When blockchain and Bitcoin were created, the altruistic nature of cryptocurrency’s design was pure—one that would offer a peer-to-peer currency that would change forever the definition of traditional finance. Fast-forward a decade to today, and, although cryptocurrency still has the potential to alter global finance, the only thing that has happened is that BTC itself has become as pulsating as a dying star.
Because of its internal issues—physical limitations, high costs—a new breed of cryptocurrency was spawned from BTC in August 2017. That coin was called Bitcoin Cash (BCH), and it was created, among other reasons, to overcome the flaws seen in BTC. From its infancy, Bitcoin Cash has been able to stand on its own feet, and has quickly grown to be one of the major cryptocurrencies in the world.
In just a few short months since its inception, BCH has been able to achieve a value that took BTC eight years to reach. As of this writing, BCH is worth $1,241 and has been holding relatively steady over the past month, compared to BTC, which is trading at $8,300 at press time but has seen fluctuations of as much as $1,600. Sure, BCH has dropped from its high above $1,700; however, the graph stays relatively even over the same period.
The pro-BTC camp consistently chides BCH as being nothing more than a copycat. However, BCH has been able to accomplish so much more in a short time. Its block sizes are larger, its fees are lower and it, after the network upgrade last week, now offers the ability for a number of OP_Codes that will enhance the network even more—something BTC still doesn’t offer.
In an interview with UK’s Independent, Roger Ver, CEO of Bitcoin.com, said, “Bitcoin Cash has more of the characteristics that make Bitcoin Bitcoin, than Bitcoin Core… What matters is if it works as a peer-to-peer electronic cash system – and Bitcoin Cash simply works better.”
A number of analysts feel that BCH could overcome the market cap of BTC (referred to by some as Bitcoin Core) by the year 2020. This is being called “the flippening,” and the BCH network of users is working hard to see it happen. The price of BCH is reaching that of BTC, and the flippening is not beyond the scope of reality.
BCH is poised to provide what cryptocurrency was intended to be: a secure, easy to use, peer-to-peer digital payment option. While BTC seems content in its position as a currency storage vehicle, BCH daily shows its true value to the community, which will help it succeed. However, even Roger Ver, CEO of Bitcoin.com, recognizes that the final decision on what cryptocurrency is lies with the enthusiasts and the investors. In an interview with UK’s Independent, he said: “Ultimately, not even Bitcoin Cash is the one and only true version of Bitcoin – People will have to read Satoshi’s original white paper and decide for themselves what really defines it.”