Bitcoin For Blockheads: The Know More Than Your Friends Guide To Bitcoin And The Blockchain by Thomas Tasheme

Author:Thomas, Tasheme [Thomas, Tasheme]
Language: eng
Format: epub
Published: 2018-08-18T16:00:00+00:00

Bitcoin Cash

Some people were not too keen on this SegWit2x proposal. Many prominent figures in the cryptosphere were very vocal about their opposition.

You see, the issue they had was...well, at the risk of sounding like a meme, that SegWit2x went against “Satoshi’s true vision.”

Limiting the block size will eventually create congestion in the Bitcoin network. Ultimately, the price for transactions will increase to such a point that micropayments will be infeasible. The idea that you could go to the store and buy a $3 coffee would be completely off the table.

Thus, at the Future of Bitcoin Conference, a developer by the name of Amaury Séchet proposed Bitcoin ABC, the first version of what would later be known as Bitcoin Cash.

Sechet and his team of developers decided to increase the block size limit to 8MB, which is such a drastic change from the Bitcoin protocol that a hard fork was required. Additionally, the team made it clear they had no real aversion to increasing the blocks further down the road. To them, the block size was simply a means to an end. If Bitcoin cannot be used as a means of exchange due to block congestion, you can indefinitely increase block size. Eventually, computing power will match.

Due to its consistently low transaction fees and general business focused philosophy, Bitcoin Cash was an immediate success. Within its first day of existence, it jumped to the third largest market cap.

“Bitcoin’s usefulness as a store of value comes as a secondary effect from its usefulness as a medium of exchange. If you destroy the medium of exchange, you destroy the store of value.”

-Roger K. Ver CEO of Bitcoin.com

Bitcoin Cash gets a lot of hate.

The Bitcoin community believes that it simply is profiting off of the Bitcoin moniker and that many of its marketing techniques are being used to deceive newcomers. For instance, Bitcoin.com is owned by Roger Ver, who is one of the largest Bitcoin Cash supporters. Since Bitcoin.com is ultimately about Bitcoin Cash (henceforth referred to as BCH), many believe that it is clearly fraudulent enterprise aiming to deceive.

In response, Roger Ver as well as Jihan Wu have argued by saying that “Bitcoin Cash IS the real Bitcoin.”

Pause.

We have had the opportunity to speak about the essence of Bitcoin. We have talked about the Bitcoin whitepaper and we have talked about forks. Let’s take a moment to rationally analyze this situation before we continue.

Bitcoin Cash is the byproduct of a hard fork.

That’s it, we can wrap up here. BCH is clearly not the original. Look it even has a different name!

Well, not quite.

Let’s think about the origin of BCH. The community decided to implement a change. S2x was designed to change the Bitcoin protocol. It was a hard fork in itself. Let me repeat. S2x was a hard fork from the old Bitcoin protocol.

We have seen the chart. That means there are now two separate blockchains, but prior to the hard fork, the two chains have the exact same history.

Well, here’s where the funny business starts.

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