After the hard fork in August 1st, 2017, bitcoin suffered a catastrophic drop in price. Bitcoin Cash, on the other hand, survived the hard fork with no volatility whatsoever. Bitcoin Cash has shown itself to be the most preferred option by the people since the hard fork. The value of Bitcoin Cash surged to as high as $2,700 before plummeting back down to $850.
While it is still not confirmed if Bitcoin Cash will replace bitcoin as the leading cryptocurrency, here are valid reasons why Bitcoin Cash is the future of cryptocurrencies.
Bitcoin Cash Has More Supporters base
Bitcoin Cash (BCH) has more supporters base than Bitcoin (BTC), in many ways. To begin, Bitcoin Cash was the original Bitcoin that Satoshi had intended, being meant for peer-to-peer electronic cash. It is the only true decentralized currency that is functional on a global scale. I know most of you will say but it is because of Roger Ver, but that's is not the whole truth. Roger Ver is not the creator of BCH. BCH has more supporters because it is on different level of thinking.
More and more people are flocking to Bitcoin Cash as their main cryptocurrency as they see the logic and the practicality of it. The network is faster and this allows this cryptocurrency to be adopted faster due to faster transaction times. People would rather go for a coin that has real world applications and is fast enough to be used in real life. Moreover, the fees are much smaller when you compare it with other cryptocurrencies such as Etherium and Litecoin.
While BTC is gradually losing the majority of its supporters, Bitcoin Cash is actually gaining more supporters on daily basis. This will happen mainly because of the brand equity that the name carries. It also helps that the developers behind BCH have been making sure to further improve the network by inviting new products. In fact, they have been working so hard at it that they have launched a good number of products which have been well received by users. As such, it will be the people who will win in the long run.
Economic value
To understand how Bitcoin Cash gained value as opposed to bitcoin, one only needs to look at the economic value of both coin. Onchain economic activity is one of the factors of determining coin value proposition and BCH has been in a disruptive position recently breaking an all-time transaction record. Bitcoin Cash has much higher economic value than Bitcoin and may eventually become the dominant coin.
Bitcoin is 10 times more expensive to use than Bitcoin Cash. The major economic factor is the demand for bitcoin cash and the lower costs for mining bitcoin cash. The reason why BTC is so expensive to use is due to the mining costs. If mining cost is half as high for Bitcoin Cash, it means that BCH will be much more profitable for miners and less profitable for economic purpose. There is a high demand for BCH. The number of BCH transactions in the blockchain shows a far higher demand than BTC transactions. This, combined with the fact that BCH is much cheaper to mine, means that BCH will replace BTC eventually.
It is easier to send money with BCH than BTC.
Due to the use of a ‘divisibility algorithm’, BCH transactions take far less time to process. This results in smaller fees, but also allows BCH to compete with other altcoins. In fact, the average time it takes for BCH transactions to confirm is 1 minute and 28 seconds. This means that people can send money with BCH, which can then be used to purchase goods and services. This also means that BCH could compete with government issued currencies like the USD, and the much talk about CBDC. Bitcoin Cash is the only form of decentralized cryptocurrencies with true real world usage. No other cryptocurrency has achieved this yet. The huge amount of BCH in circulation validates this claims that Bitcoin Cash will be the new king of the cryptomarkets.
Bitcoin cash has no founder or owner.
Bitcoin has Satoshi Nakamoto and a bunch of other fellows who claims to be as the founders of Bitcoin, as well as an algorithm. Bitcoin Cash has no founder, owner, or anyone standing in that position. Rather, the creator of Bitcoin Cash are a few bunch of developers, the miners, and those who use BCH to purchase goods and services. The fact that people use it to purchase goods and services without asking for its owners permission is further proof that the BCH is the true king. Bitcoin cash is a community driven coin with no particular person calling the shot. This is a major reason why people will likely trust BCH as a mainstream currency.
Bitcoin cash has a large pool of brain power
Bitcoin Cash will undoubtedly grow stronger. It is no surprise that Bitcoin Cash has the greatest number of the greatest strategists, programmers, and brain power interpreting the Bitcoin Cash software. This has only intensified the jockeying for the valuable resources necessary to be successful.
In recent weeks, we have seen much developments in the Bitcoin cash network. With the introduction of SmartBCH, several brain power are churning out great and innovative products together with the Defi application and decentralized exchanges on the Bitcoin cash chain. From what it appears, Bitcoin Cash is poised to grow very rapidly in the near future. We hope that the same enthusiasm will continue and that the more market players who are open to the idea of Bitcoin Cash, the more robust Bitcoin Cash will become.
Conclusion
The theory that Bitcoin Cash will replace bitcoin has certainly gained traction. The increased demand for BCH over BTC is indisputable. Furthermore, BCH has proven itself to be the most viable alternative to BTC. With the current situation in the global financial system, the use of cryptocurrencies is growing. This demand will likely only increase in the future as global trade is facilitated with cryptos.
Most of the arguments against Bitcoin Cash are not valid. They are rooted in hatred of BCH or fear of what a cryptocurrency will do to the existing financial system. The fact that people use Bitcoin Cash to purchase goods and services proves that those arguments against BCH are baseless. Moreover, Bitcoin Cash has no creator, no founders, and no owner. One way or another, bitcoin cash will become the most valuable cryptocurrency in the long run.
It will happen sooner or later