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Bitcoin has fallen away to its original vision.

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Avatar for Jeth-jeth
Written by   75
1 year ago

Bitcoin Cash is better than Bitcoin at being electronic currency. I’m going to tell you why. Why Bitcoin cash is better than bitcoin. Many people asking about Bitcoin Forks, and the first one to talk about is Bitcoin Cash. BCH started as a hard fork of Bitcoin in August of 2017, or at block 478559. The entire reason this fork happened was because of a disagreement in the community about the future of Bitcoin, especially regard to several aspects of the protocol, namely block size, transaction time and scalability. As Bitcoin grew in popularity and usage, the speed of the transactions became slower. The cost of those transactions became higher. This issue came ahead in 2017, that the number of transactions dramatically increased and network congestion caused Bitcoin’s average transaction fee to climbed to as high as $55 by the end of the year. Some transactions are taking hours and in some extreme cases, days to finally confirm.  This is the first time that the scalability problem that some had predicted for Bitcoin was actually experienced by those using the crypto. In order to address the scaling solutions were suggested, including the Lightning Network, Segregated Witness or SegWit, and various sidechain scaling options. SegWit was designed to resolve the scalability debate by removing the digital signatures from the input instead moving into the end of the transaction. In theory, this solution increases the 1 MB limit of a block up to around 4 MB. However, there were many that though this approach wouldn’t work, including those who would eventually become part of the Bitcoin Cash community. They sough to keep scaling on-chain and instead proposed that the block size be increased from 1 MB to 8 MB. Unable to come to a consensus about the best solution, miners initiated the hard fork of the Bitcoin protocol, created Bitcoin cash in August 2017. And it was a frenzy. This fork of the protocol occurred just before the Segwit update, which did slightly improve Bitcoin’s scalability by reducing the size of the transactions, allowing more data to fit into the 1 MB block, and it allowed for the second layer solutions for Bitcoin. Though the size of each Bitcoin block is limited to 1 MB, there have been examples of blocks successfully mined that are larger than this due to the benefit of the SegWit upgrade. Bitcoin Cash, on the other hand, now has a maximum block size of 32 MB, which was increased from its original block size of 8 MB during its hard fork on May of 2018. This change in block size significantly increased the number of the transactions that can be include in each block and substantially increased the overall speed of the Bitcoin Cash network. It is important to note that even though the block size was increased, Bitcoin Cash maintains the 10-minute average block discovery time first implemented by the Bitcoin protocol. This means that transactions for Bitcoin Cash are confirmed in approximately the same amount of the time as Bitcoin, but because of the transaction can squeezed into each Bitcoin Cash  block, the overall throughout of the Bitcoin Cash network is higher, around 100 transaction per second compared to only 7 TPS for Bitcoin. Now it did increase though to 14 TPS after SegWit of course, but still not that great. Aside from the larger block size and thus greater throughout of Bitcoin Cash, one of the main advantages of Bitcoin Cash has over Bitcoin has to do with the transaction fees. The highest transaction fee price for Bitcoin Cash was in January of 2018 when the average transaction fee was around 90 cents. However, the transaction fees have dropped considerably since then, with current transaction fee costing only few cents. Bitcoin, on the other hand, had its highest transaction fees of around $55 in January 2018. And though the fees have gone down since then, transaction fees are still around $5 0r $6, significantly higher than Bitcoin Cash. So all this boils down to one thing. Bitcoin Cash is Better than Bitcoin at being a currency. The original vision of Bitcoin was to be a peer-to-peer electronic cash system that allowed anyone in the world to send money to each other quickly and cheaply. However, due to the long block confirmation costs, Bitcoin has fallen away to its original vision. While to those who are blessed enough to be living in a first world country $5 may not seem lie that much of money to pay to transfer money, for those unfortunate people including me who live in third world countries, $5 could translate to a week’s pay and that would be a totally unsustainable as means of transferring money. One interesting thing to the note is that in regards to price, Bitcoin and its forks lick BCH almost marry each other. When Bitcoin goes up, its forks go up with it. When Bitcoins down, its forks follow suit and go down as well. There are many that to say when Bitcoin goes down, all of the altcoins go down. But if you’ve seen any of the recent altcoin market moves like Ethereum, UNI and Aave for example, you would notice that even when Bitcoin was retreating from $40k to 30k, these altcoins have been steadily increasing in value, with ETH obviously recently hitting an all-time high. Now, if we take a look at these comparison charts between Bitcoin and Bitcoin Cash, its clear to see that they follow each other closely. 

It is undeniable that they look nearly identical. So it goes without saying that the value of Bitcoin ands its forks, like Bitcoin cash, are tightly correlated. So this means that if the bolds are right and Bitcoin is going to continue to rise in value, Then, in theory the Bitcoin forks like BCH will continue to rise as well. So Bitcoin Cash is better than Bitcoin at being a currency. We’ve established that and its value will also increase as well. 

My thoughts:

Reason why I’m investing in Bitcoin cash instead of other cryptocurrency aside from its small fees and has better fundamentals its because of the leader behind it the person who forced the merger is Roger Ver and if you don’t know Roger Vern is he the first investor in Bitcoin and the first investor in Bitcoin startup so he invest tons of money he even sold his Lamborghini to buy bitcoin. I like his mission of voluntarism. And he believes the potential of bitcoin cash to undermine every government on the entire planet’s ability to wage war. He understand that free society will lead to abundance of wealth and more peaceful world. And that's all we need today peace and abundance of wealth

#bitcoincashno.1

#bitcoincashtherealbitcoin



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Avatar for Jeth-jeth
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