Recently on Blockchaintalks special addition in Amsterdam, Justin Bons, Co-Founder and CIO of Cyber Capital spoke about Bitcoin Cash [BCH] and how it was superior to Bitcoin [BTC] in terms of achieving the goals of best censorship resistance, peer-to-peer electronic cash system, and a digital gold. He said:
“Bitcoin was limiting itself to just being a digital gold in a purely speculative asset with no underlying utility.”
Bons stated that Bitcoin Cash could achieve the characteristics of becoming both cash and digital gold. He added that Bitcoin Cash had a stronger value proposition which captures more use cases and utility. Furthermore, it strengthened BCH’s security and decentralization.
According to Justin, the current model of Bitcoin was fundamentally flawed and the economics and governance of the original design of Bitcoin was changed. He stated:
“These changes to the original design is what I disagree with. Since Bitcoin needs to pay for its security over the longer term with fees when inflation decreases. BTC and BCH represent radically different approaches to this problem.”
Justin further made a comparison that Bitcoin was a low volume high fee network whereas Bitcoin Cash was a high volume low fee network.
One of Justin’s criticism against Bitcoin was that it would be completely unviable to pay for its security as the fees for each transaction was more than $50 whereas BCH could offer the same service at much lower costs.
According to him, if the problem of Bitcoin’s high fees was not addressed then the long-term security model of Bitcoin would be broken and they would be unable to pay for their own security.
Justin stated that the user experience of Bitcoin was “terrible and a congested blockchain network was equivalent of a blind auction for transactions”. He further added that it was impossible to predict the fees charged for a transaction and the time taken to confirm a transaction. He added:
“There’s always a chance that the transaction is dropped or takes a very long time to confirm in contrast for small value transactions in BCH, merchants can accept a BCH transaction within seconds leading to a much better user experience.”
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