For much of 2017, merchants and consumers have been experiencing delayed processing times and expensive fees when transacting in bitcoin (BTC). In fact, many business have ceased accepting bitcoin payments due to these factors.
Enter bitcoin cash (BCC or BCH), an upgraded version of bitcoin (legacy) that was created when the bitcoin blockchain forked on August 1, 2017.
Overview of The Accept Bitcoin Cash Initiative
Proponents of bitcoin cash have banded together to create The Accept Bitcoin Cash Initiative (ABCI). The goal of this group of volunteers is to raise awareness for bitcoin cash. Its members see BCC as much closer to the original vision of bitcoin as a “Peer-to-Peer Electronic Cash System”as described in the bitcoin whitepaper.
ABCI was established to inform the marketplace about the competitive advantages of bitcoin cash as an electronic payment system. The ABCI site describes itself as a “community-curated list of sites/merchants that accept” bitcoin cash. That means outside contributors who follow certain guidelines can add to the list of merchants and organizations who accept BCC. If you are interested in helping, check out the The Accept Bitcoin Cash Initiative on Github.
“We began as a group of bitcoin cash enthusiasts who wanted to get involved in our spare time. We wanted to create a call-to-action for widespread Bitcoin Cash adoption by vendors. Along the way, we realized our goal is much broader and involves increasing overall awareness for end users as well as merchants. Our plan is to continue making improvements to achieve these goals. We encourage like-minded users to help us or create their own initiatives to further adoption.” The Accept Bitcoin Cash Initiative
Why bitcoin cash?
Bitcoin cash features an adjustable block size, defaulted to 8 megabyte (MB), which supports up to 32 MB compared to bitcoin’s 1 MB. Bitcoin cash’s larger block size means it is much more suited to function as the “Peer-to-Peer Electronic Cash System” described in the whitepaper.
Here are bitcoin cash’s main advantages over bitcoin:
- More transactions per second
- Faster confirmation times
- Fees that cost a fraction of competitors
- Blockchain security
The frontier of bitcoin cash adoption
ABCI’s members acknowledge that educating payment processors as well as thousands of merchants around the world will require different types of outreach. Such outreach may include:
- Reaching out directly to potential stakeholders
- Marketing campaigns
- Leveraging media and bloggers
- Creating conferences and public speaking events in order to spread the word about bitcoin cash.
Differentiating bitcoin (cash) from bitcoin (legacy)
Merchants and consumers have experienced frustrations with bitcoin. These pain points are also creating opportunities for bitcoin cash to be more widely-used as a payment system.
Educating the marketplace is BCC’s key challenge and it’s the main reason why ABCI was created. Raising awareness will help to:
- Distinguish bitcoin cash from bitcoin
- Assure potential stakeholders that BCC is a reliable payment solution with market demand.
Gaining acceptance from payment processors and high-profile merchants could create a positive domino effect that leads to wider adoption.
Going forward, ABCI will likely target key influencers as a way to nudge the market towards BCC. Ultimately, bitcoin cash possesses the protocol and technology that serves as an alternative to global payment networks such as Visa, MasterCard and PayPal. These large networks have the capacity to process thousands of transactions per second.
There are a growing number of competing coins out there but bitcoin cash seems poised for massive adoption as more and more projects like The Accept Bitcoin Cash Initiative come into being.