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Altcoins

Bitcoin Cash to Gain More Adoption as Bitcoin Loses Traction, Says Electron Cash Wallet

Electron Cash Wallet creator, Jonald Fyookball, is no stranger to controversy surrounding his views on the dominance of Bitcoin and the future of Bitcoin Cash. He has written several publications expressing his belief that Bitcoin Cash had far much better prospects than Bitcoin did.

In a publication published on 29th November 2017, Fyookball stated that Bitcoin Cash would dominate the market as BCH was designed to be a global currency rather than a global store of value such as Bitcoin.

According to Fyookball;

A large number of people do not have disposable income, and for this reason, many choose not to actively invest; hence a peer-to-peer currency was essential than a store of value.

He also argued that alternative investment such as stocks, bonds, mutual funds, among others, are more accessible than alternative payment methods. If Bitcoin Cash was to get just enough traction in the real world as a widely accepted medium of payment, BCH would be incredibly strong compared to Bitcoin.

Fyookball noted that investment options had more competition than payment options. In the case of Bitcoin, Fyookball noted that the reason why Bitcoin had such a network effect was that it could also be used as a good payment system. In the vent that Bitcoin was to lose its credibility as a dependable payment medium, then it would lose its value and its users will lose their investments in it.

It is for these reasons that it was evident to Fyookball that Bitcoin Cash offered investors a risk-reward proposition that was superior to Bitcoin by far.

He concluded the article saying, “I doubt Bitcoin is going anywhere anytime soon.” He continued;

It will likely continue to appreciate as a digital asset, and may even appreciate greatly.

This statement forms the basis of his latest blog post on the state of affair at the Bitcoin network.

Fyookball states that the most significant risk to Bitcoin Cash was the fact that Bitcoin would one day increase its block size, thereby paving the way for on-chain scaling by accepting the Segwit-2x compromise, thus making BCH less relevant. However, Bitcoin passed on this opportunity, and this was when the tables turned in favour of Bitcoin Cash.

BCH, according to Fyookball, meets the need of the long-term business models which is to become the global peer-to-peer cash system following the increase of its block size from 8MB to 32 MB.

Fyookball was among the attendees at the CoinGeek conference that was held in Hong Kong where he says it became clear to him that the most likely scenario going forward is for Bitcoin Cash to gain more adoption in the next 1-2 years, while Bitcoin will continue to lose traction.

In the post, Fyookball notes that the market might be in a tipping point where more and more people will simultaneously realize that there is a growing demand for a version of Bitcoin that works as an electronic cash system.

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Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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