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While the market is in trouble this doesn't change anything for Bitcoin Cash. It will keep moving forward with plans of adoption and developments.
Bitcoin Cash managed to do so much in such a small time. Since the creation of Bitcoin Cash with the decision to proceed with an important upgrade to the block size, it has managed to become the cryptocurrency of utility.
What was theoretical, became practical in 2021, and with the help of noise.cash the network transactions and usage increase to overtake those of BTC.
Bitcoin Cash has proven that it is a reliable alternative to fiat currencies and a solution that can be implemented as digital cash. Bitcoin Cash has also proven that it is a top cryptocurrency in network performance, development, and real adoption.
Lies never last and no matter the suppression of Bitcoin Cash by the crypto and social media, the network keeps expanding and proving its functionality.
Besides the network expansion, there is also constant development and increase in the use cases. Soon with the SmartBCH sidechain DeFi, Dapps, blockchain gaming, Web 3.0, and the future of finance will be available.
Cash Improvement Proposals (CHIPs) are discussed by developers and put under a consensus mechanism for the development decision. Bitcoin Cash protocol upgrades are based on consensus between all entities surrounding it and decisions are not driven by one party, unlike the Blockstream's version of Bitcoin, BTC, where decisions are taken by a minority and enforced on the rest participants.
Bitcoin is Bitcoin Cash
Bitcoin in this year has proven that the part of the community that was in favor of a higher block size was correct.
The part of Bitcoin that changed, wasn't BCH. Bitcoin Cash is the real Bitcoin.
As @CryptoMax explains in this video there are fourteen ultimate reasons BTC is an alt and BCH is the real Bitcoin.
This doesn't mean that we can't explore more avenues and expand into fields that are rapidly advancing financial services.
In my previous article, I've posted a chart from Google Trends, explaining how Ethereum search numbers outperformed those of Bitcoin Cash in the past 12 months, while previously search results numbers were close.
DeFi is important and banks have shown interest in it. It would be foolish not to consider advancing and developing in this field. 2020 and the beginning of 2021 was a test phase for Decentralized Finance.
Ethereum, being the top platform where DeFi is developed enjoyed vigorous network growth which had to do with utility. The high blockchain fees of Ethereum prevented it from allowing DeFi to reach wide adoption. I'm reposting it here for reference:
Google Trends: Bitcoin Cash - Ethereum Comparison (Worldwide - 1Y)
The red line provides the data for number of searches performed worldwide for Ethereum, and compared with the blue line which is for Bitcoin Cash. Interest for Ethereum spiked and the reasons were:
@MarcDeMesel explains how we can move forward with this tweet:
For the time being this is the SmartBCH sidechain to Bitcoin Cash, which will open up new horizons and new opportunities.
Ethereum 2.0 is going to take many years and the development will be slow. The Bitcoin Cash network is robust and can offer high speed and low fees, however, a sidechain network like SmartBCH can perform tasks that will bring interoperability and connection with popular decentralized applications and development.
We already recognize the importance and potential of Decentralized Finance. Beyond DeFi, the SmartBCH network will be providing a platform for the creation of DApps, Blockchain Games, DEXs and anything developers want to create with scaling and developer support.
The future will be about smart contracts and decentralized finance. While Bitcoin Cash keeps expanding as decentralized digital cash, there are fields we should not ignore but embrace and support these developments.