To begin with, I wasn't ever a core supporter of Bitcoin Cash. It is just lately I've found BCH and after doing my research, and felt this definitely has a future.
This argument was cemented while watching many of the rest cryptos having extreme fees just because they increased their users by just a couple more thousand.
I'm not invested today, in BTC or ETH for this reason. These networks seem rotten to the core and unable to create anything better.
The year 2021 started with Ethereum announcing Proof of stake. Even that was messed up and took a lot longer than it should have. And this was supposedly the first step of Ethereum 2.0. I can imagine the second and third steps taking two decades to finish and finally Ethereum to reach scaling similar to what Bitcoin Cash has today.
SmartBCH simply proves there is no need for Ethereum upgrades and ETH2.0 but a massive migration to SmartBCH instead.
Investing for period of 10 years in Bitcoin Cash is the best long term strategy. It doesn't have to be a one time investment, but one that can be within years. A good approach is to buy on each of the two or three huge dips that we see each year. Although, a better step is to buy small each month for 5-years.
I understand well, the audience in read.cash already knows that. I only want to verify my position today, that I find Bitcoin Cash a favorite to reach the first place in the marketcap rankings (and not just in marketcap.cash!! but also at coinmarketcap and coingecko).
This will need many years, since the forces behind BTC have now power that is real. But they will be uncovered by investors and now it is a slightly different ground that can easily bring BTC down to the ground.
I tried to explain the dollar cost average, that I previously also said is not a great strategy, although one that can make sense to the retail investor.
Bitcoin Cash is a great investment and you realize this when you meet this amazing community it has created. First of all, the developers and the community that distanced themselves from Blockstream and right after all the rest that followed. Investors like Roger Ver and Marc De Mesel, and some more that we see lately like Kim Dotcom. Kim said he doesn't own any Bitcoin Cash, though. Anyway, when you look at the people behind there are some names coming from the beginning of Bitcoin. This is a strength for the Bitcoin Cash community. And we also have developers with a voice that matters with connections and prestige.
Although this is not about the people, and we have seen how this can turn when one dev or group of devs becomes too important.
One thing that was holding me back to invest in BCH was this, there was some centralization and control by the ABC side. And it was proven later, with the last split, that seems it was the final one, though.
With Bitcoin Cash I didn't just invest waiting for a better price to sell later. I invested in the future. This is the currency factor that makes Bitcoin Cash and excellent form of money with low fees and also very fast transactions.
Transactions that settle instantly, while using credit or debit cards they settle the next morning (and not always either).
I don't want my bank to be responsible for me. OK, maybe I want protection, and banks are giving it. But I want my money to be available the moment I ask them.
This is the permisionless system that Bitcoin Cash and other cryptocurrencies have.
Just these two small things make a huge difference since very few cryptocurrencies can have both.
I've also read about security of the networks and how the hash rate of Bitcoin is making it better in these terms. I agree this is a factor, but wasn't this argument the same in 2017 and also the same in 2013?
It was all about the petahash and exahash that secured the Bitcoin network. Yet, Bitcoin has top secuirty with 140 exahash today, and also had top security level in 2017 with 8 exahash.
The argument was no different, it was always about nobody being able to attack the network. So, this 132 excess exahash in the network (~92% of the gross hash power) is not actually required. It is excessive hashpower in this network for security terms, and only increased this high since price of BTC is also at excessive level.
Security of BCH is at top standard, I have barely noticed any attack previously, except on possible attempt three years ago that miners countered with joint hash power. This was a real threat, still the miners of BCH, as with BTC, secure the network, and often switch sides to increase their profitability.
Maybe the BSV event was a reason for concerns and certainly an alarm that rings, since BCH can't exclude the option some mining pools or speculators with rent power may have to try and harm the network. Still, nothing has happened.
Bitcoin Cash works like a charm. And it manages to charm even more daily. But I left behind the main reason that made me invest in Bitcoin Cash.
The grand community, every one that downloads a Bitcoin Cash wallet today, and finds in BCH a wonderful new money, that is looking and acting better than Bitcoin.
It is Bitcoin since it shares the same blocks with BTC, although it is more in the terms of the spirit of Bitcoin rather than BTC that has completely missed the turn and is at the thands of Wall Street executives today.
And I don't mean the investing part either. I love it when I see the Wall Street being hot for Crypto. I mean the part that the Bitcoin Cash community only tells today. The meddling in esoteric affairs and the relations with a central part of Bitcoin development, which is Blockstream owned for the last seven years. Blockstream.
So, Wall Street, perhaps banks, and even more governments, are interesting in having a voice that counts in any serious development, not just Bitcoin. This is where Bitcoin Cash moves unaffected and diversifies.