The past week has witnessed the rise of Bitcoin Cash's (BTH or BCC) value more than %148 according to CoinMarketCap, after the failure of the segwit2x launch.
With enthusiasts going the extra mile - such as Jiang Zhuoer, founder of bitcoin mining pool BTC.Top - claiming that "Bitcoin is going to die", one must think, can that be true?
So why exactly is BTH/BCC superior to BTC?
Transaction time and fees? well, if it is, then DASH is probably the best coin to switch to, or maybe even Litecoin.
Is it a programmable currency? well, the short answer is that it's as programmable as BTC and if that's what you're looking for, then you probably should switch to Ethereum.
Is it more anonymous? Again, no! If you're looking for near total anonymity, your best bet is Monero or again maybe DASH.
More stable? The history and/or the sheer number of users of BTC world wide can answer that.
Then it must be more liquid than BTC, right? I mean that's the only logical explanation left! Well, in case you don't know, BTC is still by far and wide the most liquid and accepted cryptocurrency as payment world wide.
Then what is happening? why is BTC's value and hashing power dropping so dramatically and over night? Well, politics!
Large pressure groups of mining firms (among them Bitmain and other Chinese mining giants) wanted the segwit2x to pass. The BTC core team didn't. It failed and now they are trying to put some pressure by driving the market into panic. Will it work? we will have to wait and see.
Meanwhile, it's not all bad news for BTC miners. The difficulty has significantly decreased and they can make some decent profit.
Lastly, how many times have a new cryptocurrency claimed that it's gonna take over Bitcoin?
Right now bitcoin is like gold. Gold doesnot have practical value, it cannot be used to make tools and stuff but has value because everyone emotionaly agree to value it. Even later it will be values as the first ever cryptocurrency. Like antique coin collection
Can't agree more! And so far BTC is the bridge between the cryptocurrency world and actual cash. Until another crypto does that, I don't see anything taking over BTC soon!