Achieving the vision of the creator of Bitcoin has been a goal among cryptomoney makers. Bitcoin Cash (BCH) seeks to rescue the original vision of Satoshi Nakamoto. Thus, he set out to restore the ability of cryptomonies to be a means of payment for goods and services. He brought a solid currency into the world, fulfilling Bitcoin’s original promise as „Peer-to-Peer Electronic Money.
That’s why Bitcoin Cash tried to create a kryptonet with faster transactions than Bitcoin. Thus becoming a currency with the ability to perform the same functions as fiat money.
Creating a decentralized currency has its consequences. Since it is the Bitcoin community itself that has the power over the path that cryptomoney takes, a constant debate in the crypt world.
The Bitcoin Cash in Review
The broken promises of Bitcoin Cash
Bitcoin Cash has become a surefire promise for users and merchants. Benefit from low rates and reliable confirmations. The future shone brightly with unrestricted growth, global adoption, permission-free innovation and decentralized development.
If you evaluate the escalation of Bitcoin Cash to the present according to its initial purpose, it has certainly not achieved its goals. For if BCH was to emerge to challenge Bitcoin, the latter cryptomoney maintains its superiority over the crypt world.
This is despite attempts to replace Bitcoin, even trying to take the name of the cryptomoney on social networks. However, the BTC has managed to maintain its domain and recognition worldwide, leaving the BCH aside.
Halving and Bitcoin Cash
The chain of blocks that made Bitcoin Revolution a hard fork in 2017 in the past, received a hard blow on April 8, 2020. It cut its block rewards in half, causing many miners to warn that gross margins would fall to almost zero.
This is because the Bitcoin Cash (BCH) blockchain has had its first Halving. As a result of the planned reduction. The reward for each new blockchain was reduced from BCH 12.5 to BCH 6.25. This has raised the question of whether Bitcoin Cash is still a worthwhile investment.
Such a significant reduction was, of course, not overlooked by the miners, who are already barely able to recover their costs due to the recent collapse of the crypto market.
The Bitcoin Cash Halving concludes with an exodus of miners and the collapse of their profitability. Therefore, as a result of the declining reward, the BCH miners began to massively connect their mining equipment to more „profitable“ assets.
Yassine Elmandjra, crypto analyst at ARK Invest, said in a tweet on May 23, 2020 that the hashrate of Bitcoin Cash (BCH) fell by 30% since its Halving event.