Bitcoin BCH ready to challenge PayPal, VISA in payments

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Bitcoin Cash (BCH) is positioning itself as a challenger to the likes of PayPal and VISA in payments, as it celebrates the one-year anniversary of the rebirth of Bitcoin on the original blockchain, according to bitcoin wallet service BTC.com.

In a blog post marking the momentous event in the history of cryptocurrency, BTC.com said Bitcoin BCH has all the attributes necessary to deliver on the vision of decentralized, peer-to-peer payments at scale. The cryptocurrency has attracted passionate support from across the cryptocurrency community, popular for its low fees, fast transaction speeds and smart contract ability.

According to BTC.com, these features mean Bitcoin BCH already poses a threat to payment giants like PayPal and VISA.

“Bitcoin Cash’s block size was originally 8MB which was later upgraded to 32MB. With a 32MB block size the [BCH] blockchain could process between 96 to 227 transactions per second. This variation is explained by the size of the transactions, some transactions might include more data than others,” the company said. “Currently, miners are processing blocks that are often still under 1MB. However with a 32MB block size, BCH is positioning itself as a challenger to financial giants such as VISA and PayPal. Today, VISA network handles on average around 2,000 transactions per second and PayPal around 193 transactions per second.”

On Reddit, members of the crypto community agreed with the BTC.com view. Reddit user Uejji described BCH as both “a currency and a service,” saying, “It’s valid to talk about BCH challenging payment services because as software it facilitates the transfer of value from peer to peer anywhere in the world.”

Reddit user lethos3 said that BCH could already handle similar transaction volumes as PayPal: “It can already match paypal in transaction throughput, and this feature alone is worth more than the current BTC market cap.”

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The one-year anniversary of #BitcoinRebirth comes at a time of increasing development in the BCH ecosystem, following a spate of new apps built for the blockchain. With an increasing number of merchants turning to BCH for payments and ongoing development activity supporting a range of new on-chain innovations, the future is bright for Bitcoin BCH.