With a total value of over $45.8 billion, Bitcoin Cash is now the fourth largest cryptocurrency by market capitalization.
When it began as a hard fork from the SegWit1x (BTC) network back in August 2017, Bitcoin Cash (or simply Bitcoin, according to BlockExplorer) was met with wide criticism. On the consumer level, however, the story is vastly different: people love it. It’s cheap, fast, efficient, and widely accepted by merchants worldwide for its intuitive API and robust security. There’s even a VISA card integration in the works.
One could differentiate BCH from BTC through practical utility. While BTC has marginally higher market valuation than BCH, it has been on a steady decline since it hit its peak. It’s a kind of Icarus-Daedalus situation, with cryptocurrencies flying too close to the sun, forgetting what it really means to be Bitcoin: a peer-to-peer network of easy, cheap, and fast transactions over the blockchain.
At about 6AM MPST, Bitcoin Cash was spotted to have surged over 20%, while other leading cryptocurrencies were still dropping with negative percentages (Ripple at -14%, Ethereum at -11%, and BTC at -4%). The rise of Bitcoin Cash reflects its wisdom: useful, practical, cheap. That’s why a lot of people from the community like it, although some are aggressive when BCH is compared to BTC, saying it’s not the “original” bitcoin.
To some, cryptocurrencies might offer a way to earn quick and easy money through speculation, but this isn’t always the case with hardworking people who earnestly want to spend their hard-earned money on useful things, without having to worry about unfair fees and delays in verification. There is a lot of community infighting about this, but what we have to accept is how change comes in as the future arrives. We can’t just sit around waiting for transactions to clear for days, something that’s been variably called The Art of Waiting for Bitcoin.