Is Bitcoin the Best Cryptocurrency? Probably Not.
Bitcoin is the first cryptocurrency.
Bitcoin is the first real-world fintech use case for peer-to-peer electronic cash transfer.
There are innumerable cryptocurrencies in the fintech arena now.
The price tag and the market cap of Bitcoin are at the top.
But, in terms of performance, Bitcoin is no longer the best cryptocurrency.
Bitcoin's fees per transaction are very high.
It takes a long time to settle a Bitcoin transaction.
In my novice opinion, Bitcoin is showing a lot of hype, probably the main reason cryptocurrency lovers are after Bitcoin.
The cryptocurrency market sells hypes with hope.
News hypes primarily drive a financial market. Investors are attracted to future gains by projecting substantial growth prospects. Similarly, the buyers of cryptocurrencies are assured unrealistic profits, such as "X coin will hit $100k by 202x," etc.
It is equivalent to selling the "input hypes" with the "output hopes." When the "output hopes" get shattered, the investors start disbelieving the technologies behind the assets.
The cryptocurrency marketplace is like a big supermarket for selling "input hypes" with "output hopes." The first cryptocurrency, Bitcoin, has won investors and intensified the "input hypes." The "output hopes" haven't met the projected growth.
What are the cryptocurrency hypes?
Some examples of cryptocurrency hypes are:
=> Cryptocurrencies will replace fiat currencies!
=> Coin A will hit $100k by the end of 2022!
=> Mr. X will put coin Y in heaven!
What are the fintech hopes?
Some examples of cryptocurrency hopes are:
=> Cryptocurrencies will be used for online payments.
=> Cryptocurrencies will be adopted by global merchants.
=> Cryptocurrencies will be adopted for crowdfunding startup projects.
BitcoinCash (BCH) has the potential to transform hype into hopes
Claiming that a particular cryptocurrency will or may achieve some heights is easy. But, to achieve it, in reality, is a daunting task.
How will it be possible to transform cryptocurrency hypes into fintech hopes?
I try to express these perspectives of BitcoinCash (BCH) realistically.
Firstly, all the stakeholders of BCH must reject all sorts of cryptocurrency hype.
BCH competes with other cryptocurrencies but not fiat currencies. Fiat is in a different domain and may remain there. Efforts to kill fiat currencies will waste a lot of resources.Secondly, BCH may not need to project big price cap hype. Let Bitcoin (BTC) and other cryptocurrencies play the price cap game. BCH's market value will automatically rise as its adoption by all its global stakeholders increases.
Thirdly, bringing celebrity tech corporate owners into a cryptocurrency project may make its future volatile and vulnerable. Celebrity investors may suddenly withdraw all their holdings, creating a financial crisis or void. The core BCH project may not need volatile (uncertain) celebrity endorsements.
[We may briefly exemplify the famous corporate owner Musk, who played uncertain business games with some cryptocurrencies.]
BCH has already accomplished realizing some FinTech hopes
"Cryptocurrencies will be used for online payments."
BCH has been adopted for peer-to-peer online payments.
"Cryptocurrencies will be adopted by global merchants."
A large number of global merchants have accepted BCH.
"Cryptocurrencies will be adopted for crowdfunding startup projects."
BCH has been used for crowdfunding, exciting tech, and social projects.
Bringing it altogether
Being the world's first cryptocurrency, Bitcoin or BTC has attracted a lot of investment.
Bitcoin price is naturally the highest.
However, Bitcoin is limited by its core technology and inherent scaling issues.
The Bitcoin community has tried the Layer 2 hack to solve its scaling issues.
Still, Bitcoin is unfit for peer-to-peer micropayments due to its high fees.
BitcoinCash, or BCH, is a hard fork of Bitcoin and is performing decently.
BitcoinCash is fast, and its fee per transaction is low.
BitcoinCash has demonstrated immense possibilities in technology, innovation, performance, and adoption by global citizens.
BitcoinCash is poised to transform the cryptocurrency hypes into fintech hopes.
<> Originally published on Publish0x.
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I am a researcher and contribute to the overlapping areas of STEAM (Science, Technology, Engineering, Arts, and Mathematics). I am an active user and promoter of GNU/Linux, free and open-source software. I develop cybersecurity and information security solutions, specifically graphical authentication security.
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April 23, 2024