Today is my rest day. No work means lot of time to think of what to write.
One thing I have observed on this platform was many is writing about bitcoin cash. Maybe because read.cash is powered up by BCH. I did my own research about it to know much more of it.
Bitcoin Cash: The solution on bitcoin's scalability issue
I know that most of all users here on read.cash knew that BCH forks away from BTC. It is a solution that was recommended to solve the issue on BTC's scalability.
Bigger blocks means more transactions can be done. It also prevents the network being congested that makes BCH transaction fees much much lower compared to BTC.
I personally checked the transactions of BTC and BCH on https://txstreet.com. Btw, whoever did developed this, you're such a genius letting us see in a visual way how transactions getting in on the blockchain.
You can tell much tge difference between the two just by looking at the two pictures.
BTC is congested while BCH is free flowing. And when it coms to transaction fee, BCH has 0.001$ median fee while BTC has 6$. So which is better to use?
Bitcoin Cash: the good and the bad
This is just my pure opinion and no one is involve on this. I apologize if ever I made some mistakes on this. You can leave a comment and I will edit this post.
The Good
Bitcoin Cash has proven its capability to become the global peer-to-peer payment system. Secure/reliable, faster and lower fee transaction, and uncensorable.
Secure/reliable - there is nothing that I have search about an incident that the network has been hacked
Faster transaction - as I have seen on videos, transferring funds to others is super fast.
Lower fee transactions - unlike BTC, transfer fee on BCH is lower. We can prove it here on read.cash, because we can upvote other articles as low as 0.01$. Unlike on BTC, if ever you want to transfer a 20$ fund, the fee will cost you around 6$ or more depending on the network congestion.
Uncensorable - you don't have to worry about your BCH getting stolen, or being frozen. BCH is me, you, and everyone. No one is in control of it.
There are other good things about BCH. Like the numbers of merchants accepting it. The people who are supporting it from behind and the upcoming projects that will be launched later this year.
The Bad
There is just one thing that I have in mind that is bad on BCH. This prevents BCH from becoming the global peer-to-peer payment system.
The only problem that I think is the previous fork on BCH.
The first fork happened on November 2018. BCH and BSV is the result of the fork. The next fork happened last year, Nov. 15 to be exact, creating BCHA.
With this that is frequently happening on BCH, I conclude that big investors are a little hesitant to join the campaign of BCH on competing to become the global p2p payment system.
Think of this, developers are separated into two groups everytime a fork happens. So what do you think will happen to the network if this things continue?
Final thoughts
I think there is more good than the bad on Bitcoin Cash side making it more likely to be successful and promising to invest in.
The barrier to become p2p payment system can be overpassed as long as BCH can prove that their will be no upcoming forks in the succeeding years.
You have a point when you say about the fork