Typically, Bitcoin Cash (BCH) is criticised as a niche cryptocurrency with no chance of adoption and even as a “zombie chain.” An experienced analyst and investor argues why these stories have to, at the very least, be reexamined in 2023.
BCH is closer to what BTC was supposed to become, CIO Bons says
The largest and most well-known fork of the original cryptocurrency Bitcoin (BTC), Bitcoin Cash (BCH), deserves to outperform it in terms of market capitalisation. Cyber Capital CIO Justin Bons made this claim in a recent Twitter exchange. He made a point of saying that this viewpoint ought to only hold true from a “purely fundamental perspective.”
The expert sees politics as the reason why Bitcoin Cash (BCH) underperforms its “oldest brother”. The market capitalization of Bitcoin Cash (BCH) as of July 2023 is less than 0.95 percent of that of the original cryptocurrency.
As a result, BCH’s widespread acceptance is just absent. The fourteenth-largest cryptocurrency, which uses the proof-of-work (PoW) consensus process, still adheres to the original “Satoshi vision” and is one of the most popular digital currencies.
Due to its block size restriction and “dictatorial governance,” Bitcoin (BTC) appears to Bons to be a joke in its current condition. To put things in perspective, the block size of BCH is 32 MB as opposed to 1 MB for Bitcoin (BTC). This difference, which is frequently criticised by Bitcoin (BTC) detractors, is the most hazardous obstacle to scalability.
As previously reported by U.Today, Bitcoin Cash’s (BCH) spectacular 70% surge grabbed attention.
BCH was added by EDX, a cutting-edge cryptocurrency exchange funded by Citadel Securities, last week.
“Most dismiss BCH without knowing the history”
Bons is confident that the great majority of ardent BCH detractors discarded it without comprehending the debate about decentralisation, block size restrictions, and other related topics.
According to Bons, what happened to Bitcoin (BTC) appears to be a tragedy, but Bitcoin Cash’s (BCH) tale is an illustration of the tenet that “forking is a freedom”
A number of observations made by Justin Bons on the security and design flaws of Bitcoin (BTC) have been published. He said that Bitcoin Core’s authoritarianism resulted in an excessively centralised development process.
Additionally, as previously reported by U.Today, he is confident that the tokenomic incentives of BTC’s security model are flawed and that its “security budget” is destined to fail in 5–9 years.
