How Bitcoin Cash’s Potential Could Impact Crypto

How Bitcoin Cash’s Potential Could Impact Crypto

Over the past day, there has been a decent surge in the crypto markets and Bitcoin Cash, in particular, has seen a nice influx of price, come to think about it though, BCH hasn’t really gone through much volatility in recent times anyway.

With this in mind, should you consider adopting Bitcoin Cash over Bitcoin and Ethereum? Well here are a few reasons as to why you should think about Bitcoin Cash in terms of adoption.

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Why not spend your Bitcoin Cash and then save your Bitcoin? There are some people that have never redeemed their Bitcoin Cash simply because they haven’t had an interest in doing so. We now live in a time when is some real competition for fees on Bitcoin and so if you are going to get ready to move coins between crypto exchanges, the fee for making a quick conversion to Bitcoin Cash might be less than the withdrawal fee for Bitcoin.

Typically, the withdrawal fee for Bitcoin Cash is lower too so there is a way to save money and once you’re there and get back into Bitcoin if that’s what you’re trying to do.

Low Fees

Speaking of low fees, the average transaction fee on Bitcoin Cash is usually less than a penny. Even though there are bigger blocks, most of them are pretty much empty when you compare it to Bitcoin. If you have a lot of inputs, your transaction fee will, therefore, be higher.

Even so, as reported by CCN’s P. H. Madore, “the cost of a kilobyte is a penny, whereas the average cost of my last 10 transactions using the flagship cryptocurrency was between 7 and 9 cents. These were well-formulated transactions, crafted by Coinomi wallet.”

Wide Adoption

To be honest, Bitcoin Cash is already widely accepted as wherever Bitcoin is, Bitcoin Cash isn’t far behind. Some of the big supporters of Bitcoin Cash are platforms like BitPay and other alternatives. When it comes to the relatively new Bitcoin SV, you can’t really say the same thing as it has continued to lose value while BCH has been holding out steady at around 200 percent of its per-token price.

Even so, some people aren’t prepared to make comments when it comes to the long term proposition of Bitcoin SV. On the other hand, Madore says that he has taken a little extra just in case we are in for a surprise.

Making Blocks Smaller

There seems to be a lot more discussion going on in the Bitcoin community in regards to the size of blocks in order to stimulate usage of networks such as the Lightning Network.

Madore goes on to argue that, “artificial scarcity isn’t the same as real scarcity. The battle for the block size increase is over, and two new chains, each with their own markets and communities, arose from the wreckage.” In the end, this was probably going to happen anyway but it is questionable whether or not these communities would are viable or not.

There are some people who will prefer to do transactions the old fashioned way, directly on the chain. But there are some people who don’t use Bitcoin enough to have to be concerned about setting up payment channels or figuring out how to use a third-party piece of software. One day it could become a necessary thing but regardless of whether or not block sizes are reduced, you would guess that most wallets will have adapted to the changing times by then such as Coinomi.

Cautious Positivity

As Madore writes, “I’m not a maximalist on anything.” He sees these kinds of views as toxic and “childish” which have the potential to push others away. The last thing you want to get involved in when joining a new community like cryptocurrency is the “true Scotsman” debates.

Madore holds all three versions of Bitcoin and says that they are all equal but even so there is a clearly a lot more liquidity for Bitcoin and Bitcoin Cash. This isn’t the only thing that comes into consideration though. Bitcoin SV makes up for this in a really interesting developer community. Madore says that he is positive about Bitcoin SV due to the people who ignore the market negativity. But nevertheless, he is cautious.