BCH lacking publicity is not as bad as you think and here's why

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Avatar for Arcane_Dev
3 years ago

Before we proceed with this article, let's recollect a bit the history of BCH and how it came to be.

As you all knowBitcoin cash is a cryptocurrency created in August 2017, from a fork of Bitcoin.1 Bitcoin Cash increased the size of blocks, allowing more transactions to be processed and improving scalability.

  • Bitcoin Cash is the result of a Bitcoin hard fork occurring in August 2017.

  • Bitcoin Cash was created to accommodate a larger block size compared to Bitcoin, allowing more transactions into a single block.

  • Despite their philosophical differences, Bitcoin Cash and Bitcoin share several technical similarities. They use the same consensus mechanism and have capped their supply at 21 million.

  • Bitcoin Cash itself underwent a fork in November 2018 and split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). Bitcoin Cash ABC is referred to as Bitcoin Cash now.


Source: https://www.investopedia.com/terms/b/bitcoin-cash.asp

So this is the history of BCH, and currently is being used, spread, bought, and exchanged my thousands of merchants all over the world, it's beginning started with a "quarrel" that separated the community, and till this very day it has loyal supporters who are holding, using, and operating on BCH daily. In fact:

Bitcoin Cash supporters are actually building a city:

So this is wonderful and all and shows great unity, but how is this going to benefit the mainstream adoption of BCH long run?

Good question, before we answer it. Let's take a look at the history of Bitcoin first.

On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. ... Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.

Among asset classes, Bitcoin has had one of the most volatile trading histories. The cryptocurrency’s first price increase occurred in 2010 when the value of a single Bitcoin jumped from around $0.0008 to $0.08. It has undergone several rallies and crashes since then. Some have compared the cryptocurrency (and its price movements) to the fad for Beanie Babies during the 1980s while others have drawn parallels between Bitcoin and the Dutch Tulip Mania of the 17th century. 

The price changes for Bitcoin alternately reflect investor enthusiasm and dissatisfaction with its promise. Satoshi Nakamoto, Bitcoin’s inventor, designed it for use as a medium for daily transactions and a way to circumvent the traditional banking infrastructure after the 2008 financial collapse. While the cryptocurrency has yet to gain mainstream traction as a currency, it has begun to pick up steam through a different narrative—as a store of value and a hedge against inflation.

Which Factors Influenced Early Bitcoin Trading?

During Bitcoin’s early days, liquidity was thin and there were very few investors in cryptocurrency markets. This state of affairs translated to wide price swings when investors booked profits or when an adverse industry development, such as a ban on cryptocurrency exchanges, was reported. The rise and fall of cryptocurrency exchanges, which controlled considerable stashes of Bitcoin, also influenced Bitcoin's price trajectory.

Source: Investopedia

These are also things you already know, so what's the point of this?

Let's compare the past, present, and possible future of the two cryptocurrencies:

Price:

Bitcoin started with an extremely low price, and currently one whole Bitcoin is completely unaffordable.

Bitcoin cash also started with an extremely low price, but even now, while it spreads to people who are actually using it, not buying and selling it, it's still affordable.

Usage:

Bitcoin was firstly used in dark net markets, later on it was accepted by big companies. Then as it spread, and its price increased, governments and other corporations got their eyes on it.

Bitcoin Cash was firstly used to deal with the problems of bitcoin, later on was accepted by normal people, families, and businesses.

Current state:

Bitcoin is a centralized currency used for pumps and dumps schemes, with custodial software, services, and sites, ruling the vast majority of it. Meanwhile there seems to be no signs for improvement over the obvious functional issues besides lighting network which is in fact, flawed.

Bitcoin Cash is spreading slowly to merchants, businesses, and people are actually using it daily. With a community that keeps growing and strengthening, new projects, new people, and more adoptions, literally ruling the daily transactions and showing no signs of decline.

Future:

It's true that bitcoin is the most famous cryptocurrency in the world currently, and it's true that governments seem to be getting their hands of it with the most recent example of El Salvador. Who's planning to make it the country's currency.

BCH continues to grow steadily and challenging the very foundation of bitcoin but also the corruption of its owners.

Guess what, that's perfect.

If bitcoin is willing to be the harbinger of cryptocurrencies, then let it be. The financial disadvantages will lead people to a better option. And guess what will be inside the spectrum of these better options.

Exactly, bitcoin cash.

See people and especially supporters of BCH and other cryptocurrencies that were created to challenge the imperfections of bitcoin, keep seeing Bitcoin as a competition they need to ascend over. But is that true?

I don't think so.

Bitcoin is, and should be used as what paves the way for the mass adoption of cryptocurrencies like bitcoin cash, and not the titan that shadows over them.

And BCH given how it even shares a name that immediately directs the person to a more functional form of Bitcoin ( Bitcoin Cash) will be there to earn what it deserves, a place in the daily routine of people.


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3 years ago

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Bitcoin cash is a cryptocurrency created in August 2017, from a fork of Bitcoin

Bitcoin Cash has existed since the genesis block in 2009 and represents the continuation of Bitcoin as described in the whitepaper so you lost me here.

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