The BTC Vs BCH duel is needless

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Written by

Freelancer and IT enthusiast

2 years ago

In community: Just Write(e5e5)

Topics: Cryptocurrencies

The never ending debate between promoters of Bitcoin and Bitcoin Cash is pointless in my opinion except of course it is intended for publicity. If that it is the case then the debate would have achieved its purpose to an extent as I am certain that some persons got to know about Bitcoin Cash because of it. More often than not humans are drawn to topics or issues that are controversial such as the BTC Vs BCH debate, that is probably why newspapers and media outlets these days seem to be on the hunt for controversial issues to adorn their front pages.

The BTC Vs BCH duel has been on since the creation of BCH and I am sure it will continue to rage on until probably either of the tokens goes into oblivion. The chances of this happening are not even remotely possible at least in the no distant future. Instead of this needless duel, what I expect is for the frontliners and developers in both ecosystems to focus more on making their tokens more efficient and adoptable. This approach I believe will be of more benefit to the entire cryto ecosystem instead of the infighting.

Despite of one's best wishes for these two tokens, there are areas in which there is room for more improvement or efficiency especially for BTC. It is bedevilled with some obvious drawbacks. These drawbacks include the massive energy consumption that is associated with its mining as well as its transaction speeds due to network congestion. Rather than spend time bickering and throwing shades on other cryptocurrencies such efforts should rather be channeled to making BTC greener and more environmentally friendly while not throwing a blind eye to the ease and speed of transactions on the network.

Another issue which the proponents of BTC need to critically address is that of fees for transactions. An article in Condesk Updated in September, 2021 stated that the average BTC transaction fee ranged between 24 to 30 USD which for the 'Whales' might not be so much of a headache but for most 'small time' crypto entrants or 'small fishes', paying such fees would indeed be discouraging. The implication of such high fees persisting in the bitcoin ecosystem is that it is fast becoming 'Whalecentric' at the detriment of the 'small fishes'

Although the lightning network built on Bitcoin attempts to address the Bitcoin transaction fee and speed issues, it is yet to scale the hurdle of adoption in the mainstream of the Bitcoin ecosystem.

BCH on the other hand seems to be an antithesis of BTC, excelling at the obvious frailties of BTC in terms of transaction fees and times. The speed with which my earnings on read.cash are transferred to my regular crypto wallet with miniscule fees is always heartwarming as I usually get the notification of the deposit within a short period of time after making the withdrawal. I know many users of the BCH network can relate with this feeling.

Another area in which BCH outperforms BTC is the number of transactions it can handle at any given point in time due to its larger block size. Although there have been concerns about possiblity of security challenges in the BCH ecosystem when compared to BTC, there has been no significant events to warrant the chiming of alarm bells on the BCH network.

Despite these advantages of BCH, BTC still largely remains the face of cryptocurrency as it still maintains a significant market dominance as well as having the largest market capitalisation. Being the first cryptocurrency it has the strategic advantage of being the reference point on cryptocurrency related matters and this is bound to be the case for sometime to come. BCH has the potential to grow in terms of market capitalisation as it becomes more visible especially with the arrival of SmartBCH which will attract more capital to the BCH network as more solid projects gather momentum.

Despite the continued dominance of BTC, If given the option of choosing between BTC and BCH for receiving or making payments, I will most certainly be choosing BCH because of the ease of utilizing it at the present time which I hope will only get better as I expect improvements on the network to go hand in hand with the drive for mass adoption.

My candid advice to the captains at the helms of the BTC and BCH ecosystem is to focus on making their respective tokens more attractive via enhanced security, faster transaction times and more importantly low (specifically for the BTC ) or lower transaction fees. These are the primary concerns of most people who intend to adopt cryptocurrencies as means of carrying out transactions.

The token which is more efficient in terms of cost and usability will obviously receive more mass adoption in the long run. Like we say in my country when your product is good, you (i.e. the maker or producer) don't need to exert yourself so much with constant marketing but your product will market itself through it being pitched to others by those who have had a taste of it.