Bitcoin Cash and Bitcoin Legacy
Hey everyone!
Some of you might know that I haven't been a big supporter of Bitcoin for the past couple of years.
I wanna say a few things about that because it is not that I don't like Bitcoin. We all have Bitcoin a lot to thank because of this awesome technology and innovation it has brought to us through blockchain. Satoshi Nakamoto is one of the people I look most up to and have read his inputs on Bitcointalk and in other places a lot throughout the years.
In my opinion it was always planned that Bitcoin should scale through using bigger blocks with bigger adoption and need for it. Much like technology keeps almost doubling in performance and output he knew that big blocks would not be a problem in the future for nodes to be able to save the whole blockchain on harddrives. Same thing goes to say about Steem and some of the concerns some users have been stating about its scalability.
This was never a problem in my view, when the time came that blocks were becoming full the chain would just hardfork to bigger blocks, making the wallet bigger over time but still keeping the transaction fees small and keeping bitcoin usable for everyone in the world - that was one of its main purpose from the beginning.
Instead though, nothing happened for a long time when blocks started to become full. Bitcoin Core developers started pushing for segwit and other implementations to make the transactions go through sidechains instead and other stuff that they had patented. I am not too familiar with everything that has happened in that part since my lack of activity and knowledge of Bitcoin the past couple years. One thing I came to realize though was that this was not the way it was supposed to be.
Lately there's been a lot happening and it has awoken my interest of Bitcoin again, but not of the Bitcoin that we know today but Bitcoin Cash instead.
To me Bitcoin Cash seems like its holding true to Satoshi Nakamoto's vision once more. Bitcoin to be unlimited, have very low fees and not become a fee market like Bitcoin Core seem to want it to become. Bitcoin Cash hardforked and has been using 8 mb blocks ever since without any problems - in fact now with the hashrate increasing blocks are being found very fast and no one has yet had their transactions skipped from being included in a block (this happened to me often when Bitcoin was at its peak with transactions per second going through) and I'm sure many of you have had this experience as well. In fact I know many that started using Ethereum and other cryptocurrencies to transact with instead because of Bitcoins clogged blockchain.
Now of course whether its Bitcoin Legacy or Bitcoin Cash, its blocktime is still quite slow compared to newer currencies. For example Bitcoin has an average blocktime of 10 minutes while Ethereum have 13 seconds and Steem has 3 seconds, but they are very different algorithm's behind them.
The biggest reason though that I lost interest in following Bitcoin's development over the years was the censoring of stuff on r/bitcoin. I'm not just talking about altcoins cause its pretty known that they don't allow any of those discussions over there since its one of their subreddit rules, but they are also calling Bitcoin Cash an altcoin now and censoring everything about that most of the time. It really feels as though their intentions are to make Bitcoin more centralized and use their own implementations so when adoption happens and everyone starts using it they will be there profiting off each transaction that goes through Blockstream.
This censoring that keeps occurring is something that also shows Reddits and other centralized Social Media platforms weaknesses. I really do feel bad for all the newcomers that are hearing about Bitcoin now due to Mainstream Media and the recent All Time High it has reached and have no idea what they are getting themselves into when they purchase their first Bitcoin. I just hope they are clever enough to diversify and use coinmarketcap.com since that site itself is rising in traffic a lot as well. Its currently on rank 465 world wide and has recently passed Wall Street Journal.
Until the world starts to realize the weaknesses of these platforms and start using the ones that are implemented on public and open blockchains, we will just have to try and warn the users not to blindly trust articles and Fake News that is spreading all over the internet. I also don't want anyone to blindly trust what I am writing here as its mostly based off of subreddits too and who knows what really is true these days.
I am siding with Bitcoin Cash though, even though I'm not trusting it with much of my funds I recently transferred over 900 Steem to an exchange to buy some BCC when I started reading of the lengths r/bitcoin is going to censor any concern, criticism and questioning. It started reminding me of cult-like activity.
I was able to get in somewhat early on BCC and purchased 2.2 with ~900 Steem.
and have since been trading with some of them back and forth so that I am now sitting on almost 3.
I am merely using this opportunity to gain some value so I can trade back for Steem but am also considering holding some BCC for the long run because I am starting to believe it has a good chance at going higher or even surpassing Bitcoin at one point.
Bitcoin Cash's hashrate has also been increasing dramatically lately with the price, currently sitting at over 16% of the total hashrate:
There is a lot more news going around about what is happening with Segwit 2x which may be another hardfork for Bitcoin but a lot of it is very controversial and you can't really put the finger down of what is completely true or not, you kinda just have to go with your gut. That's also a reason I don't want to include too much in this article just share my views and thoughts about it and let the readers decide for themselves which one they believe will have more potential in the future.
I urge everyone to watch this new video that Roger Ver released though, he uses a lot of facts and makes it a lot more clear about what is currently happening and why Bitcoin may not be in the best hands.
I'm sorry, had it been anyone else but Tone Vays I would've considered watching it.
In my "perfect world" once a crypto is released the code would never be touched. Then if it collapses etc that's just the way it is and another new coin could take its place. What I hate about "changes" is it becomes different groups fighting for different reasons and that can affect your holdings through no fault of your own.
If the code is never changed then any price plummet is solely on you for not being aware of the implications of what you put your money in. That is much different to me than some group gaining leverage and forcing change.
That of course will never happen, but hey I can dream :)
Quick edit to say there is also room in my "perfect world" for something such as Steem where they are upfront about changes and that they will be coming etc.
I like that! Imagine hashing the code so no one can read it or change it but that would remove the transparency and people wouldn't trust it unless the hash occurred after like an official meeting and agreement among the pioneers but then those who come late would need to trust the pioneers! Damn it! Oh well... Like you said... we can dream :P
Don't be stupid. Nothing launches with perfection in version 1.0. You are in a dream world. Dream on.
I think you read into what I was saying. I did not say anything was perfect when it first starts. I even say if it dies then let it die. I just see a "flaw" in crypto when warring parties start to alter the code for various reasons. Then it all becomes a power struggle and not about the code.
You said you didnt want code touch after first release. So that assumes the product is perfect from the start. Own your comment. It was yours. The blockchain has it recorded. Don't back away from what is clearly recorded. Best course of action - quietly think to yourself - holy phuck, that was a stupid comment, I should really think before I post drivel next time. That would be one way to go.
nice post. Thanks for sharing
I am still a noob at this and many of us that are reading your posts probably are too so forgive me if I ask stupid questions but I am concerned about bitcoin cash because I don't see a significant improvement.
Visa handles an average of 150 million transactions every day and is capable of handling more than 24,000 transactions per second compared to Bitcoin that can do an average of 7 transactions per second and 250,000 transactions per day with 1MB block size limit.
Bitcoin Cash has 8MB block size limit which is 2 million transactions per day. And I am guessing it's no more than 50 transactions per second which can't even be compared to Visa with it's 24,000 transactions per second and 150 million transactions per day. Correct me if I am wrong but even if bitcoin cash is 10 times faster than what i said it is, that still wouldn't be enough.
If we are going to do a bitcoin fork so we can progress why not do it properly and completely blow all competition away. I just don't see how bitcoin cash will not need another hard fork in the near future...
Anyways, thank you for your post and thank you for warning all the newbies to do their research before they rush to buy bitcoin or any other crypto currency for that matter :)
Because mining and the Proof-of-work algorithm can't become that fast, I believe. Eth is ridiculously fast with 13s blocktimer considering it still works through PoW and even so it sometimes leads to orphaned blocks due to latency and other stuff.
8mb is only the beginning, if adoption gets so big that they need more they will surely increase but that also means that the wallet will start getting really big - yet not too big for casual harddrives to handle considering technology is becoming better and better every day.
I mean, a 1 TB harddrive today is nothing considering how big they will become in a couple years. Bitcoin wants to keep PoW mining due to its safety against 51% double spend attacks and having to have real machines wasting electricity to make sure no one can cheat it although Proof-of-Stake such as Steem is has already proven to work really well and doesn't even come close to foul players trying to cheat it its still undervalued and overlooked, in my opinion. There are some others like it like BTS and Lisk and even Eth is planning on going PoS in the near future so we will have to see how the money starts shifting when that becomes more common.
Thank you for helping us understand better with the detailed response . I think Steem is undervalued for sure and I hope it reaches a thousand dollars in a couple of years :)
It appears that the transaction fees are too high for micro transactions with Bitcoin. What needs to happen to make Bitcoin work for small transactions?
I am not sure how the fees are because I have been mainly using litecoin for smaller transactions
I was having (and still am) mixed feelings about Bitcoin and Bitcoin cash. I am pretty fresh into all crypto thing but sometimes i feel there is too much conspiracy and censorship around the thing that was supposed to be pure freedom and liberation. It's like you cut a dragon head and two new ones grow back in it's place. I even started having second thoughts that Satoshi is not actually a person, but rather a fiction character created by some government for the reasons and a part of a bigger plan that are not for us to know. But maybe i am just paranoid.
Exactly, it shouldn't be that way.
Haha, nice analogy for the hardfork.
Yeah, and there is probably going to be another head in November. So much of a limited Bitcoin supply that just effectively doubled.
Totally! I don't understand the buyers...
Well it's speculation. And greed. And opportunity. And fun. And it's just the money and it is such a fun to be a part of it lol
nooooo it is't fun
It s full of streeeeesssss
kills me ;)
Well if you are risking more than you can afford to loose then it might be:)
yep
I risked a lot and then lost a lot :( :)
A good sign that they are losing the battle of information and ideas is when they are forced to use censorship against the opposing views.
Bad ideas don't need censorship since they will eventually be rejected and die off when people are informed and educated on both sides of the argument. Using censorship only makes them admit that they are on the losing side of the argument and have either bad ideas or intentional plans to secretly control and manipulate the bitcoin network.
I am not worried about the bad ideas. Everybody loves a bad idea when it works. I am more concerned about the malicious intent, of some conspiracy theory that might be happening as it all is too good to be true. But we will see. I love taking risks.
BitCoin Cash = BCH, BitConnect = BCC - please don't mixed those two up ;) #grammanazi
Bitconnect will ponzi out soon and people can stop pointing this out. BCC is only basically only traded on the internal exchange, so nobody really cares about the ticker.
BCC is Bitcoin Cash at Bittrex.
On a lot of exchanges they use BCC for Bitcoin Cash, like Bittrex.
Maybe the lack of exchanges is the cause why no one cares if BCC stands for Bitconnect. ;)
it is even the recommended ticker symbol by bitcoincash.org
and may I ask where you got that handy graph with the hashrate dominance from?
thanks @rekaa
Things are becoming more and more confusing in the crypto world for people like me just starting to get into it. I've had a hard enough time trying to tell my friends about things like bitcoin over the last while, and now with all the various problems bitcoin has been experiencing and the fact there's now two versions of bitcoin, and there may be a third on the way, I just don't know anymore.
I guess what I'm trying to get at is that, I'm sure we all want to see mass adoption of cryptocurrencies in the future, I know I do at least, but as things are becoming increasingly more difficult to understand how will we ever see the average person using these technologies?
I don't know though, maybe I actually understand less than the average person.
Average person will be using the technology just like average people use facebook nor knowing how it works, or driving a car not knowing how engine or breaks are working.
bitcoin cash might be very strong, main problem of bitcoin that processing time of transactions is very long and biggest fees in the market, so he cant be king forever
And the processing is still far shorter and way cheaper than any international wire transfer.
Finally someone who's not crazy after Bitcoin and BCC , I feel like it's all a hype , people are just interested now because everyone else is , personally I'm in for Eth . I have hope for it
I had a lot of hope for Eth as well and have had for a long time, reading @dan's latest posts comparing it with EOS though makes me want to invest more into EOS. I guess there is still time to make some profit off of Eth in the meantime though. :P
I'm still going to keep hope , it's going to launch to the sky soon enough . There's always profit in patience. :D
Patience is definitely a virtue in cryptocurrencies. :D
And there is much more time to make profit with EOS. I am really excited to see where it goes:) Two outstanding block chains built by this guy. If one is not an expert (like me) about technology invest in people. I invest in people.
But EOS friends are wireless right?
What do you mean?
Bitcoin Cash almost tripled in 48 hours! The massive increase in the price of Bitcoin Cash is due to the high demand from South Korea. More than half of the trading volume of about two billion US dollars on the Friday afternoon comes from the Asian country. Another course driver is the rising price. Because this ensures that the mining of Bitcoin Cash has become attractive according to some people even more profitable than the Bitcoin mining. On the one hand, the bitcoin cash rate has moved at a relatively stable level in the two weeks since Hardfork, which should have given potential investors a certain degree of certainty. In addition, more and more platforms have decided to allow their users to trade Bitcoin Cash. My brother wanted to sell his Bitcoin cash but I could persuade him to hold it. I told him that Bitcoin Cash will go up to almost $ 1000 in the next 4 weeks. Yesterday he called me and thanked me he said when we see us the next time dinner is on him. There i a very nice startup from Berlin called Bitwala who has a so called Bug-Bounty Program which aims detect as many weak points as possible by external users who will get payed in Bitcoin. Okay I will now watch the video you posted I am sure it is super interesting like "The Bitcoin Gospel" video you posted a few days back. Have a nice Sunday and a good start in the next week. ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ