If you love freedom you will love cryptocurrency. Blockchain, the latest technology in the world today, offers you the financial freedom that you’ve always dreamed of. This has been proven since January 2018.
Why January 2018? The first ever blockchain based experiment Bitcoin started then. Bitcoin on blockchain is the most transparent truthful and free system, which with its massive adoption (along with other cryptocurrencies) has extended a lot of financial freedom to its users. This modern way of using money threatens existing financial institutions.
Some cryptocurrencies however offer better value, access, support and freedom compared to others. “How is this the case?” you might ask. “Are they all not built on the same blockchain system?”
Yes. All cryptocurrencies are built on the same principle of blockchain. But one has to understand that while the technology is the same, the protocol may differ. Every cryptocurrency created has its own purpose. Its developers create a currency that supports varying needs and purposes: from asset holding to trading to value transfer to payments or settlements etc. All of the aforementioned activities or interfaces are supported using open source codes on blockchain. So even though the technology used is the same, the usage of the technology may differ based on the purpose and function of the cryptocurrency.
A good example of this is Bitcoin Core (BTC) and Bitcoin Cash (BCH).
Bitcoin (created by Satoshi Nakamoto) was the first ever experiment on the blockchain. Besides this it was the first decentralized, open source currency system. Once the system was created, its maintenance and development was handed down to a network of developers from across the world who could enhance its functions and capabilities so that more and more people would be able to use this technology. Developers not only work on enhancement of the currency but also in creating other support software like “wallets”, that are a way to hold your cryptocurrency. Wallets can be of various types based on hardware; desktop wallets, paper wallets, mobile wallets etc.
For example the Mycelium Wallet (a mobile wallet) has enhanced features that are very conducive to the use of Bitcoin since the developers have a good understanding of what is needed for Bitcoin to gain more adoption and usage.
Similar to developers of wallets, cryptocurrencies also have developers responsible for it’s enhancement and scaling. These developers have access to the original codes and are entrusted by the community with the task of enhancing bitcoin in terms of scalability.
Unfortunately, when the time came for Bitcoin to be enhanced developers were at an impasse. Global crypto followers felt that Bitcoin Core was not in line with the original idea and ethos of what Satoshi created. They felt the new “enhancements / developments” on Bitcoin seemed quite off balance and off track and would not deliver what it originally promised. Moreover, the peer to peer cash system which is the first thing about Bitcoin, was completely missing!
Those supporting the unnecessary technological developments to the Core felt that it was ok for Bitcoin to be a held just as an asset rather than a multiple role currency.
This did not go down well with true Satoshi followers who believed in his vision of a truly decentralized, secure P2P cash system. They therefore created a ‘Hard fork’ to the original Bitcoin blockchain. This was called Bitcoin Cash which was in essence the ‘baby’ of Bitcoin.
The best thing that happened to Bitcoin is Bitcoin Cash.
Bitcoin Cash shares exactly the same characteristics as Bitcoin i.e. the ledger system, the proof of work, the 21M cap and the distribution pattern. Just like Bitcoin, Bitcoin Cash is also open source and each is made up of a 100 million Satoshis. It does however have developments that make it quicker, cheaper and more efficient.
The crusade of clear minded Bitcoin Cash developers have shown that Bitcoin could be enhanced and developed without steering off the path that Satoshi originally paved.
These are the features available on Bitcoin cash that aren’t available on Bitcoin:-
A) Increase In Block Size
BTC has a block size of only 1mb and that of BCH is 32mb
B) Low Network Transaction Fee
BCH has a much lower network transaction fee than BTC. There have also been talks about a feature whereby network fees keep reducing as number of transactions increase!
Due to BCH’s low network transaction fee than BTC users can make multiple small amount transactions without worrying about the fees.
D) Instant Zero Confirmation System
Bitcoin Core developers changing Satoshi’s protocol to “replace by fee” (RBF) is an unwanted update. This confuses a lot of new crypto users because now they have to use an unnecessary second layer platform to do instant btc transactions.
Bitcoin Cash’s Instant Zero Confirmation System negates the need for RBF.
E) Stress Test
This was never done with BTC because the core developers were not interested in scaling Bitcoin. However with BCH, the vast network of users and developers were able to actually test the capability of the BCH block by conducting a 23mb transaction stress test. This test proved that BCH could actually handle higher transactions per block!
They say “children are an improvement on their parents” and this definitely holds true for Bitcoin Core and Bitcoin Cash. Bitcoin Cash is therefore bound to gain acceptance and popularity amongst cryptocurrency users.
Although, one must never assume that the original Bitcoin Core will ever be completely redundant. The original Bitcoin is like your first car or your first kiss, that no matter its flaws or drawbacks, will always be remembered fondly and will therefore almost never lose its significance.
However, for now, the new baby in town Bitcoin Cash is the true winner with its scaling developments & global adoption. And, irrespective of whether you prefer BCH or BTC or any other cryptocurrency, for that matter….one thing is certain. Decentralized Cryptocurrency can give you the FREEDOM that fiat money never could and never will.