On February 12, the founder of the now-defunct file-sharing web site Megaupload and cryptocurrency proponent, Kim Dotcom tweeted about a new web site he created that exhibits the upside of bitcoin money. The internet portal whybitcoincash.com highlights why folks ought to be a part of the digital cash revolution and the way “cryptocurrencies stand to transform the way business and individuals exchange value.”
Kim Dotcom Launches Whybitcoincash.com
In mid-January, information.Bitcoin.com chatted with Kim Dotcom and he discussed how he deliberate to “accelerate” the mission of peer-to-peer digital money. Dotcom has been very vocal about his assist for bitcoin cash (BCH) and earlier than our interview, the web entrepreneur mentioned his next-generation content material monetization app K.im will see bitcoin money (BCH) integration. Dotcom has continued to pursue accelerating bitcoin money adoption and on Friday, Dotcom informed his 700,000 Twitter followers about his new web site.
“Many people are asking me why I’m supporting Bitcoin Cash and why I think it has the biggest upside potential,” Dotcom tweeted. “Good question. I made this little website for you.”
The web site known as whybitcoincash.com and it explains the many advantages bitcoin money (BCH) has to supply in distinction to bitcoin (BTC). The web site explains that BCH is rather like BTC, however with a quantity of changes making it the “digital equivalent of cash.”
The web site particulars how BTC will be thought of the “digital equivalent of gold.” BCH, on the different hand, has stayed per Satoshi Nakamoto’s white paper, which is a “purely peer-to-peer version of electronic cash.”
The whybitcoincash.com website additionally explains the variations between every community, as BCH has 100 transactions per second (tps), whereas BTC’s tps is 3-7. The website additionally highlights that BTC is impractical for micro-transactions with charges fluctuating between $5 to even $50 per switch. Moreover, folks typically assume the gold market is very large, and it’s true a market valuation of $10 trillion remains to be a lot bigger. If bitcoin managed to accumulate a market capitalization of that dimension, it nonetheless wouldn’t be as giant as the worldwide money market at $100 trillion.
Whybitcoincash.com emphasizes that the world transaction market is roughly round 3 trillion transactions per 12 months. 75% are money transactions, 13% are performed with bank cards and one other 12% are performed with another kind of fee.
If the Bitcoin Cash community was in a position to seize simply 1% of the world transactions, BCH would tackle 82 million transactions per day. Bitcoin money desires to be a lean imply transaction machine, and through the stress tests in September 2018, the blockchain processed 2.2 million transactions in 24 hours on the first day of the month. While the week-long stress take a look at befell, the median BCH switch charges have been solely about $0.001 per transaction.
“Bitcoin Cash wants to be carbon neutral, and put in everyone’s hands the power to create a positive impact,” Dotcom’s whybitcoincash.com website says. To high all of it off, the web site highlights that BCH has greater than 100,000 retailers that settle for the crypto asset, it’s borderless, uncensorable, and peer-to-peer digital money that enables people to ship “directly from one party to another without going through a financial institution.”
Bitcoin Cash Values Jump
After Kim Dotcom shared the new web site, bitcoin money markets jumped over 9% throughout the 24-hour time interval. At 9:02 p.m. (EST) on Friday night, BCH touched a each day excessive of round $585 per unit and was up 27% for the week. At press time on Saturday, BCH is simply above the $560 per unit value vary.
BCH jumped 4.51% in opposition to BTC and 15.12% throughout the final seven days in opposition to ethereum (ETH). Monthly stats present BCH has gained 10% however throughout the final 90-days, bitcoin money has additionally elevated by 136% in opposition to the U.S. greenback. Bitcoin money has an general market capitalization of round $11.22 billion, because it ventures into the weekend buying and selling periods.
Holders’ Composition by Time Held stats for bitcoin (BTC), based on Into the Block insights, exhibits that BTC has 60% for a 12 month interval, whereas bitcoin cash (BCH) has 91%.
Meanwhile, BTC’s seven-day stats for transactions higher than $100k exhibits $176 billion has been settled. Bitcoin money has 24.43% of that settlement as $43 billion has been processed throughout the final week so far as transactions higher than $100,000.
Rising Daily Transactions, Privacy and the Ability to Forge Tokens
Recently, information.Bitcoin.com reported on how BCH transactions have been steadily rising and catching as much as BTC’s transactions per day (tpd). This development has continued and on Friday night fork.lol information had proven BCH did extra transactions throughout the 24-hour time interval. Friday night’s stats (EST) present that BCH processed 365,975 transactions and BTC processed 354,065.
In addition to the descriptive web site and Dotcom’s tweet on Friday displaying the new area to his followers, some people talked about that BCH additionally has privacy and the capability to issue tokens.
BCH supporters repeatedly leverage a protocol known as Cashfusion and it has been famous to supply superior mixing strategies compared to conventional Coinjoin strategies. For occasion, on January 29, 2020, information analyst and BTC proponent, James Waugh, said that Cashfusion was way more sensible than different Coinjoin protocols.
The Bitcoin Cash community additionally has Schnorr Signature capabilities as properly. As far as tokens, the Simple Ledger Protocol (SLP) has seen in depth improvement throughout the previous few years. A myriad of SLP tokens constructed on high of the BCH community have already got real-world worth and there are a couple of SLP-built stablecoins, together with greater than six million tether (USDT). Check out the video beneath with Bitcoinbch.com’s CEO, Hayden Otto discussing Kim Dotcom’s new web site.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, Coin Dance, Fork.lol, Tradingview, Whybitcoincash.com, Kim Dotcom,
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