Roger Ver considers Bitcoin Cash to be the actual Bitcoin due to its superiority in comparison to Bitcoin, in terms of transaction settlement time, scalability, and privacy.
Bitcoin Cash’s transactions are far more superior than Bitcoin’s due to the implementation of Schnorr Signatures by the former. However, due to various changes in Bitcoin Cash’s blockchain, it is far better than Bitcoin, especially when it comes to transaction and scaling. At press time, Bitcoin Cash was priced at $357 with a market cap of $6.35 billion and was the fourth largest cryptocurrency in the world, just below XRP.
In the last 24 hours, Bitcoin Cash blockchain witnessed 99% of its market cap moved, according to Bitinfocharts.
This would imply that Bitcoin Cash worth $6.34 billion was moved in the last 24 hours, which is approximately 17.67 million BCH, almost equal to the circulating supply of Bitcoin.
In comparison to Bitcoin, only 8% of BTC’s market cap was moved in the last 24 hours, which is worth $10.85 billion, far higher than that of Bitcoin Cash. From the charts, an average of 62,136 BTC was sent while Bitcoin Cash averaged about 736,313 BCH in an hour.
Bitcoin Cash network faced a scheduled upgrade on May 15, which implemented Schnorr Signatures, which will improve Bitcoin Cash’s privacy and security. However, on the scheduled date, the network faced an attack, who exploited a bug that produced blocks with very small number of transactions in it.
BitMEX research reported on the same as they tweeted:
Bitcoin Cash – The hardfork and all the events summarized in one picture
In the below image we have attempted to illustrate all the relevant events:
* The hardfork
* A chainsplit (With asymmetric validity conditions)
* A bug causing empty blocks
* A non-consensus re-org pic.twitter.com/RX3V29nyMQ
— BitMEX Research (@BitMEXResearch) May 15, 2019
The Bitcoin Cash network eventually overcame the juvenile attack and has been performing well. At press time, the price of the coin was down by more than 10% in 24 hours.
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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
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