Time Travel : BTC & BCH

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Written by

Crypto believer, blogger, story writer, computer science undergrad loving dogs at core!!!

2 years ago

I was pondering about all the advancements been made in BTC world from its birth to how it gained value and what gave rise to BCH. I was amazed on my research and got to know many new things worth sharing. Only a decade ago, bitcoin tech took birth and the changes since then are really awesome.

In this blog post, I am gonna share about:-

Rise of BTC.
How it reached where it presently stands.
Its presence around
Emergence of BCH.
Trends in both since their birth.

An year wise guide on BTC :-

Birth Year (2008) :- It was this year only when BTC protocol was given by Satoshi Nakamoto, whose identity couldn't be tracked down whether he was a single person or organization. His real identity is still a mystery till date.

In 2010, it's value was merely 0.08usd.
The first of efforts to negotiate bitcoin's value was the transaction of 10,000BTC for 2 Papa John's pizzas.

Year 2011 :-

Bitcoin worth :- It was for the first time that its value reached 1 usd.

Organizations like wikileaks and others started accepting bitcoins for donations.
Other currencies started emerging since bitcoin has an open source(available to all) code.

2012 :-

Worth :- Its price kept fluctuating to as low as 7usd with 15usd as the highest for year.

BitPay, a bitcoin payment service provider in USA recorded 1000 merchants on platform accepting bitcoins.
Wordpress started accepting bitcoins.

2013-16 :-

Worth :- From 2013 when bitcoin was valued 350usd, its value touched a high of 916usd.

Coinbase, whose ceo Brian Armstrong is one of the 100 richest persons now, back in 2013 reproted selling bitcoins worth of 1million usd @ 22 usd per bitcoin.
University of Nicosia allowed bitcoin for tuition fee and Overstock.com, American internet retailer company announced plans of accepting BTC.
A documentary film The Rise and Rise of Bitcoin, was released in 2014.
It was on march 13, 2014 when Warren Buffet called bitcoin "mirage".
In 2016, Cabinet of Japan acknowledged virtual currencies as something same as traditional money. Also, Swiss Railway Operator upgraded all their ticket machine so that bitcoin can be bought from them.

2017 :-

Worth :- The highest price recorded for this year was 19,783 usd.

It is worth noting how different organizations placed there trust in bitcoin till know. All those who till that thought of how bitcoin gained its valued can now see how it gained value and trust among people. Every year marked changes and advancements.

This year, 8th August marked the rise of BCH. If you talk about the technicalities, BTC being slow in processing transactions was decided to made fast. The birth of BCH know as "hard fork" took place leading to an alternate algorithm based on bitcoin algorithm but faster increasing block size from 1MB to 8MB.

This is how our read.cash's star child BCH came into existence.

This year only, steam announced to discontinue using bitcoins due to slow transaction speed and thus we know one reason of BCH's importance.

Successor years till 2020:-

Worth :- After remaining low as 5000usd for year 2018, BTC boomed to 41,973 usd in 2020 and this leap is what would have made many people pocketful. Belief in the crypto was fruitful after all.

Bitcoin's slow transaction processing speed being an issue, in 2018, payment platform stripe announced that it would discontinue its support for bitcoin because of transaction speeds along with declining demands and rising fees.
Since I belong to India, after supreme court uplifted crypto ban in April 2020, people started heavily in crypto and bitcoin giving certain boom to this industry and both BCH and BTC too. Many startups like WazirX, CoinSwitch Kuber and CoinDCX etc recorded high user registrations and involvement of corporate investment in BTC and crypto.
In October 2020 only, Elon Musk's Paypal announced that it will allow people to buy and sell BTC on its platform but not deposit or withdraw.

As for year 2021, BTC's value is fluctuating from 53,000 usd to 60,000 usd as of now.

REASONS : RISE AND TRUST:-

As you can see, many big names accepted bitcoins for payment as well as educational institutions and govt bodies.
Bitcoin and BCH ensure keeping identity a secret while doing transactions in it unlike other traditional currencies. Though the user can be traced back in case of fraud using special ways but otherwise its done without unnecessarily disclosing identity.
Peer2peer transactions with decentralization scheme gave every user greater control over BCH and BTC thus making everyone fall for them.
Mining came into existence thus engaging more people into crypto.
A good way to channel one's money and investments.

BCH's journey :-

In aug 2017, BCH traded at 240 usd and as evident by the chart above, its current price is very promising i.e. 1420 usd. The trust it has gained among the users is promising with some features even better than BTC. Some of the major reasons are:-

Improvement in transactions speeds thus attracting users.
Platforms like read.cash, noise.cash and their wonderful community promoting the use of BCH as a promising child in crypto family.
Very low transactions fee as compared to its parent BTC. As of april 2021, its average transaction fee stands at 0.0052 usd while that of BTC is 18 usd.
Rise of payment gateways for BCH payments like Blockonomics, GoUrl, PrompCash, AnyPay, BitPay and many others.
As per survey on the basis of the websites those show the merchant data, 4,392 merchants accept BCH globally.
It provides secrecy of identity as by normal means you can't know who controls a particular BCH address.
Unlike traditional currency, BCH official websites promises that there won't be no more than 21 million coins in the market ever unlike govt which prints currency out of thin air.