Bitcoin Cash is Bitcoin?

in bitcoin •  11 months ago

After four months silence in Steemit I am going to talk about a very controversial and the most important topic I can think of. Is Bitcoin Cash the Bitcoin? Let me tell you what I think.


What is Bitcoin Cash?

If you are into crypto, I think you already know what Bitcoin Cash is. It is the the forked network from Bitcoin Legacy chain on August 1st. Bitcoin has been in a massive growth  since the beginning of the year 2017. It has multiplied its value by 17 times (from $1000 to $17000) and people are getting more and more attracted to it because of this massive growth. The increasing value of bitcoin has also increased it's user base and it has put the network in trouble. 

The increasing user base increased the number of transactions on the network and the 1MB block size was not enough. Therefore the network became full. What is the solution to all this? The developers of bitcoin decided to implement "Segwit" on the network without going for the most logical and easier solution of increasing the block size. But some other people believed that segwit implementation is not the solution and they decided to fork the network, increased the block size and and created a new chain on August 1st 2017. This was the beginning of Bitcoin Cash in very few details.


Bitcoin Vs Bitcoin Cash 

Bitcoin was invented in 2009 and it took 8 years to gain this much attention from the public. On the other hand Bitcoin cash is only 4 months old and it has been gaining a very good attention from the public. Bitcoin Cash is the only coin after Bitcoin to hit 4 digit USD value ($1800) up to now and the adoptions are increasing everyday.

From a technical view Bitcoin Cash provides a better solution to the scaling problem Bitcoin faced because of the bigger block size (8MB) it has. Implementing Segwit on Bitcoin network only increased it's block size by 10% and it is necessarily not enough because of the higher demand and the increasing transactions. Bitcoin Cash network is able to increase it's block size from 8MB to 32MB without forking the network and it's a huge advantage it has. 

Though the price and the popularity of bitcoin is on exponential growth it is going on a very risky ride since the technical requirements of the increasing network are not fulfilled. The limited block size of the Bitcoin legacy chain has made the bitcoin transaction very high cost and very unreliable. Transaction confirmation time can be vary from few hours to few days.  This is not good for a cryptocurrency and specially the father of the cryptocurrencies itself. 


Bitcoin Cash is Bitcoin?

Bitcoin was invented by Satoshi Nakamoto, an unknown person or a group of people. Their idea was to create a peer to peer electronic cash system without a central authority. Bitcoin has fulfilled that idea for the past 8 years and since the blocks became full it has been going on a different path. Bitcoin cannot be used as a peer to peer electronic cash system anymore. Because the transaction fees are very high and the transactions are unreliable. The adoptions of bitcoin payments are dropping down because people are not going to pay a $10 fee for a $1 transaction. 

Bitcoin Cash on the other hand is still sticking to Satoshi Nakamoto's original whitepaper of bitcoin and maintaining it's network. The transaction fees are very low and you can send any value of a transaction with minimum confirmation time. Bitcoin Cash is the first split from the Bitcoin chain and it is getting adopted by merchants everyday while the Bitcoin legacy chain is getting forked every few days creating new coins like Bitcoin Gold, Bitcoin Diamond, Super Bitcoin, Bitcoin God etc. and dropping it's merchant adoptions. 

Having deviated from Satoshi Nakamoto's original Bitcoin whitepaper with Segwit implementation, high fees, unreliable transactions and not being a peer to peer electronic cash system anymore, logically Bitcoin loses it's status and the originality. Bitcoin Cash is a peer to peer electronic cash system created with the original chain with no segwit implementation, low fees, fast and reliable and it is still following Satoshi Nakamoto's original Bitcoin whitepaper. Therefore it is very fair to say that Bitcoin Cash is Bitcoin.


What will be the Future of Bitcoin and Bitcoin Cash?

Bitcoin Legacy chain have to implement a better solution as soon as possible for their scaling problem or the network won't be able to survive the exponential growth, not by the price but by the performance. Bitcoin Cash has already become the rival of Bitcoin and it is growing faster than bitcoin in every possible way with the support of the community. The features of Bitcoin Cash are the same features what bitcoin had 8 years ago and those features made Bitcoin the best cryptocurrency on the planet. Unfortunately Bitcoin is damaged now and  no longer has those features and that will be a huge barrier for it's future unless it is fixed. The future of Bitcoin Cash seems good and when people understand what's wrong with Bitcoin legacy chain and what Bitcoin Cash has to offer, they will chose Bitcoin Cash without a doubt because it's the real Bitcoin. No one can predict the future. Let's wait and see what will happen.

p.s-When I first heard there will be a fork in Bitcoin Network, I didn't understand that and I was afraid that Bitcoin will be damaged. But after proper research I understood that Bitcoin was already damaged and the fix was Bitcoin Cash. This is open for debate. Share your thoughts and lets discuss. We all want Bitcoin to be perfect as it was before. 

For more posts about Bitcoin, Bitcoin Cash and my Crypto analysis follow @agsupun and upvote. 

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You are welcome. :)

very intrsting topic and good information you share with us thank you i wish you good time with @agsupu

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Thank you. Keep in touch with the blog. :)

A good point about bitcoincash.

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Thank you. :)

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Thanks for explaining the fork in such an easy to understand manner. It makes sense however will Bitcoin not become more like a holding currency? Similar to gold. Buy and hold.

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Bitcoin cannot be considered as digital gold imo. Because gold has various uses. That gives it a store of value. But if u can't use bitcoin as a digital currency what will be the use of it? It will loose it's value. Maybe bitcoin can be considered as Picaso pantings. Only a historical value as the first cryptocurrency.

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Hmmm, that is a solid and interesting perspective. So it becomes more like a piece of art. The original crypto coin. Nicely put. Therefore, dependant on the actual useable value or holding value as a scarce commodity could well be the future value. Nice, ty :)

This post has received a 0.22 % upvote from @drotto thanks to: @banjo.