Bitcoin Cash will soon clock a year since its creation. It’s presently in circulation for over 11 months and few days and has made a giant leap in development and acceptance in the crypto community. As the cryptocurrency turns a year on August 1, Alejandro de la Torre, VP business operations at BTC.com, spoke with Ethreum World News on the increased block size, smart contracts and on chain social network.
The Extraordinary leap of Bitcoin Cash (BCH)
In the exclusive commentary made by Alejandro de la Torre, he states the extraordinary leap Bitcoin Cash (BCH) has taken through its distinctive features.
He spoke on the benefits of the 32 MB block size of the BCH; he stated that,
“Their last hard fork increased the block-size to 32MB, virtually eliminating the risk for any network congestion due to scaling, and paved the way for a low-cost transaction super-highway. In countries such as Venezuela where monetary inflation is estimated above 40,000 %, the utility of this new block space to open up fast, low-cost transactions as an alternative payment system to local fiat has been more than salient.”
The fork size gives the cryptocurrency a significant advantage by eliminating any prospect of congestion due to scaling. He further speaks on another distinctive benefit of the smart contract and the on chain social network stating that,
“Bitcoin Cash has demonstrated a remarkable commitment to innovate upon community engagement with applications like an on-chain social network—Memo, and a smart contract protocol layer called Wormhole that is built using OmniLayer, the token-issuance protocol that is the same technical basis for Tether (USDT). We think these community-driven networks can be very effective at moving the needle in the adoption of Bitcoin Cash as a medium-of-exchange, which is the primary reason it was forked and developed.”
Over the past one year, BCH has made a significant achievement according to Alejandro; he said that it had been accepted by 19 different services, such as Bitpay, Coingate, Viabtc, Coinpayments, Coindance among others. He also states that in the period of one year the cryptocurrency has been involved in more than 14 projects which includes OpenBazaar, Joystream, and Counterparty, and it is tradable on more than 41 cryptocurrency exchanges.
He ended with emphasising the role of BTC.com in enhancing the development of Bitcoin Cash community, shifting focus from investment alone to terms of storing value and most especially the medium of exchange for merchants.
BCH was developed by developers that wanted to increase the Bitcoin (BTC) block size limit and prepared a code change (fork) which took off on August 1 last year and is now a year old. It was $555 at launch and has peaked at its all-time high of $4,000 and is present $792, 4th position by market capitalisation. The achievement it has made within one year is a testament to a more significant growth to come as BTC.com is committed to its development.