The Feud of Bitcoin Cash and Bitcoin
Bitcoin Cash and Bitcoin are both two larger currencies split down the middle, but often people are unaware of the significant differences between the two, and what it has to offer. One thing to keep in mind about Bitcoin is the original white paper idea of a decentralized economy not controlled by the government or big banks. However, before we dive too deep into this topic, let’s explain what a fork is in the programming world. Forks occur when incompatibilities between code are formed and changes to the programming code cannot co-exist together. In reference to a fork, it’s a new branch of the code that either implements a new set of rules or is a branch of the old code. Bitcoin Cash is a fork of the original Bitcoin code prior to SegWit. This article will refer to the two coins as Bitcoin Cash and Bitcoin SegWit. These two cryptocurrencies are fighting for the title of the true Bitcoin.
Bitcoin Cash offers quite a few decentralized advantages that keep the original vision of the Bitcoin whitepaper alive. Bitcoin Cash has very low fees, and the fees are not going to scale out of control over time. While Bitcoin Segwit has very high fees, and we’ve already seen the fees to transfer Bitcoin Segwit scale upwards of $20.00. Who would want to buy a cup of coffee with Bitcoin Segwit at $3.00 when the fee to spend that cash is $20.00? You would be spending $23.00 just to buy a cup of coffee. Bitcoin SegWit is almost immediately ruled out as a usable currency on the day to day grind.
The difference in speed between these two currencies is quite remarkable. Bitcoin Cash has a transaction speed which takes anywhere from a few seconds to a few minutes. While Bitcoin Segwit has seen transaction times reaching upwards of 60 minutes. This means that when you buy your cup of coffee at $3.00 and pay your $20.00 fee, you will also be waiting upwards of 60 minutes before your transaction is complete. When you stand in line at a grocery store to pay with the chip on your credit card, imagine standing there for 60 minutes just to pay for your groceries. You can imagine the line of people behind you that will slowly become upset about how long you’re taking when it’s not even your fault. Bitcoin Cash has already implemented a algorithm solution to the scaling issue by increasing the block size to add more transactions to each block.
Blockchains are meant to be irreversible and should not be manipulated by developers or bigger companies later down the line. When blockchains were first spoken about they were created to prevent anyone from manipulating the data for their own personal gains. Especially since each block of a blockchain contains an address of the previous block and then adds it to the chain. If any of these previous addresses are invalid then the transaction is faulty. If you make a blockchain reversible, does that mean anyone can go back and reverse any spending you have done in the past? Wouldn’t that mean anyone can spend $10 and then immediately get that $10 back just by having it reversed. Imagine if a larger company had this power. Bitcoin Cash is not reversible, this means that what you do with your money and where it goes can never be reversed. While Bitcoin Segwit can have any of their transactions reversed at any point, doesn’t this sound very similar to the credit card fraud produced by doing charge backs? Bitcoin Cash has the strong transparency of telling everyone where your cash is going and everyone can verify it. While at any point in time Bitcoin Segwit can reverse transactions and all publicity of those transactions is then lost.
While there is a lot of hate going on between these two cryptocurrencies, it may be time to cut losses and make the right decision. Bitcoin Cash is offering the original white paper plan and even the original developers are beginning to back it; Gavin Andresen says, “Bitcoin Cash Is What I Started Working on in 2010: A Store of Value and Means of Exchange.” -@gavinandresen. Even big heads like Jihan Wu, Roger Ver, Vitilak Buterin, and many more are supporting the original vision of Satoshi Nakamoto’s Bitcoin. An exchange that is decentralized and regulated by the people, not corporations.
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