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Already posted this to /btc, /bitcoin to no avail. Looking for some actual discussion but mostly to learn, i am really struggling to see people talking proactively about these subjects instead of just in a pack mentality.
I would just like to put my two cents in, as i have been asked this question a lot and find it hard to answer at times. But things have seemed to come together lately and would like other people opinions on if they see this to be somewhat true.
Of the top crypto-currencies, they seem to have their own niche. Some will say bitcoin and bitcoin cash are two rivals battling it out for market cap dominance to be the 'true' bitcoin. I would say its like comparing apples and oranges. To me Bitcoin, the grandfather of all coins is gold, our store of value. The entity that is backing all other cryptos. To buy and sell crypto in the first place its almost impossible not to go through the grandaddy coin first. Sure it has higher fees and slower transaction times than other coins, but thats okay. As the most sought after coin it bears the most weight on its shoulders with scaling issues and all sorts, but that will be fixed over time and in good time. Once it is fixed Here on bitcoin those improvements will trickle down to the other coins so they will not have to go through this when they are also at this maturity level.
Bitcoin cash, whether you like it or not, is an excellent currency. Cheap, fast and reliable. But that is its niche; as money. And why wouldn't it work amazingly, it is a fork from the most successful crypto to date. As a bitcoin enthusiast it was hard for me to come to terms with bitcoin cash and bitcoin co-thriving but I think they almost need each other to survive.
I feel like there is too much of an "us" vs "them" mentality going on. I would be more worried about decentralized, un-mineable cryptos making it into the top 10 market cap. But then again, those cryptos also have their own niche markets.
In short, Bitcoin is the Backbone, the proof of work, the proof of value of all other coins like gold. The higher market cap it has, the better it is for everyone. Bitcoin Cash is just like fiat currency, except better in every single way.
I would just like to put my two cents in, as i have been asked this question a lot and find it hard to answer at times. But things have seemed to come together lately and would like other people opinions on if they see this to be somewhat true.
Of the top crypto-currencies, they seem to have their own niche. Some will say bitcoin and bitcoin cash are two rivals battling it out for market cap dominance to be the 'true' bitcoin. I would say its like comparing apples and oranges. To me Bitcoin, the grandfather of all coins is gold, our store of value. The entity that is backing all other cryptos. To buy and sell crypto in the first place its almost impossible not to go through the grandaddy coin first. Sure it has higher fees and slower transaction times than other coins, but thats okay. As the most sought after coin it bears the most weight on its shoulders with scaling issues and all sorts, but that will be fixed over time and in good time. Once it is fixed Here on bitcoin those improvements will trickle down to the other coins so they will not have to go through this when they are also at this maturity level.
Bitcoin cash, whether you like it or not, is an excellent currency. Cheap, fast and reliable. But that is its niche; as money. And why wouldn't it work amazingly, it is a fork from the most successful crypto to date. As a bitcoin enthusiast it was hard for me to come to terms with bitcoin cash and bitcoin co-thriving but I think they almost need each other to survive.
I feel like there is too much of an "us" vs "them" mentality going on. I would be more worried about decentralized, un-mineable cryptos making it into the top 10 market cap. But then again, those cryptos also have their own niche markets.
In short, Bitcoin is the Backbone, the proof of work, the proof of value of all other coins like gold. The higher market cap it has, the better it is for everyone. Bitcoin Cash is just like fiat currency, except better in every single way.
I respect your views, but could you elaborate on the bolded part?
Bitcoin is Bitcoin, and Bitcoin Cash is an altcoin. It shares the Bitcoin branding, but they are otherwise completely unrelated -- that's why the fork happened in the first place. Bitcoin Cash wanted to go on a separate direction, and they did.
If we go by the facts that Bitcoin and Bitcoin Cash are discrete entities, and that Bitcoin is hard to use as a currency at the moment, why should your first alternative option have to be Bitcoin Cash among the sea of altcoins, some of which are even faster and cheaper? Bitcoin Cash could stop existing and people are still going to be able to find alternatives that are both decentralized and mineable.
To answer your question about whether or not they need each other to survive, for the bitcoin and the 'bitcoin brand' to survive; should we think about reaching all corners of the crypto market. No coin will be perfectly scripted to do every task, like ethereum is for programmable contracts and ripple for trading currencies between bordered countries. Maybe it will be in the best interest of bitcoin to fork again and create a bitcoin version of these crypto-types.
In the foreseeable future of crypto could we use hard/soft forks in our favor?
If i were to use an altcoin for buying real world items, i would rather use a coin with the philosophical view point of the original satoshi nakamotos, im still not sure whether or not that is true for bitcoin cash but im sure there is value in the reason for its existence not just how well it performs.
