Bitcoin Cash tends to be considered as the favourite currency for cryptocurrency adoption. It’s a fast fork of Bitcoin and promises to help accelerate the blockchain industry into the mainstream through its inherent store value and simple to use interface. Of course, Bitcoin Cash has many competitors creeping up behind it, and likewise, many other ‘cousins’ who offer Bitcoin Cash various other solutions, working in unison to achieve cryptocurrency adoption. This latest news surrounding Bitcoin Cash mining however, seems to suggest that the pursuit for the mainstream is about to heat up significantly.
According to PRNewswire, CoinGeek and nChain (two major Bitcoin Cash mining pools) have established a ‘Miners Choice’ initiative for Bitcoin Cash, you can see the full press release for yourself, here- https://www.prnewswire.com/news-releases/coingeek–nchain-announce-miners-choice-initiative-for-bitcoin-cash-bch-684598891.html
Within this, the firms are going to set up new functions within Bitcoin Cash mining that will firstly, reduce the current minimum ‘dust limit’ for miners, allowing users to make and recieve transactions as low as 1 Satoshi (one hundred millionth of a Bitcoin Cash unit) and secondly, that will allow miners to accept free transactions. According to CoinGeek:
“Significantly, if miners choose to accept some transactions with zero mining fee, this further encourages more Bitcoin Cash transaction usage. If free transactions are possible, miners will have freedom to set more fee level ranges, from zero to small amounts. Users will have more choice about how much (if anything) they wish to pay for sending a BCH transaction, depending on the speed they want. This fosters a healthy competitive fee marketplace among miners, which will keep fees low for users and support BCH growth.”
Implications of these updates are simple. This will encourage more people to invest their involvement within Bitcoin Cash, through its new transparency and of course through a reduction in costs associated with low value transactions, a problem that is certainly hampering Bitcoin Cash’s strive for adoption. In turn, this will encourage new investment, new mining levels, increased trading volumes and of course, more people holding the currency for the long term. Overall, this really does promise to not only drive Bitcoin Cash closer to the mainstream, but it will no doubt in turn, force the value of Bitcoin Cash upwards, if only through the organic nature of the crypto markets.
As it stands, we have no official release dates for these changes, but we do expect the changes to be made fairly soon. The results of this won’t be clear straight away, but in good time, we should expect to see, at the very least, a huge surge in the mainstream population and adoptability of Bitcoin Cash.