A year ago, Bitcoin Cash hard-forked from Bitcoin Core and is celebrating its annual anniversary today, on 1st August. Bitcoin Cash was created for the purpose of overcoming the limitations faced by Bitcoin Core, such as block size, to provide more space for transactions.
Alejandro de la Torre, the Vice President of Business Operations at BTC.com said on the occasion that the problem of scalability in transactions was solved by Bitcoin Cash when it increased the limit of block-size. He added:
“Larger block-sizes give each block more space to include transactions, which drives down wait times and costs per transaction, making the blockchain fluid and more accessible.”
Torre also said that Bitcoin Cash can handle transactions in large volumes at low-cost and high-speed. Currently, the block-size of Bitcoin Cash has been increased to 32MB, eliminating any chances of congestion of its network. He also cited the example of Venezuela saying that the estimation of the country’s inflation is more than 40,000%. In such countries, Bitcoin Cash can be utilized as an alternative payment method in place of fiat.
BTC.com is a digital platform for the bitcoin community that enables access to resources, tools and coins on the Bitcoin blockchain. The portal holds 25% of all the newly-mined Bitcoin with a user-base of over a million. Moreover, it has a great knowledge and experience in managing mining pools, wallet and block explorer and has processed about $5 billion worth of Bitcoin Cash and Bitcoin.
The VP of BTC.com also highlighted the commitment of the birthday coin as it bases its innovations on its community. Some community-inclined applications by Bitcoin Cash are Memo, which is an on-chain social network and Wormhole, a protocol layer of smart contracts built using OmniLayer. OmniLayer is also the same protocol used to shape the technicalities of Tether [USDT].
In Torre’s opinion, innovations leaning towards the requirements of the community will play massively in the adoption of the coin. Bitcoin Cash being used as a medium of exchange will fulfill the original purpose of the hardfork.
On its Birthday, Bitcoin Cash has set its foot in 19 services, some of them being Bitpay, Coinpayments, Coingate, Coindance, Viabtc. It is also a part of 14 different projects, namely, JoyStream, OpenBazaar, Counterparty among others and is available on 41 exchanges, as stated by Torre. He also mentioned:
“Now entering its second year, BTC.com is poised to help the Bitcoin Cash community shift focus from investment, thinking only in terms of storing of value, to cash, thinking as a medium of exchange for merchants and consumers.”
Recently, Roger Ver in a YouTube video by the official channel of Bitcoin.com mentioned that Cyprus has reached an adoption rate as high as 70% for Bitcoin Cash. Moreover, a Bitcoin Cash supporter from Cyprus also stated that the merchant count adopting the coin will reach 4,000 by the month of November.
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