The controversial bitcoin cash has had a surprisingly strong rally in the past week, and prices have held up in the past 24 hours on an announcement out of Chinese miner Bitmain on Friday. The miner, which accounts for 7-10% bitcoin cash block mining, pledges to ‘burn’ 12% of fees to help support the economic health of the network. It asks other miners to do the same. Bitmain strongly feels that bitcoin cash fulfills Satoshi’s intended vision for Bitcoin to be a currency rather than a store of value.
I’ve always been somewhat confused by bitcoin cash and Litecoin, as both seem to have similar functions. For a while, Litecoin has been favored until plans to become a currency were stalled (eg litepay). Seems like someone is clearly stepping up to support bitcoin cash to support that mission. Still, it feels like there are too many currency contenders out there, and like Litecoin, the optimism and momentum could just be temporary.
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Thanks for this information. I had been wondering why BCH was performing so well over the last week or two, and your post helps to explain why. "Burning" 12% of fees by someone who mines 7 - 10% of all of BCH transactions would explain why the trading fees have been so low.
It's like the saying goes, "It's the economy, stupid!" If it's more economical to trade in one token vs. another token, the one that saves you TIME and money is the obvious way to go. Will it stay this way? Only time will tell. Maybe fees will go back up if/when BitMain changes their fee structure, but you do have to give them kudos for a great marketing tactic that has obviously been drawing attention their way.
On average, I wait 30 minutes for a BitCoin transaction to get verified. That is definitely NOT good for the future of BitCoin. Unless they get this "Lightning Network" up and running, and it significantly increases their transaction times, BitCoins' use as a "currency" will become a weaker and weaker case. That doesn't mean it will go away - just that other cryptos, using better/faster technology, will become the main players as far as use as a currency goes. And, BitCoin will miss out on that use case.
Personally, I am surprised that LiteCoin seems to be getting spanked as hard as it has been. I think the use case for currency will come down to whichever coin actually gets its' ducks in a row the fastest, and provides a road for businesses and consumers to exchange currency instantly, securely, and without hassles. Whoever does that first, and does it best, and creates the best/biggest partnerships - those coins/tokens will become the new standard. I think it will probably come out of someone like Alibabba or Amazon, in partnership with some big banking/credit card interests which are already in existence.
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I agree with all of your points. As long as the top coins continue to improve and evolve, they all have a fair chance at the moment esp after Coinbase launches their PayPal like payment system. It takes a mega big player to connect these coins to retailers. I don’t think any one coin can do it on their own. They just need to innovate and improve speed and fee structures to stay relevant.
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Great post!
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