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Do you know that BitcoinCash is cheaper to use than Bitcoin? Is Bitcoin Cash an Altcoin? Find it out
This is because transaction rates in both versions of Bitcoin are measured in satoshis per byte (a unit of Bitcoin is divisible up to 8 decimals and the smallest unit is called “satoshi”), the way to accurately measure the rates of Bitcoin is not in dollars, but in satoshis.
Because the Bitcoin Core blocks are always full and there is a large line of people, currently, the bouncer is charging more than 900 satoshis per byte for inclusion in a block. At the time of writing this article, it costs more than $ 30 to make a single transaction with Bitcoin.
In comparison, the average Bitcoin Cash rate is 19 satoshis per byte. With Bitcoin Cash, you can also set your rates manually from 2 satoshis per byte and be included in the next block, because there is plenty of room for everyone who wants to send a transaction.
Despite the dramatic increase in rates and the rapid loss of market share, Bitcoin Core developers refused to increase the size of the blocks.
Bitcoin Core rates are above $ 30 as of December 21, 2017. This means that an address with less than $ 30 will be unusable since one must pay at least $ 30 in installments to transmit the transaction. Imagine trying to buy a sandwich for $ 7 and have the cashier say, "It's $ 37, please." Even an address with $ 100 would lose the incredible amount of thirty percent of your money as soon as you try to make a transaction. Imagine that you give your friend a $ 100 bill, but once you give it to him, it's only worth $ 70. As soon as they use it again, it will be worth only $ 40. This is the current state of Bitcoin Core, it is completely broken.
Bitcoin Core supporters often say that Bitcoin Core was never conceived as a currency and that its true classification is like a Reserve of Value, or "digital gold."
Bitcoin Core developers have paralyzed the network due, in part, to a poor economic understanding.
To that end, they adopt and even encourage the collection of high fees and the slowness of transactions. Apart from the fact that this directly opposes the spirit of the Bitcoin technical report - Bitcoin: A P2P Electronic Money system - such a statement is absurd since something can only be a reserve of value in relation to its ability to store and retrieve utility. If you lose more than $ 30 of value every time you want to use it, are you storing value or losing value? Bitcoin Core, as of the end of 2017, is more accurately understood as a volatile and speculative asset that is not useful as a store of value, much less as a form of money.
Both Bitcoin Core and Bitcoin Cash are demand-backed currencies. What gives Bitcoin value is a combination of utility as currency and the fact that people want and want to own them.
Bitcoin Core no longer works as a currency due to its tremendous rates and slow confirmation times. However, as long as the demand for the currency continues, Bitcoin Core will continue to sell for significant value in open markets.
No. Bitcoin Cash is Bitcoin. It is important to keep in mind that Bitcoin Cash is not an altcoin or an imitation of Bitcoin Core. Bitcoin Cash is a Bitcoin Core Hard Fork, which means it shares the same transaction book and the same Bitcoin Core story, and is faithful to the Bitcoin Core code base until it separated on August 1, 2017.
The reality is that Bitcoin Cash is Bitcoin as it should be: A P2P Electronic Money system. This does not mean that BCH is BTC. Obviously, these two versions of Bitcoin are different networks, have different teletype symbols and are priced at different prices. But Bitcoin Cash, to a greater extent, works like Bitcoin, the digital money system in which people around the world believed and invested during the first years of adoption that led to the global Bitcoin phenomenon as it is known today. . This spirit lives unequivocally in Bitcoin Cash and is totally absent from Bitcoin Core and its claim of "Reserve of Value".
Low transaction fees and fast confirmation times mean that both merchants and users around the world can use and adopt Bitcoin Cash technology, benefiting themselves and their local economy in doing so.
The burden now falls on Bitcoin Core to justify its price of ~ $ 15,000 when it faces the affordable and improved version of Bitcoin which is Bitcoin Cash.