Billionaire and venture capitalist Tim Draper recently purchased BCH and praised BCH on his Twitter page. He also praised the ease of buying and using it, and further encouraged his followers to go to Bitcoin Learn about BCH and thank Roger Ver for his innovation in all aspects. Although his tweet did not introduce the specific reasons for praising BCH, the analysis from his comments seems to be about the current high network fees and slow confirmation times affecting other networks.
In the recent stage, due to network congestion and surge in transactions, indicators such as ETH transaction fees and single block fees have hit new highs, which have been criticized by many users. High transaction fees and slow confirmation time are unavoidable and urgent dilemmas in the development of cryptocurrencies. BCH is not affected by the current problems faced by cryptocurrencies such as BTC and ETH. These attributes that seem to be the most basic of cryptocurrencies but overlooked by other cryptocurrencies are indeed the stepping stone for BCH to increase the usage rate worldwide.
On Monday, the British innovation bank Ziglu announced that it has been licensed as an electronic money institution (EMI) by the British Financial Conduct Authority (FCA). After obtaining the license, this fintech startup can make P2P payments in BCH and fiat currencies. They told the media, “No matter where people are or what currency they use, users should do it immediately, freely and easily, whether it’s paying for accommodation or sending cryptocurrency as a birthday gift.”
These simple and pristine reasons have prompted some new cryptocurrency-related companies to consider adding BCH to trading pairs or payment methods. A Nigerian exchange called Yellow Card is actively adding BCH to their conversion into legal currency. In the same value transaction, when the handling fee of BTC and ETH is higher than 8 USD, the BCH fee is still lower than 0.01 USD.
On the track of the utility of cryptocurrency, BCH has always been in the leading position. In the past nine months, the BCH network has successfully accumulated a large amount of infrastructure and support, and more than any cryptocurrency launched to date. After teaching people how to use BTC for years of experience, BCH proponents will not try to push users to a proprietary toll road, but push them to reliable and cheap on-chain transactions. Even today, transaction fees of more than one dollar are still too expensive for residents living in developing countries. The network fee of less than a cent is more suitable for promoting money transfer apps for cryptocurrency enthusiasts who dreamed of just a few years ago.
African cryptocurrency users have shown a keen interest in digital assets. Digital assets have brought real advantages over traditional assets. So far, BCH seems to be the cryptocurrency for this.
Fexonice1, a BCH user in Africa, proposed the development direction of BCH in Africa in the community. He believed that he could start by arranging workshops to appropriately guide those who have not yet followed BCH and introduce BCH and its advantages to them. Portable cash management systems are making progress throughout Africa, reaching people in towns and homes without bank accounts. In the face of this situation, a variety of cash proceeds can be used as exchanges to fill in. BCH developers can cooperate with local portable cash management institutions in Africa and expand the adoption of BCH along these routes.
The road ahead is always full of difficulties and obstacles. How BCH can help the unbanked obtain financial services and regulate electronic cash channels globally is a huge issue. The emergence of the wave will not only promote development but also bring some adjustments.
