Peter Rizun: BTC ($5,000 BTC/USD) vs BCH ($260 BCH/USD) is the Battle for Bitcoin’s Future
The chief scientist of Bitcoin Unlimited, Peter R. Rizun, wrote a tweet in which he says that Bitcoin (BTC) and Bitcoin Cash (BCH) is the battle for Bitcoin’s future. It is worth remembering that Bitcoin and Bitcoin Cash became rivals in the market with two different proposals for scaling the network.
Bitcoin vs Bitcoin Cash
Bitcoin and Bitcoin Cash have been competing in the crypto space since August 2017 when Bitcoin Cash was launched to the market. The main reason why BCH proponents decided to fork the network is due to the fact that they believe that Bitcoin should scale with on-chain improvements.
The Bitcoin network was facing some problems with its scalability. In periods of heavy usage, transactions took a long time to be processed and users had to pay large sums of money in fees for miners to confirm the transactions. It is worth mentioning that back in December 2017, each BTC transaction could take several hours to be processed and the fees skyrocketed up to $60.
Now, Bitcoin proponents are working on the Lightning Network (LN), an off-chain scaling solution that promises to reduce congestion in the network. With this network, users will not only be able to process micropayments, but they will also have the possibility to process thousands of transactions per second for very low fees and without congesting the main Bitcoin network.
Bitcoin has also implemented the Segregated Witness (SegWit) solution that allows transactions to be smaller in size. This increases the number of transactions that each of the 1 MB can process on the main Bitcoin network.
Bitcoin Cash proposes to increase the block size and improve the main network rather than using second layers scaling solutions of SegWit. According to Mr. Rizun Bitcoin Cash is the future Satoshi envisioned in which users can transact Bitcoin with SPV wallets on the blockchain.
BTC vs BCH is the battle for bitcoin's future. BTC is a future of high fees and congestion, where users transact thru 2nd-layer intermediaries. BCH is the future Satoshi envisioned where users transact bitcoin with SPV wallets on the blockchain.
At $230US, BCH has more upside.
— Peter R. Rizun (@PeterRizun) April 3, 2019
Rizun went on saying that he does not see Bitcoin Satoshi Vision (BSV) as sufficiently differentiated from Bitcoin Cash. Bitcoin SV is a digital asset that forked from Bitcoin Cash back in November 2018. At that time, the market crashed when the hard fork took place, leading the market to the lowest point in more than a year.
Bitcoin SV proposes some changes to the network compared to Bitcoin Cash, but Rizun believes that they are not clearly differentiated. He mentioned that Bitcoin is “high-fees but small blocks” where users can transact on a layer 2 solution. Meanwhile, Bitcoin Cash is “low-fees and big blocks” where users transaction on chain.
At the time of writing, both Bitcoin Cash and Bitcoin are experiencing impressive market gains. In the last 24 hours, Bitcoin registered a growth of 5.76% while Bitcoin Cash grew 40% during the same period of time. Each BTC can be purchased for $4949 and each BCH for $253.
These two digital assets, as well as the market in general, were able to end a bear market that started back in January 2018. These virtual currencies are now growing and leaving the bearish days behind.