Reportedly, the daily transactions for Bitcoin Cash has been increasing steadily since the last week of 2020. The miners are processing more than 300,000+ daily transactions everyday during different days in the week. Not only the BCH network, but several other blockchain networks are getting attention of new users.
The interesting thing that BCH proponents want to point to is that the BCH transaction fees has not risen. BCH advocates have been very particular about the importance of having to have custody of value.
As Roger Ver stated, when considering the history of money, it was Gold through custodians, fractional reserve, and fiat money. And, with Bitcoin the custodians are the investors.
An immediate critic stated in response to Ver on how it is interesting on how Ver started the Gold story in the middle. Before custodians, people were holding their own coins (not your coins not your gold)!
One of the commentators observed, how Ver understands exactly why Bitcoin Core is no direct threat to central bankers. Governments can simply rebuild a re-hypothecated fiat system on top of Core. Only mass public support for Lightning/ Bitcoin Cash/Bitcoin SV/ etc would change things.
However, contradicting commentators pointed to how custodian wallets like Cashapp, Paypal, Square, Revolut – technically and practically can have fractional reserve on Bitcoin, for now they say that funds are fully backed with real crypto, but they won’t allow you to withdraw your funds, guess how the masses will adopt Bitcoin?
Neutral onlookers in response to Ver have to state we are not quite there yet. But expressed that projects like BCH or ETH which are growing FAST are showing REAL usability. Those projects will eventually get us to the point where we as “crypto enthusiasts” can really stay in- and use crypto as intended.
The reality is that the Bitcoin Cash trend is not at all similar to the one dictated by Bitcoin in the past. It is important to recollect that the BCH followed Bitcoin’s lead in the past; however, now BCH has its own patterns of highs and lows.
Regarding, Bitcoin Cash 2021 predictions, there are some experts that are quite bullish. Roger Ver, for example, has previously stated that BCH might see its price double over the following 12 months. If true, the coin would go above $1000 by next November. We need to wait to see what will happen.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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