The Bitcoin Cash network halved its miner reward on April 9.
The result, though proving that the underlying network is working as functioned, has been perilous for Roger Ver and team. It is also their first experience and the first halving since the split from Bitcoin in 2017.
While Bitcoin Cash now contends with losing miners, which is core to the security of the protocol and posted transactions, there are upsides that Bitcoin Cash has over other Bitcoin, the main competitor and a popular platform, and Bitcoin SV.
It’s Cheaper to Transact on Bitcoin Cash
One of them is the speed, transaction costs, scalability, privacy, and above all smart contract capability enabled on the protocol.
Unlike Bitcoin and Bitcoin SV, whose proponent holds dear the original vision of Satoshi Nakamoto of ensuring BCH is money, a medium of exchange, and not a store of value as widely touted, smart contracting expands BCH functionality, which is an edge. There are projects on the network that are already live, drawing demand on BCH.
Talking of costs, statistics from CoinDance reveals that despite Hash Rate dropping to 1.8 EH/s from 3.8 EH/s on April 9, it is 309X cheaper to transact on BCH than on the Bitcoin Network.
But over and above all, Bitcoin Cash, although hemorrhaging miners, is as secure and cannot be easily attacked as widely speculated.
Statistics estimate that it costs slightly over 1 BTC to attack the Bitcoin Cash network for one hour at $7,517 according to a screen grab posted by Lina Seiche, the Marketing Director of Bitsie.
The cost to attack Bcash for 1 hour is now $7,517, down from $22,000 yesterday. pic.twitter.com/q8tmdkRSaq
— Lina Seiche (@LinaSeiche) April 9, 2020
Bitcoin Cash is Battled-Hardened and Secure
While it is easier said than done, Bitcoin Cash has placed security measures in place to counter against malicious attack.
These were implemented at the wake of the Hash Rate wars of November 2018 when Bitcoin SV eventually split from Bitcoin Cash ABC because of ideological differences.
Roger Ver and his supporters, including Bitmain, marshaled their mining pools to weather off attacks from CoinGeek and others for dominance.
Add that to changes on their difficulty adjustment, Bitcoin Cash is now more robust.
On Reddit, a user who laughed off 51 percent attacks, said:
“BCH has rolling checkpoints every 10 blocks as a precaution after months of BSV/CoinGeek constantly trying to attack it, it’s not really possible to reorg in any meaningful fashion.”
While another added:
“Bullshit that gets posted regularly. If it were that cheap, someone had already shorted BCH, made the attack, and got rich.”