Cryptocurrency
The TRUTH About Bitcoin CASH And The Anti-BCH Propaganda
How BTC Maximalists And Troll Factories Deceive The Public
As beginners in this field, we have to absorb a great deal of information. Achieving enlightenment demands effort and time only a few have available.
Recognizing the deception in narratives, evolving, and admitting our previous mistakes is the pinnacle of progress.
While dedicating to a cause holds significance, when this cause becomes the reason for stagnation, blind dedication grows into a threat that clouds our judgment.
Bitcoin, since its inception, was delivered as the manifestation of the Cypherpunk dreams of (finally) producing a secure and reliable digital currency. Following the approach of ToR and P2P file networks in decentralizing their procedures, Bitcoin developed into an uncontrollable financial force, a free digital currency.
Studying Satoshi’s whitepaper, we immediately recognize its true potential, even without technical knowledge.
Satoshi announced Bitcoin, “A P2P Electronic Cash System” to the cypherpunks mailing list, and a few months later, in 2009, produced the Genesis block.
Bitcoin started running.
The Bitcoin Community In 2017
Fast-forward to 2017, almost nine years after the launch of Bitcoin, and a lot had already happened.
At this point, the Bitcoin community was divided after the end of the block size debate in 2015, where the side of Bitcoin Core developers (Blockstream) prevailed.
Currently, newcomers in crypto, due to the overflow of information and the time required for research, succumb to the manipulative techniques of the Bitcoin maximalists and adopt trivial narratives.
A common misconception about Bitcoin Cash is that Roger Ver created or controls the network. This is pure propaganda, easy to locate, though, if anyone conducted minimum research on the topic.
For BTC Maximalists, Bitcoin proponent Roger Ver is the target, often making it seem that Ver was in control of Bitcoin Cash simply because it fits their arguments.
Not many understand that the Bitcoin Cash community consists of early Bitcoin developers, miners, end-users, and investors in Bitcoin, as early as 2009 and mostly between 2009–2012.
These people made enough (fiat) money with Bitcoin, and can easily stop what they are doing, call it quits, and go on a permanent vacation. Bitcoin Cash developers and the community is not working to make more fiat money.
There is a higher purpose to preserve Bitcoin’s revolutionary features and succeed as a payment method where BTC failed.
The Bitcoin Cash community does not consist of price speculators or sell-outs randomly appearing in the crypto field for quick cash-grabs.
There are principles involved.
This promise is the deliverance of a state-of-the-art network offering Censorship Resistant Digital Cash, Permissionless and Decentralized, available to the whole world. Bitcoin Cash is scaling (on-chain) with no need for trusted third parties or payment processors.
Perhaps many skip this part, but anyone investing in a centralized token should comprehend the weaknesses of controllable networks.
The early community never planned to make Bitcoin accessible only to a small elite. Bitcoin was always about mass adoption.
Bitcoin Cash was supported (at times) by Bitcoin OGs like early developers Gavin Andresen, Mike Hearn, and Jeff Garzik. However, these devs do not actively support Bitcoin Cash nowadays.
The Bitcoin Cash community is indifferent to aspirations for Citadels, privileges, and superiority.
Bitcoin Cash does not claim other innovations are scams, which is the focal point of Bitcoin (BTC) maximalists’ rhetoric.
This community embraces innovation.
Commerce On The Internet
Bitcoin was on its way to global domination for a while.
By 2015, it was already adopted as a payment method by Microsoft, Steam, and thousands of corporations or physical stores.
The rapid expansion of Bitcoin as an accepted payment method indicated a bright future and a rising competitor to fiat currencies.
In 2015, politicians in Greece considered the parallel use of Bitcoin as a legal tender (at least temporarily) in case the country abandoned the euro.
Bitcoin was a threat to the dollar hegemony and the euro experiment. It mattered to the EU to send a message no alternatives were available.
Yet, a decentralized P2P electronic cash network was the threat they had to tame. And to tame Bitcoin, infiltrators targetted its vast utility.
The Bitcoin message wasn’t going to stop, and in 2017 the community supporting the reasons it was created upgraded the code.
The upgrade of Bitcoin that increased the blocksize was named Bitcoin Cash.
This is how Bitcoin should have been, aiming for global adoption.
Sound money, with low fees and instant transactions.
Reliable, permissionless, and decentralized in all its parts.
Bitcoin Cash presents the best case of P2P Electronic Cash, the best alternative to CBDCs.
Is Bitcoin Cash, Bitcoin?
Is Bitcoin Cash, Bitcoin?
The voices of the maximalists are always louder, still, Bitcoin Cash transactions trace back to the Genesis block.
Technically, Bitcoin Cash is the version of Bitcoin that matches the whitepaper and realizes Satoshi’s ambitions.
Regarding the market aspect, the exchanges decided the fate of Bitcoin Cash, with Bitfinex giving the ticker BCH, and while in the past Coinbase was in favor of big blocks, eventually support for Bitcoin Cash by most exchanges was minimal.
The misconception at this point is BTC maximalists calling Bitcoin Cash a coup, while in fact, the coup occurred between 2013–2015, as infiltrators and economic assassins directed the fate of what was considered a threat to the legacy financial establishment and the dollar’s hegemony.
Bitcoin Cash is the version of Bitcoin that proceeded with scaling. The community did not claim that Bitcoin (BTC) was not Bitcoin, but upon studying the whitepaper and reading Satoshi’s forum posts and emails, it becomes clear the focus is not on what is promoted today (Store of Value) but on sound P2P Electronic Cash instead.
“The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling. If you’re interested, I can go over the ways it would cope with extreme size. “
-Satoshi (email to Mike Hearn)
The above is the last known publication of Satoshi.
It was an email to Bitcoin dev Mike Hearn, where Satoshi explains Bitcoin, as a payment network, was already capable to compete with Visa.
Bitcoin Cash shares the same history as Bitcoin (BTC) before the 2017 fork.
It is the same chain right from the Genesis block. All transactions, hashpower, and code are the same. In August 2017, Bitcoin split into two different paths.
Bitcoin Cash increased the blocksize to 8MB (today 32MB), BTC didn’t.
Moore’s Law And Bitcoin
Technological evolution is the driving force of humanity’s progress. With industrialization and computing, jobs evolved, and capital radically improved productivity.
Research and advancements in science and technology generate abundance and prosperity in all economies that prioritize them.
Moore’s Law, besides transistors, can also be applied to storage, internet speed, space exploration, and quite interestingly in AI advancement. Moore’s Law applies to every technology since with industrialization and research technology advances to superior levels.
By Moore’s Law, we can expect hardware speed to be 10 times faster in 5 years and 100 times faster in 10. Even if Bitcoin grows at crazy adoption rates, I think computer speeds will stay ahead of the number of transactions.
-Satoshi Nakamoto
Bitcoin (BTC) maximalists even declared Moore’s law invalid, to fit their goals and narratives:
The current CPU speeds, data storage technology, capacity, and internet speeds make 2010 look like a kindergarten. Yet, for maximalists, it serves the narrative to suppress even logic.
Bitcoin lost the train, but Bitcoin Cash was there in 2017 that sustained the payment features of Bitcoin and focused on delivering a robust network of peer-to-peer payments.
Moore’s Law works perfectly fine, and Bitcoin Cash sacrificed nothing to achieve its goals by increasing the blocksize.
With Moore’s Law, which is nothing else but a chart representing technological progress, Bitcoin Cash follows progress, enhancing the capacity and capabilities of the network.
And here is where the narratives of those called Bitcoin maximalists fail. Technology cancels the narrow-minded approach of not changing anything.
Technology will cancel Bitcoin in its BTC version in the coming years.
0-conf, Instant Transactions
How can a network compete with Visa while demanding ten minutes for a transaction?
Bitcoin Cash transactions ARE INSTANT, no matter what you’ve read so far.
Some Bitcoin upgrades (during and after Satoshi’s departure) created extensive issues regarding the scalability of the network.
i) The 1MB blocksize limit imposed by Satoshi in 2010.
It didn’t exist in the original version, but Satoshi implemented it after Hal Finney prompted Satoshi to develop a spam filter as a block size limit to avoid the blockchain becoming a storage space containing spam files like images.
ii) RBF was implemented by Bitcoin dev Peter Todd with BIP125, allowing the creation of what now Bitcoin maximalists claim is a “fee-market”.
The fees in Bitcoin Cash are usually lower than a penny. Fees vary, though, since transactions use the sat per kb feature.
Right now, fees are as low as $0.0003, which is feeless transactions, although they reached $0.01 back in 2021. Still, it is rare to see Bitcoin Cash fees reaching above $0.01 on average.
Social Media Troll Factories Against Bitcoin Cash
The greatest menace of our century for the digital space is brigading.
An online practice in which people band together to perform a coordinated action, especially a negative one, such as manipulating a vote or poll or harassing a specific person or members of an online community
from Dictionary.com
Bitcoin Cash advocates often receive furious private messages and comments from anonymous accounts.
Bitcoin Cash posts on Reddit are suppressed and massively downvoted, while hundreds of random anons rise to spread anti-BCH sentiment.
Censorship From Crypto Media (News & Websites)
Bitcoin Cash is nowhere on most of the crypto news websites.
Coindesk and Cointelegraph avoid publishing positive news on the adoption of Bitcoin Cash or developments unless there is news generating negative sentiment.
The only platform friendly to Bitcoin Cash all this time is Bitcoin.com, which covers news from all cryptocurrencies.
Crypto news networks funded by BTC maximalists mock and snub Bitcoin Cash, aiming to perpetuate negativity.
All the above are tools of the anti-BCH propaganda that brainwash (especially) newcomers in the field.
In Conclusion
Many writers glorify BTC and Bitcoin’s sidechain, the Lightning Network, but they haven’t even used it to realize its flaws and centralization tendencies.
We meet the unrealistic arguments that everyone should be running a node to use Bitcoin for the sake of more decentralization. However, did they consider if this is applicable for eight billion people and how this is not a user-friendly approach? 15,000 BTC nodes exist today, half of them operated by miners and the rest by businesses and exchanges. Not even the maximalists run nodes, as there is no financial incentive (but cost instead) to operate a non-mining node.
We watch how maximalists celebrated the gunpoint adoption of Bitcoin (BTC) in El Salvador which was always doomed to fail and the Bitcoin Cash fanbase explained this from day one.
As the hype wave ends, recognizing the errors in judgment becomes easier. It is not all about making more dollars or euros. However, most people usually don’t see the bigger picture.
Also Read:
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