A cryptocurrency is an internet base medium of exchange which uses cryptographically functions to conduct financial transactions.It also use block chain to gain decentralization, transparency, and immutability.
Cryptocurrency came into reality with the introduction of BTC in 2009.Following the significant growth after 2010 especially in 2013 when it got to it's peak at a record $266 per btc.BTC sported a market value of over $2 billion at it's peak but a 50% plunge shortly there after brought a ranging debate about the future of BTC and crytocurrencies in general.
Now looking at bitcoin cash(BCH)and the ideas that springs up it's existence,one can not fully agree that bitcoin(BTC) will continue to remain at the top of crypto world in the near future.
Bitcoin Cash (BCH) holds an important place in the history of altcoins because it is one of the earliest and most successful hard forks of the original bitcoin. In the cryptocurrency world, a fork takes place as the result of debates and arguments between developers and miners. Due to the decentralized nature of digital currencies, wholesale changes to the code underlying the token or coin at hand must be made due to general consensus,the mechanism for this process varies according to the particular cryptocurrency.
When different factions can’t come to an agreement, sometimes the digital currency is split, with the original remaining true to its original code and the other copy beginning life as a new version of the prior coin, complete with changes to its code. BCH began its life in August of 2017 as a result of one of these splits. The debate which led to the creation of BCH had to do with the issue of scalability,bitcoin(BTC)handles hundreds of thousands of transactions daily,transaction speed becomes more slower and transaction fees more higher.As a result of this the network struggle to handle more larger amount of traffic while maintaining the low fees.Unfortunately, I can not forget in a hurry my investment in bitcoin that is still accruing profit for me but I can't withdraw because the company said unless I pay 30% of my total bitcoin before I can be able to withdraw.Reason being that the block chain transaction fee on mining is so high.
The creation of bitcoin cash(BCH) helps to maintain a lower average transaction fee than BTC($0.0019 for BCH as against $0.39 for BTC) even though BTC have a larger community of network than BCH.
Besides,the transaction speed of BCH is another improved idea for faster transaction.BCH block can accommodate more transactions at once,which means transactions are likely to fit into a block without needing to wait for the next one
More so,I foresee bitcoin cash(BCH) taking over the crypto world in the near future base on there ideology which have a smarter way of eliminating most of the issues bitcoin fails to resolve.This is just a matter of time