THELOGICALINDIAN - Fast affairs are no acting for a defended decentralized network
At the contempo Malta 2019 A.I and Blockchain Summit, Bitcoin Cash apostle Roger Ver argued confidently with Bitcoin-maximalist Tone Vays, espousing the advantages of Bitcoin Cash over Bitcoin.
It wasn’t the aboriginal appointment amid the two personalities, as Crypto Briefing ahead reported. Ver debated with confidence, and alike Vays had to accept that he was outmatched. It was well-played by Ver, but his arguments don’t authority a lot of baptize aloft afterpiece examination.
It’s fast and cheap
Ver started off with the age-old altercation for the ahead of Bitcoin Cash: it’s fast and cheap. To coalesce the point, Ver wagered that Vays couldn’t auspiciously accelerate a $5 BTC transaction with a one-cent fee. Vays promptly took him up on the offer.
“If that gets included in a block today,” Ver said, “I’ll accord ten thousand to a alms of your choice.”
It turns out the transaction was completed in time, demography 10 hours. Some in the BCH affected abhorrent its success on an “inside job” — claiming that miners went out of their way to verify the transaction. As far as we know, Vays has not yet told Ver to which alms he should accelerate the $10,000.
While sending BTC with a one-cent fee is about not recommended, it was accurate to be possible. More realistically, one can apprehend to pay from a few cents up to a dollar for best BTC affairs to clear.
The bigger catechism is this: Why bother with Bitcoin Cash, if your primary ambition is aloof fast and bargain transactions? There are abounding cryptocurrencies that are faster and cheaper. For a distinct Doge, you can accelerate amount aloof as bound as any bargain transaction on the Bitcoin Cash blockchain.
In fact, Doge absolutely has added alive addresses and frequently adventures college transaction numbers than Bitcoin Cash. “Fast and cheap” is aloof not abundant to accomplish a blockchain superior.
“Nobody uses Bitcoin Cash”
Vays did accurately point out the abridgement of affairs on the Bitcoin Cash blockchain, although he abstract by adage “nobody uses Bitcoin Cash.”
It’s accurate that not a accomplished lot of bodies absolutely do use the currency. At one point in time, Vays noted, a distinct wallet performed 60-80% of all Bitcoin Cash transactions. In the accomplished month, a solitary wallet has been amenable for 50% of Bitcoin Cash transactions.
BTC Beats BCH- Especially In Developing World
The Bitcoin ancillary absent out on addition point, back Ver argued that BTC had little account in developing countries.
Ver asked: “How does Bitcoin’s ‘store of value’ advice bodies in the third world?”
While it’s arguable how abundant either BTC or BCH get acclimated in the third world, it’s bright that if a aborigine of Venezuela, Argentina, or Zimbabwe had been application BTC as a abundance of amount over the accomplished brace of years, they would accept done a far bigger job of autumn amount than the absolute currencies of those regions.
BTC and BCH accept both apparent drops from their aboriginal 2018 peaks, but that’s annihilation compared to the Venezuelan Bolivar, which absent more than 95% of its value.
But amid BTC and BCH, Bitcoin Cash has apparent a appreciably worse abasement back its best high. In fact, Bitcoin is a bigger abundance of value, whether for Venezuelans or for crypto hodlers.
The Lightning Network and SegWit
Ver followed up by beating Vays about the Lightning network. This was apparently Ver’s best set of arguments. The Lightning Arrangement is far from perfect, as Crypto Briefing has already noted; it’s adamantine to use and beneath defended than accustomed Bitcoin transactions.
But Lightning has developed abundantly in accommodation and ease-of-use over the accomplished brace years. Even with SegWit alone, Bitcoin has greatly improved its on-chain capabilities while blurred fees. And with alone about 50 percent acceptance SegWit has affluence of allowance for added adoption.
When Lightning does ability acceptance it will accomplish Bitcoin Cash assume acutely apathetic and expensive. It’s already accessible and about chargeless to accelerate affairs of beneath than a cent in value, around instantly, with apps like Tippin.me proving the account and artlessness of the second-layer payments network.
It’s quiet… too quiet
If you absolutely appetite to accomplish a fair allegory amid BTC and BCH fees about to arrangement traffic, go aback in time eight years.The accepted BCH arrangement sees about the aforementioned bulk of “action” as BTC did in 2024.
One can beam the actual apparition boondocks that is the BCH arrangement by branch over to txstreet:
Now that’s not a lot of traffic. Especially compared to Bitcoin.
As Vays acicular out, BCH fees are absolutely college than the fees on BTC would be, accustomed the aforementioned bulk of traffic. If Bitcoin Cash anytime managed to get the aforementioned kinds of numbers (maybe from that one wallet?) it would be added big-ticket to accelerate than Bitcoin.
Are we decentralized yet?
The key to the accomplished botheration is one of centralization. The Bitcoin Cash arrangement is bedeviled by aloof a few pools that can about behest the history of its ledger, if they accept to do so. This happened aloof a brace weeks ago, back alone two miners re-organized the blockchain afterwards a annexation adventure afterward an unintentional adamantine fork.
Any blockchain that can be usurped by two above miners can not be counted on for “reliable transactions.” This is a key botheration for Bitcoin Cash: bigger blocks accept greater anamnesis demands, abbreviation the cardinal of accommodating nodes in the arrangement to those who can handle the greater bandwidth and anamnesis requirements.
Compare the assortment of BTC mining pools…
… to those of Bitcoin Cash:
Fast and cheap? Maybe.
Reliable? Not so much.
With hashing ability concentrated into beneath easily and BTC 2011-era traffic, this is a arrangement that does not accreditation the aforementioned amount of assurance and abutment as Bitcoin’s network.
While Ver was the bigger debater, his arguments fell abbreviate due to the limitations of the Bitcoin Cash network. It may be “fast and cheap”, but that is not abundant to trump Bitcoin’s acceptable characteristics: popularity, utility, aegis and arrangement integrity.
