In these days cryptocurrency market was red and many believe now is a golden time to enter bitcoin market. In this article, I am going to talk about one of top five coin and it is bitcoincash. It is in top five position and it is approving itself in that position.
At the moment, bitcoincash price is around 958 USD and its market cap is around 16 billion USD. Bitcoincash ticker is BCH. Many believe that BCH is a good sort of investment and much better than traditional bitcoin. It is more stable than many other coins and it plays the role of storing value very well.
BCH is a hard fork of bitcoin which happened on August 1st, 2017. Its community is very controversial and they claim that BCH is the real bitcoin. Low cost transactions and better scaling than bitcoin are the features that Satoshi Nakamato wanted and BCH has them.
Now, bitcoin core community are very far from the ideals one day suggested by Satoshi and BCH is more closer to those ideals. In past months, many more projects have chosen bitcoincash and not bitcoin. Cointext is great project and its aim is providing a mobile app for transactions without accessing the internet and creating a bank for unbanked people around the world. This great projects accepted BCH for transactions.
Roger Ver the controversial face of bitcoincash is always assertive or sometimes rude against bitcoin and he claims that BCH is much more better than bitcoin. There is no reason to be rude against bitcoin. If bitcoincash is better than bitcoin, it will prove itself during the time.
BCH wants to do everything on chain and it has more solutions to the problems facing bitcoin and cryptocurrency in general. In future, it seems that blockchain will leave many old technologies and it accepts newer and better solutions and BCH is making progress to achieve those standards.
Many industries are accepting blockchain and they think of it as an advancement and a facilitator technology. Then, if we don`t pay attention to technical approaches and to charts, fundamentals for this new market sound perfect and astonishing.
On the other hand, bitcoin fanatics call BCH a scam and something that hardly can be named an altcoin and as you can see, there are many controversies are in space. These people say the difference between BTC and BCH is not just block size but many other differences that remove BCH from bitcoin standards and goals.
The idea behind BCH is bigger block size and doing more transactions and also the transactions are faster. BCH fans believe bitcoin is not suitable for buying ordinary things like a cup of coffee at a restaurant. They introduce BCH as a solution to this problem. On the other hand, if we compare BCH transactions to visa transactions which are 45000 a second, BCH has a long way to go and it needs a lot of work and development.
Bitcoin fans believe that SegWith will solve the problems but not overnight and it needs time and development. They believe one day bitcoin will operate much better than visa. They believe SegWit is very important and because BTC has supported it and BCH not, the future is BTC`s.
SegWit is a process by which block size limit on blockchain will increase by removing signature data from bitcoin transactions. Segregate means to separate and witnesses are the transaction signatures. Hence, segregated witness in short means to separate transactions signatures.
The competition between bitcoin and bitcoincash is a long game and the result won`t be obvious very soon and it takes something like a decade or more because it needs mass adoption and many different factors are involved and many different approaches should be implemented.
BTC has a set of rules and they are called consensus and every person in the community should accept the rules. If you don`t accept those rules, you can create your own coin. BCH created in this way and its members didn`t accept the consensus and they created their own coin in a hard fork.
A hard fork is a radical change to protocol that makes previously block/transactions valid or invalid. It requires all nodes or users to upgrade to the latest version of the software.
The BCH team did that and they implemented a set of new rules and they split themselves from bitcoin core. Now, they call themselves real bitcoin and bitcoin fans are mad at them because they didn`t accept the consensus and they created a new coin and they call it bitcoin.
If you had bitcoin in your wallet before that hard fork, the same amount of BCH would be in your wallet. There was no problem for exchanges and online wallets but for private wallets and desktop wallets, it needs some technical issues to receive BCH.
It is agreement among people that determines the future of BTC and BCH and people will decide about their acceptance. In this market, everything is possible and we shouldn`t be surprised, if we see something outlandish in future.
Many believed after receiving BCH and selling a large amount of it, its price will dump but it was not exactly the case. Now, we can see BCH is stable and it has a wonderful resistance. The problem with BCH is mining issue. BCH mining is nearly centralized and bitcoin mining is so easier to get involved.
Everyone in this digital market can accept his favorite rules but the argument here is who can be called bitcoin. I think the person with more votes can be called bitcoin. If you believe in each system, bitcoin or bitcoincash, then the price won`t be important for you and you`ll try to promote it and help it to get mass adoption.
BCH fans believe the nature of bitcoin and other cryptos is being permissionless and decentralized and they believe that consensus is not the goal of this market. They believe everybody in this market can create his own coin.
Cryptocurrencies have profound effect on our society and no matter if we accept BTC or BCH. They will transfer the wealth from those who deny them to those who accept them. Cryptocurrency is making a revolution in money concept and in digital markets. Future will be a good time to be alive and see the results.