How many types of Bitcoin are there? Which one would you trust? Why would someone invest in BCH?

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3 years ago

When it comes to cryptocurrencies, the reference par excellence is Bitcoin. It was the first to appear during the effervescence of the real estate crisis of 2008 as an alternative proposal by a group of developers led by an incognito Satoshi Nakamoto to suppress the causes that generate these types of crises in the world financial system, and that hit the more dispossessed, in such a way that they are not repeated in the future.

Bitcoin, the currency that uses blockchain technology, initially sought to replace the medium or instrument for the exchange of goods and services without the intervention of intermediaries, that is, person-to-person transactions.

Today there are more than 7,000 thousand crypto assets, some start from the modification of the original code of the Nakamoto team's project, and others implement a re-interpretation of it. So you have a wide range of funds to choose from in which to invest. In the jargon of the recent market, they are encompassed by the term Altcoin (Alternative coin).

The diversity of projects in development is excellent for the evolution and consolidation of blockchain technology, but on the other hand, a great entropy is also generated that can confuse, not only investors but the general public that struggles to understand a reality that comes over.

Bitcoin leads the market capitalization ranking with a dominance of around 60%. An interesting fact is that the current trend is that other projects are beginning to become more relevant and it is not surprising that they are taking a greater share in market capitalization.

In the information pages as in those of the exchanges, you find bitcoin with the acronym BTC. I'm not sure, but I think the acronym is for Bitcoin Core, that is, an indication of the original code, it has undergone modifications over time. Here where you could get confused, if you check the CoinMarketCap, you will see 92 Cryptoassets whose name contains the word Bitcoin plus another that distinguishes it. Be very careful, this does not mean that they are intrinsically related. It is a fact that some originated from irreconcilable disagreements between development teams, the user community, and investors. What is known as a hard fork, in which they separate creating other blockchains that share characteristics but with modifications such that they break the continuity in the records of the blocks. Other assets take advantage of only the name to support the penetration of tokens or an instrumental nature to build ties between blockchain.

Source: Screenshot of CoinMarketCap

Mike Hern, a well-known programmer who participated for five years in the original Bitcoin project, now separated from it in some of his essays, said, very correctly, that in the Bitcoin development community a kind of civil war took place around the discrepancy to the size of the blocks. Hence the first big hard fork, after a dispute to keep the brand name, ended up adopting the name of Bitcoin Cash with the acronym of BCH in 2017.

At the height of this article you will ask yourself, How many types of Bitcoin are there?

I think there are three, those oriented by the vision embodied in Satoshi Nakamoto's white paper, those that use the name to indicate an instrumental relationship, and those that only seek to benefit from the name.

This leads to the second question, which one would you trust?

The answer is not so easy. However, I will dare to affirm that you should not trust any of them, but rather work from your position of influence on those that best interpret the purpose that gave rise to Bitcoin. As far as I have investigated, and every day I continue in the learning process, both BTC and BCH are in open dispute in this regard. At the moment, BTC is ahead of the curve in capitalizing on the market, especially as a store of value despite high volatility. However, BCH lately strengthens efforts to optimize the performance of the blockchain that makes it a real option capable of displacing FIAT money in the daily operations of the exchange of goods and services. This in itself is very encouraging.

So we come to the third question, why would someone invest in BCH?

Those who participate in the apps that promote BCH recognize Marc De Mesel as a philanthropist and patron by contributing the most BCH to the fund that rewards content creators. Everyone aspires for him to read the articles and be worthy of a substantial tip. This is all very well, although this could be seen as the top prize in the big BCH lottery. Personally, Marc has my respect and appreciation for such worthy work.

However, you who read me, you are also a great investor, since you dedicate your talent and time to creating interesting content, not only about the world of cryptocurrencies, I have also seen fantastic articles on history, arts, and popular science, to mention some, who have nothing to envy the one published in a specialized community in other networks. Perhaps in the future, this little experiment will grow into a reference. Who can discern exactly what discipline and perseverance that as a collective can be achieved?

Likewise, you have asked yourself, like me, why Marc De Mesel invests in Bitcoin Cash. Logic and common sense indicate that no one bets on a project that he envisions will fail. He invests because he believes it will give an attractive return on investment over time. Those who arrive first usually make big profits. My best wishes to Marc.

For us, I also urge you to continue investing time and talent, BCH is worth it.

Original article by @Jnavedan

Cover image by Pattaraporn Lekchai on Pixabay 

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3 years ago

Comments

I still believe in Bitcoin Cash as the real Bitcoin following the footsteps envisioned by Satoshi Nakamoto despite the presence of at least 92 cryptoassets having the name Bitcoin. In the near future only one Bitcoin will prevail and it will be Bitcoin Cash (BCH).

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3 years ago

I still believe in Bitcoin Cash as the real Bitcoin following the footsteps envisioned by Satoshi Nakamoto despite the presence of at least 92 cryptoassets having the name Bitcoin. In the near future only one Bitcoin will prevail and it will be Bitcoin Cash (BCH).

I like the optimism of your words. I agree with you that BCH has a great chance to prevail over the rest.

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3 years ago