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Just as the range of social networks has expanded to a number of different platforms with different underlying attributes and capabilities, crypto platforms will proliferate for every kind of use case and requirement. Crypto technology is almost synonymous with blockchains, but this is rapidly changing and with important implications. The DAG is coming The central … Continued
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On October 31, 2008, Satoshi Nakamoto had a vision to share with the world — a protocol he called “bitcoin, a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” Since that time a whole lot has changed, and there is a vast cryptocurrency landscape with over 1,500 virtual currencies listed on data feed websites. It’s been a very long time since Satoshi left the community and his vision, the white paper, and even the protocol’s proof-of-work has been questioned multiple times over the years.
BCH Proponents Believe That Many Key Attributes Have Been Slowly Replaced With a Whole New Concept
Satoshi Nakamoto left the community in 2010, and no one has heard from the anonymous creator of bitcoin ever since. At the moment the bitcoin community has split into two factions due to the scaling debate, that coincidently started the same year Satoshi left. Many bitcoin cash supporters believe the BTC side of the community has never had a valid excuse against raising the 1 MB block size by utilizing a refuse to give in at-any-cost mentality. The bitcoin cash community believes this group has been so stubborn that Core supporters basically enabled blowback to occur this past August, allowing a large majority of users to go their separate ways by forking the protocol, before the introduction of the contentious Segregated Witness (Segwit). The protocol Segwit had been and still is controversial and hasn’t gained much traction even to this day. All of these individuals who once shared similar visions with their peers, formed another community and rallied around the bitcoin cash (BCH) network believing that BCH is the closest chain to Satoshi’s original vision.
Alongside all of this vitriolic energy tethered to the scaling debate, BCH supporters say there have been quite a few individuals who believe “Satoshi’s vision doesn’t matter,” and actually have the audacity to propose making changes to the creator’s white paper. Many individuals will tell you the reason for this is because supporters of the Segwit chain have realized that the document does not apply to the BTC network. Unfortunately, BTC hardly resembles what is described in Satoshi’s white paper. For instance, the co-owners of Bitcoin.org, ‘Theymos,’ and ‘Cobra Bitcoin’ among others have talked about changing certain phrases in Satoshi’s paper. Another example is how the web portal Bitcoin.org, which is heralded by Core supporters as ‘truth,’ removed the cheap and fast transactions description for bitcoin off the front page — the reason for this is because the description does not apply to Core network.
Of course, bitcoin cash supporters have been livid about this method of revisionism used by the other side of this debate. It is often said that “Satoshi’s vision” or the creator himself doesn’t matter, but BCH supporters believe most free-thinking individuals understand that history is important. Satoshi’s words and his original white paper is extremely vital towards keeping the network from being perverted. Anyone who denies history doesn’t understand how things came to be, and they will have a serious issue coping with the future. The past is the future’s direct causation. The very title of the white paper explains that bitcoin is a “peer-to-peer electronic cash system” which shows absolutely no references to holding the coin as a speculative asset, or any comparison that represents a ‘digital store of value.’
Can’t Afford to Send Bitcoin? — Deal With It — It’s ‘Censorship Resistant’ for a Certain Group of Individuals
After close to a decade, one by one, BCH supporters state that specific features that used to be promoted widely among the bitcoin community have been slowly forgotten. In the early days, bitcoin was considered pseudonymous and needed tools like mixers and tumblers that could help provide anonymity. However, due to the rise in transaction costs most bitcoin mixers and tumblers found the network unsustainable, and many were unable to mix coins because network fees were both too expensive and unreliable. Further, during the times when BTC suffered from extreme network congestion, and unconfirmed transactions spiked to well over 200,000, darknet mixers and tumblers were called out for ‘spamming the network.’
Remember when transactions were once described as cheaper than most centralized processors like Western Union? In the early days, people envisioned billions of micropayments helping people in need and third world countries. Instead throughout 2015- 2017, Core advocates and developers stated they didn’t mind if fees aggregated to $100 per transaction. Core developer Gregory Maxwell stated during the worst period of BTC’s transaction backlog and $60 fees that he was popping bottles of champagne.
"Personally, I'm pulling out the champagne that market behaviour is indeed producing activity levels that can pay for security without inflation, and also producing fee paying backlogs needed to stabilize consensus progress as the subsidy declines." ~ Greg Maxwell Dec. 21, 2017
It didn’t matter that economically unfortunate countries couldn’t afford to use the bitcoin blockchain as long as the chain continued to remain ‘censorship resistant’ — Ironically this thought process leads to the censorship of more than 2/3rds of this world who have a hard time considering paying $0.25 cents per transaction (tx) let alone $30-60 USD per tx. It’s safe to say that enjoying the rising fee market process is straight out of a Ponzi scheme manual where only the early adopters are those who can afford to use the network benefits.
The Resurrection of Killer Apps
Core supporters will tell you that bitcoin cash proponents are deceptive by utilizing the open brand name ‘bitcoin,’ when in fact all BCH proponents believe they are doing is “adhering to Satoshi’s original vision.” In fact, the chain and the BCH community are direct derivatives of stubborn blowback. Revisionists and actors with confirmation bias have clung to arguments that make no sense and act like the world is ready to adopt a whole new infrastructure called the ‘Lightning Network.’ This is after realizing on-chain BTC transactions are not very fast, and on-chain BTC transaction fees are unreliable especially during times of demand. Unfortunately, mainstream attention that took place during Q4 of 2017, was one of the worst periods of time for congestion, as BTC fees aggregated to upwards of $60 per transaction and confirmation times of up to a week for low fees. Then the mainstream was directed to a system that is not even close to widespread adoption, even though this mainstream audience was basically at a tipping point towards mass adoption.
Fortunately for mainstream adopters, BCH supporters believe bitcoin cash will be there to provide the very things that were promised in the early days that made the idea of cryptocurrencies so cool — actual fast, cheap, and reliable transactions that cannot be censored.
This is because BCH supporters state that mainstream audiences and users from third world countries won’t be hindered from using the cryptocurrency due to unreliable transfer times and tumultuous network fees. They also won’t have to learn to adopt a new network on top of the blockchain or learn about the flaws of routing, watchtowers, centralized hubs, opening channels, or keeping coins online in limbo. No, all they will have to learn is how to use bitcoin as it was taught for the past nine years. Mainstream audiences are also getting a glimpse of an ‘application resurrection’ of tools that were once heralded by the BTC community. The bitcoin cash ecosystem has resurrected mixers and tumblers, micro-tipping applications, a Bittorrent platform, social media apps like Memo and Blockpress, even the ability to send very small fractions of BCH without an internet connection.
Protecting Propaganda and Censorship Over Conscience and Principles
Bitcoin cash proponents think that revisionists will continue to try and say that Satoshi and the white paper “doesn’t matter” and will attempt to revise history to make bitcoin something that it is not. Why do BCH enthusiasts believe this? Likely it is because supporters of bitcoin revisionism have defended propaganda and censorship, so much that it has become a routine activity on some of bitcoin’s most frequented forums. All of this for a stubborn win-at-any-cost mentality that wouldn’t even allow the discussion or open debate of adding one measly megabyte to the block size. No, BCH proponents believe the confusion Core supporters complain about, rests on their conscience, because they obfuscated the protocol’s original intentions, anonymous minions sniffed out dissenting opinions, and cried when they got the blowback (the birth of BCH) they deserved.
It’s safe to say that Satoshi’s vision will be remembered, and his white paper will remain safe from changes. However, BCH supporters understand that the revisionists will also be recognized for being intellectually dishonest and as sophists attempting to keep bitcoin hostage. Bitcoin cash enthusiasts believe that after August 1, 2017 bitcoin’s hostile takeover has ended, and there is now an avenue available to continue following Satoshi’s vision.
What do you think about the idea that most BCH supporters believe that Core proponents have revised history and have tried to lessen Satoshi’s vision and even alter the white paper? How do you remember this history? Let us know in the comments below.
This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
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In a search for justice, technology is an answer – an incomplete answer – to the question of what is right.
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Cryptocurrency markets have started to rebound in value as the spring begins in 2018, but one particular cryptocurrency — bitcoin cash — has been on a relentless upswing as the network approaches another hard fork this May. This year traders and bitcoin cash (BCH) proponents believe the decentralized digital currency and the BCH network has a lot of innovation forthcoming which will propel its adoption to new heights.
Bitcoin Cash is Poised for a Massive Breakout
Over the past few weeks, bitcoin cash has become a highly sought-after digital currency within the cryptocurrency economy. There is a lot of demand for BCH during the past seven days as the currency’s markets have seen weekly gains of over 56 percent at the time of publication. Moreover, on the peer-to-peer trading platform Shapeshift, the most popular trade today by a landslide is bitcoin core (BTC) for BCH.
The Bitcoin Cash network has managed to accumulate a massive amount of infrastructure and support over the last nine months, and more so than any cryptocurrency launched to-date. Today we’re going to discuss the top five reasons why the decentralized cryptocurrency bitcoin cash is headed for a massive breakout in adoption and valuation this year. Lots of individuals and organizations believe BCH is a serious contender in the world of cryptocurrencies, and the past nine months is just the beginning. This week, the Bitmain Technologies operated mining organization, Antpool, had similar words to say about the bitcoin cash ecosystem.
“The Bitcoin Cash blockchain is at the tipping point of becoming a widely used public blockchain,” explains the mining operation Antpool this past Friday.
Infrastructure and Support
It’s been close to nine months since the August 1 hard fork, and since then the digital currency bitcoin cash has received a ton of infrastructure support from wallet providers and exchanges. No other cryptocurrency has received the support that BCH garnered so quickly in such a little time frame. For instance, BCH is supported by the major exchanges Bitstamp, Coinbase, Kraken, Bithumb, GDAX, Binance, Poloniex, Bittrex, and more. Bitcoin cash also has a slew of well-known wallet providers supporting the chain such as Edge, Bread, Jaxx, Copay, Exodus, Ledger, Trezor, Stash, Mobi, and many more. Moreover, BCH has six full node implementations including Bitcoin ABC, Unlimited, XT, Parity, Flowee, and Bitprim. These teams alongside the blockchain firm Nchain are all contributing to the permissionless and open development environment tied to the BCH project.
Alongside those specific infrastructure providers, BCH merchant acceptance is massive compared to any other cryptocurrency out there besides BTC. Due to integrations with Bitpay’s payment processor services, thousands of merchants now accept bitcoin cash including well-known companies like Microsoft, Newegg, and more. Additionally the “Accept Bitcoin Cash Initiative” has an online compendium of merchants who accept BCH as well. Soon with initiatives like Openbazaar now utilizing BCH and Purse.io support on the way, bitcoin cash will cover nearly everything BTC does as far as infrastructure.
A Passionate Grassroots Community
Similarly to the bitcoin cash blockchain sharing the same history as the BTC chain, there are a large amount of BCH supporters that have been around since the early days when there was only one chain. Many BCH proponents supported BTC until the scaling debate showed Core developers would continue to be stubborn and unwilling to compromise. Lots of these former BTC supporters started forming an alternative community well before the August 1 hard fork. Many of them were banned from the Reddit forum /r/bitcoin for merely trying to discuss increasing the block size. Others realized earlier on that Bitcoin Core developers were stagnating the project and started working on separate software clients because the Core team created a development technocracy. The original Satoshi reference client was suddenly used in a genius ‘PR stunt’ and was gifted the name ‘Core’ when the client was never called that name in the early days. Suddenly there was a team of ‘Core’ developers advertised on a ‘Core’ website, even though ironically most of them dislike being referred to as ‘Core’ developers.
Because of the blatant reference client coup d’état after the August hard fork, a strong community had already formed with an uncensored forum and a community willing to discuss upgrades and protocol changes. Last November just a few months after the blockchain split, the BCH community performed a successful hard fork which fixed the network’s Difficulty Adjustment Algorithm (DAA). The fork led to a favorable outcome where the profitability between BCH and the BTC chain has remained perfectly consistent. Over the past nine months, the BCH community has rallied behind the project pushing adoption and resurrecting applications neutered by the Core development team’s high fees and unreliable transfer times. So far the BCH community has been relentlessly passionate, moving past the trolling and concentrating on making bitcoin cash a cryptocurrency that works. In addition to the strong adherence to principles, there are many other facets of the BCH community that show like-minded passion such as the Bitcoin Cash Fund a nonprofit initiative dedicated to spreading BCH adoption. Then there’s @eatBCH, the outpost that feeds low-income Venezuelan citizens with food paid for with donated bitcoin cash.
Low-Cost Transaction Fees
Let’s face it bitcoin cash network fees are cheaper than most blockchain networks, and with improved scaling the fees should always remain relatively low. For instance on April 20, 2018, the Bitcoin Core (BTC) median network fee was $0.20 cents per transaction. Even though people think that the BTC network fee is low, compared to the Bitcoin Cash (BCH) median network fee it is huge, as BCH fees are $0.0028 — that’s less than a third of a U.S. penny. Further, BCH network fees have remained consistent and should stay low as the protocol upgrades to a 32 MB block size leaving plenty of room for massive amounts of cheap transactions.
Moreover, BCH network users don’t need to rely on privacy-invasive techniques like ‘transaction batching.’ Bitcoin Core network fees are lower than a few months ago, but are still unreliable as fees were upwards of $40 per BTC transaction just a short time ago. Last year’s rising BTC fees have led to many companies being forced to drop the cryptocurrency as a payment network. Applications like tumblers, tipping applications, and any platform attempting to utilize microtransactions found BTC network fees and confirmation times completely unsustainable. Bitcoin cash fees, on the other hand, have created a large resurrection of all kinds of cool apps that let people swap small fractions of cryptocurrency over the web. Privacy enhancing tumblers are returning to the bitcoin environment, Bittorrent applications, Tip Bots, and social media platforms that incentive users for sharing content.
Besides all the applications being built by reviving microtransaction features in bitcoin, there are other attributes connected to the BCH network which sets it apart from its BTC sibling. After the network upgrades on May 15, users will be able to fit a vast amount of transactions within a block allowing even more on-chain activity so there are no quarrels about what kind of transactions are considered “spam.” Secondly, the upcoming network upgrade will reinstate and add new operating codes (OP Codes) and scripting abilities to the BCH chain which will enable tokenizing methods and the ability to code smart contracts within the BCH network. Additionally, the bitcoin cash community has invoked the spirit of zero-confirmation transactions as many infrastructure providers have opted to make instant transactions a reality using BCH. Meanwhile, bitcoin cash developers are planning to make instant transactions even more secure for the community as well.
The Closest Bitcoin to Satoshi’s Vision
Bitcoin cash developers and the community want the BCH network to adhere as closely as possible to Satoshi Nakamoto’s original whitepaper. This means everyone involved will continue to bolster bitcoin as a “peer-to-peer-electronic cash system” as it was intended. BCH proponents intend to scale the BCH chain for the entire world so anyone can use the cryptocurrency. Fees will remain low so not just early adopters and the affluent can afford to use the network, but those who live in third world countries and individuals who need it most — the people BTC supporters forgot, the unbanked. After years of teaching people how to use bitcoin, BCH proponents are not going to attempt to push users towards a proprietary toll road, but rather onramp them towards reliable and cheap on-chain transactions. True ‘censorship resistance’ means allowing the whole world to use the platform, and even today’s $0.20 cents per BTC transaction fee is too costly for residents living in developing nations. A network fee of less than a penny is more suitable for promoting the remittance applications cryptocurrency enthusiasts once dreamed of just a few short years ago.
The Technocrats Have Lost Their Shirts
Those are just five clear and concise reasons why bitcoin cash is set to continue its tear throughout 2018 and will be one currency to keep an eye on. Finally, this fork has given bitcoin investors a say in how they want to see the cryptocurrency progress in the future, instead of the decision making of 30 some-odd technocratic developers in control of one reference client. The founder of the Satoshi Nakamoto Institute Daniel Krawisz says, “forks are good because they put the investors in control.”
Investors are given a choice and they choose which one they like better. One thing that I don’t like in bitcoin is when developers have a higher social status than investors. It should be the other way around, developers should be below investors.
Bitcoin cash is about to break out into a massively used cryptocurrency that is ready to be adopted by the masses. Further, the BCH chain is cemented in time as the longest running blockchain dating all the way back to the Genesis block in 2009, and it continues to maintain its strong SHA-256 proof-of-work algorithm. BCH proponents aim to make sure bitcoin cash is the most used network with no limit to its use cases and no censorship towards who can use it. As Satoshi Nakamoto once stated:
I’m sure that in 20 years there will either be very large transaction volume or no volume.
What do you think about the five reasons why bitcoin cash will likely see a massive breakout this year? Let us know what you think about this subject in the comments below.
Images via Shutterstock, Pixabay, Crypto-graphics.com, Memo, Coinmarketcap, bitcoincash.org, and Twitter.
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