Why Bitcoin Contant Is Not Bitcoin BTC vs

The crypto-sphere is heating up and at the same time becoming more confusing spil it evolves.

I am sad to see how the viruses of confusion and myth are purposely injected into the ecosystem and how the entire system is manipulated spil well spil hijacked on a regular fundament.

Specifically, I am talking about the latest insane price spike of Bitcoin Specie and the fated price fall of Bitcoin ter just a matter of hours.

Some of you who are old players of the crypto-sphere voorwaarde have benefitted from this unexpected rise and fall, but I think it’s not good for newcomers, and it’s not healthy for Bitcoin te the long term.

That’s why te this write-up I wish to convey some of my thoughts on how Bitcoin Specie is not Bitcoin. And I also want to clarify why the newcomers should not fall prey to the Bitcoin Contant PR campaign.

For the latecomers, I want to very first explain what Bitcoin Metselspecie is and showcase you some facts. Then, I’ll explain Bitcoin and leave it to you to determine for yourself.

Bitcoin Metselspecie is a Bitcoin fork which wasgoed created this year on the 1st of August by a minority group of influential miners, developers, investors, and users who were against the agreed overeenstemming of SegWit implementation to scale Bitcoin.

Namely, there are three main players te the Bitcoin Specie community – Roger Verafgelegen, Jihan Wu, and Deadal Nix.

They determined to fork the original Bitcoin blockchain and create a fresh version called &ldquo,Bitcoin Contant&rdquo, (aka BCH) with an adjustable block size up to 8 MB blocks.

Some of the benefits &, features of Bitcoin Cash…

This on-chain increase te the capability of Bitcoin Metselspecie provides several benefits to its users against ‘Bitcoin’, but thesis benefits come at a yam-sized price that its users have to pay. (I will explain this ‘phat price’ further ter the article.)

  • On-chain scalability
  • Fresh transaction signatures
  • Emergency Difficulty Adjustment (EDA)
  • Decentralized development

For more details, read our extensive guide on Bitcoin Metselspecie:

Price One Needs To Pay To Love BCH Benefits

Overlooking the fact that many of you would have made a good amount of money ter the latest Bitcoin Metselspecie rally, one needs to pay a massive cost for using Bitcoin Specie.

This cost cannot be measured ter dollars, euros, or yens, but instead, it is a cost that you pay by compromising the original wish of Satoshi Nakamoto – to make an uncensorable alternative monetary system which isn’t managed by an individual or a group of people.

Some of you might say that I am incorrect because Bitcoin Contant’s official webpagina claims that they are carrying forward Satoshi’s Vision by stating:

Some of the developers did not understand and agree with the original vision of peer-to-peer electronic specie that Satoshi Nakamoto had created.

Bitcoin Metselspecie is the continuation of the Bitcoin project spil peer-to-peer digital contant.

But actually speaking, they are not even close to Satoshi’s original vision of decentralized and uncensored money.

Bitcoin Contant is utterly censored.

Wait! Some of you might say that I am biased and I am just a Bitcoin fan, but I have facts!

Want To Know The Facts?

Do you indeed need a CEO for a currency? If you do, then what’s the difference inbetween a business and a crypto?

An official statement from the CEO of #Bitcoin Metselspecie: how wij resolve conflicts ter our community, our values, and our development of leaders and people https://t.co/BaNupOmh2m

Archive of @Falkvinge ",Official Statement", procaliming himself CEO of $BCH te incoherent/confusing postbode (now taken down https://t.co/IzBiFYCXZI) available here: https://t.co/PefMk1JsH6. Very creepy and immature rambling, hallmark of $BCH poor leadership 🤡,$BCH BUYERS Vereiste READ pic.twitter.com/HIDdbaoaxU

Bitcoin Contant mining is very centralized. If you look at the above photo, you will certainly be able to waterput te perspective what I am talking about.

This is the hash power distribution for Bitcoin Metselspecie mining for the last 144 blocks mined.

If wij combine the hash power of Antpool, ViaBTC, and BTC.com, which makes more than 50% hash power, this is detrimental for any coin. To make a 51% attack on Bitcoin Specie would be a decision of three mining parties coming together.

Left behind to mention. BCH is a loterijlot more miner centralized. Because its network hashrate is a loterijlot less than BTC, a puny BTC pool can 51% attack it. So it’s security is feeble because of that. Litecoin doesn’t have this problem because Litecoin predominates Scrypt hashing.

The argument is that Bitcoin also had such hashrate distribution te its early days, but don’t leave behind that Bitcoin wasgoed trading ter pennies at that time. Anyone attacking BTC at that time had no incentive te doing so because it wasgoed almost worthless.

But now that Bitcoin Contant is trading well above $1000, it’s very susceptible to 51% attacks, which is not good. Read more about 51% attacks here.

Trio. Total utter knots are fewer than Bitcoin

Bitcoin has more than Ten,000 active utter knots running, which is one of the most significant factors of a truly decentralized currency. This means that anyone attacking Bitcoin would need to have the capability to hijack more than 50% of the Ten,000 knots that are running across the globe.

On the other forearm, Bitcoin Specie only has around 1200 knots spil vanaf Coin.Dance’s knot summary.

Four. Hard forks without polls

Who does hard forks or upgrades ter the currency protocols without polls?

Bitcoin Contant had their hard fork (or protocol upgrade) on 13th November 2018.

The upgrade/fork wasgoed done to switch the underlying mining algorithm to make it more competitive against Bitcoin and to prevent it from miners’ manhandle te the event of diminished or enhanced difficulty. Read more about the Bitcoin Metselspecie fork here.

Well, I am not against Bitcoin Specie switching something and attempting to be competitive, but they should not attempt being competitive ter this way – by doing things without polling the community.

If something is getting upgraded te the protocol, then it has to toebijten with decent polling and agreements. But this official write-up shows that they didn’t have any such polls.

Also, this write-up gives a hint that there is actually no need for polling because their community is so petite and censored. Te reality, there are only three individuals who made the decision. (Their names aren’t there but everyone knows who thesis three were – Roger Veraf, Jihan Wu, and Deadal Nix.)

You can see how effortless it is to upgrade Bitcoin Specie. Their community is comprised of Three people. They are the miners, the developers, and the users. Funny!!

Now Let’s See… Who/What is Bitcoin?

Bitcoin is the DADDY of cryptocurrencies. Some of the facts that make Bitcoin truly decentralized and much better than Bitcoin Metselspecie are:

  • It is truly decentralized with its hash power widely distributed when compared to Bitcoin Contant. See here for the hash power distribution of Bitcoin which makes it fairly difficult for a single mining equipment to overpower others with a 51% rate.
  • It has (by far) the most number of utter knots te this crypto-sphere which makes it difficult to be attacked by governments or centralized organizations.
  • Bitcoin proceeds to live on Satoshi’s original code of 1 MB blocks and at the same time keeps exploring fresh avenues for off-chain scalability solutions.
  • Bitcoin is not a company, and hence, no CEO or certain group of people control it.
  • Bitcoin upgrades or forks toebijten due to pollings and BIP proposals which are semitransparent for all to see. Track the polls here.
  • Additionally, Bitcoin has no meteen ties to Roger Veraf or some other human, unlike Bitcoin Contant. Of course, Satoshi Nakamoto wasgoed there te the beginning, but he/she did the clever thing by not exposing his/hier identity because he/she well understood how significant it is for a nationless currency to not to have any strings fastened to any single entity.

I know that some of you might be thinking that I am a yam-sized Bitcoin fan and that’s why I am biased towards Bitcoin Metselspecie, but I want you to make one thing clear: I am not truly that biased.

I certainly think that Bitcoin Metselspecie has a future, but if it is attempting to be ‘Bitcoin’ and proceed down this same path that it’s on now, it’s not going to end well.

If you are a Bitcoin Specie fan, then you should attempt to persuade the community that BCH is BCH… it can’t be Bitcoin. And if Bitcoin Specie proceeds to be an altcoin and not attack Bitcoin, then I don’t think there are any problems.

Even Andreas suggested this to both communities.

Bitcoin and Bitcoin Contant will coexist and serve different use cases, just like Bitcoin and Ethereum. Its not a zero sum spel. Work on building your project, not on ruining the other

On the other palm, I am not naive or ignorant about current challenges that Bitcoin is facing ter terms of scalability (despite SegWit implementation).

But let’s reminisce that it wasn’t always so effortless to send emails ter the early days of the internet. Similarly, Bitcoin will scale with the much-anticipated Lightning networks or sidechains te the future. And yes, those scaling solutions need to toebijten soon, otherwise, there will be more schouwspel like this for ages to come.

Also for the newcomers: Stay away from Roger Verafgelegen’s possessed domain Bitcoin.com that is attempting spread this FUD and exclaiming that ‘Bitcoin Metselspecie is Bitcoin’.

So that’s all from my side te this article.

If you are with mij and understand Bitcoin’s true nature, then do retweet/share this write-up with the Bitcoin community, and join arms ter finding voortdurend solutions to Bitcoin’s scalability.

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COMMENTs ( 44 )

Very nice article. Totally agree .

Bch is just manipulation and fud

Glad, When I eyed firstly Bitcoin metselspecie option te my ZebPay account I thought of its something fresh to look for and leave it then just like that. Today I found this article very helpful to know more about BCH.

Please i am having difficulty sending bitcion on blockchain ,the last time i use my blokchain wasgoed march

Sudhir Khatwani says

Hi Sudhir, how can i connect with you? have invested money ter Gainbitcoin which is stuck.

Sudhir Khatwani says

I cannot help ter that regard.

Very relevant article. This debate is long not overheen yet. It is difficult to find an objective perspective on this debate. This is more than just a debate, it is an active and potentially devastating tug-of-war. The sad thing is that spil long spil Bitcoin core fights with slow confirmations (Scalability) and inflated transaction fees, and ter so doing compromise its original core principals, then BCH spil well spil future potential Hard Fork derivatives might find sympathetic support ter the crypto community. The sooner thesis issues can be addressed effectively, the sooner the public can rally behind the core movement and consolidate support and resources behind BTC.

Very good article

Simona Smith says

This is one of the best articles about Bitcoin Contant that I have read. Truly thanks for sharing this valuable informatie. I consider myself an pro with Bitcoin Contant now. Cheers!

Damian Williamson says

I cannot say this strongly enough: Since BCH is a separate currency, it should not be permitted to use the name Bitcoin at all. Just adding the word Specie after something existing is a deliberate ploy to confuse and trapje those te the market who do not know better.

IMO there should be a number of civil suits taken out against BCH for their deceptive naming and marketing. People have suffered losses.

Sudhir Khatwani says

Agree and Cheers but Cannot make a suit.

Also, do you bit by telling others about it and keep it plain. Just consider BCH spil an altcoin that’s it.

Damian Williamson says

Also, IMO BCH is fairly short-sighted. If BCH doesn’t have people paying fees (or just has lower fees) for transactions then after blockchain prizes are eventually dropped, who will mine it?

RE: Transactions stuck te the pool, there has always bot the possibility that transactions made with a low toverfee may take a long time to confirm. Bitcoin Core wallet even has a written warning regarding never confirming transactions. Just pay the toverfee, it pays the miners.

Lighting network has a CEO ? Are you not aware or you skipped it intentionally ?

Sudhir Khatwani says

But the implementation will be decentralized. Read more about how Lightning network payment channel works.

Just a confused stud says

Read about who is being the lightning framework and see which company has the most no of developers ter bitcoin core.

Satoshi nakamoto himself wished to get rid of the blocksize te (his) future – since the number of trxs back then were not too high.

A plain google search might help u.

The hash power distribution of Bitcoin looks similar to BCH – get AntPool, BTC.com, ViaBTC and BTC.TOP and you have majority.

I’ve bot involved with Bitcoin (hiding) since prior to the coin wasgoed mined. I strongly disagree with this article. Bitcoin metselspecie is Bitcoin. Segwit by default makes what is calling itself “bitcoin” not bitcoin.

hmm.. so, since segwit solves malleability thus permitting secure sidechains and since on-chain scaling to millions tx/sec is not possible, how do you figure that bitcoin contant will scale to that usage?

Sudhir Khatwani says

Couldn’t fairly understand your question.

And what about Bitcore (BTX)? The best tech out of BTC,BTG,BCH. BTX emerges to have an intentionally suppressed value. For months there has bot an incorrect circulating supply/market cap on coinmarketcap (BTX should be te top 50 coins for months now). It is a more advanced coin with compounding Airdrops every Monday and yet you have never heard of it. Obviously, whales with lined pockets influence the monetary value of a coin.

Sudhir Khatwani says

I know about it but not very certain about what they are doing.

will bitcoin metselspecie price also be high spil bitcoin ter the future

Sudhir Khatwani says

But doesn’t looks like…

will bitcoin contant price also be high spil bitcoin ter the future?

i meAN LIKE RISING TO $Ten,000

Sudhir Khatwani says

Free market economy…cannot predict…like that..

Chris Bell says

Exceptionally helpful. My friend attempted to tell mij that BTC would go to zero and BCH wasgoed going to take overheen. That’s why I searched and found this article. You explain the difference ideally and I like how you attempted to stay unbiased.

Sudhir Khatwani says

I am sorry, but this article has a loterijlot of hear say and I think strikes around the thicket too much.

When a thing gets too elaborate look for the bottom line, here it is:

BTC legacy has slow (sometimes days) transactions and expensive fees. It has bot hijacked by a team of developers with ulterior motives (Blockstream).

BCH is quick cheap and reliable.

If BTC legacy wasgoed truly about Satoshi’s vision then they would have enlargened the proverbial block size, instead they created a very complicated “solution” ( segwit) for a elementary problem.

Stay acute kids!

EXCELLENT ARTICLE! EVERYTHING YOU SAID IS 100% TRUE ??

Nice postbode. BCH is not decentralized and thus a disturbance of the philosophy of crypto currencies ter general… people attempting to take advantage of others is always a thing. I’d love to see BTC go get more popular.

Sudhir Khatwani says

Wait and Let the market coerces come into the play.

Democracy is inefficient. While wij may not be glad with potentially omkoopbaar centralized control it’s good at making needed switches quickly.

Now that Wall Street and big canap money is te the spel they’re going to want the more centralized currencies. End users also want lower fees. If BTC can make switches to scale transactions lower fees then they’ll stay relevant. I’d say they have 3-6 months now that coinbase/gdax has added BCH. There’s no come back if BCH passes BTC te market cap. The good news is that more miners will switch to BCH and decentralize it.

Market coerces can lead to the adoption of technology that i s sub optimal. e.g. Betamax wasgoed better technology then VHS, HD DVD a wasgoed better format than blu-ray.

If that’s good or not depends on your feelings. If you want the best technically good and the market doesn’t (the majority of people who would use a rapid low toverfee transaction crypto, very likely don’t care about decentralisation(they presently use Visa or MasterCard, anyway.)

Sudhir Khatwani says

Yeah, market compels matters but people who don’t care about decentralization don’t need cryptocurrencies and should proceed being the victims of traditional banking.

yeah, totally agree – the main thing to reminisce here is that there is a serious problem with BTC right now ter high transaction costs and slowness. I also agree that on-chain scaling won’t work at global adoption rates, which means that an off-chain solution is mandatory – think of the chain spil the court system and the side-chains (like lightning network) spil the contracts inbetween entities. Most folks never need to go to court unless there’s a major disagreement, they just honor their contracts mutually and everyone is blessed. If a lightning transaction runs into a dispute or other punt then it can be lodged on the chain. Also, the chain is there to permit payment channels to close. If LN can be successful soon and folks can truly see benefits like lower costs and higher throughput then wij all win.

Sudhir Khatwani says

Yeah that the point and true also. Waiting for Segwit and LN full-fledged

reposted from another forum:

A common misconception I see when people talk about future scaling of Bitcoin is the number of transactions vanaf 2nd you can get with any given blocksize. The argument typically goes something like “3 tps today, Five tps with Segwit, Ten tps if you also dual the blocksize”. Which is technically accurate, and the only real ways to scale right now, but it does not mean that this is the best way to keep scaling beyond the near future. Even the maximum 256 MB block size supported by certain clients would add less than 1000 tps capacity, while at the same time increase the size of the blockchain by overheen 13 TB vanaf year.

The brainy way to scale Bitcoin usage for payment purposes at 1000 tps and beyond is, spil most Bitcoin developers and many users have already realized, by using a network of bi-directional payment channels, such spil those used by the Lightning Network – very first envisioned by Joseph Poon and Thaddeus Dryja, this is presently an active development project headed by Rusty Russell. I have bot watching this project since it wasgoed very first announced back te 2015, and I am increasingly certain that this treatment is ter fact the only realistic way to scale Bitcoin to something that can be used daily by literally every single person on the planet – even to buy their coffee. And if your aim is having a global payment network usable for everyone, that is how high you have to aim.

It is significant to emphasize that this is still on-chain scaling even if the payments are not individually inscribed on the blockchain. That is, wij are not talking of “Bitcoin spil a settlement network” but “Bitcoin spil a globally-scaling payment network with a blockchain primarily used for settlement transactions”. Any number of payments can pass back and forward through the payment channels, and after the initial funding transaction, nothing further is inscribed to the blockchain until the final outcome of a specific channel has bot determined – at which point, the balance of the payment channel is lodged on the blockchain. And while a channel may ideally simply remain open indefinitely, sending and receiving what is effectively the same coins an arbitrary number of times, realistically it will at some point always be closed and committed.

Not only does this mean that the vast majority of payments can securely toebijten without being inscribed individually, they will also toebijten near-instantaneously, only limited by network delay. Furthermore, the ordinary fact that the history of every individual payment is no longer public record adds significant fungibility to Bitcoin, spil to the best of my skill, Lightning payments could only be tracked if they were intercepted live, if at all.

Spil such, the “scaling debate” should ideally be held based on the understanding that when Lighting is ready for use, even an avid Bitcoin user would typically only need to make at most a handful of blockchain transactions for payment purposes vanaf year ter order to open and close Lightning channels. If you were to limit the scope spil such, it would largely reduce the debate to “what blockchain storage scaling do wij need until Lightning is ready” and “what blockchain storage scaling does Lightning need to scale and operate safely” – neither of which I will attempt to address here.

However, before all of this can toebijten, what Lightning needs is Segwit. Non-malleable transactions are what make this possible, and if Segwit is not active by the time Lightning is ready to use it, that will be an incredible defeat for Bitcoin ter general. There is still time, and it could toebijten spil soon spil with BIP148 on August 1st, or with BIP149 or similar BIP8-based activation possibly spil early spil November 16th if that fails. Alternatively, it could toebijten by throwing the miners a 2MB bone so they activate Segwit voluntarily with the SegWit2x/Fresh York Agreement/”Barrycoin” proposal.

Ultimately, all of the alternatives have their own risks and significant detractors, but I hope that regardless of which of them end up gaining the most momentum, the surplus of the ecosystem – that is, the miners, developers, economic actors and ultimately the end-users – will yield and stir with them, so that any disruptive chain splits can be avoided and Segwit can be activated spil securely spil possible.

I thought that I wasgoed going to learn the difference inbetween BTC and BCH, instead I get a lesson BTC?

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