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