Why BCH should be preferred over BTC?

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Avatar for Mohsin_Abbas12
3 years ago

As we all know boitcoin is a type of crypto- currency that was invented 2009 by a person named "Satoshi Nakamoto" and then released as an open source for the use of general public. Crypto is actually a digital currency designed to perform peer-to-peer transactions. These are recorded in a ledger in form of computerized database that is available on every computer all around the world through internet. All cryptos are based on the program called block chain with block containing the data and forming a chain with all these blocks combined together.

The main purpose of BTC was to form a system that is more secured as compared to traditional banking system. In BTC if the block is disturbed in the blockchain that code will become invalid rendering the program useless for the person trying to breach the security. However as secure as it is the transaction speed is relatively low in case of BTC. For example VISA a third-party during banking transactions, can performance around 150 million transactions per day which leads to 1700 transactions per-second. In case of BTC, it can only perform seven transactions per-second. That means if you start to process a BTC now it will take way much more time then traditional banking beacuse millions of people are participating at the same time.

Following this reason bitcoin cash(BCH) was created in 2017. BCH has blocksize of 32 MBs which store way more data then the 1 MB size of BTC. Due to increased size, more data can be stored at the same time transaction speed are much more faster. BCH can process 116 per-second as compared to BTC's 7 per-second.

So it can be easily concluded that BTC has much slower transaction speed. Furthermore transaction fee is high in case of BTC which is more than 50$ as compared to BCH which is in few cents. Bitcoin is still more popular than BCH is spreading people are switching to BCH. In conclusion i would say that following are the enough reasons to invest in BCH.

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Avatar for Mohsin_Abbas12
3 years ago

Comments

Well in my personal opinion I chose Bitcoin Cash because of transaction fees and because LN is not a solution and I got to that conclusion on my own by using LN and realizing that the fees are just 3 times more expensive in LN that on-chain, and also by finding out that routing transaction fees will also increase because node operators want more fees for their liquidity.

Pretty much I exchange my BTC into BCH because from my research I find out that fees will only increase on BTC and that BTC has become a extracting fees scheme.

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