The primary reason for his recommendation is the proposal of a “Bitcoin Cash Development Fund,” which will offer numerous opportunities to fund the development of necessary applications and other artifacts on top of the bitcoin cash blockchain. Over the weekend, Bitcoin Cash miners had a meeting to discuss the necessary funding for the proposal. As per their proposal, the miners will contribute some part of their mining rewards to the bitcoin cash development fund, and that capital will be used to carry on the necessary development of the Bitcoin Cash blockchain.
Bitcoin Cash is the true Bitcoin
The true nature of Bitcoin is the open-source project, created by bitcoin users and developers. Bitcoin Cash is not an alternative or separate cryptocurrency. Bitcoin Cash is a culmination of the Core development project, enhanced with hundreds of developers, of which only a few contributed to the Bitcoin core development. According to Lee, all bitcoin holders have an opportunity to contribute to the development of the Bitcoin Cash blockchain and build whatever they want using bitcoin cash. In fact, developers working on the bitcoin cash blockchain now have a greater incentive to build applications and tools which will make them easy for other bitcoin users to adopt and enjoy their coins.
Bitcoin's High Transaction Fees
Another reason that David is very optimistic about the future of bitcoin cash is its transaction fees. According to David, transaction fees on the bitcoin cash blockchain should be competitive to its alternatives. At the moment, bitcoin is the only blockchain to actually use bitcoin's native currency, so the amount of bitcoin cash mined and secured by Bitcoin is minimal, which brings its transaction fees to 1/100th of bitcoin's. There is one, the big, positive transaction fee for bitcoin cash. You can't compare bitcoin's fees with those of the rest, the fees are way higher. You can imagine the fees would go down, though. So, there's a huge delta in fees, just in bitcoin cash. People who are upgrading from other cryptocurrencies may have fees that are still below 1 percent.
Bitcoin Cash's Low Transaction Fees
As per Bitcoin.com, the main reason for the uncertainty of the future of Bitcoin was the high transaction fees in the blockchain. When compared to Bitcoin's market cap, Bitcoin transactions still cost the average miner around 25 dollars per transaction, causing many investors to see the financial costs as high. However, in the Bitcoin Cash blockchain, the average transaction fee is only around 1 dollar, proving that there is a huge advantage in investing in the bitcoin cash blockchain. As per data from Blockchain.info, Bitcoin Cash trades with around 50 percent of the market cap that Bitcoin has, which means the average investor can buy a cheap $500 BCH right now, which is great news for the investors.
Bitcoin Cash is More Secure
The BTC blockchain (the original blockchain that came out of the collapse of Mt Gox) is now more than a year old. At that time, there were over 20 different versions of the blockchain, each with its own individual security measures, such as SegWit. With a more well-planned development, the bitcoin cash chain is now much more secure than the bitcoin core blockchain. The recent forks on the bitcoin core blockchain that occurred to incorporate SegWit and then alter the consensus rule (SegWit2x) would cause many serious problems, if not failures, on the bitcoin core blockchain, much more than it would on the Bitcoin Cash blockchain. Whereas, the bitcoin cash blockchain has survived a major hard fork, and is now much more decentralized than the bitcoin core blockchain.
Bitcoin Cash is Fast
The launch of Bitcoin Cash has come with some improvements. First, the transactions on the Bitcoin Cash blockchain are faster. Second, BCH is cheaper and better than BTC. Having all the relevant information at hand, Huang stated that there is a huge difference between the two cryptocurrencies. This difference is huge and not something you can easily miss. #BitcoinCash is significantly cheaper, faster, and better than #Bitcoin. No need for my conclusion to repeat. — Tuur Demeester (@TuurDemeester) August 1, 2017, Brief Comment On Bitcoin Cash Demeester also stated that Bitcoin Cash has no immediate threat to the existence of bitcoin. The fact is, for the first time in history, there is a fork that is moving towards more users and acceptance.
Bitcoin Cash is the Original Bitcoin
Zerocoin Electric Coin Company CEO Nick Szabo has said Bitcoin Cash should be treated as the “original bitcoin.” He also said that since Bitcoin Cash addresses are non-reversible, then it has the potential to become the first totally anonymous cryptocurrency. Szabo said: There is an argument to be made that if you look at the bitcoin fork where somebody creates an anonymous bitcoin, which is called bitcoin cash, which is really the original bitcoin. Who Gets Bitcoin Cash? Szabo added that the total supply of Bitcoin Cash is exactly 0.00000001 BTC.
Conclusion
It is difficult to argue that a sufficient amount of proof-of-work (PoW) mining rigs are still in existence to be able to move as quickly as the Bitcoin Cash blockchain would like to. However, even if it were that easy, I suspect that Bitcoin Cash’s roadmap may prove to be a lot more ambitious than Bitcoin Cash would wish. By contrast, the “Bitcoin Core” (BTC) blockchain development team has demonstrated a pretty passive attitude towards Bitcoin Cash. The consensus around the “Bitcoin Cash Development Fund” proposal shows that the people behind the Bitcoin Cash project believe that their project may have a better chance of surviving for a long time. In any case, it is a good thing to see the miners of the Bitcoin Cash network having a clear vision for its further development.
