Topic: [2017-10-14] Why Bitcoin Cash Isn’t King (Read 260 times)
As far as my learning on economy is concerned, Bitcoin is not King because it is not readily available or 100% acceptable in the world of trade and commerce. Its value is at times worthless because it is unrecognized. With that, although its value has skyrocketed, it is still not King as contrasted to cash because it is not liquid and still subject to conversion to that currency which is recognized and backed up by central banks.
Bitcoin cash failed to get user adoption for the same reason why any other altcoin failed to get adoption - it's extremely hard to get momentum. People are adopting currencies that are already growing in popularity, for users it would mean that they will be able to spend their currency in many places, for merchants it would mean more customers. So, when a currency has a very small user bases, it's more inconvenient than beneficial to adopt it. The other reason why Bitcoin is better than altcoins is stability - Bitcoin network is very reliable and it's secured by the most PoW of all coins, while many altcoins still require testing and their small network are much easier to attack, which makes it risky to move huge amounts of value to them.
there is a much simpler and shorter explanation why bitcoin cash failed-there are too many shit altcoins
that are only different in name and smallish perks,nothing else
bitcoin cash tried to emphasize the block size and their weirdo difficulty mechanism,which is the cause of many bitcoin blockchain issues,by the way
due to the miners switching as one once BCH difficulty drops and it is profitable to mine it,thus increasing the time between bitcoin blocks to some retarded values in the process
they tried,they failed,but thank you for free money,was able to get 14% extra on my bitcoins
well,failure is a relative term here,they are doing much better than most,to be honest,but expectations were so high....
Bitcoin cash failed to get user adoption for the same reason why any other altcoin failed to get adoption - it's extremely hard to get momentum. People are adopting currencies that are already growing in popularity, for users it would mean that they will be able to spend their currency in many places, for merchants it would mean more customers. So, when a currency has a very small user bases, it's more inconvenient than beneficial to adopt it. The other reason why Bitcoin is better than altcoins is stability - Bitcoin network is very reliable and it's secured by the most PoW of all coins, while many altcoins still require testing and their small network are much easier to attack, which makes it risky to move huge amounts of value to them.
Born August 1, 2017, Bitcoin Cash is to its proponents what Bitcoin ought to be. As of now, it features 8MB blocks as opposed to one or two. Its transaction time is just under a minute and a half per block, and its fees are low, about seven cents per transaction. However, Bitcoin Cash did not take over Bitcoin after the fork. Let’s look at a few reasons why.
Litecoin’s SegWit activation led to adoption and drove prices higher. Perhaps some traders took wind of this and held Bitcoin despite some negative sentiment.
Not everyone who knew about the fork took advantage of it. Some kept their coins on Coinbase or other online wallets or exchanges that did not immediately divvy up a fork dividend.
The old credo, “Build it and they will come” did not apply in this case. Retailers and restaurants that accepted Bitcoin just weren’t there, leaving Bitcoin Cash without the killer app it could have used.
When it comes to cryptocurrencies, anything new comes with both speculation and, perhaps, a bit of paranoia. No one knew what would happen in regards to either coin after the fork. But SegWit had proven to work with Litecoin. And the market loves predictability, especially when it comes to an event such as the integration of optimizing software.
The chant for bigger blocks has been intensifying to a crescendo for the past couple of years, and SegWit proponents’ negation of this has kept pace. The lay user of bitcoin never really understood what the fight was truly about, and can hardly tell the difference between the two approaches.
Bitcoin is expecting another fork next month. However, after the first fork on August 1, speculators and traders learned that staying along for the ride with Bitcoin for the forked coin can prove profitable. This is especially the case if they can ride the storm for both coins.
There has been palpable fear in the market as a lot of altcoins saw their values slowly decline as traders jumped ship to bitcoin. Who can blame them? Bitcoin is now cruising past five thousand and nearing six as of the time of writing. In the meantime, we watched altcoins suffer this past week. Bitcoin Cash has caught itself in a balancing act, as its supporters have to maintain a code that will lead to profitability for miners in order to ensure the long-term success of the cryptocurrency.
source: https://themerkle.com/why-bitcoin-cash-isnt-king/
1. Segwit worked
Litecoin’s SegWit activation led to adoption and drove prices higher. Perhaps some traders took wind of this and held Bitcoin despite some negative sentiment.
2. Access and adoption wasn’t wide
Not everyone who knew about the fork took advantage of it. Some kept their coins on Coinbase or other online wallets or exchanges that did not immediately divvy up a fork dividend.
3. Retailers weren’t ready
The old credo, “Build it and they will come” did not apply in this case. Retailers and restaurants that accepted Bitcoin just weren’t there, leaving Bitcoin Cash without the killer app it could have used.
4. Name recognition
When it comes to cryptocurrencies, anything new comes with both speculation and, perhaps, a bit of paranoia. No one knew what would happen in regards to either coin after the fork. But SegWit had proven to work with Litecoin. And the market loves predictability, especially when it comes to an event such as the integration of optimizing software.
5. No easily recognizable utility or network
The chant for bigger blocks has been intensifying to a crescendo for the past couple of years, and SegWit proponents’ negation of this has kept pace. The lay user of bitcoin never really understood what the fight was truly about, and can hardly tell the difference between the two approaches.
Bitcoin is expecting another fork next month. However, after the first fork on August 1, speculators and traders learned that staying along for the ride with Bitcoin for the forked coin can prove profitable. This is especially the case if they can ride the storm for both coins.
There has been palpable fear in the market as a lot of altcoins saw their values slowly decline as traders jumped ship to bitcoin. Who can blame them? Bitcoin is now cruising past five thousand and nearing six as of the time of writing. In the meantime, we watched altcoins suffer this past week. Bitcoin Cash has caught itself in a balancing act, as its supporters have to maintain a code that will lead to profitability for miners in order to ensure the long-term success of the cryptocurrency.
source: https://themerkle.com/why-bitcoin-cash-isnt-king/
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