There are many cryptocurrencies available, and more are being created on virtually a daily basis. While legacy Bitcoin, also known as SegWit1x (BTC), has been the leader for the longest time, the popular digital currency is starting to show its cracks. Bitcoin Cash, the true remaining Bitcoin as envisioned by the Satoshi Nakamoto white paper, is poised to take over, and offers many features that BTC can’t, or won’t.
BTC is bogged down by its slow speed and the transaction costs users have to pay. Bitcoin Cash (BCH) operates on a much faster blockchain and its transaction fees are substantially lower than those of Bitcoin. Transaction fees with BTC have jumped as high as almost $60 this year, while BCH’s fees have remained below $1.
A hard fork from BTC, BCH offers a much more flexible on-chain scaling. The BCH network has the capability to provide scaling to levels even greater than those seen by current payment systems like Visa or MasterCard.
BCH’s superior scaling comes from the 32MB size of each block on the blockchain. This allows it to scale on chain, making use of a 10-minute block time. By way of comparison, BTC’s block is currently limited to 1MB, drastically hampering its capability to process transactions at an acceptable pace.
The result of all these characteristics is a seamless network without delays or failures. Combine these features, and it’s easy to see that BCH is faster and much cheaper than BTC. As more cryptocurrency buffs figure this out, more and more will begin to adopt the coin.
That’s not a problem for the network, though. It’s designed to serve more than 10 billion users without causing any network congestion.
BCH is currently trading at just under $1,500 against the U.S. dollar. At the time of writing, it had a market cap of $22 billion with 16.94 million coins in circulation out of its supply of 21 million. It is strong in trading against the BTC, and this trend is expected to continue throughout the year. Some analysts predict that the coin will reach $5,000 by this summer.