A lot of times when you read an article about Bitcoin Cash, the subject of the article is about whether Bitcoin Cash is set to be the real Bitcoin or not. A good point for discussion of course, but doesn’t Bitcoin Cash deserve more credit than just endlessly talking about this particular subject?
Regardless of what your personal opinion about Bitcoin Cash might be, nobody can deny that Bitcoin Cash has seen a huge increase in popularity over the past 9 months. Bitcoin cash has only been existent in the cryptocurrency space since August 2017. Yet, despite adversaries, it quickly gaining ground as the cryptocurrency of choice for many people trading in the crypto space.
What is Bitcoin Cash?
On August 1st, 2017, Bitcoin experienced its first hard fork which gave birth to Bitcoin Cash. Bitcoin Cash was created to bring back the essential qualities of money inherent in the original Bitcoin software. According to the creators or Bitcoin Cash, a lot of original qualities of Bitcoin were filtered out of the Bitcoin Core and progress was stifled. Due to increasingly high fees per transactions and transfer times taking hours to days, Bitcoin Core was not usable anymore as money.
The messages and opinions about the arrival of the Bitcoin Cash vary. There are users who are absolutely not happy with the split because there is a fear of a depreciation of the value of the original Bitcoin. Other users are satisfied and see the arrival of Bitcoin Cash as the solution to the current problems.
Things that might predict a bright future for Bitcoin Cash:
1. Low-Cost Transaction Fees
The transaction costs for Bitcoin Cash are a lot cheaper than with Bitcoin and many other currencies. The explosion in the cryptocurrency markets last December caused a flood of new transactions. This has resulted in fees rising across the board. The average fee for Bitcoin transactions even rose above $41.62 during that time.
Although Bitcoin transaction fees have been plummeting so far in 2018, the average fees of Bitcoin ($0,20) are still way higher than the average fees of Bitcoin Cash ($0,0028). To become usable as a digital currency for daily transactions, low fees need to be in play. Bitcoin Cash seems to be doing really well based on average transactions fees. For now, at least.
Since the creation of Bitcoin Cash, the cryptocurrency has received a lot of infrastructure support from the overall crypto community. The coin can be traded on a lot of exchanges and can be stored in a lot of different wallets. No other cryptocurrency has received the support that Bitcoin Cash has received so quickly in such a little time frame.
For example, Bitcoin Cash is supported by the major exchanges like Binance, Kraken, Coinbase, Bitstamp, Huobi Pro, Bithumb, and more.
Thanks to the BitPay integration Bitcoin Cash is also accepted by thousands of traders around the globe. Bitcoin Cash may be available anywhere in 2018 where Bitcoin can also be used for payment.
3. Technological advancement
An upgrade will take place on May 15 so that even more on-chain transactions can take place on the Bitcoin Cash network.
Moreover, the upcoming network upgrade will reinstate and add new operating codes (OP Codes) and scripting abilities to the BCH chain which will enable tokenizing methods and the ability to code smart contracts within the BCH network.
4. A strong community
Even before the hard fork of August 1st, Bitcoin Cash already had a strong community of like-minded ideas. After the successful hard fork, the belief to make Bitcoin Cash a success has only grown stronger.
Besides that, the Bitcoin Cash popularity amongst crypto traders across the globe has seen a huge increase. A metric to support this claim is the significant increase in Bitcoin Cash related meetups worldwide. Bitcoin Cash really seems to create adoption amongst many cryptocurrency believers.
Bitcoin Cash Community and Meetups
Regardless of where you live, chances are that a Bitcoin Cash meetup will be organized in a big city near you. BCH meetings are HOT. From London to Paris, Kuala Lumpur to San Francisco. It looks like a Bitcoin Cash meetup is planned almost everywhere.
The events aim to bring together BCH merchants, users, and enthusiasts in order to nurture the local community.
What to know if there is a meetup nearby? By using events.Bitcoin.com, which displays a multitude of bitcoin cash meetups globally, people can easily find out if there is a meetup planned near there current place of residence.
Furthermore, on Twitter, the account @BCHMeetups can be followed to get the latest updates about meetups taking place in many different countries. It also publishes pictures and stories from events that have already happened.