According to Bitcoin.com on September 4, mainstream adoption of BCH has once again increased with the launch of A cryptocurrency over-the-counter (OTC) brokerage and virtual ATM network company Netcoins, based in Vancouver, Canada. This means that BCH will have 21, 000 retail locations in Canada, Europe and Australia at its customers’ disposal.
Netcoins launched its virtual ATM service in 2015. Merchants from around the world can sign up for The Netcoins service, which allows merchants to “own” digital currency ATMs without having to buy the equipment. The app, which runs on smartphones or tablets, saves merchants a lot of the cost of buying devices while offering digital currency transactions.
During the stress test period, BCH’s strong entry brought Netcoins extremely impressive results, as they completed more than $2 million worth of transactions in 24 hours, capping a month of more than $5 million worth of transactions.
So why does BCH appeal to Netcoins, and what makes it competitive?
First, stress tests impressive trading results. The stress test is not just a test of whether BCH can maintain extremely low fees and trading hours in the face of high frequency trading. It is also a great opportunity for potential BCH users to expand, as it can demonstrate the great advantages of BCH in a short time.
On September 4, Bitcoin Jesus Roger Ver tweeted that in the past 24 hours, more transactions had been made in the BCH than in all other currencies combined. Ver also attached a pie chart from Bitcoin.com showing that BCH accounts for 64.7% of all digital currency transactions, followed by ETH and BTC.
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On September 7, Roger Ver, the CEO of Bitcoin.com and a staunch supporter of BCH, will depart from Barcelona aboard the Coinsbank Blockchain cruise, and at 1pm on September 10, his core Bitcoin developer Jimmy Song will go head to head in the debate. The impressive results of the stress tests can add a lot of leverage to Mr Ver’s battle. That’s what attracted Netcoins to its global presence.
Second, zero – confirmation transactions continue to advance. Although confirmation transactions were originally proposed for Bitcoin, they are widely used on BCH. The BCH community already has many merchants adding 0 confirmation transactions to their services. These include Cryptonize.it, Bitasia Exchange, Keys4coins, Bitpay, SatoshiDice, Mini-pos, Lieferando, etc.
However, zero-confirmation transactions have not been widely used so far, largely because people think that transactions without confirmation are not secure, and the biggest risk lies in double-flower attacks.
Warren Togami, vice president of blockchain technology provider Blockstream, warned investors on his Twitter platform yesterday that he believes BCH is about to double down. BCH’s computing power is now on a downward trend, down 8 per cent, he says, noting that this decline could cause the exchange to fail, a problem BTG has faced.
But is reality really what he says it is?
BCH has enough strength to deal with the security risks of zero confirmation transactions because of the rationality of the underlying architecture design. First, BCH has eliminated the replacement fee mechanism (RBF), a set of codes that allowed unconfirmed trades to be replaced by similar transactions offering higher fees; Secondly, BCH takes the route of large blocks and has sufficient space. Even with low transaction fees, the transaction confirmation speed is still faster.
At the same time, BCH computing power has a huge volume, and even if it declines in a short period of time, it will not pose a risk to the entire network, which is essentially different from BTG.
Netcoins’ adoption of BCH is also a strong signal of BCH’s retail development. It is hoped that the construction of BCH ecological network can bring more and more convenience to People’s Daily life.