The Case for Bitcoin Cash: Why It Matters If It's Worth Less Than Bitcoin
When people think of Bitcoin, they often think of one thing: price. So when Bitcoin Cash came out on August 1st and was worth $200 less than the original coin, people were ready to write it off as an inferior version that wouldn’t be competitive with its predecessor in the long run. However, in order to judge something properly, it’s important to look at what the coin brings to the table not just in terms of technical features, but also from a business perspective. Here are some reasons why it matters if Bitcoin Cash (BCH) remains below the price of BTC...
The importance of low fees
If you're reading this, chances are you have a stake in the cryptocurrency market. As such, you'll be well aware that one of the most significant barriers preventing crypto currencies from becoming mainstream is their prohibitive transaction costs. Take bitcoin as an example; in December 2017, it was trading at $19,000 but with transaction fees of around $20 a pop, it would cost around $400 to send just one bitcoin! A few years ago when bitcoin was worth only $200 per coin and transaction fees were negligible, sending $100 would cost around four cents.
Bitcoin cash has been created to solve this issue and make transactions faster, cheaper, and more reliable than ever before.
Transaction speed
Bitcoin cash transactions are cheaper and faster than bitcoin transactions. This makes it more suitable for smaller transactions, like buying coffee or food from a street vendor. And while the price of bitcoin cash has dropped in recent weeks, this is due to its low trading volume, not because it's less valuable than bitcoin.
Bitcoin Cash is an upgrade to the bitcoin system that allows it to process large volumes of small transactions cheaply and quickly. The cost of a typical transaction is about $0.25 USD (or less), compared with $2-3 on the Bitcoin network today!
Advantages over bitcoin
Bitcoin Cash is faster and cheaper to use than bitcoin. The transaction fees are much lower, and the transactions happen in seconds. And it offers more security because it is based on a blockchain that can handle more transactions at a time. All of this makes Bitcoin Cash an attractive option for people who want to send money across the globe without waiting hours for their transactions to process or paying high transaction fees.
