u.today
Typically, Bitcoin Cash (BCH) is criticized as a niche cryptocurrency with no adoption prospects and even as a "zombie chain." Seasoned analyst and investor explains why these narratives should at least be reconsidered in 2023.
BCH is closer to what BTC was supposed to become, CIO Bons says
Bitcoin Cash (BCH), the largest and most popular fork of the first cryptocurrency Bitcoin (BTC), deserves to exceed it by market capitalization. This statement was made by Cyber Capital CIO Justin Bons in his recent Twitter thread. He highlighted that this opinion should only be valid from a "purely fundamental perspective."
1/5) I might not support BCH anymore
— Justin Bons (@Justin_Bons) June 30, 2023
But from a purely fundamental perspective; it deserves to be above BTC in market cap!
BCH is way closer to what Bitcoin was supposed to become; with more functionality, capacity & integrity
BCH is how we fix Bitcoin, as forking is freedom!
The fact that Bitcoin Cash (BCH) underperforms its "oldest brother" is a matter of politics to the analyst. As of July 2023, the market cap of Bitcoin Cash (BCH) is less than 0.95% of that of its original version.
Therefore, BCH's massive adoption is simply not there. At the same time, the 14th largest cryptocurrency retains the original "Satoshi vision" and remains one of the most trending cryptos on the proof-of-work (PoW) consensus mechanism.
Bitcoin (BTC) at its current state looks like a joke to Bons due to its block size limit and "dictatorial governance." To provide context, BCH's block size is 32 MB compared to 1 MB of Bitcoin (BTC). This discrepancy is the most dangerous roadblock to Bitcoin (BTC) scaling and is often slammed by its critics.
As covered by U.Today previously, Bitcoin Cash (BCH) made headlines with its marvelous 70% rally.
Last week, BCH was included by EDX, a novel Citadel Securities-backed cryptocurrency exchange.
"Most dismiss BCH without knowing the history"
Bons is sure that the vast majority of adamant BCH skeptics dismissed it without having an understanding of the discussion about decentralization, block size limits and so on.
What happened to Bitcoin (BTC) looks like a tragedy to Bons, while Bitcoin Cash's (BCH) story is a reflection of the "forking is a freedom" principle.
Justin Bons published a number of observations regarding the vulnerability of Bitcoin's (BTC) design and security. According to him, the dictatorship of Bitcoin Core made its development progress too centralized.
Also, he is sure that the tokenomic incentives of BTC's security model are broken and its "security budget" is doomed to fail in 5-9 years, as U.Today previously reported.