On February 12th, Kim Dotcom, the founder of the now-closed file-sharing site Megaupload and cryptocurrency supporter, tweeted a tweet saying that he had created a new website that showed the rise of Bitcoin Cash potential. The web portal whybitcoincash.com emphasizes why people should join the digital currency revolution and “how cryptocurrencies can change the way companies and individuals exchange value.”
Kim Dotcom launches Whybitcoincash.com
In mid-January, news.Bitcoin.com chatted with Kim Dotcom and he discussed how he intends to “speed up” the task of peer-to-peer electronic cash. Dotcom has always been very supportive of his support for Bitcoin Cash (BCH). Before we were interviewed, the internet entrepreneur said that his next-generation content monetization app K.im will see the integration of Bitcoin Cash (BCH). . Dotcom continues to pursue accelerated adoption of Bitcoin Cash, and on Friday, Dotcom introduced his new website to its 700,000 Twitter followers.
“A lot of people ask me why I support Bitcoin Cash and why I think it has the greatest upside potential,” Dotcom Tweet. “Good question. I made this small website for you.”
The website is called whybitcoincash.com, and it explains the many benefits of Bitcoin Cash (BCH) compared to Bitcoin (BTC). The website explained that BCH is like BTC, but after some adjustments, it becomes a “digital cash equivalent.”
The website details how to treat BTC as a “digital gold equivalent.” On the other hand, the Biosafety Clearing House is consistent with Satoshi Nakamoto’s white paper, which is a “pure peer-to-peer version of electronic cash.”
The whybitcoincash.com website also explains the difference between each network, because BCH has 100 transactions per second (tps), while BTC’s tps is 3-7. The website also emphasized that BTC is impractical for micro-transactions, and the cost of each transaction fluctuates between $5 and $50. Moreover, people often think that the gold market is huge. Indeed, the $10 trillion market valuation is still greater. If Bitcoin manages to obtain a market value of this magnitude, it will not be as big as the global cash market of 100 trillion dollars.
Whybitcoincash.com emphasizes that there are approximately 3 trillion transactions per year in the global trading market. Cash transactions accounted for 75%, credit card transactions accounted for 13%, and other payment methods accounted for 12%.
If the Bitcoin Cash network can only capture 1% of global transactions, BCH will conduct 82 billion transactions every day. Bitcoin Cash hopes to be a streamlined average transaction machine. During the stress test in September 2018, the blockchain processed 2.2 million transactions in 24 hours on the first day of each month. Although a one-week stress test was conducted, the median BCH transfer fee per transaction was only $0.001.
Dotcom’s whybitcoincash.com website says: “Bitcoin Cash wants to be carbon neutral and let everyone master the power to create positive impact.” Most importantly, the website highlights that BCH has more than 100,000 merchants accepting crypto assets. It is a borderless, non-censorable peer-to-peer electronic cash that allows individuals to directly “send from one to the other” through financial institutions. “
Bitcoin Cash value jumps
After Kim Dotcom shared the new website, the Bitcoin Cash market jumped by more than 9% within 24 hours. At 9:02 pm (EST) on Friday night, BCH hit a daily high of around US$585 per unit, which is up 27% this week. As of press time on Saturday, the price of BCH was slightly higher than the price of $560 per unit.
In the past seven days, BCH has gained 4.51% against BTC and 15.12% against Ethereum (ETH). Monthly data shows that BCH has risen by 10%, but in the past 90 days, the exchange rate of Bitcoin Cash against the US dollar has also risen by 136%. As Bitcoin Cash enters the weekend trading session, its total market value is approximately $11.22 billion.
According to Into the Block’s insights, the holder’s Bitcoin (BTC) statistics by time show that BTC has a 60% share in 12 months, while Bitcoin Cash (BCH) has a 91% share.
At the same time, the 7-day statistics of BTC transactions exceeding 100,000 US dollars show that 176 billion US dollars have been settled. Bitcoin Cash accounted for 24.43% of the transaction, as 43 billion USD was processed last week and the transaction volume exceeded 100,000 USD.
Daily transactions, privacy and the ability to forge tokens continue to improve
Recently, news.Bitcoin.com reported how BCH transactions have grown steadily and caught up with BTC’s daily transaction volume (tpd). This trend has continued, and on Friday night fork.lol data showed that BCH completed more transactions within 24 hours. Statistics from Friday night (EST) showed that BCH processed 365,975 transactions and BTC processed 354,065 transactions.
In addition to the descriptive website and Dotcom showing the new domain name to its followers on Twitter on Friday, some people also mentioned that BCH also has privacy rights and the ability to issue tokens.
Proponents of the Biosafety Clearing House often utilize a protocol called Cashfusion, which provides a better hybrid technology than the traditional Coinjoin method. For example, on January 29, 2020, data analyst and BTC supporter James Waugh stated that Cashfusion is more practical than other Coinjoin protocols.
The Bitcoin Cash network also has a Schnorr signature function. In terms of tokens, the Simple Ledger Protocol (SLP) has been extensively developed in recent years. The countless SLP tokens built on the BCH network already have real value, and there are some SLP stable coins, including more than 6 million tethers (USDT).
What is your opinion on whybitcoincash.com website? Let us know your thoughts on this topic in the comments section below.
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