Thinking about BCH and its future.
Hi there folks. I got thinking about BCH after my last article and because of an article here i cannot find anymore. It mentioned BCH was performing badly compared to other coins. Here are my thoughts:
Why is BitcoinCash performing so badly compared to other crypto coins?
It's difficult to say exactly why a particular cryptocurrency is performing poorly compared to others. Cryptocurrencies are highly volatile and their prices can be influenced by a wide range of factors, including market demand, investor sentiment, regulatory developments, and global economic conditions.
Bitcoin Cash (BCH) is a cryptocurrency that was created in 2017 as a result of a hard fork of the Bitcoin blockchain. It was designed to address some of the scalability issues that were facing the original Bitcoin network by increasing the block size limit and enabling faster transaction processing times.
What could be the holdup?
There are several factors that could potentially be contributing to the poor performance of Bitcoin Cash compared to other cryptocurrencies. For example, it may be experiencing weaker demand from investors or a lack of support from exchanges and other market participants. Additionally, it may be facing increased competition from other cryptocurrencies that offer similar features or have stronger developer support.
Everything can change overnight, right?
It's worth noting that the performance of a particular cryptocurrency can change rapidly, and what may be a poor performer today could potentially become a top performer tomorrow. As with any investment, it's important to do your own research and carefully consider the risks and potential rewards before making any investment decisions.
What can we do?
There are several things that the Bitcoin Cash (BCH) community could potentially do to try to improve the performance of the cryptocurrency and potentially get it back into the top 10 list of cryptocurrencies by market capitalization. Some potential strategies could include:
Increasing adoption and usage: One way to potentially boost the value of Bitcoin Cash would be to increase the number of people using it as a currency. This could involve promoting the use of Bitcoin Cash as a payment method at businesses, encouraging individuals to use it for everyday transactions, and building partnerships with merchants and other organizations to accept BCH.
Improving the technology: Another way to potentially improve the performance of Bitcoin Cash would be to make technological improvements to the cryptocurrency. This could involve implementing new features or improvements to the network to make it more attractive to users and developers.
Building a strong community: Building a strong, supportive community around Bitcoin Cash can help to create a positive reputation for the cryptocurrency and encourage others to get involved. This could involve organizing meetups, participating in online forums and social media groups, and collaborating with other organizations and individuals to promote the use of BCH.
Engaging with regulators: It may also be helpful for the BCH community to work with regulators and policymakers to address any regulatory concerns or issues that may be hindering the adoption and use of Bitcoin Cash.
As always, be careful!
It's worth noting that improving the performance of a cryptocurrency can be a challenging task, and there are no guarantees that any particular strategy will be successful. It's important for the BCH community to carefully consider the risks and potential rewards of any actions they take.
The community is on the right track!
There are many examples of good deeds and charitable efforts undertaken by members of the Bitcoin Cash (BCH) community. Some examples include:
Donating to charities: Many BCH community members have used their cryptocurrency holdings to make charitable donations to organizations working to address a wide range of issues, including poverty, homelessness, education, and the environment.
Funding development projects: Some BCH community members have used their cryptocurrency to fund development projects in disadvantaged communities, such as building schools, clinics, and other infrastructure.
Providing emergency assistance: In times of crisis, such as natural disasters or humanitarian emergencies, some BCH community members have used their cryptocurrency to provide emergency assistance to those in need, such as by donating to relief efforts or directly providing aid to affected individuals.
Organizing community events: Some BCH community members have organized events, such as hackathons, meetups, and conferences, to promote the use and development of the cryptocurrency and to build a strong, supportive community around it.
Promoting financial inclusion: Some BCH community members have worked to promote financial inclusion by educating people about cryptocurrency and helping them to get involved in the BCH ecosystem. This can be particularly important for individuals in developing countries who may not have access to traditional financial services.
So yeah, statistically BCH isn't as much of a climber than other coins are. But that's not a bad thing perse. I think that if we just keep doing what we're doing, or do a bit more of that, we can prove slow and steady does win races!
Thanks for reading this!
Stay safe and stay happy!
Totally agree with this, no matter how BCH faced dilemmas, it's community will still stand and support until it reach the moon. For now, we can only support BCH by joining forums, spreading awareness about it and HOLD more of it cause there's a potential that it will pump maybe in upcoming months or years.