Bitcoin Cash (BCH) shows its resilience after months in which it seemed dead. Since the last weeks of October, this crypto currency started to see a price increase that arrived at $1410 dollars. Bitcoin is losing more than 5% today arriving at the lowest point in weeks.
What is Going on With Bitcoin Cash and Bitcoin Legacy?
Bitcoin is showing, since some time, problems in its scalability. This produces higher fees per transaction and more transaction times. With the actual capacity of the Bitcoin Legacy block (1 MB) three transactions per second can be performed.
Bitcoin Legacy does not offer what it was supposed to. Satoshi Nakamoto was thinking about Bitcoin as a peer-to-peer currency with low fees and fast transactions. Bitcoin Cash is the currency that is offering that at the moment.
Roger Veer, one of the figures that support Bitcoin Cash said on his Twitter account: “Simply being scarce isn’t enough to give something value. It must be useful and scarce. Full blocks are destroying Bitcoin’s usefulness.”
Simply being scarce isn’t enough to give something value. It must be USEFUL and SCARCE. Full blocks are destroying Bitcoin’s usefulness.
— Roger Ver (@rogerkver) October 27, 2017
Big businesses and investors are changing currencies. Bitcoin was believed to be the future, but enterprises and individuals see that its usability will be reduced. As transactions increase, also the fees. Can this currency manage an increasing amount of individuals transacting?
Bitcoin Cash vs Bitcoin Legacy or Just Two Currencies for Different Use?
There are some individuals that were not divided by Segwit2x hard fork. That kind of people believes that Bitcoin Cash could be used as a daily means of payment. At the same time, Bitcoin legacy could be used as a storage of value. In this way, one of the two currencies will not rule the other in both fields. While transacting with one (Bitcoin Cash), the savings would be stored in the other (Bitcoin legacy).
Openbazaar, one of the most known websites to buy with Bitcoin commented in Twitter about Bitcoin Cash. “Hearing lots of great things about @BitcoinCash $BCH today. Many developers and businesses seem better aligned with the vision now that 2x has failed,” the company wrote.
But, Bitcoin Legacy supporters are openly in favour of higher fees. Luke-Jr, Bitcoin Core developer, said that it is not possible to keep Bitcoin transaction fees low because of full blocks. And about that, Greg Maxwell, CTO of Blockstreamcoin, said: “blocks are always effectively full and any system where they aren’t, is either irrelevant or subject to censorship.”
At the moment, more than 1,500 businesses changed their strategy and started to accept Bitcoin Cash. Though, the number is expected to grow when more and more investors realize about the benefits of lower trade fees. At the same time, Bitcoin Cash team is working in a roadmap to make the network usable.
Which currency do you think that will survive in the future? Will they be able to keep both of them? Bitcoin Cash or Bitcoin Legacy for daily transactions? Give us your comments.
Image courtesy of Pixabay
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