The original version of Bitcoin’s whitepaper stated that Bitcoin was intended to be a “purely peer-to-peer version of electronic cash.” However, more than 10 years have passed since the whitepaper was published. Since then, the narrative for Bitcoin’s prime use cases have changed.
Currently, the narrative that Bitcoin is “digital gold,” a store of value asset, is much more popular. More people today are leaning towards storing their Bitcoins rather than spending them as cash.
The store of value narrative became popular back in 2017. Due to the rising popularity of Bitcoin at that time, transaction costs became quite expensive and the network experienced congestions due to growing activity.
Due to these problems, many of Bitcoin’s supporters became disillusioned with the way the project functions. It became evident that with its throughput capabilities, Bitcoin would not be able to “fulfill” its original proposition of being “peer-to-peer electronic cash.”
To at least partially solve the problem, some well-known community members proposed increasing Bitcoin’s block size from 1MB to 8MB.
However, the idea was challenged by many other supporters. The community could not find a solution that would be accepted by everyone. So the pro-changes group forked the original Bitcoin on August 1, 2017, and named the new coin Bitcoin Cash (BCH).
The project declared a goal of bringing sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash.”
The project has attracted a large and vocal hardcore community that strongly believes in its “electronic cash” use case. The community members are working on merchant adoption and growth of the number of point-of-sales where BCH is accepted. The project also is improving technologically.
However, having a large hardcore community and a continually improving technology was not enough for the project to reach widespread adoption and defeat the original Bitcoin.
Since its launch, Bitcoin Cash faced many challenges and is now losing the adoption race to Bitcoin. For many believers in Bitcoin Cash, it became clear that Bitcoin’s network effects are tough to overcome. Having a more advanced technology is just not enough.
Moreover, whether crypto will ever become a widely accepted substitute for cash across the world is debatable. Even if it does, will Bitcoin Cash become that number one peer-to-peer electronic cash coin? Given the amount of competition and its previous track record, probably not.
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