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Bitcoin Cash: The Underappreciated Gem

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Written by   75
6 months ago
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A Diamond on the Rough

Should Bitcoin Cash be worth more? Yes, it should!

Bitcoin is good and I appreaciate it like many other people but it just can’t hold a candle to Bitcoin Cash.

Why?

It’s because Bitcoin Cash is the real Bitcoin. It’s the Bitcoin that Satoshi Nakamoto, the developer and inventor of Bitcoin and the Blockchain technology had envisioned – a worldwide digital currency backed by energy that cannot be controlled by any government.

Unfortunately, Bitcoin failed at that badly. Being considered the world’s third largest currency by the Deutsche Bank wasn’t a good thing for Bitcoin as it’s now on every government’s radar. Call for stricter regulation has become louder because it has grown too big over the years.

Certainly, altcoins are also on the government’s watch list but it’s not as bad as Bitcoin.

Then there’s the issue of transaction fee. Satoshi Nakamoto also envisioned Bitcoin as a digital currency that the masses could use on online transactions. Basically, Bitcoin should be a digital currency with great value but affordable fees.

But seeing the average transaction fee for Bitcoin, I think we could agree that it failed at that too.

…Then how about Bitcoin Cash?

Many, specifically Bitcoin maximalist, considered Bitcoin Cash as a splinter cryptocurrency. And they’re right. Bitcoin Cash was a digital currency created because people that believed in Satoshi Nakamoto’s vision thought that Bitcoin was drifting further and further away from its original purpose.

It’s a split, or an offshoot or whatever people (detractors) wants to call it. But even if it’s just an offshoot, it’s a damn good one.

It's better than Bitcoin. And I’m not just talking twice, thrice, or even ten times that of Bitcoin but a hundred times, possibly even more. Bitcoin Cash is what Bitcoin strive to be but failed miserably.

Don’t be mistaken though, Bitcoin is still a viable digital currency that could be used for large scale transactions (as long as one is prepared to pay absurd transaction fees), and there’s no doubting that. But Bitcoin shines more as store of value similar to gold than anything else – probably the only reason why it’s so popular.

But in term of functionality and practicality, Bitcoin Cash trumps Bitcoin. And yet in terms of value, Bitcoin Cash is losing badly to Bitcoin which is absurd in my opinion.

No, of course I’m not saying that Bitcoin Cash should have the same value as Bitcoin (although that would be good too). After all, if Bitcoin is the Gold while Bitcoin Cash is the currency of the crypto space. Meaning, Bitcoin is akin to gold, while Bitcoin Cash is akin to the US Dollar, Euro, or other fiat currencies on the real world. As everyone knows, gold has more value than any fiat currency. That said, fiat currency have bigger market than gold.

But the fact that Bitcoin Cash is lagging behind Bitcoin too much is what makes it aggravating. Bitcoin Cash is a gem of a cryptocurrency, a diamond on the rough but its way underappreciated and undervalued. And that needed to change.

Why is Bitcoin Cash Undervalued?

Bitcoin and Bitcoin Cash both have very limited supply of 21 million. So if we look at that alone, both should have the same value. In terms of Block size Bitcoin Cash has 32 MB while Bitcoin only has 1 MB. That’s a huge difference of 31 MB.

When it comes to transaction speed, Bitcoin could only do 7 transactions per second while Bitcoin Cash could do 116 transactions per second. That’s a whopping 99 more transaction per second. Again, a huge difference.

So as we have already established, Bitcoin Cash is a much better cryptocurrency compared to Bitcoin which should make Bitcoin Cash, in theory, more valuable. If we use cellphones as an analogy, a cellphone with better features and specs should be more expensive. Unfortunately, that wasn’t the case when it comes to Bitcoin Cash which doesn’t make sense.

But why is Bitcoin Cash so undervalued?

In my opinion, one reason why Bitcoin was more valuable than Bitcoin Cash was because Bitcoin was first (2009) and was therefore more established and have more supporter than Bitcoin Cash that only appeared in 2017. Meaning, it’s more popular.

Another reason why Bitcoin Cash was so undervalued was largely due to the fact that many Bitcoin maximalists are doing everything they could to pump the value of Bitcoin while devaluing Bitcoin Cash. And considering that they have several years of head start, they’re more than capable crushing rivals that could potentially take over Bitcoin.

Then there’s the fact that the original Bitcoin Cash forked into Bitcoin Cash ABC and Bitcoin Cash SV on November 2018. I believed that this is one of the main reason, it not the main reason why Bitcoin Cash was so undervalued today.

Aside from the fact that the Bitcoin Cash community itself split into the Bitcoin Cash ABC and Bitcoin Cash SV community respectively, Bitcoin Cash’s popularity also suffered a big hit. Many previous supporters turned their backs on the community and turned to Bitcoin, Ethereum, and other cryptocurrencies instead.

Worse still, some of these previous supporters turned into detractors after losing faith in the project.

Seriously, it’s easy to see that Bitcoin Cash suffered greatly after the fork and the divide of the community. And although it’s showing signs of recovery, it’s still far from its all-time high of $3,721.

Bitcoin Cash Need Our Support

Bitcoin Cash had lost a significant number of its supporters and investors after the fork, and the effects of such a loss could still be felt even though almost two years had passed.

I’m actually confident that Bitcoin Cash would eventually recover but that’ll require time and our unending support from the community. To be more precise we need more investors to invest in the project.

Obviously, the job of attracting big investors is the responsibility of those heading the project. But even we, bloggers and writers, could offer our assistant. And we could do that by spreading the words through our writings.

Aside from writing, we could also try inviting others to try Bitcoin Cash or by joining read.cash. And even if we the people we invited decided not to join, that’s still okay as our main goal is to spread awareness about Bitcoin Cash.

Some of you might scoff at me by saying that raising awareness is not enough to increase Bitcoin Cash’s value. And I have to disagree with that sentiment. Raising awareness through writings and words of mouth is a very effective method. The more people that knew the existence of Bitcoin Cash, the more its popularity rises.

And honestly, Bitcoin Cash needed an injection of popularity to attract more investors to the project. I’m not saying that it’s not popular but Bitcoin Cash needed more clout.

I think most of you had noticed by now but Bitcoin’s popularity is the only reason it is where it is right now. Bitcoin is the single most popular cryptocurrency in the market right now. And every single day, it’s attracting rich people and institutions to invest in it.

Think of Dogecoin, Shiba Inu, and the new Baby Doge. Elon Musk had sent the value of these coins soaring through his tweets alone.

I won’t go into more details about this coin but I think you get my point. Obviously we couldn’t copy Elon Musk’s method as we’re not as popular as he was. But what we lack in quality could be compensated through quantity. As long as we have the number, people would have no choice but to listen us.

Anyway, I’ll end the article here– thank you for reading, and have a nice day.

****

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

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Written by   75
6 months ago
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Comments

No, of course I’m not saying that Bitcoin Cash should have the same value as Bitcoin (although that would be good too). After all, if Bitcoin is the Gold while Bitcoin Cash is the currency of the crypto space.

Bitcoin Cash should and will reach a much higher dollar price than BTC in the long run. For one simple reason - the utility of Bitcoin Cash is much higher. It is slowly but steadily being used as a means of payment for more and more purposes. BTC will not. BTC is not digital gold either. That is a fairy tale. Gold has many properties that BTC does not have. Gold is beautiful and can be used for jewellery. Gold is necessary for the production of very many devices (e.g. smartphones and computers). BTC has very little utility and it will not rise. Look at the BTC dominance over the years. It is falling and falling. It will continue to fall. BTC is technically obsolete and it is not improving. People will gradually abandon it. It is already happening. Many people just don't realise it yet.

$ 0.10
6 months ago

To be honest I also want to see BCH surpass BTC in terms of price, and I think that's very possible. It's just that it won't happen in a few more years. Right now BTC is more popular than any cryptocurrency in existence and majority of people are choosing it. The proof of this is the fact that many companies, and hedgefunds are buying Bitcoin than any other cryptocurrencies. I know that it doesn't make sense considering that cryptocurrencies like BCH is making BTC obsolete but that's just how things are right now.

And as for BTC not being similar to gold that's indeed something worthy of discussion. BTC is not gold per se as it's not as versatile and useful as gold but it does one thing that gold does -- being a store of value. And when I say that BTC is like gold in the real world, that's what I meant. Most people even those companies and hedgefunds that's buying BTC also see it as nothing more than a store of value.

$ 0.00
6 months ago

Right now BTC is more popular than any cryptocurrency in existence and majority of people are choosing it.

I don't dispute that. I just want to draw your attention to the tendency. The dominance and importance of BTC is decreasing. A few years ago the dominance was over 80%, now it is just over 40%. The trading volume of BTC is only slightly higher than ETH. Open your eyes.

Alta Vista used to be the leading search engine. Who still talks about it today?

BTC is not gold per se as it's not as versatile and useful as gold but it does one thing that gold does -- being a store of value.

BCH is also store of value. Even better than BTC because BCH have utility like real gold.

I don't know how long it will last, but if at some point BTC is no longer number 1 in the CMC, it's over for the coin.

$ 0.00
6 months ago

I get your point. I'm also aware that Bitcoin' dominance had decreased over the years thanks to the appearance of new coins that taking a bite on Bitcoin's market share. But the thing is, majority of big institutions still prefer Bitcoin despite the trend. It's baffling, I know.

Another thing, you can't really compare a search engine to cryptocurrency. The reason Alta Vista went out of use was because people have no attachment to it nor do they invest money to it unlike Bitcoin so when a better search engine came out people simply move on and use that better search engine instead.

Bitcoin on the other hand have tons of investors (big and small) that invested a lot of money on the project. And when money is involved, you can be sure that they'll fight tooth and nail to keep Bitcoin on top -- at least until they've earned double their investment back. Only then will they move to the next big project.

That' said, I do agree that BCH makes a better store of value than Bitcoin. Unfortunately, most people just do not consider BCH as one. Personally though, I want BCH to replace Bitcoin.

$ 0.00
6 months ago

The reason Alta Vista went out of use was because people have no attachment to it nor do they invest money to it unlike Bitcoin so when a better search engine came out people simply move on and use that better search engine instead.

The same will happen with crypto and is already happening. There are better cryptos than BTC and people are switching from BTC to the better cryptos.

Bitcoin on the other hand have tons of investors (big and small) that invested a lot of money on the project.

These "investors" will withdraw their money and invest in other cryptos when they will realize that they will earn more with other cryptos. This is already happening. That's why BTC dominance has been falling for years. Check the charts. It will continue to fall and probably faster and faster. Nobody is so stupid (except some ideologically motivated BTC maxis) and invest their money in one thing that brings in less return than other things. I can make any bet with you that BTC will loose. I just don't know when.

Unfortunately, most people just do not consider BCH as one.

That is actually luck. By the time everyone realizes it, BCH will be way too expensive to buy.

$ 0.00
6 months ago

Good point. I'm actually looking forward to see these investors move to other projects so that we could finally move out of Bitcoin's shadow. Hopefully, some of them will see the beauty of BCH and invest in it instead.

$ 0.00
6 months ago

Many see cryptos as an investment. However, the investment only makes sense if the target of the investment has a use. Otherwise, the investment has no sustainability in the long run and is a pure speculation that will eventually collapse.

I see Bitcoin Cash as p2p electron cash, which can be used for payments worldwide. Bitcoin Cash is slowly but steadily moving in that direction. As more and more people will use BCH, your value will increase regardless of whether someone sees it as an investment or not.

SmartBCH will be very helpful in this process because it will allow to build applications. When more and more people will use the applications, the demand for BCH will increase and with it its value. I am convinced of that. The current artificially inflated prices (especially BTC prices have nothing to do with the real demand). Almost no one needs and uses the BTC. BTC cannot become a global currency because it is technically obsolete. LN does not solve the problems, this has been seen for years. LN has good usability only as a custodian solution. The majority of people will not accept that. BTC is used solely for speculation. It applies to a large extent also for other cryptos (also for BCH, there we should not pretend anything). But it will gradually change.

$ 0.05
6 months ago

Agreed. Thank you for your insight.

$ 0.00
6 months ago

Bitcoin Cash is by far, the most efficient and humanitarian coin that wasn't even paid attention to by the public. It is a utility coin with ergonomic features that the BTC had failed and the other coins cannot, in any way, achieve. Like money, cryptocurrencies' purpose is to mediate and bridge every transaction. With the high fees, BTC and Ethreum have, it's really a loss for everyone.

Cryptos are money and they serve a purpose that BCH fulfills. It's not a copy, rather, an innovation that everyone should take a look at.

$ 0.05
6 months ago

I agree with almost everything you've said except for the one that BCH is not a copy. BCH is a copy, an offshoot of Bitcoin, and we can't really deny that fact. That said BCH is also an innovation as it surpassed the original in almost everything except for popularity.

$ 0.00
6 months ago

According to me bitcoin cash is king of the future because this is only Cryptocurrency which is more trusted and with unique qualities. This is easy to send . Or more favour thing is that it has very less transaction fee. So and in future according to my prediction its price goes to moon . So keep safe to yourself. Bitcoin aslo have more hash power and speed of transaction. This also have unique peer to peer transaction. So that is very favourable. So yeah Bitcoin Cash is best one indeed. And thanks for sharing your ideas with us. Keep writing :)

$ 0.05
6 months ago

Thank you for your valuable input. And yes, I agree with your sentiment.

$ 0.00
6 months ago

You are always welcome. 🙂🙂

$ 0.00
6 months ago