Can Bitcoin Cash and Btc coexist?

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Avatar for AnonSunamun
2 years ago

Bitcoin Cash is the real Bitcoin.

This is a phrase often heard and read when BCH enthusiasts speak about Bitcoin. And in a sense, they are certainly right. BCH is closer to Bitcoin's goals and purposes than it was originally intended. But at this moment and going forward into the future, there are some facts that might cause a need for taking a fresh look at the antagonistic stance BCH supporters take regarding BTC.

Btc is bigger in almost every way than BCH

Btc is worth about 1000x as much as BCH. The market volume is about 60x that of BCH. Almost every statistic you look up for Btc is insurmountably ahead of BCH, except for things like transaction speeds/fees and much of the things related to actually using the coin as an actual currency. And I think that might not be as bad as most people think. I think that the BCH community should do well to redirect the focus spent on replacing Btc on distinguishing itself from Btc.

BCH has other uses than Btc.

Bitcoin at this point is no longer useful as a currency, a cash replacement. It is good to invest in, a wonderful asset to have in a portfolio and other uses like that. And BCH is not going to challenge it anytime soon in those areas. But maybe it shouldn't want to.

Bitcoin Cash is the bitcoin that IS a perfect replacement for cash. It is good for daily use by the average consumer. The transaction fees are minuscule, the transaction speeds are very fast, the adoption by merchants over the world is growing slowly but steadily and the developers are active, quick, and united.

Besides this, the BCH network can handle much more transactions than that of btc. This means more people can use it simultaneously without it having consequences for the transaction times or fees.

The transaction fees and times are why Bitcoin Cash is better for everyday use.

As the fees for the Btc transactions and their speeds grow, the likeliness of using the coin for smaller transactions shrinks. If the transaction costs $20, and it takes hours to complete, then it's simply stupid to use the coin for purchases and transactions that are below $50.

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Most money spent on purchases are lower-value transactions.

If you look around you, and at your own spending in Supermarkets, online shops, coffee shops, bars, and almost all other places day to day purchases are made you'll notice that the vast majority of those are below $100 and most of those are even below $50. Most of those purchases are of the kind you haven't got the option, or the will, to wait hours for the transaction to complete.

Bitcoin Cash transactions usually cost less than $0.02 and are completed in minutes. So using Bitcoin Cash for purchase of $10, $5 or even $1 are cheap enough and fast enough to make sense. That's what and where the focus for Bitcoin Cash should be. Sure it's nice to have big-time traders making multi-thousand dollar trades and having investors with 30-50% BCH in their portfolio's, and of course, the BCH is as good for that as the Btc is but it's not where the most gain is to be made in the world of finance.

Most of the money-changing hands in the world today is consumer transactions.

In the USA alone, the amount of money spent by Americans each day is almost 30 billion dollars. That's money spent on rent, utilities, subscriptions, food, water, clothes, and entertainment. An average of $100 per day per American. Ok, that's incredibly much for many people, but nevertheless, every person spends money every day. And there is no reason why that money spent every day by everyone couldn't be spent in Bitcoin Cash.

A future where the Dollar is replaced by BCH?

If Bitcoin Cash keeps innovating and adapting to the demands and problems of the times with its focus on keeping BCH a coin that is as easy to use as any fiat currency, only decentralized, more private, and safer, then yes. There will one day be a time when the Dollars are replaced by BCH. And i think that El Salvador will be the first country to abandon Btc for the BCH as they experience the problems with Btc use in normal life, by normal people, who have a meager income with which they have to purchase their small purchases.

Positive signs for the future of BCH

Of course, there are the benefits that have always been benefits of BCH, for Businesses:

  • Low Transaction Fee. The biggest benefit of Bitcoin Cash for your business is the low transaction fee it offers.

  • Near Instantaneous Transactions.

  • No Chargebacks.

  • Security.

  • Future Ready.

Another great advantage of BCH is the privacy it offers for both merchants and customers. There are plenty of ways to receive and send BCH without KYC information being requested or recorded. Businesses can have their bills paid to them pretty much anonymously, and customers have even more options for anonymity when using BCH!

Another great advantage BCH has compared to other cryptocurrencies is of course its community. The developers, miners, traders, and users of the BCH manage to achieve a sort of unity many other cryptocurrencies can only dream of. Its development community is able to achieve a more stable 'roadmap' and reaching its milestones than most other cryptocurrencies without really actually having an official roadmap.

(this feat is wonderfully explained in an article here: https://bitcoincash.site/blog/unofficial-bitcoin-cash-roadmap-2021/)

And a documentary focused more on the general future for Bitcoin Cash is here:

So summarizing:

Bitcoin Cash is the crypto for everyday use, for the consumer purchasing and the merchants selling, for sending cash home to family, for giving it as a gift, and for cross-border transactions. It's nice to be able to use it as a financial product in investment or other big market situations, of course, but that is not where its strength and future lies.

Grandma giving her Grandchildren pocket money for candy

We should strive to make it so that grandma can give her grandchildren some BCH with which they go to the candy store and buy a candy cane every time they visit grandma. When BCH is as easy or easier to use in THAT situation than a five-dollar bill then, in my opinion, Bitcoin Cash has achieved its ultimate goal!

Tell me what you think!

So what do you think here on Read.cash? I am curious to know what the community at large or people like @RogerVer or @MarcDeMesel think about this. Them being one of the creators of BCH and one of the biggest supporters of BCH and read.cash. Please let me know in the comments.

And if you liked this article, then a thumbs up is welcome. I can use all the support I can get. (as you can read in posts I've posted here earlier)

Thank you for reading this! Keep safe and stay happy!

@AnonSunamun

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Avatar for AnonSunamun
2 years ago

Comments

bch is far from ideal... significant upgrades should be done to reach 1 minute block times. but the developers refuse to discuss this.

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2 years ago

Well i was under the impression that any proposals could be submitted at https://bch.info/en/chips and those proposals are processed (no experience with this process though). I also read that there are many development teams working on upgrading and improving BCH. I can't imagine they'd not tackle anything important.

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2 years ago

I think there's a typographical error sir. You wrote "Btc has other uses than BCH" it should be the other way .

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2 years ago

I have corrected it to your preference.

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2 years ago

Nice sir🤝🤝🤝

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2 years ago