There is something that is currently going on within the cryptocurrency communities, specifically the Bitcoin and Ethereum communities, in which they are currently being stopped by transaction fees. There is also an obvious attempt at making Bitcoin Cash lose the top 10 spots in the lists using other cryptocurrencies that are, technically, not for currency usage at all.
But before you ask, what are these cryptocurrency lists? These are sites like the following, but not limited to:
Essentially, these sites track cryptocurrencies based on their performance in multiple exchanges, and this is why you should ignore these sites at all.
The thing with cryptocurrencies is that they are, in essence, secure ways of transmitting currency. The technology they have brought is a triple-signature database that everyone has to download (called blockchain) also allowed database technology to progress to the point that there are companies who wish to invest in this technology.
The thing with these blockchains is that they are public, and therefore you can see who and how many transactions are made during a specific period, and transactions can be modified that you can see where they came from and what its specific usage was.
Bitcoin only became price-oriented since it started gaining traction to buy and sell items. However, these "medium of exchange" users soon get overwhelmed by people who just want to see the price rise and make a million. During the same time, Bitcoin would get crippled and it would reach various tipping points, only for the corrupted Bitcoin developer team, Blockstream, to send massive attacks to ruin the chain. That's how Bitcoin Classic, Bitcoin XT, and other small pre-Bitcoin Cash forks failed.
It was only during the implementation of Segregated Witness that it would spark the war for usage versus price in the form of the blocksize debate. The debate was simple, in fact.
Should Bitcoin (BTC) raise its blocksize?
There were two sides to this debate; those who want big blocks and those who want small blocks. The size of small blocks, however, had the support of those that didn't want Bitcoin to succeed in replacing the monetary system used on the Internet and had fear of being replaced in the real world as more and more people used Bitcoin for their everyday lives that even big companies such as Steam started to allow usage.
These central banks, who controlled most of the Bitcoin-based communication and discussion forums started using lies and began blocking the big blockers away from the forums, censoring talks and banning users. These frustrated users also caught the eyes of the ones who developed mining tools and other larger developers and they have created Bitcoin Cash as a result, just a few months before December 2017's ~$100 fees.
The thing though, is that the central banks and Blockstream still managed to do their social tactics and kill off most of Bitcoin Cash's momentum for the most part, and they are still doing it these days.
They can't stop Bitcoin Cash from regaining its true momentum, however, as due to the arrival of Bitcoin Cash-based utilities like read.cash, noise.cash, Detoken.net, Simple Ledger Protocol tokens, and other multiple applications have created a spike in transaction usage.
During the first days, both Bitcoin and Bitcoin Cashers became suspicious of the new growth. Most of them actually suspect it was a test, others saying that someone's spamming the network, but then, there were talks back when there was an actual stress test to never test on the mainnet chain and use testnets instead.
This new spike of transactions is from people who wanted money and were given a chance to get some through noise.cash through a simple banner on read.cash, telling about an alpha site.
It also acted a lot like Twitter in its early days, and the site gives "Free Tips" which is just the site's way of allocating a specific amount from funding given by Bitcoin Cash's own startup investor, Marc De Mesel. This guy also donated to the fund used in read.cash.
For something to have value, the item must have a use case. For currencies, it is to be a medium of exchange to be able to store value. For video games, it is to be a way of enjoyment and escapism.
Cryptocurrencies have the same thing, and there are two obvious sides of this spectrum.
Bitcoin's use case was a way to transact securely, and after 2017 when most of the big blockers left, it became a "digital gold"/"store of value" use case. The thing, however, is that both use cases that Bitcoin self-assigned into are false fallacies.
The "digital gold" claim is false because it relies on the fact that gold was once the item that currencies rely upon. This also feeds upon the fact that you cannot simply own gold without getting heavily fined by the government in countries that actually disallow you to hoard gold and the fact that gold is a mineral used to create pieces of jewelry and computer equipment.
The "store of value" use case is essentially equating Bitcoin as a malfunctioning bank. For an item to become a store of value, it must have a consistent value seen by everyone who uses it, and for everyone to use it and find value, it must be used. Gold never became valuable out of nowhere, but because it has an actual physical use case. Bitcoin doesn't have one, besides making everyone lose their funds because they can't store it within their own wallets.
Bitcoin Cash's use case is still the same as it was when it was still Bitcoin. Its price however doesn't reflect that due to Bitcoin and the fact that it was broken off and left for dead despite its growing usage.
Something is interesting, however, when you look at cryptocurrency market lists, and it's the fact that people want to invest more in things that first spot their eye.
There's a reason Ethereum is in trouble, and that's the fact that Bitcoin big block developers that once wanted to develop in Bitcoin had to move to Ethereum due to the 2017 Event. In fact, a lot of non-Bitcoin movement is in Ethereum and it really shows.
But Ethereum has overflowed its usage and its developers are trying to control the growing damage due to its infrastructure being unable to handle transactions.
Bitcoin Cash users are also expecting to get a similar amount of users once Bitcoin and Ethereum users take note of Bitcoin Cash, but remember that people are like to think with their money.
This is where we all end up, with Bitcoin Cash slowly creeping up to the large markets of the central banks and their controlled coin of Bitcoin with functionalities of the whole cryptocurrency market since 2017 added upon beautifully. And because Bitcoin ABC has been kicked with a coincidental rise in Bitcoin Cash application development means that Bitcoin Cash has a fighting chance to kill the giants and take control.
But it won't happen as long as people think by the market cap of Bitcoin Cash, which is heavily skewered based on its price and the total amount of Bitcoin Cash in the market, not reflective of the whole situation. And people are starting to get aware of that too. The amount of Bitcoin Cash users from Bitcoin has been starting to rise to critical levels that people over r/CryptoCurrency now have 24-hour anti-BCH posts if the Bitcoin Cash community gets ahold of the post and started to show facts. Trolls are starting to get desperate as they latch unto any reason to hate Bitcoin Cash. Bitcoin SV maximalists are starting to lose faith in their coin. r/Bitcoin is doubling down on deleting posts complaining about the now-constant ~$5 to $10 fees.
Bitcoin Cash? We are building. We have created communities, and we have created a chance for third-world countries to get money over in Africa. There are SLP tokens that allow you to earn more Bitcoin Cash (and Ethereum if you actually "stake" Refund (RFND) tokens) and more people are moving towards sites like read.cash and noise.cash to get money, getting their chance to discover Bitcoin Cash.
And people with large followings are starting to see what Bitcoin Cash truly is: a secure way to transact within the Internet.
Bitcoin Cash will manage to stay within the Top 10 unless Stellar (XLM) gets $1 billion to their market cap, which would mean a price pump. But that doesn't matter to those who develop and use Bitcoin Cash.
Bitcoin Cash is now reaching 1 MB blocks on average, and with a self-assigned limit of 32 MB and a working limit of 256 MB, Bitcoin Cash can handle more than enough.
The market cap of Bitcoin Cash is irrelevant to the world. Bitcoin Cash isn't a way for you to earn dollars, but it is the future dollar itself, waiting to overtake Bitcoin and then the M1 market slowly but surely.
When someone says "You are too late", you should disagree and say "I am too early" because you are. You are part of history which started when the banks of 2007-2008 almost went down and the UK almost became broke trying to pay for the banks.
Satoshi Nakamoto's white paper about Bitcoin was to solve a certain problem in transacting on the Internet. What he did was created a way for us to not only transact securely but become free of the limitations of fiat currencies.
This is Rowan, signing off.