Roger Ver, owner of Bitcoin.com, recently tweeted that Bitcoin Cash is the second most commonly used cryptocurrency in the world. In his tweet, Ver included links to relevant evidence to prove his point.

The link provided by Roger Ver is the on-chain transfer amount data of BCH and ETH on bitInfoCharts, a block browser. The data shows that since this year, the average on-chain transfer amount of BCH has surpassed ETH and is second only to Bitcoin. The data confirms the claim that BCH is the second most commonly used cryptocurrency in the world.

BCH to achieve the reason for the reverse

  1. BCH has a great advantage when compared with Bitcoin and Ethereum. Just yesterday, for example, the BitInfoCharts browser showed that the average transaction fee of BCH was $0.0026; ETH’s average fee per transaction is $0.119; Bitcoin is at $0.676. And this is in the midst of a bear market when volume is low, so BCH’s advantage will be even more pronounced if the market moves wildly. In May, Mr Ver made a $10,000 bet with Tone Vays, a former JPMORGAN trader, over fees. Roger Ver bet that Vays could not send him $5 worth of BTC trades for a penny in a day, and that Vays and the mining pool rigged the bet.
  2. BCH’s core development team, Bitcoin ABC, Bitcoin Unlimited and a large number of BCH enthusiasts, have always been aiming to make BCH the best money in the world, continuing the unfinished mission of Bitcoin with an inclusive development mentality and constantly optimizing the payment experience. Examples include Cashshuffle, Schnorr signature to enhance transaction privacy, Avalance, weak proof of work Storm to address zero confirmation security issues.
  3. The global scale of non-cash payment is increasing year by year. On the one hand, traditional third-party payment institutions are fighting fiercely in the field of mobile payment. On the other hand, commodity payment with block chain payment method, which is represented by digital currency payment, has not entered the mainstream view at present. However, the amount of payments in cryptocurrencies is increasing year by year as public awareness, payment technology and payment hardware improve. Previously, cryptocurrency payments were largely thanks to blockchain payment processors like Bitbay, which helped merchants integrate cryptocurrency payments into their existing payment processes and provided solutions for storage, real-time exchange rates, conversion of fiat currencies, and other issues. However, these companies will charge a certain fee, which is much higher than BCH’s fee, so direct payment using BCH is becoming the first choice for many crypto payment enthusiasts.
  4. At present, the efficient payment features of BCH are enough to adapt to most payment scenarios, and daily micro-payment can also be realized. However, the popularity and acceptance of BCH are far from reaching expectations, so how to popularize it is a matter that fans often think about. But fortunately, BCH has many passionate fans all over the world who are spontaneously promoting it. For example, in Tokyo, Japan, jewelers put up billboards emblazoned with BCH’s giant logo last month. In Venezuela, enthusiasts set up a charity called Eatbch to help improve the lives of local children while promoting science. Recently, local enthusiasts in The Venezuelan city of Maracaibo spoke to taxi drivers, hoping that the taxi industry would accept BCH payments.

In terms of on-chain transactions, Ethereum is much higher than BCH, thanks to ethereum’s smart contract system, which attracts a large number of developers and project parties to ETH. All tokens issued based on ERC20 rely on ETH public chain for on-chain transfers. BCH also has related coin issuing system, such as the recently popular SLP system. Compared with Ethereum, SLP system has both advantages and disadvantages. The advantages are reflected in that the issued tokens inherit the trading advantages of BCH public chain. The disadvantage is that the underlying supporting facilities and market recognition of SLP are not as good as ETH. The above deficiencies of SLP system are not congenital, but can be solved through later ecological improvement and market verification. Therefore, we believe that BCH will gradually catch up with the popularization of payment and the improvement of related applications.

This article is reprinted from wechat official account BitcoinCash