By Henry Deriki
Anyone could be forgiven to think that the world could witness the end of Bitcoin Cash, as it seems to be here for some time. The birth of Bitcoin Cash came as a result of a hard fork of Bitcoin Classic on 1st August 2017. It was deliberately axed away from the main Bitcoin by a team of professionals who thought slow transactions and high fees could one day lead to the death of Bitcoin. It was mainly designed to just operate as Bitcoin apart from the fact that it would be easy to be used in sending and receiving funds and carrying out other transactions.
But barely 48 hours after its introduction in the digital financial market, BCH made an appearance with a potent image at a market capitalization of $7 billion.
Since Bitcoin was launched as one of the top-rated virtual currencies, the entire Bitcoin community members had to struggle with reduced transaction processing time as a result of its 1MB block size. When Bitcoin Cash was created, it came with a lot of hope particularly with its 8MB block size that was capable of carrying out reliable and fast transactions. This is one of the reasons why Bitcoin Cash has been widely accepted all over the world and has surpassed Bitcoin main.
Talking of peer-to-peer electronic cash, an idea that was crafted by Satoshi Nakamoto, Bitcoin Cash appears to be its true representative. With a default 8MB adjustment of block size against Bitcoin’s 1MB, this new sensation has lowered global transaction time and subsequently enabling global adaptation by investors and other merchants. In doing that, BCH’s main hope is in reducing the processing time to just two minutes and thirty seconds. This will allow everybody to do their transaction at reduced fees.
To maintain a competitive edge against the fairly valuable Bitcoin, the idea behind the creation of Bitcoin Cash was to have an easier mining algorithm, which would also attract miners to run the network. But this did not take long before creating an unexpected side effect of miners trying BCH to check whether it could bring more profits at that time when there were really unpredictable block times. At certain times, blocks would experience extremely slow transactions while at certain times they would execute very speedy transactions at a rapid inflation. Bitcoin Cash took note of this and responded by introducing a dynamic mining algorithm to miners. This is one of the ways BCH introduced more consistency on its blockchain and ensured that the miners were glued to it. By doing that, it was able to outsmart Bitcoin and won the hearts of many.
The delayed confirmation times and the high transaction fees for Bitcoin made its usability to come down from 95% to just 40%. Merchants had to leave it and seek other alternatives. The scaling approach of BCH has the potential of addressing this menace by introducing speedy processes of transaction verification. This explains why the adoption of Bitcoin Cash has been that huge and slowly replacing Bitcoin.
The other area to check when looking at both the cryptocurrencies is the payment network. BTC is more preferable as a network of payment as it can complete Visa and PayPal transactions with respect to advanced transactions volumes to be enjoyed by millions of users all over the world. On the other hand, Bitcoin has a small transaction volume that cannot be able to achieve this.
Bitcoin Cash is definitely the only virtual currency that has successfully achieved a haven in the crypto market. There is no singular digital coin that has been able to attain as much attention as BCH has. Bitcoin was accepted after a whole four years of its evolution at the time Cristopeher Koch’s story went viral. This is the person who in 2009 purchased Bitcoin valued at $5000 and turned that into $886,000 in the year 2013. From the very first day of its inception, Bitcoin Cash appeared among the top three cryptocurrencies with $8 billion as its market capitalization. The price of this crypto coin was just $248 when it was launched for the first time in 1st August 2017, but it soared up to $661 just on the next day {2nd august 2017}. The trend continued to go high with certain fluctuations and by the 19th of August 2017; it hit a height of $900. Fast forward to the middle of December 2017, the price of BCH was at over $1700 with a total market capitalization of $29 billion. This is enough to show how steady Bitcoin Cash has grown and an illustration of much that is expected from it.