January 11th, 2019
Bitcoin is the most famous cryptocurrency in the world and because of its popularity more and more merchants are accepting this digital currency But recent scandals and infighting with Bitcoin cash is threatening this popular cryptocurrency. More and more users are starting to buy and sell Bitcoin online.
In the beginning Satoshi Nakamoto came up with Blockchain technology and Bitcoin. When Bitcoin was introduced in the market it had no rival. This new online currency is completely different from traditional system which is decentralized. It was the world’s first digital currency; it was payment outside the scope of governments and banks making it safe from the pressures of institutions. With passing time Bitcoin created its own image and started giving all traditional currencies a tough fight. Standing in 2018, it’s the most popular digital currency which is expected to replace traditional currencies in many places. With popular online trading platforms you can easily buy or Sell Bitcoin. But not many are aware of the fact that after almost 10 years, one thing which has torn apart is Bitcoin itself.
On 1stAugust 2017, Blockchain that documents all transactions was split into two different parts, giving rise to a brand new rival to Bitcoin. This new cryptocurrency was named as Bitcoin Cash. The process is called a hard fork which meant both versions of Bitcoin shared the same Blockchain history but following that date it will be two separate entities. Following that there has been more splitting such as Bitcoin private and Bitcoin gold but none was as divisive as Bitcoin cash.
The purpose of Bitcoin cash was to solve two major problems that started with Bitcoin as its popularity started growing. Often there were complaints of high fees and slow transaction times when enthusiasts used trading platforms to buy or Sell Bitcoinonline. The scalability problem split not the cryptocurrency but the entire community which has helped it to develop over that period of nine years.
This new digital currency, Bitcoin cash is only worth of 15 percent to that of original Bitcoin but its improved features and functionalities make it the best for present day time. Some true digital currency enthusiasts believe Bitcoin cash as “one true Bitcoin”. Prominent advocate of this new digital currency is Roger Ver who was involved with Bitcoin since the early days. Some also calls him ‘Bitcoin Jesus’.
Bitcoin Cash has more to offer
Though the market is still crazy about Bitcoin, the reality is Bitcoin cash has more features and characteristics that make Bitcoin true Bitcoin. Bitcoin cash works better and users are thoroughly satisfied with it. This disillusionment started way back in 2015 when Mr Ver realized that some Bitcoin core supporters were in favor of high fees. With time he started realizing that increased fees means more profits for all cryptocurrency companies, even though its against the founding principles of Bitcoin. With time the average fee for buy or Sell Bitcoin transaction was $28 making it impractical for users.
Bitcoin cash is similar to around1500 cryptocurrencies that emerged after Bitcoin inception in 2009. Be sure its not the first and will likely not be the last digital currency to overcome all Bitcoin’s limitations. Cryptocurrencies such as Dash and Ethereum also offers similar functionality but unless its widely adopted its too early to say if Bitcoin cash will overthrow Bitcoin core.
Unlike all other good things Bitcoin has its limitations and this resulted in Bitcoin cash with better features and functionalities. In these few years many developers jumped ship and moved on with this new cryptocurrency. Mr. Ver seems to be excited about this new cryptocurrency and believes in days to come it will take over Bitcoin core. Do you believe the same? Will Bitcoin cash able to overthrow Bitcoin? Let us know what you feel.
This disclaimer informs readers that the views, thoughts, and opinions expressed in the text/sponsored content belong solely to the author, and not necessarily to Bitcoin of America, organization, committee or other group or individual. All investments are at your own risk and should be done after careful research.