You’d be a fool to not own BCH. I am not joking. You’d also be a fool to not own BTC. You’d be the biggest fool to be a maxi either way.
I’m not going to dispute the usability of either coin, BCH undeniably works better. My issue is max is arguing so emotionally about why everyone should scrap one coin, it’s bound to fail etc etc. It’s ridiculous. Maxis shouldn’t even be a thing.
So why do I think holding both is important? Because both play their part in crypto currency. We’re all familiar with the censorship issues surrounding bitcoin (core and cash) right? That means there’s certain narratives and mindsets surrounding both which need to be addressed.
When we consider BCH the facts are this:
- BCH is cheap and fast
- BCH is easier for transactions
- BCH has a lower fiat value
- BCH isn’t as widely acknowledged as BTC in the crypto community
Then we look at BTC
- BTC is very widely recognised
- BTC has first mover advantage
- The entire crypto community acknowledges BTC
- BTC appeals to those outside of crypto due to its speculators nature.
At a glance that makes no sense. Why is BTC valued so much higher when BCH is clearly more usable? It’s because BTC has more demand. Despite BCHs increased scarcity, it is a younger currency, it is not as well known outside crypto and despite its strong support base, outside of that base it does not have much support amongst the general cryptocommunity. BTC however has demand within crypto but also amongst speculators investors. If you ask any crypto user their portfolio, 9/10 will include BTC in theirs. It is seen as the safest, ‘too big to fail’ crypto, which admittedly is fair given its history.
So why are you a fool to not own BCH? I hope I don’t get hate from maxis* for saying this but because it has more potential. BTC won’t fail but BCH is much more suitable for day to day purchases and general adoption. More BCH coins are lost than BTC so it is scarcer and should adoption grow to a point BCH gets more attention, this scarcity will be reflected in price. BTC has grown a lot, BCH has no where near hit its potential.
But then why do I insist on owning BTC too? Because BTC has a historically good track record in terms of value. I see that as does everyone else and so people will flock to BTC naturally. Even if it fails as a currency, it succeeds as an investment meaning even if crypto users reject it, investors will pick up the slack. This is why I feel secure in owning BTC, it appeals to people outside of crypto giving it less potential to fail.
It makes sense to own both for completely different reasons. I won’t argue which is a better currency because we all know the answer to that, nor will I talk about the censorship issues (unless this has been mildly interesting to you guys in which case I will). At the end of the day, being a maxi in any respect is just dumb as it means you miss out on a safety net in either direction.
*maxis - specifically meant BTC maxis here, that aside I don’t believe being a maxi towards any coin is productive. Diversity makes for good safety in the future.