Why has Bcash failed at becoming digital cash?

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Quote from: MikeyVeez on June 21, 2020, 04:40:03 PM

The main problem is that Bitcoin Cash is mined by only one company, respectively this company ViaBTC controls almost more than half of the mining power, which could lead into many problems in the future. We are talking about decentralization, but here you have an authority that can completely overtake the network Sad

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This would be the problem since those who are holding it worry they can be 51% attacked and take down the network at anytime with only one company mining it in the first place.
The only time I held any was at the fork and sold it immediately for bitcoin.
Never held any since.

TimeTeller

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Quote from: popeye95 on June 21, 2020, 01:40:19 PM

Quote from: Eco_111 on June 21, 2020, 01:33:43 PM

Don't put the blame on Bitcoin cash only, tell me, how many crypto coins out there that's been used for means of payment gradually?? Crypto is still far behind in this part of use case, every single coins that's been created to be used as payment aren't doing this one thing smoothly

Read the original post again. Only 2 percent of their transaction volume comes from Bitcoin Cash meaning people rather use other cryptos like BTC, ETH, LTC,... than Bitcoin Cash. Even with a bigger Market Cap, no one wants to use or want to receive Bitcoin Cash as their payment.

Even though there are a lot of merchants accepting BCash, users still prefer the more popular ones especially BTC.
This is owed to the fact that they are more confident to use the original one than the forked one.
I think it is because of the perception of the users. They trust the original more than anyone else.
Also, even noncrypto users can identify BTC. But if you introduce BCash, they will wonder what is it for?
This is the problem of a forked coin, a lot of them perceived it as imitation and not to be trusted.

MikeyVeez

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The main problem is that Bitcoin Cash is mined by only one company, respectively this company ViaBTC controls almost more than half of the mining power, which could lead into many problems in the future. We are talking about decentralization, but here you have an authority that can completely overtake the network Sad

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batang_bitcoin

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Quote from: Eco_111 on June 21, 2020, 01:33:43 PM

Don't put the blame on Bitcoin cash only, tell me, how many crypto coins out there that's been used for means of payment gradually?? Crypto is still far behind in this part of use case, every single coins that's been created to be used as payment aren't doing this one thing smoothly

No blaming here but op is just stating the facts that has been posted by Bitpay's CMO. I'm not surprised that the transaction that's coming from Bitcoin cash isn't that much.
While for bitcoin, most of the transactions are made there. This only means that bitcoin is the superior cryptocurrencies and they shouldn't claim the title which only belongs to bitcoin.

popeye95

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Quote from: Eco_111 on June 21, 2020, 01:33:43 PM

Don't put the blame on Bitcoin cash only, tell me, how many crypto coins out there that's been used for means of payment gradually?? Crypto is still far behind in this part of use case, every single coins that's been created to be used as payment aren't doing this one thing smoothly

Read the original post again. Only 2 percent of their transaction volume comes from Bitcoin Cash meaning people rather use other cryptos like BTC, ETH, LTC,... than Bitcoin Cash. Even with a bigger Market Cap, no one wants to use or want to receive Bitcoin Cash as their payment.

Eco_111

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Don't put the blame on Bitcoin cash only, tell me, how many crypto coins out there that's been used for means of payment gradually?? Crypto is still far behind in this part of use case, every single coins that's been created to be used as payment aren't doing this one thing smoothly

Phoenix_PROG

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Quote from: FinneysTrueVision on May 31, 2020, 10:00:10 PM

In a recent Cointelegraph article BitPay's Chief Marketing Officer Bill Zielke revealed that only around 2% of their transaction volume comes from Bitcoin Cash (BCH). Despite being accepted by thousands of merchants, nobody is using Bcash for what it is intended to be used for.

If this is true why did Bitcoin cash make it to top position on coinmarketcap? I guess that's because of its volume and market cap, isn't it? The project earned that position, what did this mean for you? Traders and holders are responsible for keeping a coin alive, we are still far from using crypto as means of payment, that's going to take a lot of time to happen

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Crypto as a whole is not being used that much.

The most used one by far is still btc but it has a physical on-chain limit. (Eth too)

Why bcash is not being used?

1-People don't use crypto that much. (Trading isn't counted as "using")
2-Bcash itself tried to steal the bitcoin brand and that was the worst move they did.

The first case is something they can do nothing about but if they didn't do what they did in the second case, maybe people would see it as a legit altcoin like litecoin.

Now it is just a shitcoin.

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Quote from: FinneysTrueVision on May 31, 2020, 10:00:10 PM

In a recent Cointelegraph article BitPay's Chief Marketing Officer Bill Zielke revealed that only around 2% of their transaction volume comes from Bitcoin Cash (BCH). Despite being accepted by thousands of merchants, nobody is using Bcash for what it is intended to be used for.

It is not a matter of people using Bitcoin Cash for that it is intended to be used for, rather it is all about people using the cryptocurrency they feel they can be comfortable with. There are many cryptocurrencies today, In some platforms some users prefer using stablecoins like USDT while some gaming platforms might prefer coins like BTC and/or ETH. Also, on the other hand, there are platforms which can go as far as adopting just one coin for their payment services. So from all these, it can be seen that people have their preferences most especially when it comes to using crypto for online purchases.

FanEagle

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Quote from: FinneysTrueVision on May 31, 2020, 10:00:10 PM

In a recent Cointelegraph article BitPay's Chief Marketing Officer Bill Zielke revealed that only around 2% of their transaction volume comes from Bitcoin Cash (BCH). Despite being accepted by thousands of merchants, nobody is using Bcash for what it is intended to be used for.

What is Bcash? I never come across calling bitcoin cash as bcash. Please stop misusing the terms. Long time back itself, we are having problem by having more than one asset with same symbols and when you call some known coin with new name, that will definitely misleading.

Bitcoin cash is just another coin which is having exact same economic rules of bitcoins. (I least bother about it is fork of bitcoin or anything). So, no wonder about it is not being used by many people. I just ask why should people use it when they are already comfort with bitcoins and few other altcoins? Just because of it is forked from bitcoin or having lower fees? I do see 100s of altcoins are doing quick transactions with 100x lower fee than bitcoin, still bitcoin is leading the entrire crypto space and all other coins are following it. So, no exception for BCH Cheesy

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nutildah

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It is still "digital cash," but in the same way that Bitcoin SV, Diamond and Gold are also digital cash, in that not many people really use it for anything... The number of people who actually use bitcoin for purchasing things is still quite small. For the average person just getting into crypto, being assaulted with a barrage of options isn't really confidence-inspiring.

Really Roger Ver should have changed the name of Bitcoin Cash a couple years ago after it became evident nobody respected it as the "real bitcoin." Right now the hash rate of BCH is only about 2% of that of BTC, so it actually makes quite a bit of sense that only 2% of BitPay users would use BCH. It literally enjoys about 2% of the popularity (at least among miners).

Quote from: FinneysTrueVision on June 01, 2020, 03:37:06 AM

Who's the CEO of Bcash? So much for being decentralized.

I'm willing to bet you know already that Bcash doesn't actually have a CEO. They just have a spiritual leader, Roger Ver.

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Quote from: Greatdev on June 01, 2020, 12:50:02 AM

Even if your claim is right BCH is better than most coins in crypto space today, give it time it will get more better, if only 2% transaction volume of bitpay comes from Bitcoin cash it's still something, in asian part of the world many are using BCH for means of payment through Alchemypay, even BCH CEO thanks Alchemypay for this, DYOR

Who's the CEO of Bcash? So much for being decentralized.

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Merchant will always prefer a coin with huge support, and it's bitcoin which is the most stable of them all.

They also consider that they might lose when the value will drop, and I think they don't like Bitcoin Fork like some of the investors.

It's not that they will just accept any coin without thinking of its volatility, they also need to control that as business is different from investing in crypto alone. And also, I like how merchant treat bitcoin fork, if they will all treat like that and stay with bitcoin, then we will see that majority of the adoption will be going to bitcoin and bitcoin forks will not succeed.

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Quote from: Paycoinzzz on June 01, 2020, 02:14:41 AM

Quote from: FinneysTrueVision on May 31, 2020, 10:00:10 PM

In a recent Cointelegraph article BitPay's Chief Marketing Officer Bill Zielke revealed that only around 2% of their transaction volume comes from Bitcoin Cash (BCH). Despite being accepted by thousands of merchants, nobody is using Bcash for what it is intended to be used for.

I know why people don't use Bcash for payment. Bcash's supply is equal to bitcoin, but most people in the world only know Bitcoin. Most people just want to buy bitcoins and hold, and they will pay in bitcoin. In addition, the second reason is that Bcash is much more volatile than bitcoin. traders also know when holding Bcash, the risk will be very high, thereby creating fewer people to use Bcash to pay. I just know that, any other reason?

And who tell you that there aren't Bitcoin cash holders? That coin is very profitable, one of the best if you don't know it you should try doing research on stores that accept BCH all over the world, there are many, OP is stating his fact about bitpay only, BCH is more than that

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You are right, only around 2% of their transaction volume comes from Bitcoin Cash (BCH). If am not mistake, It returns to each person view to use or not at all if there is a specific purpose for example he has joined and invested in the practice indirectly must be used. Everything needs a process and normal.

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Quote from: FinneysTrueVision on May 31, 2020, 10:00:10 PM

In a recent Cointelegraph article BitPay's Chief Marketing Officer Bill Zielke revealed that only around 2% of their transaction volume comes from Bitcoin Cash (BCH). Despite being accepted by thousands of merchants, nobody is using Bcash for what it is intended to be used for.

I know why people don't use Bcash for payment. Bcash's supply is equal to bitcoin, but most people in the world only know Bitcoin. Most people just want to buy bitcoins and hold, and they will pay in bitcoin. In addition, the second reason is that Bcash is much more volatile than bitcoin. traders also know when holding Bcash, the risk will be very high, thereby creating fewer people to use Bcash to pay. I just know that, any other reason?

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But BCH ranked 2nd from the same article you propose, so "nobody" is an exaggeration. I think it's more about the user base since BTC still ranked 1% with over 95% tx (according to the same article). Without onboarding the mainstream people, the market share won't change much since we already have our own favorite coin(s).

Greatdev

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Even if your claim is right BCH is better than most coins in crypto space today, give it time it will get more better, if only 2% transaction volume of bitpay comes from Bitcoin cash it's still something, in asian part of the world many are using BCH for means of payment through Alchemypay, even BCH CEO thanks Alchemypay for this, DYOR

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Quote from: FinneysTrueVision on May 31, 2020, 10:00:10 PM

In a recent Cointelegraph article BitPay's Chief Marketing Officer Bill Zielke revealed that only around 2% of their transaction volume comes from Bitcoin Cash (BCH). Despite being accepted by thousands of merchants, nobody is using Bcash for what it is intended to be used for.

That means the majority of people are using this for pump and dump scheme. I personally never tried to use the fork coin to buy someone from the merchants.

This coin is still alive caused by the name of bitcoin fork and no more.

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Many merchants accept it because it's in the top 20 cryptos out there and it's a BTC fork. If it hadn't been forked off Bitcoin, it would've sat right now somewhere deep in the list of existing shitcoins.

BCash has failed because we don't need 100 different forks for every single thing some part of the community wants different. At some point, most alts will prove to be absolutely useless. Most of them already are, but some people still wake up from time to time investing a few bucks in them to try their luck.

With every new fork that pops up, their existence becomes more worthless and nonsense. Let's be realistic - we'll only have few that will survive, and BTC will probably always sit at the top.

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In a recent Cointelegraph article BitPay's Chief Marketing Officer Bill Zielke revealed that only around 2% of their transaction volume comes from Bitcoin Cash (BCH). Despite being accepted by thousands of merchants, nobody is using Bcash for what it is intended to be used for.

Topic: Why has Bcash failed at becoming digital cash? (Read 318 times)