BTC not a cryptocurrency, BCH is

Ever heard of the BTC pizza story of May 22 210? A guy named Hanyecz was supposed to be a Bitcoin developer who made what is still today regarded as the most foolish transaction in the crypto space by paying 10,000 Bitcoins for just two pizzas. Given the current Bitcoin price, those pizzas could cost as much as $500 million today. No one today would think of buying something as irrelevant as a pizza with Bitcoin without thinking about how much it could become in the near future. Bitcoin has gone from being an experiment to become the best performing asset of the decade.

Bitcoin was not designed to be a speculative asset from the beginning. It was designed to be a usable currency, a completely new medium of exchange to transact daily business in the world commerce between two parties without an intermediary. That’s what a cryptocurrency means, a digital currency used for buying and selling goods. That was clearly stated on its white paper released by its mysterious creator, who dubbed himself Satoshi Nakamoto. It described Bitcoin as "a purely peer-to-peer version of electronic cash [which] would allow online payments to be sent directly from one party to another without going through a financial institution.” He tagged Bitcoin as “an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party,". And that’s exactly what the pizza guy did back then in 2010. Many still today calling him a fool for using Bitcoin exactly as it had been designed to be used.

Bitcoin’s promise, in the beginning, was that it would be a new world currency that could replace the so-called fiat currencies like the dollar, by allowing people to conduct business cheaply and anonymously. Bitcoin has since failed from being what it was promised. Even today, bitcoin pundits still believe a possibility of it becoming a global currency. PayPal and other mainstream financial gateways plan to offer their merchants the ability to transact in cryptocurrencies especially Bitcoin lend support to Bitcoin pundits claim. But the reality is that Bitcoin has never functioned as a currency from the beginning. Only a few people have actually used Bitcoin for transacting goods and services. People only buy and sell Bitcoin. You cannot tell anyone to pay for goods and services with Bitcoin, that would be sacrilege. People consider it so precious that it's good only as a store of value and a speculative asset. This is the detriment, the more people hoard Bitcoin as a speculative asset, "the less appealing it seems like a currency".

Bitcoin's failure to live up to its promise as a currency centered on several factors. Bitcoin transaction processing time is very slow as it is designed. With seven transactions a second Bitcoin will not work well if you are going to use it at the local stores or buy something online. We can also talk about Bitcoin transaction fees which can skyrocket at times due to network congestion. Fees can be as high as $20 to $100 per transaction. That may not be a problem for traders and investors but it is a big problem if you want to buy a meal in a restaurant.

But we have a better alternative in Bitcoin cash which was designed to function according to the original Satoshi Nakamoto white paper. A truly built peer-to-peer electronic cash system that crosses borders as if they don't exist. All the technical problems encountered using Bitcoin were duly taken care of. With transaction speed taking just seconds to complete, and fees as low as &0.001 per transaction, Bitcoin cash is in a position to be the digital currency the world has been waiting for. Now you can order a pizza without fear, buy some potatoes and carrots from the local food store. You can send any amount of BCH to a friend or a relative without a hitch. And no one would look at you as a fool. BCH is money meant to be spent, that's what makes it a currency usable by all.