People regularly call Bitcoin “digital gold” for being an ideal store of value, fungible and generally possessing the same properties as gold, but with advantages. It is also the measure against which other tokens are valued, similar to gold and currency.
One other token that receives a similar comparison is Litecoin, which is often called “digital silver”. In fact, Litecoin shares many of the same properties as Bitcoin except being smaller and faster. Bitcoin’s block time is 10 minutes, while Litecoin is 2.5 minutes. LTC also has 4 times as many coins in circulation. Founder Charlie Lee envisioned LTC as being used in day to day transactions with its quicker transaction processing speeds.
But Litecoin is not the only token out there. Several others are also working towards specifically being used for day to day transactions, each with its own tech and approach. One of them is a long-time competitor with Bitcoin - Bitcoin Cash, which parted ways with Bitcoin after disagreements on the technical approach to the network.
Could Bitcoin Cash (BCH) be the silver of crypto?
However, as good as Litecoin is, could Bitcoin Cash (BCH) be the actual digital silver? It has a transaction fee of $0.005, compared to LTC’s fee of $0.072, which would make it good for regular transactions. However, silver and gold are stores of value, and I think Litecoin has the silver spot already wrapped up.
Bitcoin Cash’s target seems to be Bitcoin itself - gold, not silver - and it will have to implement a number of upgrades and technical changes in order to dethrone Bitcoin. Taking over with Bitcoin will not be easy, as well-known as it is. Bitcoin, like Litecoin as Silver, is quite deeply rooted in the community as being gold.
The next 3 - 5 years then will be crucial for BCH if it wants to become the gold standard crypto. Can it do it? Anything can happen in the crypto market.