Bitcoin Cash continues to stir the market with incredible performance and returns on value.
It seems it was just yesterday that Bitcoin Cash hard forked (upgraded the Bitcoin network) at Block height 478558. That was in July. After an immediate sell off by a large number of users who failed to see the value and early signs in the coin, Bitcoin Cash levelled out at just above $200 USD in August.
Today, at the time of writing, Bitcoin Cash rises above $2300 USD per coin.
What’s behind the surge?
Numerous factors. I can’t stress the amount of positive news, adoption, and development that has been happening, both behind the scenes and at the forefront of the eco-system.
Trying to sum up the recent wave of developments is mission impossible… (there is literally that much!) but here goes:
• gpuShack has openly stated they will adopt Bitcoin Cash as the primary form of payment.
• BitPay has fully adopted Bitcoin Cash.
• A VISA Bitcoin Cash Debit Card by Bitcoin.com announced coming soon.
• SFOX adopt Bitcoin Cash.
• Announcement of Bitcoin Cash Shuffle will bring privacy and fungibility to BCH.
• Blockchain.info supporting Bitcoin Cash.
• Bitcoin Cash now supported on ATMs including SatoshiPoint and Lamassu.
• Bitcoin.com CEO openly stating he’s sold majority of BTC for BCH.
• Bitcoin.com openly stating full support of Bitcoin Cash.
• Darknet Markets adopt Bitcoin Cash.
• SBI Group publicly backs Bitcoin Cash to be “used globally for daily payments”.
• ViaBTC reopens exchange to support BCH directly.
• Bitcoin.com wallet adds support to Bitcoin Cash.
• Scalability roadmap established by BCH developers.
o Re-enabling removed op_codes
o Bringing back “Colored Coins”.
o A 32MB maxblocksize hardfork in May, supporting 100+ TPS.
There many other points to list above. A wave of merchants are now onboard, and many more will be coming in 2018. Ofcourse, this is just the beginning. The traction that BCH now has, is undeniable, with strong support on all indicators (both financial and non).
But with the slew of good news for BCH, comes a wave of contrasting negative news for BTC on the other hand. The outrageously high fees per transaction has seen various commentators on social media begin to dub the legacy coin as “high fee coin”, or “BT-Fee”.
But the contrast in BTC and BCH brings one glaring point to the fore. The Core devs have failed. If lightning network truly was the solution which would have solved all scalability issues, then it is far too little and far too late. It should have been ready when the time was right. Every business person knows, and in any business, if your product does not meet the demand, you fall behind and wither. And if you fail to meet the timeline on a project, you get sacked. The profound adoption that BCH has seen recently is deserved, but it’s also a gauge on the failings of BTC. The Core devs have failed on several fronts. They’ve failed to galvanise a split community, they’ve failed to show any leadership, they’ve failed to scale, and they’ve failed to deliver a usable product when the timing was essential.
In business, solutions need to be proactively worked on. Not reactively. Not on promises of solutions that are out 18 months ahead…
BCH restores the faith of merchants, and the eco-system, that was failed by BTC developers. Community forums are again abuzz with development ideas, positive energy, and growing enthusiasm. Just like Bitcoin in 2012.