Today I read a new article by Weiss Ratings which is quite negative towards Bitcoin Cash. Makes me wonder if investors should worry, because these guys are gaining momentum.
Bitcoin Cash promoters are pretty well-known as repeat prizewinners in the overpromise/underdeliver category.
Ouch!
The proposed upgrade? Increasing Bitcoin Cash’s block size from 8 megabytes to 32 megabytes. Their pitch: It will process four times more transactions, cut block time from 10 to 2.5 minutes, and make the network eight times faster overall. Cool, huh? Not quite.
The 2.5-minute block time is pretty much the standard for newer coins nowadays. Even after the upgrades, Bitcoin Cash would still be too slow for mainstream adoption. These changes wouldn’t do a darn thing to solve the scalability problem.
Their real problem is that very few people use this coin to begin with. In fact, our latest data indicates that their network only processes about 20,000 transactions per day. Meaning, the upgrade is not even necessary.
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source: Blocktivity
Why make a big deal about increasing your network capacity when your network is running far under capacity? I see only one reason: Because they know it grabs headlines. They know self-declared “expets” will write about it on social media. And they also know misinformed investors will commit hard cash.
Source of above quotes: Weiss Cryptocurrency Ratings
The latest Bitcoin Cash Weiss Rating is C-, not great... How worried should you be? I can't say really, but let's look at how Bitcoin Cash performs:
Source Coin Checkup
That looks pretty good to me. BCH has the highest 200 day change. Volatility is high though and it’s still 68,62% from it’s peak price. But one could argue that these are still dipped prices.
The TX Highway website shows Bitcoin Cash transactions versus Bitcoin (there is objection to the use of the term Bitcoin Core):
The comparison seems unfair, because Bitcoin is processing a 7 day average of 219893 transactions. But for use of payment, Bitcoin Cash seems a decent option as does Litecoin. Although Weiss correctly points out Bitcoin Cash activity is low and the 8-fold increase in scalability doesn’t solve an actual problem, it’s still good news in my book. Let’s compare it with a webserver. Would you prefer one that can scale 8 times or the one that can deal with the current load? If it doesn’t cost you anything extra you would be a fool to choose the weaker variant. I mean the 8 times slower Bitcoin Cash, not Bitcoin or Litecoin. When you actually want to use Bitcoin Cash for payment, it’s comfortable to know transactions will be fast and fees affordable.
But buyers beware, Weiss stated in another article:
There’s also one key element that makes the copycats decisively inferior to Bitcoin. Not a single one enjoys Bitcoin’s usage and popularity. That’s important. In fact, Bitcoin’s popularity is probably the only significant factor that’s currently sustaining its price. Virtually nothing about Bitcoin’s technology stands out compared to competing altcoins with superior technological features.
Source: The Flaws of Bitcoin Copycats
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What do you guys think? Is Weiss right or do you believe in Bitcoin Cash? I'm on the fence.