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The ULTIMATE Whitepaper on Why BCH is Bitcoin: 14 Reasons BTC is an ALT

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Written by   308
3 weeks ago

If you are a member of this platform, chances are you love BCH, known as Bitcoin Cash. On the other hand, this is THE whitepaper to read if you want to learn more on why BTC is an ALT – so you may have come from a search engine or a share.

Well, if the second option reveals how you got here, then this article will tell you why you should embrace BCH as the true Bitcoin, and explain clearly how BTC is an altcoin.

“But CryptoMax, how can BTC be an Altcoin if it is worth more and if it has more confirmed transactions than the BCH fork?”

Well, sonny, let me break it down to you.

What defines Bitcoin isn’t its price.

Sure, verified transactions are nice, but they don’t define it either.

What defines a coin, the purpose of the project is its whitepaper. When you want to invest in a brand new altcoin, what do you read?

Price action matters and verified transactions matter too, but it all boils down to what the token represents, what its ruleset is, and what it aims to be.

Well, Bitcoin Cash and Bitcoin Core took different paths, so to really see what half of the community is right about what Bitcoin is, we have to go and read the whitepaper, while analyzing Bitcoin’s true intent.

Some people claimed the fork was an attempt at siphoning the value out of the Bitcoin name.

Well, if you were there, and you were involved, you know this wasn’t the case.

There was a time in which Bitcoin was undoubtedly… Bitcoin!

However, as things evolved, a group wanted to see Bitcoin remain a peer-to-peer electronic cash medium, while the other part… not so much.

So, the split happened, but this is an oversimplified explanation, and I can actually get you 14 Reasons why BCH is the real BTC.

Let’s start by reason number 1!

1: The Monstruous Fees: Bitcoin Has Low Fees!

Remember the golden days of Bitcoin?

I mean the days in which bitcoin was used as it was intended – as a global payment solution with low fees.

People would buy stuff with it, much like the now ultra-famous pizza dinner. Ah, those were the days!

Why?

Well, the price was low, but Satoshi Nakamoto’s vision was being carried on, and this was among the ONLY things that made Bitcoin start to be adopted.

The early adopters didn’t go for it because of speculation, it was because the medium of exchange was there and the purpose was not only valuable but it worked.

Nakamoto even stated transactions NEEDED to be low, and some even free!

Now, take a look at Bitcoin Core, do the transaction fees there look like low-to-free?

While Nakamoto and the whitepaper both clearly state Bitcoin is a peer-to-peer low fee medium of exchange, BTC is a prohibitive “store of value” as the Core adepts call it.

With Bitcoin Cash, I am transacting literally dozens upon dozens of times per day… while on Bitcoin you have to pay around $15 a pop, and that number went to $55 at one point.

You can’t peer-to-peer transact if $55 goes to fees, heck even $15 is a huge overkill, I’d prefer to pay my bank to shave my legs, and transfer afterward instead as they would probably charge me less!

So, what Bitcoin has low fees? BCH

BTC is an ALT!

2. The Prohibitive System: Bitcoin Needs Reliability and Agility

What do people need when using a currency to buy something?

Well, apart from everything else, one of the core variables is convenience – otherwise, we’d be using seashells like our ancestors.

When we need something, like food, we need to be able to transfer immediately or we’ll starve waiting for the food to reach our hands… and stomachs.

Well, if you look at the first reason at the previous header, you see that BTC has monstrous fees… and what does this mean?

Well, it means that if the network gets some traction going and transactions start to abound, the fees compete with each other.

This creates a huge bottleneck as even if you pay absurd fees, your transaction won’t clear, and you have to wait days on end.

You tried to transact… but now you don’t have the coin AND you don’t have the food.

If you had gone for Bitcoin Cash, you’d have the transaction clear… which brings us to something called “Reliability”… a pre-requisite for the true Bitcoin.

So, what Bitcoin has reliability? BCH

BTC is an ALT!

3. Peer-to-Peer Electronic Cash System: Read This Often?

Well, if you read this often, then the reason is that it is literally written everywhere about Bitcoin, not just the whitepaper.

Oh, would you look at that? What is the title of Bitcoin’s Whitepaper?

Read it and thank me later.

That’s right! Now you know.

Back in the day, I could pay Bitcoin to a friend for crap posts he would make on Reddit with no troubles. Not only that, it was mighty exciting to receive these tokens and send them as lightly as it was designed to be.

E-Cash… simple, safe, fast, agile, secure, reliable, able to pay whenever.

Now, with BTC being not much else than a glorified ledger, BTC Maximalists say it’s digital gold.

Well, isn’t that convenient? When the project doesn’t fit its purpose, you need to find another purpose, a scapegoat purpose, to justify it.

Digital Gold just fits the glove.

But let me tell you what digital gold isn’t – peer-to-peer electronic cash!

So, what is Peer-to-Peer Electronic Cash? BCH is!

BTC is an ALT!

4. Scaling on Chain vs. Scaling off Chain, or Not Scaling… or Whatever!

Those passionate about Crypto treat Satoshi Nakamoto as a demi-god, and so they do a lot of archaeology on him.

This is why probably most of you know of his first e-mail and what it contained.

It contained a lot of info, like how the network could scale and how the project could be taken further.

Well, the block size of 1MB and even its alternate clients of percentage increases and whatnot have become kind of obsolete for some time now.

Technology evolves extremely fast and increasing block size could be what Satoshi wanted to say when he said Scaling should be On-Chain – heck, it is almost certain that he meant it.

BCH wants to scale in a robust and on-chain way, and it doesn’t want to add second, third, fourth layers to the system, deviating itself from its original system.

Which is the chain most prone to scale on-chain and avoid adding layers: BCH

BTC is an ALT!

5. Instant Transactions: The Obvious Elephant in the Room

I’ll save you all of the tech-talk and sum it up nicely.

A transaction is confirmed when it is put in a block, and until that happens, they are not “confirmed”.

There is a process known as 0-conf that makes it so that merchants still accept transactions that aren’t confirmed, but there’s a catch… the reliability and security of 0-conf doesn’t exist under congested network status.

RBF, or a feature that exists and means Replace By Fee, also made 0-conf a big no-no due to the increased risk of double-spending.

BCH doesn’t have a congested network, and BCH doesn’t use RBF – meaning you can now trust 0-conf that much more.

Which coin has instant transactions and makes 0-conf work? BCH.

BTC is an ALT!

 

6. Merchants Are Picking BCH: BTC Isn’t Good For Retail

I get it that it is easy to get lost in 60K price tags and the FOMO generated by BTC, but you have to think of the end goal.

The end goal of Bitcoin is to build the foundations to revolutionize the economy, but you can’t revolutionize the economy without changing the paradigm… and for that you need merchant adoption.

Merchants are like vampires and BTC like garlic… they avoid it at all costs.

Why?

High fees, an appalling user experience are the main reasons why major merchants dropped BTC and embraced BCH instead.

Granted, not all or not even the majority shifted to BCH, some did, and BCH grows in adoption for cash purposes, while BTC keeps on not being what Bitcoin was designed to be.

What is the token good for retail? Bitcoin Cash.

BTC is an ALT!

7. Even the Isolated Tribesman Can Get Access to a Bank:

Bitcoin was meant to help everyone and be a project by the people for the people.

Bitcoin was supposed to bank the unbanked and help billions throughout the globe!

There’s a guy I really enjoy hearing talk, who is a guy who did tremendous work for the blockchain called Andreas Antonopoulos.

Well, Andreas was an evangelist of how Bitcoin was this humanitarian, people-first project which was designed for the common man.

It had tremendous potential to do a lot of things, including banking the unbanked, which made it a very promising medium of exchange because it had the potential to reach where even banks couldn’t.

We’re talking about people who don’t have access to banks but can get a smartphone or have access to the internet, for instance.

Now, the High Fees BTC has made this a thing of the past…

Let’s see:

A man who doesn’t have access to banking services because he lives in a third world country lives with less than 2 dollars per day, sometimes around $15 dollars per month…

…do you think he can spend his entire monthly income paying transaction costs?

Yes, that’s what I thought.

So, what coin can bank the unbanked? BCH can!

BTC can’t!

BTC is an ALT!

8. Decentralized Bitcoin: The Centralized Core Team

Who has permission to merge code changes?

Who?

Tell me!

Now I dare you to tell me that if you promote changes not approved by the Core Team’s roadmap, they will get adopted.

You can’t, because they won't.

Because… the Core Team rules!

How do you manage a project in a decentralized way? Well, it’s really hard as decision-makers need to exist.

However, what if several competing implementations exist and that’s how things work? That’s exactly what BCH does instead of centralizing decisions for one single implementation.

For those who don’t know what I’m talking about (it’s ok), I’m talking about Parity, Bitcoin XT, Unlimited, Bitprim, and so forth.

These “groups” can move their weight and help decide within the “mechanism of decisions” of Bitcoin Cash.

What Bitcoin is more decentralized? BCH!

BTC is an ALT!

9. Section 9: Ironic, Isn’t It?

If you take a look at the MVP, the original, the one and only Satoshi Nakamoto’s whitepaper, you can see Section 9: Combining and Splitting Value.

Tech guys can easily understand this part as it is basically splitting output, receiving while recombining, etc, but to make things simple, it’s splitting a value and recombining it again.

However, combining unspent outputs is a problem on Bitcoin Core, because a $10 fee, when combined with a combined (yes, it sounds hard to get, I advise you to read section 9 slowly) unspent output… those $10 fees can turn into $100 fees and even go bust on that limit.

Basically, the system doesn’t work as it was supposed to, and now the coin not only has this problem but it also gains a fungibility problem.

Some statistics claimed that 55% of wallets from BTC users don’t even have enough to combine for a transaction, and this is just bonkers!

What coin respects Section 9? BCH

BTC is an ALT!

10. Censorship? Not on My Watch!

BTC Maximalists are, by this point, going off on the comment box:

“Bruh Crypto Max, you’re on to high fees bla bla, high fees bla bla, but high fees give you security, they make you censorship resistant bla bla bla”.

You got it all wrong.

I’ve heard that argument and it doesn’t impress me, and let me tell you why!

Sure, big fish can have it easy if you consider this argument, but what about the OVERWHELMING amount of the human population?

If you aren’t transferring huge amounts of capital at a time, this isn’t worth it and shuts down the access to the blockchain for people transferring normal quantities.

Imagine a Bitcoin that only accommodates high rollers leaving out the common man!

How is that censorship-resistant?

That’s the exact opposite!

That’s economic censorship and keeping us “plebs”, the normal people, the everyday man, unable to use the blockchain due to prohibitive fees, therefore censoring our activity.

We need bitcoin to be democratized and accessible to the masses.

Only a low fee coin is censorship resistant

What coin is censorship-free? BCH is!

BTC is an ALT!

10. The SegWit Variable: A Chain of Digital Signatures

This is too technical for most people reading this, but basically, SegWit means Segregated Witness.

BTC adopted the SegWit proposal to separate the digital signatures of a transaction and take them to another segregated part of the blockchain.

Nakamoto says an electronic coin is a chain of digital signatures… but SegWit goes and tells this line to bug off!

The whole schematic of BTC now actively discourages miners from verifying the signatures since they are now segregated.

This creates some problems and it’s because of these alongside the betrayal to Satoshi’s vision that BCH rejects this SegWit proposal.

Which coin is a chain of digital signatures the way Satoshi intended? BCH is!

BTC is an ALT!

12. Smart Contracts: Bitcoin as Money is Only the Start!

Did you know ETH was born because the Core developers said the idea of Smart Contracts Vitalik had weren’t welcome there?

This happened while we Bitcoin fans kept saying the money was just the beginning.

Bitcoin Cash knows projects need to evolve and smart contracts are a part of it.

Which project knows money is just the start? BCH knows!

BTC is an ALT!

13. 1MB vs 32MB Blocks: Which Project Focused on Scaling?

Blocksize and scalability were huge concerns and I mentioned the On-Chain scalability reason already.

Now, I want to mention that technology is making it possible to scale crypto projects harder and get bigger blocks to work.

In fact, some researchers even claim that blocks in the Terabyte regions (1 MILLION Megabytes) are possible.

BCH keeps up with scientific consensus and, again, respects the on-chain scalability principle, BTC does not.

BTC is an ALT

14. Community: Ok, This One is Biased!

Finally, I want to say that the BCH community is made up of the coolest guys and gals ever.

We just want our digital money to work the way it was intended, and we’re together on that boat.

So, for that reason, I must say, this subjective item counts… BTC is, therefore… an ALT.

 

In Conclusion:

These are some of the variables… not all… that make BCH the true Bitcoin and BTC an ALT.

However, we cannot be as fanboys as to conclude BTC has no purpose and room in the crypto sphere.

The truth is, BTC has a lot of things going on for it, it’s just not the Satoshi Nakamoto token.

  • BTC has the Biggest Hashpower;

  • BTC has the Most Accumulated Proof-of-Work;

  • BTC has the Biggest Notoriety;

  • BTC has the Biggest GitHub Community;

  • BTC has the Highest Price.

Having said this, BTC is immensely valuable and did a lot for Crypto.

What I say here is pure and simple: BCH is the true Bitcoin, it respects the Bitcoin whitepaper, it respects the Bitcoin ruleset, and is electronic peer-to-peer money.

BCH is the true BTC. BTC is great, but it’s an ALT.

The most successful ALT in the market!

 

 

This article really took a lot to write. I want to thank everyone who endures the huge wall of text and thank you all for reading it and spending some time “listening” to what I have to say.

I hope it was worth it and that this posted added some value or gave you some food for thought.

BTC or BCH, we are all coiners and we were all the pioneers of something very important. I think we need to stick together and leave our differences apart.

Sectarianism doesn’t lead us anywhere, and true voluntarism and cooperation can take us much further.

Cheers!

CryptoMax.

Note:

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Article Published Exclusively Here!

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Written by   308
3 weeks ago
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Comments

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2 days ago

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3 weeks ago

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$ 0.01
3 weeks ago

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Cheers

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3 weeks ago

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3 weeks ago

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3 weeks ago

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3 weeks ago

It really inspire me to write articles now. continue inspiring others.

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3 weeks ago

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$ 0.00
3 weeks ago

It's a really long read but a fun one, not to mention on the point. Honestly, I'm saddened how far Bitcoin had strayed from the vision Satoshi Nakamoto had for it. For me Bitcoin is nothing more than a store of value similar to that of gold (actually gold had more real-life uses than BTC if you think about it). BCH on the other hand is turning to be the Bitcoin that Satoshi envisioned and is all-around a better currency than BTC would ever be. Well, the fact that I'm here (read.cash) is proof that I believed in BCH more than I believed in BTC.

$ 0.10
3 weeks ago

Yes BTC shifted hugely on its end-goal, like I explore in the article. BCH is the electronic cash Satoshi envisioned, but as it is less prohibitive its logical that price can't compete with BTC. Cool having you around Beast, nice meeting you!

$ 0.05
3 weeks ago

Thank you! Nice to meeting you too.

$ 0.00
3 weeks ago

very well said... thank you so much for that

$ 0.00
3 weeks ago

This article truely took lots to write down. I want to thank everyone who endures the large wall of textual content and thanks curious about studying it and spending some time “listening” to what I actually have to mention I hope it was well worth it and that this published introduced some value or gave you a few meals for notion BTC or BCH, we're all coiners and we have been all the pioneers of some thing very vital. I suppose we need to paste together and depart our variations aside. Sectarianism doesn’t lead usanywhere, and real voluntarism and cooperation can take us a whole lot similarly.

$ 0.00
3 weeks ago

That's definitely a long article full of information. Nice work Cryptomax ! BCH has the potential to become the global currency.. while BTC can stay as 'digital gold'. Hail BCH. BCH is now super undervalued according to fundamentals too, BUY and HODL.

$ 0.01
3 weeks ago

It's too bad the world of crypto speculating and price action cares very little for fundamentals. Thanks for stopping by and nice name xD I'm holding, specially with DeFi

$ 0.00
3 weeks ago

No doubt you put great words,but at one point I think different,the modern era would be of #bitcoincash because it has millions of block chain than BTC.Later or Sooner it is going to excel BTC.Literally you should put some thing about BCH fast transaction.Can you named the reasonable sited where you can purchase BTC legally??

$ 0.00
3 weeks ago

You can still get rich off of http://Bitcoin without actually owning it. The smart way to do so would be to buy ancillary businesses that directly benefit from the bitcoin craze, no matter how well or poorly bitcoin actually does.

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3 weeks ago

So so great For this is so amazing and beautiful post keep it up dear you are the greatest ever post ❤❤❤❤❤❤ Let's go brilliant and great post ☺☺

$ 0.00
3 weeks ago

Hello sir this article are so long but. Thank you for bitcoin fees and hold explained

$ 0.00
3 weeks ago

Saya sangat suka dengan artikel anda,banyak info yang saya dapatkan dari artikel ini.

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3 weeks ago

I can't understand.

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2 weeks ago

Wow nice ,And good articles

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1 week ago

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$ 0.00
3 weeks ago

It's amazing writing 👌👌👌😍

$ 0.00
3 weeks ago

That was indeed a long read. Haha. I remember during my early days trying things out with crypto. I was excited to send my coinbase BTC fund to my other wallet when it says the minimum to send is __. wahaha. I was a bit disappointed and had to just do other things. Then I thought, let me just convert it to other currencies. It is only with BCH that I was able to convert to. Then I tried sending it to my other wallet without much hope. Then voila! Haha, it was sent with a very very minimal fee. And so my eyes were pinned to BCH whenever I see long list of cryptos. Hahaha. So be curing my ignorance with my searching spree. This article is yet again one of a kind.

$ 0.01
3 weeks ago

Thanks man, really appreciate you dropping by and leaving a great comment.

I went through the same, moving my BTC to realize it would cost more BTC than I had.

Unfortunately, I didn't instantly find BCH on my exchange so I had to go with the trusty DOGECOIN xD

Cheers mate, again thanks for stopping by!

$ 0.00
3 weeks ago

It need to be elaborated a bit more

$ 0.00
3 weeks ago

ITS REALLY GOOD I LEARN THE ARTICLE THANKYOU FRIEND🤗🤗😊😊

$ 0.01
2 weeks ago

BTC Maxis always said that BTC is the digital gold. So it isn't a digital cash. So BTC should create their own new whitepaper

$ 0.01
2 weeks ago

Highly agree. What they are looking to go after has nothing to do with Bitcoin.

$ 0.00
2 weeks ago

Why just can't people admit that what satoshi nakamoto has created before is not the one at the top of the cryptocurrency world. Well, money talks i guess for those people

$ 0.00
2 weeks ago

They see the high price and their eyes just go full STONKS. Plus, the media is always hyping it up as they couldn't care less about satoshi's ideas but just know the bare minimum of crypto, so they all just see BTC everywhere.

$ 0.00
2 weeks ago

They just can't let go of their investment. I mean the crypto mining firms

$ 0.00
2 weeks ago

Very good update to BCH especialy i read well thankyou

$ 0.00
2 weeks ago

That's an amazing story about BCH awareness

$ 0.00
2 weeks ago

Amazing!! Can I translate it?

$ 0.01
2 weeks ago

Sure! Just make sure to write that I wrote the original version and link it.

$ 0.00
2 weeks ago

Wow this really hit the nail on the head. Beautiful post!

$ 0.01
2 weeks ago

Thank you, glad you liked it :)

$ 0.00
2 weeks ago

Yeah this really great job

$ 0.01
2 weeks ago

Thanks bro, I try.

$ 0.00
2 weeks ago

I've noticed this just now . No wonder why sir marc upvoted this . You said it all..

$ 5.01
2 weeks ago

Thank you Jane, the Dame. Look I made a cool rhyme, it sounds awesome, what a cool nickname, Jane the Dame

$ 0.00
2 weeks ago

Make sure that the meaning is good 🤣🤣

$ 0.00
2 weeks ago

Until today I was able to read this fabulous article, very illustrative and didactic, where I elucidated in a simple and clear way, which of the main bitcoin represents Nakamato's philosophy, and therefore, we should support it.

However, I wonder, what are the applications associated with BTC? At least in BCH, in my short journey, I have found some interesting ones, which, although they are the second layer, take advantage of the characteristics of the management of cryptocurrency and the implementation of smart contracts very well.

I admit I have pending work to do in this line and any orientation is welcome.

$ 0.05
2 weeks ago

Hello there Jnav, Glad to have you around here, well the BTC applications are several but less obvious than BCH. The first one has to do with the fact that there is arguably more security in BTC at the cost of prohibitive fees and whatnot, so you could potentially use BTC if you're planning on doing huge transfers - not retail ones. Also, the store of value application holds true, but the best application is bringing people into Cryptocurrency thanks to its fame and pumped up price.

$ 0.00
2 weeks ago
$ 0.00
1 week ago

Huge people’s use betcoin platforms. Please back subscribe

$ 0.00
3 weeks ago