While the battle over how to scale Bitcoin rages on in the crypto world, John McAfee wants you to remember one thing: You can’t deny that Bitcoin Cash (BCH) has won this round.
The Aug. 1 hard fork that created BCH was a response to growing concerns over slow transaction times, rising fees, and future hard forks.
You see, Visa Inc. (NYSE: V) can process 1,700 transactions per second.
In comparison, Bitcoin can only process seven transactions per second, with an average transaction fee of $14.94, according to BitInfoCharts.com. That hampers its ability to gain widespread acceptance as an everyday currency.
But Bitcoin Cash can theoretically process eight times more transactions than Bitcoin, and the average BCH transaction fee is just $0.42.
Also, Bitcoin Cash supporters were against the SegWit2x hard fork originally scheduled for November. This hard fork aimed to increase transaction capacity, but BCH supporters felt it didn’t meaningfully increase Bitcoin’s scalability issues, according to Investopedia.
Creating the Bitcoin Cash hard fork ahead of SegWit2x was a proactive attempt for miners and supporters of BCH to continue to follow what they believe is Satoshi Nakamoto’s (the creator of Bitcoin) original vision.
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In the “Bitcoin White Paper” that outlined his goals, Nakamoto wanted Bitcoin to be a peer-to-peer electronic cash system.
Faster network transactions and lower fees are needed for more wide-scale use.