Bitcoin

Bitcoin Cash Erodes Bitcoin Market Share After Price Surge

Bitcoin Cash Erodes Bitcoin market Share After Price Surge

The digital currency headlines have reported the Bitcoin Cash price surge in recent days in the wake of a fall in price of other cryptocurrencies. While different reasons have been adduced for the price surge, one of the pointers was the reported mix-up by Overstock.com. The retail giant which accepts Bitcoin payments made a transpose error that allowed shoppers to place orders with Bitcoin Cash before getting them cancelled.

Bitcoin cash showed strength this week by rising to the 4th position on the list of Top 10 cryptocurrency by capitalization. As at the end of this week’s trading, the market capitalization rose to $44.9b while its USD value peaked at $2659.56 per coin.

BCH/USD Weekly Price Chart

Bitcoin Cash BCH-USD Weekly Price Chart 

Bitcoin Cash to replace Bitcoin?

The operational delays in Bitcoin processing as a result of its slow pace is one of the reasons giving a push to Bitcoin Cash in the marketplace. Bitcoin Cash is a direct offshoot of Bitcoin and runs on the same Bitcoin Blockchain but with unique strengths.

Bitcoin Cash transactions attract lower transaction charges when compared to Bitcoin itself. While the high fees inherent in Bitcoin transactions are an issue, Bitcoin Cash offers a lower alternative.

Scaling problems is an issue for Bitcoin; Bitcoin Cash is more flexible and scalable. In terms of processing speed, Bitcoin Cash also bests Bitcoin, and has a better merchant appeal.

Bitcoin Cash has kept off the loop of political disruption and social hits on its protocol development with its transaction efficiency focus. All stakeholders on the Bitcoin Cash platform also have a chance to make an input on changes in a coordinated manner through the unique mailing list known as bitcoin-ml.

Bitcoin Cash Unique Selling Points

Scalability (On Chain Mode)

Bitcoin Cash has adhered to the originator of Bitcoin’s original roadmap that aims at global adoption while maintaining scaling using the on-chain methodology.

This has led to adjustment of blocksize limits by 8MB with active research ongoing for further extensions.

Optimized Signatures

To beat impostors on the Blockchain, the innovative SigHash mode signatures have been adopted. This is a proofing step to act against replays and cloning.

Hardware wallet security is better protected while the challenges associated with quadratic hashing are eliminated.

Decentralized Development

With Bitcoin one-line module slowing down the pace of innovation on its network, Bitcoin Cash has adopted decentralized development, which obviously points to the future of the Blockchian

Jump on the Bitcoin Cash Train

The reasons above have made the stakeholders of Coinbase to issue a petition to the exchange on the desirability of adopting Bitcoin Cash as the default trading market.

This will mean that users will have to buy BCH before exchanging them for other cryptocurrencies on the platform. Effectively, this step will dethrone Bitcoin, and reduce its market transactions below what it is presently.

All of the keynotes highlighted above can be viewed as the strong points that assures of a more competitive and progressive future for BCH.

Wouldn’t you rather become a part of this unfolding future instead of staying by the sidelines?

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top