Business 1 August 2018

Erik Gibbs

BCH makes a huge jump in acceptance in Cyprus

“By November we are going to have 4,000 merchants [in Cyprus], self-supporting Bitcoin Cash [BCH] payments because they understand that Bitcoin Cash is the real Bitcoin.” This bold statement by Bitcoin.com co-founder Roger Ver may seem a little unrealistic to some; however, the statement is already becoming a reality. As Bitcoin BCH, the only true cryptocurrency designed to be utilized as a currency, continues to gain favor among crypto enthusiasts and merchants, it is proving itself to be exactly what Satoshi Nakamoto dreamt of when digital currency was first conceived.

Last week, Ver published a YouTube video discussing both BCH in Cyprus and Bitcoin Core’s (BTC) Lightning Network. He said that around 70% of all retail outlets on the Mediterranean island of Cyprus are preparing to accept BCH. When asked if BTC would be accepted, he emphatically pointed out that it wouldn’t, adding that “[BTC] has no value anymore, I mean the way it was in previous years.”

Earlier this year, a BCH community center was launched in Cyprus in an effort to provide local users, investors and developers with use cases so that they can better understand the network and the ease with which it can be implemented. This is going to go a long way towards greater BCH acceptance, and shows the dedication the BCH community shares in expanding awareness and acceptability of the digital currency.

Ver also pointed out that BTC is not viable as a payment option and indicated that the Lightning Network (LN), BTC’s attempt at developing a system to allow fast transactions, still isn’t ready to be used in a business environment. Indeed, recent tests have shown that the network is certainly a losing proposition.

Andreas Brekken, owner of shitcoin.com, purchased some LN nodes and created more than 200 payment channels using 250 peers. He ran some payment experiments to see what values could be produced and concluded, “The node has routed 260 payments for other users, averaging a profit of $0.0012 USD per transaction. I doubt that this will cover the costs of running the node, but leave the node running for now.”

Brekken also discovered some additional quirks about the LN. He said, “Sending payments using the Lightning Network is cheaper than the regular Bitcoin network, but suffers from routing errors and wallet bugs that make it impractical even for highly technical users.”

Ver acknowledged in his video that the current market volatility is a problem that has to be overcome, but said that people should focus on the positive characteristics while the markets mature. BCH gives anyone the ability to send money to anyone else anywhere in the world with no need to register on a given system. No banks or third-party intermediaries need to be involved and the extremely rapid network with virtually no transaction costs make it ideal to be used as a payment method.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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