Why is Bitcoin Cash the world’s practical cryptocurrency?
As bitcoin and blockchain have gained popularity, a number of cryptocurrencies have been launched around the world. According to CoinMarketCap, there are more than 1,600 types of cryptocurrencies so far. But there is only one currency that fits Nakamoto’s vision and description of a “functional cryptocurrency,” and that is Bitcoin Cash.
This conclusion is not a figment of imagination, but a comparison. According to CoinGeek, comparing eight cryptocurrencies among the top 15 by market capitalization, These include Bitcoin Cash (BCH), Bitcoin Core (BCE), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Menlo (XMR), DASH and IOTA. The following table is obtained.
Of the eight cryptocurrencies, only Bitcoin Cash meets all of the criteria, while other cryptocurrencies don’t always meet a few criteria in particular. But all currencies meet the criteria for global circulation.
POW proof of work is by far the fairest method of proof, and is therefore a common mechanism for many cryptocurrencies. However, XRP and IOTA do not meet this standard. Although ETH is now using POW proof mechanism, it is likely to be changed to POS+POW in the future. SHA256 algorithm is by far the most secure blockchain algorithm, only BCH and BCE are used by this algorithm. On the criterion of pre-mining, Bitcoin Cash is confirmed to be non-mining, but XRP, DASH and ETH are not so sure on this point.
Non-trust is a key principle of cryptocurrencies and is not a problem for BCH. Some time ago, the BCH community also launched Chainbet, an untrusted online betting protocol. Untrusted features come primarily from open source code, which can be verified by the community. Bitcoin Cash is completely open source, while projects like IOTA don’t reveal all the mechanics of the software.
Bitcoin Cash also allows for quick transactions and instant payments, with no backlog of transactions. BCE, on the other hand, has a huge backlog of deals because it cannot expand. Other popular currencies such as XMR and ETH also have some problems with this during peak use.
Bitcoin Cash is also a scalable global currency, the only cryptocurrency that can keep increasing its block cap as the market demands it. Gigablock Testnet and Terab projects based on BCH are currently being developed to facilitate the worldwide use of BCH.
As you may have noticed, BCH is also the only cryptocurrency with multiple development teams. These development teams are not only cooperative but also competitive, and this structure contributes to efficiency and development decentralization. This will not result in BCH being controlled by one team and developing in a bad direction.
In addition, BCH has privacy features. Bitcoin Cash users can currently obfuscate transactions via CoinJoin. XMR provides default privacy standards, like DASH, which provides an opt-in method. BCE and ETH are lacking in this respect. Similarly, BCH also has auditing capabilities, unlike Monero, which are inherently private blockchains. In addition, Bitcoin Cash plans to add color coins and smart contracts in the future, so it is feasible to issue tokens on the BCH network in the future.
Finally, compared to other cryptocurrencies, Bitcoin Cash is built on mature technology. As virtual currencies become more and more popular, a lot of people are trying to do things in very interesting and novel ways. But projects like EOS and IOTA take years to mature to establish overall safety and feasibility.
Without a doubt, BCH is the world’s practical cryptocurrency because it can do everything other cryptocurrencies can do. As the only currency that follows Satoshi nakamoto’s original white paper, BCH also has the best expansion and security features. This is why so many merchants have started accepting BCH payments, as it is the best cryptocurrency available for payment on the market and will be a leader in other areas, including smart contracts and tokens.