Can Bitcoin Cash Be the Successful Currency of the Future?
Bitcoin cash (BCH) came onto the scene as the lesser-known, offshoot version of Bitcoin in August 2017. It was created to solve some of the perceived problems of Bitcoin, like slow transaction times and high fees that made it impractical as a currency. Since its creation, BCH has steadily gained popularity, with many people even going so far as to say that it can be successful where its older brother has failed. However, not everyone agrees and so the question remains: Can Bitcoin Cash be the successful currency of the future?
Bitcoin Background
If you’re reading this, you probably know all about it. But to summarize, bitcoin was created in 2009 by a mysterious programmer using the alias Satoshi Nakamoto. It started off slow—really slow—but in 2017 alone, bitcoin became an investment craze as its value surged from $1,000 per coin to almost $20,000.
How will it work?
According to Gizmodo, it will work by using a new technique called canonical transaction ordering that makes transactions faster. People should start receiving bitcoin cash on August 1st, when those transactions will take place. Then, in November or December, people should be able to spend their BCH. So far, over 1,000 merchants have confirmed they’ll accept bitcoin cash as payment. This list includes big names like Microsoft and Expedia.
The use cases of bitcoin cash
So, can Bitcoin cash be a successful currency for years to come? There are several use cases for bitcoin cash already. For example, you can use it to buy gift cards and pay bills online. It is also possible to buy games on Steam with BCH. Also, many people believe that it will soon become an excellent payment option in certain countries like Venezuela where hyperinflation has made local currencies nearly worthless. As such, there is no doubt that Bitcoin cash will continue to grow in popularity as more merchants start accepting it as a form of payment.
Competition with other cryptocurrencies
With bitcoin continuing to hover around its all-time high and an increasing number of altcoins coming on to market, it’s become much more challenging for bitcoin cash to gain widespread adoption. The problem is that when a new cryptocurrency enters into competition with an established one, consumers tend to gravitate toward that well-known alternative in order to avoid getting stuck with something they can’t use.
Is Bitcoin cash (BCH) worth investing in?
If you have been wondering whether or not to invest in Bitcoin cash, then you might be glad to know that it can provide a lot of benefits.
Final thoughts about BCH
Unlike most altcoins, BCH has already established some traction in certain markets. It’s faster than BTC and offers reduced transaction fees. Therefore, if you are looking for a new cryptocurrency to invest in 2022, consider adding BCH to your portfolio.
