We can call Bitcoin(BTC) as the king of all cryptocurrencies, the top 1 cryptocurrency of any crypto exchanges, the most popular or well-known digital currency in every corner of the world and the gold coin of the internet(we can't deny that) but the question will be "Are these factors can serve as indicators to make Bitcoin (BTC) as the future currency? Are these 'titles' can be a measures for Bitcoin(BTC) to become as future currency?
Well when it comes to popularity, Bitcoin(BTC) is equivalent to those popular super stars of Hollywood that even young people can recognize them and been experienced it when I asked some people what their ideas about cryptocurrency and simply answered me with "All I know is Bitcoin".
As the father of all cryptocurrencies and the root of course of Bitcoin Cash as our favourite cryptocurrency, Bitcoin has all the recognitions , the crowds, the name, the capability of giving wealth to its holder and the throne. Bitcoin (BTC) has it all but how about its conviniences? consistencies? versatility? Are these things can Bitcoin(BTC) produce to us? Or this one simple and last question "Is Bitcoin for all?" Well, these questions will answered by these facts that I am going to drop on why Bitcoin (BTC) can't become as our future currency despite of its popularity
"Note:This is not financial advice, this blog is all about thoughts and insights"
1.)Bitcoin is just a good speculative investment not a useful form of money
Bitcoin is indeed a appreciative digital currency due to its higher price. But the problems is, Bitcoin is one of the most highly volatile cryptocurrency. Bitcoin average price changed in 5.30% per day.This constantly changed of Bitcoin price due to its volatility that rapidly rising its value may affect the effectiveness of Bitcoin as the unit of account.
1BTC is equivalent to $63,081.70 based on its current price and still rising. An indication that BTC is indeed for good speculative of investment not a kind of future currency.
2.)The High Transaction Fee Problem
This is not new to us about the high fee problem in every Bitcoin transactions. In fact, this main problem of Bitcoin was created many arguments and debates between cryptocurrency enthusiasts and experts and usually gave problems to its new users.
So how this problem can pull out Bitcoin(BTC) in a queue in candidates for future currencies?
It is because the Bitcoin Average Transaction Fee is at a current level of $14.81, down from 18.03 yesterday and up from 0.3802 one year ago. This is a change of -17.87% from yesterday and 3.80K% from one year ago.
Now, considering that we are using Bitcoin for buying things in stores for instance, each product has prices attached that is ready to scan and pay with Bitcoin. So, in every product you bought, just expect some expensive transactions fees and remember ! In Bitcoin, your transaction can be prioritize by miner if you set higher fees against the other. So basically in Bitcoin, rich one is the most priority. You have to wait maybe a decade for your transaction to be included in the block lol...
3.)Transffering Of Funds Is Logistically Challenging
Sending your funds from the exchanges to your wallets and vice versa needs a technical knowledge to avoid unwanted lost of money in unexpected way. Most of the Bitcoin holders and traders uses exchanges and virtual wallets usually involved third parties In contrast, ordinary people can possibly encountered fraudulent third parties that may lead them to unexpected lost of their funds just like what happened in The Inside Story of Mt. Gox, Bitcoin's $460 Million Disaster.
4.)Bitcoin scalability problems
This is the biggest problem of Bitcoin. This is not new to us that Bitcoin can handle limited transactions due to its block size (1mb) that can only handle 2,000 transactions per block. This limited number of transactions per block can cause congestion that also can cause much higher fees and delays to the other transactions.
The Bitcoin Average Transactions Per Block is at a current level of 1757.00, down from 1913.00 yesterday and up from 1568.00 one year ago. This is a change of -8.15% from yesterday and 12.05% from one year ago source ycharts.com.
Due to this scalability and volatility problems in Bitcoin, these are created ideas that resulted in the existence of the other coin that can do what Bitcoin can't do and Bitcoin Cash (BCH) is one of them.
It comes with
Faster transactions✅
Huge block of 32mb that can handle 64,000 transactions✅
Almost zero fees✅
Effectiveness✅
Versatility✅
Consistency✅
Peer to Peer✅
Convenience✅
No priority system✅
And more features that defined the word "Future Money".
Conclusion
Bitcoin has the popularity and the CROWN of being ATH. But when it comes to feature that suited for worldy purposes or future money/future currency and a coin for all people, ofcourse Bitcoin Cash clearly got it all. VERSATILITY IS GREATER THAN POPULARITY AND HIGH VALUE!
BITCOIN CASH💚
A coin must be not prone to high volatility to be as crypto money of the future. most businesses will accept a coin that will be stable moving upward price. 😊👍