Bitcoin Cash (BCH) is here to stay: Sydney IferganDecember 17, 2019
Bitcoin Cash is borne out of a Bitcoin hard fork that happened in August 1, 2017. The main proposition of the hard fork was to enhance block size so that the network can handle more number of transactions at lesser time and at more affordable rates. Once the transaction gets faster and more affordable, people will be able to use the crypto coin again as everyday currency.
One of the leading figures from the Bitcoin community who worked towards the BCH hard fork is Roger Vera a.k.a. Bitcoin Jesus. Ver has had been one of the strongest patrons of Bitcoin ever since its inception. But when he saw Bitcoin was increasingly straying away from its original mission, he knew its about time to demand a hard fork. And, thus, BCH was formed with a much higher 8 MB block size than the Bitcoin’s 1 MB size.
Ver probably did the right thing by demanding for BCH as otherwise we would have got probably stuck to sloth transactions that would have become further slower over time. BCH has shown promise ever since its first launch two and half years back. It must be stressed here that the BCH community is an extremely dynamic team that keeps on updating the coin to ensure a more advanced system for the users.
BCH factors that need special mention
Further increase in block size
The BCH community has not stopped with 8 MB block size. Rather, Ver and his BCH fellowmen has enhanced the block size further to 32 MB to improve the capacity of the coin. As of now, the BCH network can accommodate around 150-160 transactions per second while Bitcoin’s limit is just 7.
Faster processing speed
Transactions are usually seen by the network very quickly if you are online (so, the person you are sending the amount to knows funds are coming). Confirming the TX so it can’t be stolen back by a thief takes more like 10 minutes. Same for BTC and BCH unless there are more than 7 TX/sec. Moreover BCH is fast and BTC can take weeks or it can fail completely. During the 10 minute (Or longer period for BTC) wait BCH is safer than BTC due to the RBF code in BTC. For any significant TX you should wait for one or more confirmation(s).
BCH transfer fees are just 0.0002 USD per transaction. In regards to Bitcoin, it’s a much higher 1 USD.
Record result in stress test
Last year in September BCH protocol miners created record by processing a whooping 2.2 mn transactions in just 24 hours.
At present Bitcoin Cash is the 5th largest cryptocurrency in the world and the coin is here to stay. I have full faith in Roger Ver and his projections about BCH. He is confident that BCH price would increase by around 100,000% in near future and i think that he is working really hard towards the goal. I have personally been involved in some ICO projects with him and naturally I know a thing or two about his great initiatives with BCH.
BCH magnifies great ethos of BTC
A lot of people who feel that BitcoinCash is taking away the spotlight from BTC don’t understand one basic fact- BCH was forked out to relive the original principles of Bitcoin. In no way, the coin has any intention to undermine the value and importance of Bitcoin. I do believe in the great efforts as put up by Roger Ver and his team to upgrade BCH to increase its scalability and safety. He is one of the main persons who are actually working on large scale adoption of Bitcoin and crypto assets in general.
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