The cryptocurrency market has been volatile and in free fall for more than a full year now and one of the assets that have had the least negative volatility recently is Bitcoin Cash. So why are we not using it? We’re glad you asked! In this article, we give you five very good reasons to adopt Bitcoin Cash for your everyday payments.
Lower fees
The transaction fee for Bitcoin Cash is cheaper than a single penny. The blockchain has relatively large blocks, but most of them are basically empty, compared with Bitcoin. A Bitcoin Cash kilobyte costs a cent.
Bitcoin will probably reduce the block size
There’s talk among the Bitcoin community about making the block size smaller. The smaller block could stimulate the usage of some of the new developments in the network (like the lightning network) but what will happens in terms of usability for end-users?
The battle for the block size in Bitcoin Cash already created forks in the project, which now has two versions. There’s a reason to believe that it would have happened anyway and the disagreements about the block size were not the determinant factor in a fight that was unavoidable anyway.
Many users like to transact directly on-chain (no third party software). The thing with Bitcoin is that, unless you really use it very frequently, it’s rather pointless to set up payment channels or figuring out how to use specialized software. You’ll have to do it, sooner or later, but there’s no rush and there are plenty of good wallets like Coinomi and they will be properly updated so you don’t lose any features.
Spend BCH, keep your BTC
Competition for Bitcoin fees is real these days. For instance, if you want to move some of your wealth between different exchanges, the fee for doing it with BCH could be lower than for BTC, and it’s usually lower indeed. It’s cheaper, it can be quicker, and once you make your movement, you can convert it back to Bitcoin, if you so wish.
Bitcoin Cash has adoption
Wherever they take Bitcoin, chances are they accept Bitcoin Cash as well, which is not something you can say about Bitcoin SV. It’s been losing a lot of value while Bitcoin Cash is twice as valuable as it was when the fork happened. The long-term performance for both coins is anybody’s guess, but as things stand today, Bitcoin Cash is the better way to go for sure.
Maximalism is jejune
We’re not in the maximalist camp at all. It’s a childish way of looking at things, and it doesn’t make it easier for newcomers to join. All three versions of Bitcoin have something good about them, which is not surprising because they are almost the very same technology.
BTC and BCH are more liquid for now, but the Bitcoin SV developing community is quite interesting because it doesn’t allow for market performance to get in the way of writing good software, so there’s a reason to be positive about Bitcoin SV as well.
Besides, cryptocurrencies are assets, not families, religions, tribes, or things of that sort even if there is a bit of tribalism in the cryptosphere.
But it’s time to go back to the initial question. If prices are going to be stable, what’s the point in using Bitcoin? Developers don’t really want us to transact on-chain right now. They want those transactions to power the Lightning nodes. So why not just make them happy and transact on Bitcoin Cash instead of Bitcoin?
Don’t get us wrong. Bitcoin was the first cryptocurrency in human history and it remains the most important one by far. But we have more options currently and some of them may not be as powerful as Bitcoin, but they are more practical and easy to use to transact and transfer wealth. We just think it pays off to keep your options open.
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.