Among crypto enthusiasts, mutual understanding in the community and loyalty to the general idea are important. Just this is not currently available in BCH. Numerous hard forks, misunderstood goals of new blockchains and the lack of a clear idea cannot be the basis of investor confidence and the growth of the coin price.
Roger Ver says that if PayPal knew about the controversy in the BCH community, it would never have added Bitcoin Cash support to its application.
Now the focus in crypto is shifting towards DeFi and the practical utility of cryptocurrencies, and the fact that Bitcoin is slow does not really annoy the community members. After all, there are stablecoins and crypto exchanges like redot.com where you can easily and quickly exchange cryptocurrencies for dollar-denominated assets.
In addition, Bitcoin now has the Lightning Network, which allows you to make fast payments. Lightning is a second-level add-on that creates a channel between the sender and recipient of funds outside the main blockchain. By opening a channel outside the network, transactions are faster and fees are reduced.
Over the past year, the cryptosphere has taken a big step forward. The DeFi sphere is actively developing, Ethereum plans to switch to version 2.0 and PoS consensus, and even institutional investors are starting to invest. Moreover, funds denominated in cryptocurrencies – BTC, ETH and others – are being opened in the investment direction.
With a wide variety of coins, projects, and protocols to choose from, the investor has plenty to choose from, so vague projects like BCH do not receive support from the community. Little is said about Bitcoin Cash and it is hardly seen on the news agenda.
According to analysts, the two key factors in crypto are decentralization and community. It is the interest of people, their cohesion and work for a common result that make this or that project successful. This is not the case in BCH, which is why the next forks occur. With each fork, the community splits, and it splits into two groups that often compete with each other, with each group being more isolated and centralized. Not in the best way, BCH was affected by the influence of Roger Ver, who, with his charisma and energy, influenced the fate of the Bitcoin hard fork and made BCH in a sense a centralized currency.