How many cryptocurrencies have there been in the crypto arena?
Bitcoin is the first cryptocurrency of the world that started its journey in 2009. Thereafter, innumerable cryptocurrencies appeared in the global finance arena during the last decade.
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There is no certainty about the total number of cryptocurrencies. But, it is sure there have been about ten thousand plus cryptocurrencies in the digital world. The number is increasing every day.
Although the government financial regulatory bodies are against the legal use of cryptocurrencies, the national banks of most governments are also actively involved in carrying out their cryptocurrency projects.
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Most governmental income taxing departments have started to tax cryptocurrency income at a higher rate than the traditional income tax rate on fiat income.
What Makes BitcoinCash different from Bitcoin?
<-> Bitcoin suffers severely in scaling!
Bitcoin transaction takes longer minutes, hours, or even days to complete!
Bitcoin charges large fees typically about tens of dollars per transaction!
Bitcoin transactions burn a significant amount of electrical energy leaving a high carbon footprint on the planet earth!
<+> BitcoinCash surmounted all the above three negative points of Bitcoin.
A BitcoinCash transaction are processed faster, typically it takes a second or two to complete a transaction.
BitcoinCash charges leser fees, typically a cent per transaction.
BitcoinCash transactions burn fractional electrical energy compared to that Bitcoin transactions thereby reducing its overall carbon footprints.
Graphics: BitcoinCash Logo and Peggy und Marco Lachmann-Anke from Pixabay.
What is the most significant trait of Bitcoin Cash or BCH?
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As a hardcore researcher of technology, I will vouch for BitcoinCash for its
(1) fractions of seconds for completing each transaction, (2) very low fees per transaction, and (3) very low electrical energy burning per transaction.
The planet earth can't sustain the HUGE electrical energy burned per cryptocurrency transaction. Therefore, among all the three traits mentioned above, in my humble understanding, the third trait is the most significant of all.
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If you are a science learner, open to scientific views, and possess a logical mind, you will understand that all three traits are interrelated.
If the technology of a cryptocurrency can reduce the processing time, it will automatically consume less amount of electrical energy and will charge less fees per transaction.
What do I do if I get other cryptocurrencies, such as BTC?
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The above sections explain the positive traits of Bitcoin Cash or BCH.
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If I somehow get a fraction of BTC, I swap it to BCH because BCH enables me to execute micro-transactions efficiently and with minimal fees.
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If you ask me about the price cap, I may not answer it now.
In my humble understanding, growing rich with an anticipated high price cap of cryptocurrencies is a hyped dream.
What do you think about Bitcoin Cash or BCH?
Please share a practical point of view.
Don't share banal opinions, like "BCH is the best," "I love BCH," or similar.
Give your reasons why you like BCH, as a comment or in a new article.
I love to entertain constructive criticism.
The BitcoinCash project team will devise possible solutions if you ask valid questions.
Postscript
The most significant trait is the electrical energy requirement of a cryptocurrency, which I have emphasized here.
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Because the electrical energy requirement is critical for cryptocurrencies to sustain modern human life.
If you disagree with my viewpoints, I will love to read your views and counter viewpoints. Don't hesitate to write it in the comment section!
Who I am
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I am from Science, Technology, Engineering, and Mathematics (STEM). I have also added "Arts" and "Fine Art" to my interests and made my interests STEAM - Science, Technology, Engineering, Arts, and Mathematics.
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I develop solutions for passwords and cybersecurity relevant to cryptocurrencies, blockchain, and other blockless distributed ledgers.
I hope the entire blogging community will strive here and elsewhere.
If you have time, please explore my "Learning Times" and other channels on Odysee-dot-Com and earn crypto coin LBRY Credit or LBC for consuming and creating content.
Originally posted on ReadCash.
Cheers! Debesh Choudhury
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Text Copyright © 2022 Debesh Choudhury — All Rights Reserved
Thumbnail Image: BitcoinCash Logo and Peggy und Marco Lachmann-Anke from Pixabay.
All other graphics and videos are credited just below it.
Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.
Dec 31, 2022
