Bitcoin Cash:
For those of you who are new to Bitcoin Cash. You should know that Bitcoin Cash is the fork of Bitcoin but it has its own blockchain and the project has been getting active development from its supporters from the beginning. If we look at the basics of the coin the max number of the coin is capped at 21 Million, being the fork of the Bitcoin. Later in 2018, the Bitcoin Cash was forked again to BCHABC and BCH SV(Bitcoin Cash Satoshi Vision) but in this article, I am only talking about the Bitcoin Cash(BCH ABC).
Reason for Bitcoin Cash:
The fork is the split of the chain of the Blockchain and it occurs because of the disagreement between the certain upgrade or development between the miners or nodes or we can call this as the Bitcoin original community. For the clarification of the exact reason, we have to know about the Block size. From the beginning of Bitcoin, there has been controversy about Bitcoin Block size. Some were wanting to have the Block size higher so that the transactions get proceed faster because more transactions could be recorded in the same block whereas there were few who want to stick with the low block size.
Increasing the Block Size would massively increase the scalability of the network which makes me really think Bitcoin Cash is the network that has the power of the adoption. I would describe more about this later in the latter portion.
WHY BITCOIN CASH IS SUPERIOR TO BITCOIN?:
DECENTRALIZATION:
When it comes to cryptocurrency, the first thing that comes to everybody's mind is decentralization. There are many factors that need to be considered for decentralization. The first one is to be usable for everyone. I mean affordable for the high-level people and low-level people too. It may be easy for few people to pay a 10$in the transaction fee but there are many people who need to do the transaction of 10$ and paying 10$ in fee for sending 10$ is a hurdle. This makes decentralization really difficult and decreases the affordability of the network. If we look from the satoshi perspective then he had made the network for the usability of all of the people across the border but with this huge surge in the price of the fee of the Bitcoin, it has become a useless asset for the day to day usage. If we look at the y chart and fee of Bitcoin Network transactions it had reached the peak of 61$ on April 21. This makes me really sad because I was also having difficulty moving my bitcoins at that time.
On the other side, the BitcoinCash transaction fee has been very low. In number, it is 0.0072$ at the moment of writing this post. The approach of decentralization and using the asset as the way for payment in Bitcoin Cash wins without any further talks. This makes the Bitcoin Cash perfect for the day to day use. Talking personally, I can't pay a 7$ in fee for my 100$ Bitcoin but I can easily pay or send it to someone using Bitcoin Cash.
SCALABILITY:
The Block Size of Bitcoin is less than 1Mb which makes it able to do transactions up to only 7 per second and it is even lower at the peak condition. With the concept of global money, Bitcoin lags because of this problem. But the Bitcoin Cash has solved this problem because the block size of the Bitcoin Cash is between 8MB and 32MB. It can support TPS up to 25,000. It is like 3000 times more than Bitcoin in the speed and also wins over the giant payment company like Visa and Mastercard. This makes the BCH a perfect candidate for being used across the globe in different sectors and for a wide variety of purposes. I think Satoshi's dream would be possible because of the BCH.
Currently, Lightning Network is being implemented parallel with the Bitcoin Network it lacks the same level of security and decentralization. I have used it personally but it is limited only to few vendors and many people aren't even aware of it. For normal people it is difficult to understand Bitcoin and Blockchain and adding more and more stuff will make it even worse for non-techy people to understand the concept behind it. Because I can't explain lighting network to my grandmother whose mind is already filled when I explained her Blockchain.
COMMUNITY:
I would also like to address the community of BCH and BTC. Almost all new people that come to Bitcoin are because of the money and making their native currency they are depositing to be double or triple within the short time frame. Some may disagree with this point but people are coming with intention of making money to be a part of the BItcoin community not because it is Blockchain-based and decentralization is its key motto.
In my personal experience, my friends ask me how to buy Bitcoin in a bull market when there is strong FOMO and make few bucks and get away from Bitcoin totally during the bear market. I believe most of the trader that joins during the bull market is nothing more than retail investor or wall-streets, whatever you name it. But when it comes to the community of Bitcoin Cash, the story is completely different as far as I am concerned. Those who are family of the Bitcoin Cash stay and use the network during the cold winter bear market and they are more focused on decentralization more than making quick bucks and fading away. This is really important for the sustainable development of the project in the long run.
MINING DIFFICULTY:
With a lot of competition ongoing between the bitcoin miners from all around the world. The Bitcoin difficulty has spiked really high and for the normal people with normal spec, it is almost impossible to stand in the field of BTC mining. For getting started in BTC mining unless you have a number of rigs it seems a waste of energy because it won't be profitable and paying electricity and maintenance bills would be a problem. But with the BCH, the thing is different. The difficulty is much lower than Bitcoin and it makes it easy for those who like to run their BCH nodes without investing a huge amount of money and it also reduced the energy consumption of the network in the big picture. If we talk in exact number the Bitcoin difficulty as of today is 21.05 T, which in comparison with the difficulty of the Bitcoin cash's 324 G is much smaller and less energy consumptive.
Also, the Bitcoin Cash community is powering the platforms like noise. cash and read. cash which makes the people more interested in the crypto world and blockchain. I also like to add that as one of the small advantages of the BCH family.
DISCLAIMER:
This article was made to address the flaws of bitcoin and how BCH has solved that only. Personally, I have no bias regarding both of them and I am also holding BTC in my portfolio. If you have any facts that I am missing, I would be pleased to welcome them to the comment section.
@Ridam
My other article: You may like to Check:
Create NFT for 0$, No coding-https://read.cash/@Ridam/create-and-sell-nft-for-free-0-fee-no-coding-7bf90b6e
ETH,BSC,TRX Blockchain- https://read.cash/@Ridam/eth-blockchain-tron-blockchain-bsc-chain-0dbefff1
Crypto Trading Explained from 0-Hero=https://read.cash/@Ridam/crypto-trading-technical-analysis-explained-from-zero-to-hero-d80da221
My Bitcoin Cash Trading Strategy=https://read.cash/@Ridam/my-bitcoincash-trading-strategy-630dab37
