Bitcoin and other cryptocurrencies have been on the rise in recent years, and they are rapidly expanding in terms of the amount of transactions.
A new report by CoinDesk, however, shows that Bitcoin is not the only crypto currency to see exponential growth.
“The real challenge for Bitcoin as a payment network is not just scaling and adoption,” said Tim Swanson, the chief technology officer at CoinDesk.
“It is also scaling and monetizing.”
Swanson also pointed out that many companies have begun accepting Bitcoin in payment, including Apple and Uber.
However, it is still early days for the cryptocurrency, which has had its share of troubles.
The biggest problem is a bug in the Bitcoin protocol, which means that when people buy bitcoins using their mobile phones, they will receive bitcoins for free, even if they have already paid the transaction fees.
“There is a lot of speculation around Bitcoin, but there is no real evidence that Bitcoin Cash will be as disruptive as Bitcoin,” Swanson said.
“As a payment system, Bitcoin is in a much better position to succeed than Bitcoin.”
The CoinDesk report found that the Bitcoin network has a growing user base, with users spending over $8 billion on Bitcoin each month.
That is a huge amount of money to keep up with the growing number of people.
Bitcoin Cash, on the other hand, is still gaining traction and has seen massive price gains.
Swanson noted that it was not until the cryptocurrency gained a significant amount of attention that it began to lose market share.
“We are in a bubble,” Swanson added.
“This is going to continue to happen until there is a significant change in the protocol.”
The rise of Bitcoin Cash is another reason that many believe that Bitcoin and Ethereum are on a collision course.
“Bitcoin and Ethereum will merge into a new digital currency, a decentralized autonomous organization, a type of cryptocurrency that is essentially like Bitcoin,” said Swanson.
“At this point, it’s hard to tell whether Bitcoin Cash or Ethereum will be the next cryptocurrency.”
Bitcoin Cash was first announced in December 2017, and it has since gone on to gain more traction.
In a recent interview with CNBC, Swanson said that Bitcoin’s scaling problem is only going to worsen, with the price of the currency increasing more than 50 percent.
The CoinCite report shows that a lot more is happening with Bitcoin Cash.
The Bitcoin Cash network, which includes wallets for bitcoin and altcoins, is growing rapidly, and Swanson told CoinDesk that it is only a matter of time before the network reaches a tipping point.
The cryptocurrency is expected to hit $1,000,000 in 2020, according to CoinCites analysis.