What do you think about BL3P's decision to remove Bitcoin Cash? Bitcoin Cash has a total market capitalization of $25.02 billion and approximately $1.03 billion worth of Bitcoin Cash was traded on exchanges in the last 24 hours.
The move follows Hong Kong exchange OKEx, which also confirmed it would halt Bitcoin Cash support in April ostensibly due to "inadequate liquidity".
"People do not want bigger blocks for the sake of bigger blocks, but for the value they bring to users just like people do not want bigger vehicle for the sake of bigger auto but because they can transport more people or stuff in it". One Bitcoin Cash coin can now be bought for $1,461.02 or 0.17046700 BTC on cryptocurrency exchanges including GDAX, Bisq, DragonEX and Cryptopia.
What are the drawbacks of constantly increasing the block size? This is the third hard fork that the Bitcoin Cash community has undergone in under a year, and declares their undeterred commitment to change whatever necessary to grow their blockchain's transaction abilities.
In the case of last summer's hard fork, not only was a new blockchain created, but also a new coin was introduced to the market to represent value exchanged on this new transaction ledger. The block size in Bitcoin Cash will increase four times, from 8MB to 32MB.
A Layer-2 protocol like Lightning Network promises to solve this problem by enabling "millions to billions of transactions per second" off of the base blockchain-though this network is still in its early stages. The Bitcoin Cash Community calls them "Satoshi Op-codes" and they allow developers to implement metadata in different ways. Therefore, in theory larger block sizes can be more vulnerable to spamming attack. Since the system is designed so that it takes into account the transaction fees when deciding which transactions to process first, the fees may skyrocket if the mempool size increases considerably.
Bitcoin, on the other hand, usually has a mempool of around 7,000 transactions these days-far more than BCH's. Because this latest fork offered no benefits to those who already own BCH. Nine months later, BTC's transaction volume has remained remarkably constant-stable at 2.42 tps-while BCH's volume has doubled to ~0.22 tps. He says BCH is growing fast and furiously.
In addition, there is one simple advantage associated with more capacity - lower transaction fees.
All this notwithstanding, it does seem that the market has recognized some distinct value in BCH, given its market cap has increased nearly 300% from the hard fork to now, compared to just over 200% for Bitcoin. This led miners to oscillate back and forth between the two networks, which resulted in commensurate variation in BTC and BCH's hashrate.
He also says that BCH has more utility and can be used as money in various countries. The reason behind the hard fork of BCH was to increase the block size of the Bitcoin network and improve its scalability which was a maximum block size of 8MB instead of a fixed number i.e.1MB.