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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.
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.