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Review on Bitcoin Cash by Arun Kaul
Peer-to-Peer Electronic Cash - Bitcoin Cash
As we move towards the future of digital cash, many people will start to adopt and understand the specifics behind cryptocurrency. As more people start to adopt and research bitcoin cash, they will realize the major advantages of this crypto over bitcoin.
Bitcoin cash already has the name going for it, people just need to understand why bitcoin cash is a much better investment and why it can potentially become mainstream adopted.
This team of developers for Bitcoin Cash implemented an increase of 8mb from BTC’s original 1mb to the block size to accelerate transaction verification speed.
This means regardless of the number of miners supporting the network, the block size increase will speed up transactions and ensure the chain’s survival.
Currently, BTC has very high fees, slow transactions, and is not very scalable. Bitcoin will always continue to maintain its high level of security due to features like private keys, but scalability, network congestion, and high fees are many weaknesses.
It would have been easy to implement this change for regular Bitcoin. There have been years of debate surrounding the implementation of block size increase in the Bitcoin community but they could never reach a consensus.
Much of the debate was fueled by the way Bitcoin is supposed to be and that it would follow the philosophy and the tracks of the creator.
Pros
- Follows original whitepaper – Bitcoin’s upgrade to Segwit1x and Segwit2x do not follow the original ideas.
- Bitcoin name –Bitcoin was the first mover in the cryptocurrency world. It will always be the most known and therefore be the biggest in market cap. This gives bitcoin cash a chance to also become dominant in the sense that it is the better bitcoin.
- Bitcoin Cash air dropped – The coin was air dropped to all existing Bitcoin holders. This already put bitcoin cash ahead of most cryptocurrencies because of the amount of bitcoin holders there were.
- BCH transactions are cheaper and faster – Increased transaction speeds and reduced fees make bitcoin cash much more favorable over BTC. The chain has increased scalability which means it has a greater chance at becoming globally adopted.
Cons
- Fake bitcoin – Many people, especially new investors, see bitcoin cash as a “fake currency” that is just a copied version of bitcoin in an attempt to increase holders profits.
- Global acceptance – Currently it is still uncertain if bitcoin cash will become globally adopted. Also, merchants who already accept bitcoin will need to start accepting bitcoin cash and if they do not understand why bitcoin cash differs, they might see it as a fake bitcoin.
