faster back then. Then BCHA hardforked from the BCH network. BCHA was later rebranded as XEC or eCash and the coins supply increased by a ratio of 1:1,000,000. I was a beneficiary of the coin supply increase, but, of course, there was no price impact.

So, How Do BCH and BCHA look now?

Both are way below their ATH and therefore, provide an opportunity for buying. Is that a good bet? I don’t know how to look at it, especially with ETH doing so well with infinite supply. BCH still has the same supply as the original Bitcoin launch of 21 million. BCHA too has the same supply, albeit, the ratio increase. In other words, their supply is 21 trillion.

BCH reached an ATH of $3700 odd in 2017 while XEC reached an ATH of $0.00034 [remember, supply of 21 trillion] in 2021. And as we speak, BCH is trading at $282 and XEC at $0.00003625. Does this look like potential? To me it does and I have already invested.

I think BCH and XEC will eventually go the Bitcoin way, but won’t become as big as Bitcoin. Other blockchains challenge the original assumption of BCH and XEC on becoming a payment network; not to mention, the lightning network for Bitcoin. So, will it still hold good? I guess, it will.

We tend to forget that Bitcoin in the recent past was also seen as a store of value, something similar to gold. So, if the same applies to BCH and XEC, boy, we are talking of a mercurial rise. I am all for it.

BCH and XEC | Definitely, my choice!

I am going all out for BCH and XEC, other than Bitcoin itself. I am quite keen on seeing my portfolio diversify. While BTC still remains the coin to beat, I want to invest in the next-level coins too. In my opinion, BCH and XEC are those next-level coins.

I have a decent kitty of BCH and XEC, and I keep earning BCH from sites like read.cash too. If that is so, why not keep enjoying it? 😊

I hope I could share my perspective. Wish you a good time!