Bitcoin Cash (BCH) Review | Dethroning Bitcoin?
Could Bitcoin Cash take the throne and title of "king of the cryptos" away from our beloved Bitcoin?
We all know of the gift of Bitcoin that given to us by Satoshi Nakamoto in 2008. What many people do not talk about is the rest of that amazing team. Although Satoshi created the idea of Bitcoin; a number of very intelligent and highly skilled coders built the program at the core of our first crypto. One of those brilliant individuals was Dr. Craig Wright. As part of the Bitcoin, Team Craig helped to bring the "king of cryptos" into being. Many people have even said that he is actually the mysterious Satoshi himself. In fact, Craig made that claim (in a BBC interview no less) to get that rumor started a while back. While we have no proof either way; what we do know is that Dr. Wright believes in crypto and is deeply entrenched in our cryptosphere. And with his involvement comes a cult following of sorts. In the cryptosphere, we have all embraced open communication and complete transparency. Some figures (like Craig) may or may not fulfill that requirement for total honesty at all times. But, whether his claims have been true or not; there are some who have decided that he is someone to follow; so, they follow him and his advice.
Recently Craig has decided that Bitcoin Cash is on the road to "dethroning Bitcoin". This is something we at CryptoDetail have covered in the past. There is room in the cryptosphere for all coins and tokens. However, regardless of our stance on this matter; many people in the cryptosphere feel that Bitcoin has too many issues for their liking. So, they are intent on using the "replacement" theory; believing that only one coin will "rule us all". And Craig thrives on such belief. As such Dr. Wright has publicly stated that (paraphrased) "Bitcoin Cash will turn all other blockchains into mere sidechains". This is a bold statement considering the sheer enormity of the Bitcoin and Ethereum networks (not to mention the other coins and tokens in the Top 100; or the newest releases). But could Bitcoin Cash take the throne and title of "king of the cryptos" away from our beloved Bitcoin? Let's look a bit deeper at the current state of these two cryptos.
BTC vs BCH
Bitcoin has been around since 2008. Bitcoin Cash was only born in 2017. That's nine years compared to less than one; which is a significant amount of time to build a solid base of followers. The increased block size, and therefore increased transfer speed, of BCH has enticed many users to join that camp. And, the fact that most Bitcoin wallets provided a Bitcoin Cash wallet, with an amount of BCH equal to each wallet holder's BTC holdings at the time of the fork; certainly helped many more wallet holders to use the new currency. This gave BCH a massive jump in (what many see as) the competition. Since the hard fork that officially created BCH many in the cryptosphere have investigated its possibilities, used this new cryptocurrency to conduct transactions, and even migrated their holdings to include BCH; some even started using BCH exclusively.
We at CryptoDetail have used Bitcoin Cash, and even HODL a bit of BCH. We have found no issues with the coin itself, nor have we had any issues in conducting business with it. However, (not to seem elitist) BCH is not BTC. While the Bitcoin network sometimes takes a few more minutes to conduct a transaction; the fact remains that when someone in the fiat world hears "cryptocurrency" they think of Bitcoin. Therefore, it is much easier to introduce those people (potential clients) to the cryptosphere by leading them to their first BTC wallet and transaction. Furthermore, while BCH has its merits, the fact remains that, at this time it is much easier to convert BTC to fiat than it is to complete that process with any other crypto. That fact is changing from day to day. However, Bitcoin has become something of the "crypto gateway". This means that most people buy BTC, trade for another crypto, do their business, transfer back to BTC and cash out through one of many easily accessible platforms.
What about others?
So, while Dr. Wright may have some insider information (again, we can't be sure) as to the inner workings and plans of the BCH team; they have a LOT of work to do if Bitcoin Cash is going to take over the # 1 spot and become "king of cryptos". But wait, Craig said BCH would turn every other crypto into a "side chain". That would include Ethereum; the coin that controls the blockchain where every token lives. While BCH may indeed become more popular than BTC one day (we doubt it; but, stranger things have happened); how would a Bitcoin clone dethrone ETH? Without a smart contract, Bitcoin Cash has no chance of displacing Ethereum. And, even if BCH were modified to include its own smart contract; there are already billions of Dollars, Euros, Pesos, and Rubles invested in the thousands of ETH-based projects and tokens. Those existing projects will not be migrating to another platform; regardless of the proposed perks. So, again, BCH won't be knocking ETH from its pedestal.
These comparisons don't even include LTC, Monero or the thousands of other coins and tokens. The cryptosphere has developed along its own evolution. Bitcoin Cash, as great as it may be, is merely a forked coin with some good ideas built into it. We at CryptoDetail have said it before; there is room for every coin and token in our beloved cryptosphere. And, while we all enjoy the competition; this sort of claim is simply nonsense. There is no one coin or token that will "take over" and transform the entire world of crypto.
There's a room for everyone
So, while Dr. Wright's bold statement that, sometime in 2018, BCH will dominate the landscape and "turn all other cryptos into mere side chains" may seem like a prophecy to some; we prefer to use our common sense in analyzing such a claim. And, when looked at through logical eyes, it seems this is just another one of Craig's attempts to boost his own standing with his cult followers. In short, we must say sorry Dr. "Not-Satoshi" Wright; your PT Barnum act hasn't fooled us. Nor has it driven anyone here at CryptoDetail to turn all of our holdings into BCH simply to drive the price of your holdings up so you can make a quick profit for another sports car to add to your collection.
Nice try Craig, but the cryptosphere isn't as gullible as you would like to believe. We at CryptoDetail are here to spread the truth of crypto to the world; and we have many, many allies doing the same. So, you'll just have to wait for prices to rise like the rest of us. And, we'd appreciate it if you would drop the Jaime Dimon act and quit spreading such unfounded nonsense.
BTC is BTC, ETH is ETH and BCH is BCH; each has its place in the cryptosphere and we love them all; no sales hype required.
Thanks for joining us in this exploration. Good luck on your crypto journey. Happy HODLing!!!