Elucidating 10 rationales elevating Bitcoin cash
According to experts, the Bitcoin Cash recently fell by almost 4%, but the Crypto community is highly optimistic with respect to the future of Bitcoin Cash and believes that Bitcoin Cash will rise soon. Below are 10 conjectures supporting the same.
1. Retention of core features from Bitcoin
Bitcoin cash is nothing but a Bitcoin fork, therefore it entails a lot of similarities to the former one. As an indirect consequence of which, effective decentralization and security are achieved along with the improved scalability as the block size is increased to 8mb to accommodate more number of transactions. Bitcoin Cash incorporates the best features from Bitcoin and eradicates its loopholes. Therefore, on a long-term basis, the coin has a bright future.
2. Bitcoin cash to support smart contracts
It is highly intriguing to know that the Bitcoin code, actually supports the functionality of the smart contracts but may be due to some inevitable consequences, the developers at that point of time didn’t find it much viable to enable those functionalities. This was the precise reason why Vitalik Buterin shifted away from Bitcoin to develop a smart contract platform. As Bitcoin Cash is re-inviting back, the lost functionalities it would gain even more popularity in the coming future.
3. Bitcoin cash supports on chain scalability
In the original white paper of Bitcoin, Satoshi Nakamoto himself has mentioned the on chain scalability, which can be utilized in order to meet the growing requirements. But the concept was never implemented by the developers, as they were highly speculative about centralization of the project. Bitcoin cash on the other side, easily supports the scalability, as the block size can further be increased from 8 MB too.
4. Widespread acceptance of Bitcoin cash
According to statistics, it is estimated by the experts in the field, that Bitcoin Cash would be welcomed with open arms by millions of convenient stores across the world, particularly in Japan, in order to incorporate them as one of their payment methods. Bitcoin Cash has even collaborated with major companies, having a firm hold on the retail stores of America which would indirectly enable Bitcoin Cash to be accepted there as well.
5. The Bitcoin Cash ecosystem avoids volatility
According to reports, it has been concluded that Bitcoin Cash is proving to be very useful in the countries, where the Fiat market volatility is relatively higher, and the inflation rate is unsustainable. Most of the retailers of Venezuela, have incorporated Bitcoin Cash instead of their Fiat currencies and have, kind of, turned down the banks.
6. Support from the Bitcoin Cash Foundation
The Bitcoin Cash community is huge. In particular, the Bitcoin Cash Foundation has always taken a firm stance, in order to support Bitcoin Cash. Recently, the foundation released a website, BitCashers.org which outlines every possible reason for the incorporation of Bitcoin Cash as a payment system. It has specifically been optimized to reach a global audience and bring millions of people on the same page.
7. The decision-making process in Bitcoin cash is also decentralized
When we take a closer look at the development of the core Bitcoin Blockchain. Although the source code is open source in nature, specific improvements in the program can only be reflected with the permission of a handful of developers known as the Bitcoin core developers. But in the case of Bitcoin Cash, various competitors compete with each other and the best one is reflected in the code. Therefore, Bitcoin cash is fundamentally decentralized and has a better future.
8. The Bitcoin Cash network is congestion free
When a transaction is initiated but is not immediately confirmed by the Blockchain, it is in the state of unconfirmed transaction pool but the merchants assume it to be valid, this is known as “0conf”. In the case of small to medium-sized Blockchain networks, this model is applicable, but when it comes to Bitcoin, this process is not applicable. Bitcoin Cash eliminates this issue, as it is congestion free and the transactions instantly get confirmed.
9. Acceptance in the Crypto community is high for BCH
Bitcoin Cash has been the only Blockchain network to gain huge acceptance and popularity within such a small time window. It has also been accepted by most of the Crypto exchanges across the world.
10. Full node Bitcoin Cash implementations are to support its acceptance
Currently, there are 6 Bitcoin Cash full node implementations in action, namely Bitcoin ABC, Unlimited, XT, Parity, Flowee, and Bitprim which are constantly improving Bitcoin Cash.
