Bitcoin Cash (An In-depth Analysis)

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3 years ago

Advantages

Bitcoin Cash is a manifestation of Bitcoin, a concept. As a result, we inherited a technology that has operated flawlessly since 2009, a technology that solved the double-spend problem without the need for central authority and enabled the creation of magical internet money. This peer-to-peer electronic cash system achieved this by using a proof-of-work system that enables everyone to openly engage in network security and be paid for it without requiring enrollment. Numerous other cryptocurrencies have emerged since 2009, but none, in my opinion, offer the same level of protection. This is a significant advantage of Bitcoin Cash. Over time, mining rivalry has resulted in an arms race for advanced hardware, also known as mining ASICs, which means that while everyone can mine, they must make capital investments to remain competitive. This, I believe, is a positive development for our security, by requiring miners to commit, they are unable to use their computing power for other purposes. Once they purchase the machinery, they must mine with it in order to earn a profit on their investment. However, technology is merely a facilitator. Individuals build, and we have a large number of dedicated individuals worldwide who speak a variety of languages and come from a variety of languages and come from a variety of cultures and backgrounds. Isn't that remarkable? I believe it is. You constructed this! Indeed, you!

  • You, node builders, are divided into six distinct teams! You're busy developing node implementations and considering ways to expand the capabilities of Bitcoin Cash while adhering to the security pledge. What exactly are nodes? Our backbone is comprised of computer programs that run directly on our blockchain. As with e-mail servers and the intricate network that connects them.

  • Miners, you! You're running one of those node software instances and are tasked with the responsibility of constructing and protecting the blockchain, block by block, approximately every ten minutes. How do you possibly stop? Each block contains a fantastic reward!

  • You, wallet developers, innumerable! You're busy creating wallets and determining the best way to do what is possible in order to best benefit the customer. You are responsible for the creation of our financial e-mail clients. Whichever one we choose connects us to a server and enables us to send financial messages, commonly referred to as money.

  • You, the subscriber! You get to take advantage of all this, as well as send these financial messages! You are even constructing without even realizing it! As you can see, financial messages, i.e. choosing who to send money to, are critical in a free market world. It establishes a complex network in which other humans are rewarded with these money messages in exchange for the goods and services they produce, and it is truly a message. Message stating that I enjoy your product/service and would like to see more of it.

  • You, a different user! You are on the receiving end. You are the one who is developing a product/service for your fellow humans, and you are receiving these financial messages as motivation to continue working! You are establishing companies of all sizes. Continue to build!

  • You, the IMPACTOR! I'm not referring to you, celebrities. I'm referring to someone who publishes something in public. Yes, you! Any word you write will be read. Consider this. When you converse with someone on a website, you are conversing with anyone who might be looking! That entails some responsibility. You never know how it will affect those who observe, because they will not immediately intervene to inform you, but will observe and pass judgement. Therefore, exercise caution and consider proper behavior!

  • You, speculators and HODLERS! You contribute to the development of our market capitalization! Even if you have additional money, that is appropriate. Wherever you can, collect your "tendies," but don't forget to bring some home.

I firmly believe that our greatest strength is our people! Let us rejoice!

Bitcoin Cash Humans!

You will develop Bitcoin Cash into world's first peer-to-peer electronic cash system! Who knows, maybe even more! A few additional words about technology.

Although Bitcoin used to have fairly secure instant payments via 0-conf, those are no longer supported on BTC due to the RBF and blocksize policies, those cheap instant payments remain supported in bitcoin Cash.

Although some may complain about the slowness, this is simply because they have only ever used exchanges that need many block confirmations. 0-conf fits well for real-world cash-like transactions. If you send money to a friend, it will immediately appear in his wallet and he can use it to complete other 0-conf transactions, such as tipping some people on Reddit, who can then use it to complete purchases with supporting retailers, such as keys4coins. When a block is discovered, it will contain the entire chain of such 0-conf transactions, since we will still have space in our blocks.

Bitcoin Cash nodes are currently accepting and processing blocks up to 32 Mega Bytes in size. The Testnet has successfully validated the safety of 256 Mega Byte blocks, which will be available on our mainnet in the near future. At 32 Mega Bytes, that equates to approximately 280 PayPal transactions per second. A 256 Mega Byte block can support approximately 2200 transactions per second at the Visa level. BTC has a maximum transaction rate of 7 TPS. Due to high bandwidth and low bottleneck, fees can be scaled down to less than a penny, about a fifth of a penny, while still incentivizing safe and diverse miners. Bitcoin Cash handled more transactions every day than Bitcoin in February, and the fees have never increased.

Additionally , Bitcoin Cash has smart contracts, which allow a plethora of interesting possibilities and are rapidly gaining popularity in the B2B world. They permit things like Detoken, which allows you to the hedge or speculate on Bitcoin Cash. Similarly, there is AnyHedge, which allows you to trade derivatives. There is a proposal to allow native token support, which would enable smart contracts on Bitcoin Cash to perform significantly more and gain a major competitive advantage for popular token uses such as stablecoins and atomic swaps.

Due to the low fees, tipping is possible on sites such as Reddit, Twitter, and Twitch. There are two sites that natively endorse Bitcoin Cash: noise,cash, a Twitter-like site, and read.cash, a Reddit/Medium hybrid. Due to 0-conf and the fact that all of these services publish their tips directly to the blockchain, they all work in unison. For instance, after you've earned some cash in noise.cash, you can use it to tip someone on Reddit, who can then use it to purchase something from 0-conf-supporting merchants. It simply works, internet money that works! Flipstarter is another peer-to-peer funding site close to Kickstarter. These are not all projects, but they demonstrate the extent of what Bitcoin Cash allows. These projects were built using Bitcoin Cash. It is always individuals who build! The power is in the people; technology is merely a facilitator.

Deficiencies

We must be truthful to ourselves about this; we can not avoid the facts. We must acknowledge and own our weaknesses in order to learn from them! Not all of us, but some of us, have lived through battle. They left many war wounds, some of which have healed and others which have not. Let us take a look back at our previous wars and battles:

The scaling disagreement.This was the battle that raged when Bitcoin remained a single currency. It was a civil war. Thus, as you can see, people can also be a source of weakness. It lasted a number of years. Some were opposed to Bitcoin reaching its full potential as a peer-to-peer electronic cash system for the entire world! Those of us who were there recall it vividly. We attempted to reason, but it was futile. As a result, a breakup was inevitable. Who was victorious? No one. Everybody was defeated.

The struggle for the Bitcoin throne. We misplaced this one. This left significant scars. We must first admit that we lost the title battle; only then can we recover and turn it into a power. We are all aware of the truth: Bitcoin Cash is Bitcoin. Occasionally, though, we are unable to say it directly to those who are not prepared to hear it. We can whisper it, and sometimes even yell it! It's situational, which is why it may be both a weakness and a power. Keep in mind that I said fight, not war. This was our first battle as Bitcoin Cash, and it will be our last--the final boss battle.For that one, we must first rise in stature!

Craig "Satoshi" Wright's fight. This was a huge waste of resources. We won, and we believed we could continue to rise from there, but we let our guard down too fast.

The war with Bitcoin ABC was a waste of time because they were our leaders and we trusted them, but Bitcoin Cash production was stalled, which the market did not like, and they also tried to take our money for it!

Many of these conflicts have resulted in the annihilation of members of our society. They strengthened us by eradicating bad actors and instilling caution, but they also weakened us by shrinking us and leaving unhealed wounds. Why are unhealed wounds considered a flaw? That whoever wishes to harm you will attempt to use them against you by sprinkling salt on them, which can cause severe burns and cause you to lose your nerve and discipline. They become solid tissue and can be a source of strength only after they have healed.

The struggle for the Bitcoin crown exposed another flaw. In "proven" crypto circles, our public image is favourable. When BTC won the title, they did not stop there; they desired and continue to desire to punish Bitcoin Cash for daring to dream big; they desired to kill the adversary following their victory. They failed in that endeavour, but they caused significant harm to us. We're circumventing it by expanding in areas where their word has little reach, and I hope we continue to expand. Additionally, we are working to boost our public profile, one person at a time.

I would like to tell other people that BTC has evolved into a store of value/store of wealth, and that it's fine to earn money anywhere you can, as long as you understand what you're purchasing. BTC was intended to evolve into something more, and that's why Bitcoin Cash exists: to fulfil that promise of a peer-to-peer payment system for the world!

Innovations

If people are builders and our primary strength, we must work to amplify that strength! Provide it with levers! Strengthen it! We accomplish this by encouraging people to join us and providing them with the resources necessary to create. And, good news, there is a lot of progress underway, with the aim of providing people with the resources necessary to create! This is precisely what technology is: a catalyst for opportunity!

The Wallstreet Bets case demonstrated that people are waking up to the reality of central bank policy, that it is keeping them from experiencing the world of prosperity that a truly free market produces! It will hopefully cause more people to consider the meaning of money, which will lead them to us.

Mining generates a variety of intriguing possibilities. For the first time in history, power producers and consumers will coexist in close proximity. This means that you can build solar power plants in the middle of a desert without worrying about who to sell the electricity to or running cables all the way to them. Mining provides an opportunity to expand renewable energy resources in areas where there would be no demand for energy otherwise. This capability can then be used to create a paradise and welcome those in need of a self-sustaining energy supply.

Threats

Accusations from some who see us as an existential threat. It may be governments or other businesses wishing to develop their own payment mechanisms or business models that the popularity of Bitcoin Cash would obstruct. We despise anti-competitive conduct and advocate for a free market. Maintain vigilance!

On this stage, there is already a disincentive to engaging in cryptocurrency use. In the majority of the western world, every transaction made with a cryptocurrency is considered as a sale, which can result in taxable capital gains. For small transactions, I believe that many people will remain anonymous, but if you do earn significant money and want to spend it, you will be burdened with accounting and possibly a tax bill. This is more of a challenge to those who live in the developed world, and less so to those who live in the developing world, where grey markets are much larger and potentially benefit people's livelihoods.

Mining is another threat. Since we use the same proof-of-work algorithm as BTC, the proportion of mining power on the BCH chain is nearly proportional to the BCHBTC price. The good news is that we have a large number of miners who enjoy BCH and mine both BTC and BCH to maximise their earnings because it benefits their company. They have previously shown a willingness to forego certain earnings in order to defend BCH if that day ever arises.

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