Going through Twitter and I saw Simon Dedic tweet where he claimed Bitcoincash in the top 20 is overvalued and I don't get the rationale behind his judgement beyond him being a Bitcoincash hater because of Bitcoincash level of success.
What again is cryptocurrency? Cryptocurrency is defined as a digital currency in which transactions are verified and records maintained by a Decentralized system using cryptography, rather than by a centralized authority (Oxford languages). Cryptography makes double-spend of cryptocurrency nearly impossible. One feature of cryptocurrency is instant payment/transaction.
With Bitcoin block size, there's been problem of fake double-spend, a situation where one transaction is broadcasted twice to two different vendors. This is possible because of the time it takes for Bitcoin transaction to be verified and confirmed. In this case, one of the two vendors, based on confirmation numbers will get paid while the other won’t. The vendor that got the double-spent Bitcoin when an attacker sent same coin to two people in rapid succession will receive nothing and this defrauded. The slow transaction confirmation time on Bitcoin blockchain makes this possible as it takes about 10 minutes for Bitcoin transaction confirmation which is a very long time for fraudulent people to explore.
Bitcoincash on the other hand can process 116 transactions in a second on the average compared to 7 transactions/second on Bitcoin blockchain. This makes transactions on Bitcoincash blockchain faster. The transaction speed on Bitcoincash network makes double-spending almost impossible with Bitcoincash block designed at 32MB.
So if we are talking about Cryptocurrency that can be massively adopted as digital cash for secured payments, I believe Bitcoincash ranks higher than Bitcoin in this regard. Elon Musk, who invested about 1.5 billion dollars on Bitcoin believed Bitcoin price is too high and has issues as means of payment. With Bitcoincash, transaction fee is lower and transaction time is faster compared to Bitcoin. If Visa, a fiat currency gateway can boast of a higher transaction per second compared to Bitcoin, we can agree Bitcoin deficiency can slow down Cryptocurrency adoption.
When people like Dedic talks, take it like a pinch of salt and see it as an attempt to spread FUD because this man belongs to the category of people driven by greed in cryptocurrency and not the category of people that wants cryptocurrency mass adoption in replacing fiat currency. Side by side, with the transaction ease offered, I believe anyone will prefer Bitcoincash to Bitcoin.
