Thoughts on Bitcoin Cash versus Nano?
I've been holding (and using) Bitcoin Cash for a bit over two years now (came from BTC). First of all I really appreciate the open discussions here and the lack of censorship that I often saw on a certain other sub. This is a great community, and that's because of all of you. Many of us lurk, but still appreciate it :) That being said: lately I've been reading more about other cryptocurrencies on the main cryptocurrency sub, and after seeing many Nano posts there I decided to check it out for myself.
While I think BCH is great and it's definitely far better than Bitcoin, I played Devil's advocate against myself where I defended Nano, and I now have trouble convincing myself to not move into Nano. So I'll lay out my thoughts and would like some feedback.
Bitcoin Cash is far more suitable as cash than BTC "SOV". It's faster, instant with 0conf, and has far lower fees. Nano however doesn't need to use 0conf, it just confirms fully instantly, and has no fees at all. That to me makes it even more suitable than cash.
Both are scalable, so I have no comments there for either one.
Bitcoin Cash has more merchant adoption, and has some big names behind it (though Roger and Kim Dotcom are apparently also interested in Nano). I can find quite some places to spend Bitcoin Cash, spending Nano is far harder so far.
For security, while this isn't something that I think is likely to happen, I have to conclude doing a 51% attack on BCH is easier than on Nano. The hashing power from BTC poses a risk, and this is probably also why it takes a while before you can sell BCH after depositing it on an exchange. I thought Nano was PoS and had some security issues because of that, but I've looked into it and it's never had a doublespend or chain reorg, not a single error that I can see, while the consensus mechanism they use seems really reliable (not relying on probablistic security, it's deterministic). I checked some exchanges and they kind of confirm it, they all let you sell the Nano immediately after depositing.
The final bit for me is that the consensus mechanism doesn't rely on mining, which I'm seeing some issues with for BTC/BCH because of the increased environmental scrutiny and because the economies of scale in mining are not helping with decentralization.
So am I going crazy here guys? Things seem to be changing even in terms of community size, there are more people online on their subreddit now than on ours. I see a bunch of developers, developing privacy solutions (based on our CashFusion) and other solutions, and it just feels like we're being overtaken. We have the advantage of the Bitcoin brand name, but that's starting to feel like less of an advantage with negative focus on Bitcoin.
I feel like my playing Devil's advocate has turned me to the devil's side right now. Please don't laugh at me if I'm overlooking obvious stuff, I still hold my BCH, just want to hear what you think.
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