By now, you’ve no doubt heard and talked about cryptocurrency. Since its inception in 2008, Bitcoin has ushered in a wave of digital coins built on decentralized peer-to-peer network—the blockchain. To date, there are over 1,600 cryptos in existence, according to data from CoinMarketCap. But there’s only one true remaining Bitcoin, as envisioned by the Satoshi Nakamoto white paper, and one that fits the description of “a functional cryptocurrency.”
Here at CoinGeek, we compared eight cryptocurrencies—Bitcoin Cash (BCH), BTC, ETH, XMR, LTC, XRP, DASH, and IOTA—from the top 15 coins by market capitalization to find out which of these cryptos has the best attributes of a functional cryptocurrency.
Of the eight coins, Bitcoin BCH checks off all the attributes—it’s borderless money, based on proof-of-work (POW) mining with SHA256 (secure POW). Compared to coins like XRP, DASH and ETH, which have question marks over their initial coin distribution, Bitcoin BCH is confirmed to have no pre-mine.
Trustlessness, a key tenet of cryptocurrencies, is not a problem with BCH. Trustless nature of projects like these comes from the open source code that is verifiable by the community. Bitcoin BCH is completely open source, while projects like IOTA have still not yet revealed all the mechanics of the software.
It’s also frictionless, meaning it offers very low fees on quick, seamless transactions with immediate payment clearance. And unlike BTC, which has suffered massive backlogs due to its inability to scale, Bitcoin BCH has no backlogs. Other popular coins like XMR and ETH have also had some issues during peak use periods.
Bitcoin BCH is also a scalable global money, the only cryptocurrency with a roadmap that seeks to continually increase the blocksize and has live projects like the Gigablock Testnet and the Terab project, which are actively designed to help BCH scale globally.
As you may have noticed, BCH is the only cryptocurrency featuring a rich and vibrant multi-development team environment with many competing clients. Aside from the advantages of competition, the structure also helps keep development teams honest. No single team can be hijacked to “ruin” the system.
BCH has privacy capability. Currently, Bitcoin Cash users can enjoy CoinJoin to obfuscate transactions. However, with re-enabled opcodes, other methods are now possible. XMR provides an on-by-default privacy standard, while coins like DASH provide an opt-in method. BTC and ETH are particularly lacking in this area. Likewise, BCH also has audit capability unlike inherently private blockchains like Monero.
In May, Bitcoin BCH underwent a network upgrade, which increased the block size to 32MB and also restored certain OP_Codes for advanced functionality. Now, with the re-enabled OP_Codes, smart contracts are a reality for Bitcoin Cash. Combined with low frictionless fees, not only does BCH have smart contracts, but scalable ones to boot. A variety of transaction types are now supported by the BCH blockchain, and more are in the pipeline.
In fact, CoinGeek is running a £5-million contest for designs that will put tokenization on the BCH chain. The contest is still open, with an adjusted reward and terms, to enable other solutions to also be developed and released open source on the BCH platform. More information about the CoinGeek tokenization contest can be found here.
Finally, compared to all the other cryptocurrencies, Bitcoin BCH offers established mature technology. Given the rising popularity of virtual currencies, many seek to do things in very interesting, novel ways. But projects like EOS and IOTA require years of maturation before the overall security and viability is established.
A more comprehensive comparison of the cryptocurrency coins can be found here.
Needless to say, Bitcoin BCH is the world’s functional cryptocurrency as it can do everything all the other platforms can do and more. As the only coin that follows the original Satoshi Nakamoto white paper, Bitcoin BCH has the best scaling and security features. This is why we encourage all merchants and companies to take a serious look at Bitcoin BCH, as it’s the best on the market for payments and will soon be best of breed in all other areas, including smart contracts and tokens.
If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. The historic week features a Developers Summit, a two-day bCommerce Conference, and a meetup between merchants and developers. Register here, and be the first to know when tickets go on sale.