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BCH Needed An Impetus To Breakthrough

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Avatar for beastion
Written by   72
1 month ago

BCH Should Be Where BTC Is At

Hey I got a question for you. Are you a fan of Bitcoin Cash (BCH)?

Silly question, I know. If you don’t like BCH then you won’t be in this platform, writing articles. But I still need to ask the question because this article is all about BCH and all of the positive things about it.

So if you don’t like BCH and hated people talking about its good points then this article is not for you.

Now that’s out of the way, here’s another question: What price should BCH be?

I’ve read articles and comments telling people that BCH should be valued higher than it is now. That it should not be valued in the hundreds of dollars but rather in the thousands – it should be priced at $10,000. Personally, I agree AND disagree to that statement.

I agree that BCH should be valued higher but I disagree to the price tag of $10,000, no, it should be more than that – it should be where Bitcoin (BTC) is currently at.

Where Is BCH Currently At?

Bitcoin Cash is one of the most popular cryptocurrency and is currently at rank #15 globally with a marketcap of 11.89 Billion (as of time of writing). Before the split though, it was actually ranked much higher – in the top 3 – along with Bitcoin (BTC) and Ethereum (ETH).

But after the hard fork in 2018, the original BCH split into BCH and Bitcoin Cash Satoshi Vision (BSV) respectively. Moreover, BCH later split even further into BCH ABC and Bitcoin Cash Node (BCN).

There was even a period of confusion in the community as to which one of the two would be the “official” BCH. Eventually though, BCH ABC emerge victorious, becoming the BCH we know and love today.

The split of the original BCH into two entities played a major role as to why BCH is just rank #15 in the global cryptocurrency market. If not for the unfortunate split, BCH would still be in the top 3. There’s even a good possibility that BCH could usurp the number one spot if the hard fork of 2018 didn’t happen.

Could BCH Still Take The Number Spot?

Yes. BCH could still take the number one spot but so does ETH, BNB, ADA, UNI, DOT, USDT, etc. Heck, even DOGE could become number one once the people realized that BTC is overrated and is not really deserving of its spot.

 What I’m trying to say is that it’s not impossible for BCH to overtake BTC. But actually doing so is the hard part. In order for BCH to become number one, BCH must first have the overwhelming support of the cryptocurrency community which, although very possible, is also a very difficult thing to do.

Why? It’s because there are nearly 6,000 cryptocurrency out there and some of which are far more popular than BCH. Moreover, the split had made investors a little afraid to invest in BCH as they are afraid that another split would happen again which would in turn affect its value once again.

So before passing BTC, BCH must first pass the others in the top 10 of which in itself, a very daunting task.  Fortunately, BCH have many advantages over its competitors because…

BCH IS Superior To Many Of The Cryptocurrency In The Top 10

There is a good reason why BCH used to be on the top 3 before the split. Firstly, it’s trustworthiness. Although the trust in BCH was slightly shaken after the split, it still remained one of the strongest and most trustworthy cryptocurrency out in the market to date.

Secondly, it’s practicality and usability. Bitcoin is not practical so does Ethereum. The transaction and gas fees alone would make anyone trading with the aforementioned cryptos sigh, not out of relief but regret.

Unless one plans to buy a house or a car, there’s really no need to use any of the above coins in normal transactions because the transaction and gas fees could make one vomit blood. Yes, it’s an exaggeration but you get the point.

Thirdly, BCH is true to its core. The popularity of BTC is worthy of praise but the same popularity also made it lose its core value – a decentralized currency.  Satoshi Nakamoto created BTC to be the currency that regular people could fall into – a currency not under any government’s support.

Unfortunately, BTC is slowly moving away from its decentralized core. Of course it would be unfair to blame everything to BTC as the government would still try to shackle BTC and put it under its control no matter what.

But market manipulation and most probably under the table dealings by whales made things a lot worse. It’s not a secret that whales could dictate the price of BTC and market manipulation is one of the things that regulators hated the most.

Image Source

BCH Need To Have Support Similar To DOGE

This might come as a surprise… okay, maybe not but Dogecoin is extremely popular. So much so that it is currently ranked #8 in the global cryptocurrency ranking with a market cap of 31.81 Billion which is almost thrice of that of BCH.

Despite being known as a meme coin and created mainly as a satire to BTC, DOGE actually manages to defeat many of its contemporaries with higher price tags including BCH which is insane if you think about it.

Why? Two words: Elon Musk.

Yes, Elon Musk almost singlehandedly propel DOGE to its current heights. The CEO of Tesla and one of the richest men in the world supported a coin that many in the cryptocurrency industry considered a joke.

Although BCH also have its share of supporters, they still pale in comparison to a celebrity like Musk. I think you already know where I was going with this but yes… we need someone like Elon Musk to propel to a new height.

I’m aware that not many share my view (and that’s okay) but we need to be realistic here. Just think about it. If Elon Musk could prop up a meme coin, imagine what a celebrity with the same level of clout could do to BCH – a coin that was made to surpass BTC?

In all honesty BCH already have what it takes to be the top coin, it’s simply lacking the necessary impetus. If BCH didn’t split then all of this won’t be necessary. But after everything that had happened, BCH needed something or someone to re-ignite the trust of investors damaged by the split.

That is all for now. Cheers!

Cryptocurrency Ranking Source: https://cryptoslate.com/coins/

Lead image and separator created using MS Paint.

Disclaimer: This article was checked for plagiarism using an online plagiarism checker tool, and was proven to be 100% original.

My other articles: https://read.cash/@beastion

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Written by   72
1 month ago
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Comments

Now that’s out of the way, here’s another question: What price should BCH be?

This question is secondary. The primary question is how many people should be using Bitcoin Cash by the end of the year.

https://bitcoincashsite.com/blog/announcing-bitcoin-cash-1m/

$ 0.03
1 month ago

That's also an important question but I don't think that we should discount people's tendency to look at the price tag first rather than how many people are buying or using something.

Don't get me wrong though. Just like you I also want to see more people using BCH. Actually, that's the whole point of my article.

$ 0.00
1 month ago

I understood the point of your article. But the price is less relevant for the development of Bitcoin Cash. Prices rise and fall. Adoption grows and must continue to grow. If the price of BTC and all cryptos will crash, only the very good adoption and use of BCH will be able to help this coin. The prices are temporary.

$ 0.00
1 month ago

I don't disagree with you that a very good adoption and use (of BCH) would save BCH. I also agree that prices of cryptocurrency go up and down. But I disagree with you when you say that only those two could save BCH. Before investing in cryptocurrency one of the first thing that investor would look into is the monetary value of the cryptocurrency. So i do think that the price of BCH could also save the coin and allow for good adoption.

That said, the main focus of my article is not even the price but the ranking and the impetus needed to raise BCH's ranking. I simply asked the question "What price should BCH be?" as a rhetoric question of sort.

$ 0.00
1 month ago

Before investing in cryptocurrency one of the first thing that investor would look into is the monetary value of the cryptocurrency.

What is monetary value? Read carefully my article, than we can discuss further

https://read.cash/@Telesfor/what-is-a-true-value-of-a-coin-1c11bfb9

https://read.cash/@Telesfor/why-the-high-price-of-btc-has-nothing-to-do-with-its-value-8d4c21cb

$ 0.00
1 month ago

Okay, I've read your two articles just as you've asked. And both articles indeed make a lot of sense. But I still stand on my statement -- cryptocurrency have monetary value. And here's why.

In economics, anything that can be traded (bought and sold) have monetary value. Same goes for cryptocurrency. Since you can buy and sell cryptocurrency then it means that it has monetary value. As long as there's a demand and supply for something then that something will have value. There's a demand and supply for cryptocurrency like BCH as such it has monetary value.

Prices also indicates the value of an item in our case the value of cryptocurrency. Even if the price of the cryptocurrency lasted only for a second, that's still its monetary value for that second.

I have no comment on your two articles because I actually agree with almost everything that's written it. Yes, agree that "The true and long-term value of an asset does not depend on its current price." But I disagree with your take on BTC. I'm not a BTC maximalist but BTC is not worthless. Thousands of BTC users would disagree with you on that. Sure BTC is overrated but it still could act as a currency -- you can buy and sell things with it.

$ 0.00
1 month ago

Thousands of BTC users would disagree with you on that

I know BTC is not completely useless, but BTC can hardly be used for purchases because the transaction fees are unpredictable and LN is an aberration. Other coins are better. For a coin, it is not important what its current price is. No matter how high it is right now. It is important how the price development will be in the future.

I am convinced that the demand for BTC will decline sharply in the coming years. If people notice that other coins are rising in price and BTC is falling, everyone will drop the coin very quickly. Remember what I said in 5 years at the latest.

$ 0.00
1 month ago

Well anything can happen in 5 years so your prediction is not really out of the realm of possibilities. That said, many BTC maximalist (and even some investors) are promoting BTC as digital gold -- a store of value. So even though BTC is not practical to use as a currency it might actually survive the next 5 years. Of course it could also just disappear like other failed crypto-related projects.

$ 0.00
1 month ago

That said, many BTC maximalist (and even some investors) are promoting BTC as digital gold -- a store of value.

Read my article and watch the video

https://read.cash/@Telesfor/is-bitcoin-btc-a-digital-gold-f427d899

$ 0.00
1 month ago

Let's just stop here. This back to back discussion has gone far too long. It's obvious now that our opinion on the topic of cryptocurrency (specifically BTC) is vastly different from each other and no article or answer could change our stance even a little bit. Continuing any further would be pointless.

$ 0.00
1 month ago

We can gladly end the discussion. I just hope that you have read my article and seen the video. I present solid arguments there. It is not a matter of faith.

$ 0.00
1 month ago