What is BitcoinCash really... and why all the drama?
For starters BitcoinCash (BCH) is not Bitcoin (BTC), and Bitcoin is not (BCH). BCash fans thanks for coming and for reading the first line!
For the rest of you please continue. :)
The purpose of the post is actually NOT to bash BitcoinCash, BCASH or BCH as a cryptocurrency and actually, as a fork of Bitcoin it is not inherently bad. I would actually argue that the code and the blockchain it uses is far superior than that of most other cryptocurrencies. Why? Because the best developers in Blockchain are or have contributed to the Bitcoin code. BitcoinCash is a replica of Bitcoin up to about a year ago from the time of this post.
Why did BitcoinCash fork “away” from bitcoin? Please refer to the follow snipping from bitcoincash.com for that answer.
There is nothing wrong with a cryptocurrency project copy/pasting code and then building or adding to it and making it their own. That’s what open source is all about and one of the many things that makes Bitcoin so great. As you can see in the picture, BitcoinCash is a fork of Bitcoin that has a team of people, devs and miners who decided to create a new currency that would implement bigger blocks, which the Bitcoin Core team was not ready to implement.
BitcoinCash claims to be a better version of Bitcoin. There’s nothing wrong with making that claim. We can all believe what we want, however, at the end of the day, the market will decide. The Bitcoin whitepaper which states that Bitcoin is intended to be digital cash is a point that Roger Ver loves to drive home when he says his catch phrase, BitcoinCash is Bitcoin BCH. The BitcoinCash fork was and continues to be a contentious one. But why? There are so many forks of Bitcoin that don’t include so much non-stop drama. The primary reason why the BitcoinCash fork is the most unpleasant and is terrible for the decentralized financial revolution that cryptocurrency offers is because it misleads people. Even with a 200 billion dollar market cap and with the hype last year that almost drove the market cap to a trillion dollars, I think most of us know that we are still very early and that 99% (or so) of the worlds population haven’t even dipped their toe in the world of crypto currency. If you just heard about Bitcoin and wanted to find out more what would you do?
Well what most people do, I think anyway, is they see if there is a website. The easiest way and most common way to see if something you are looking for has a website is to type the name in your browser and add .com to it. So someone new would very likely end up at Bitcoin.com. If they had done a google, bing or yahoo search they would have at least had a fighting chance at reaching the real Bitcoin website Bitcoin.org. Luckily the real Bitcoin website is listed first when you do a search for it, however, the faux knock-off claiming to be Bitcoin is a close second or third in most cases. I’ll list below several bitcoin forks with links to their websites. You be the judge as to why people are not a fan of BitcoinCash business practices and misleading marketing.
Bitcoin forks (in no particular order)
Litecoin — https://litecoin.org/
Ravencoin — https://ravencoin.org/
Bitcoin Gold — https://bitcoingold.org/
Super Bitcoin — http://superbtc.org/
Bitcoin Diamond — https://btcd.io/
Bitcoin Interest — https://www.bitcoininterest.io/
Then we have BitcoinCash….
BitcoinCash — https://www.bitcoin.com/
I will say that Roger Ver and Bitcoin.com have been getting better at their trickery to still mislead new people to Bitcoin into thinking Bitcoin Cash and Bitcoin “Core” are both Bitcoin but BitcoinCash stays true to the white paper blah blah blah… However, the fact of the matter is NEW people to Bitcoin end up at Bitcoin.com looking for information about Bitcoin NOT BitcoinCash. Roger is a smart business man and he has a vested interest in luring people to Bcash instead of Bitcoin. He sold most if not all his Bitcoin for Bcash (supposedly) so clearly he wants adoption to drive up the price. Roger loves debating people about BitcoinCash and Bitcoin “core.” He has clever tactics and refuses to call Bitcoin just Bitcoin, he always adds “core” to it in an attempt to make Bcash and Bitcoin both sound as if they are both equally bitcoin just one is better as cash.
If I skip over the countless scams in this space and just focus on the legitimate cryptocurrency projects, most if not all of them claim to add features that bitcoin doesn’t have. They all strive to be better, faster, more secure or more private. These claims don’t cause drama and if BitcoinCash didn’t try to convince people that it is Bitcoin I am pretty sure this fork would not be such a drama filled stain on the cryptocurrency space. Roger Ver if you are ever able to take emotion out of it, put ego aside and if ever read my little medium post… please realize that you are doing more harm than good in regard to the rate of adoption of a decentralized money system that allows for a global currency that a government cannot stop or control. Also, I know you owned Bitcoin.com long before BitcoinCash was ever even thought of, for that I can empathize with you not being interested in changing your BitcoinCash website from bitcoin.com to something more accurate. However, it would be most honest if you at least redirected bitcoin.com traffic to a Bitcoincash.com or .org site instead. Make sense? I know it does right!? Will you do it though? I won’t hold my breath…
I like BitcoinCash in regard to the code and the functionality it provides vs other cryptocurrencies. I just don’t think its a good idea to mislead people into thinking it is Bitcoin. If BitcoinCash truly is better than Bitcoin, than the market will decide that naturally, and if you and every other Bcash fan truly thinks BitcoinCash is so exceptional you should be able to prop it up without trying to put down Bitcoin at the same time.
That’s all I have for this post regarding BitcoinCash for now… There is much more to say so this post will be continued in another story! I will definitely touch on other tactics the Bcash crowd uses when trying to convince the masses that BCH is Bitcoin. I’ll also extrapolate on the upcoming contentious split of BitcoinCash that will cause a fork of the current BitcoinCash project… resulting in two BitcoinCash projects claiming to be the real Bitcoin?
All for now!