Bitcoin Cash Fans Celebrate Independence Day On August 1st

Block 478559: The Bitcoin Cash Era

On August 1st, Bitcoin Cash fans will be celebrating independence day. 

While this is the 6th anniversary of the 2017 split between Bitcoin (BTC) and Bitcoin Cash, perhaps a better term that describes August 1st is independence day.

The day of independence for the Bitcoin community that supported Satoshi’s intentions for Bitcoin as described in the whitepaper and promoted Bitcoin’s adoption in commerce as an everyday payment system.

This year, the celebrations couldn’t have been better as the price of Bitcoin Cash has also increased 150% year to date, with the CashTokens upgrade contributing to a successful season.

Unfortunately, there is little to celebrate when the enemy is at the gates.

This time, the enemy is the financial beast called CBDCs, threatening totalitarian control of every aspect of money and finance.

And there is still a lot we need to do before we’re ready for the ultimate battle.

Why Bitcoin Cash?

Before the 2017 upgrade, BTC and Bitcoin Cash were one united chain sharing the same history.

On August 1st, 2017 (at block 478559), the blockchain split into Bitcoin (BTC) and Bitcoin Cash (BCH).

The header of each block contains the hash of the previous one (hence the name blockchain), so blocks of Bitcoin Cash trace back to the Genesis block.

Since this is how the blockchain works, technically, Bitcoin Cash was created in 2009.

And it couldn’t have been any different, as OG Bitcoin developer Gavin Andresen explains:

Bitcoin Cash is a store of value and means of exchange.

The fixed supply is 21 million BCH, generated with Proof-of-Work using the SHA-256 algorithm.

The circumstances vindicated the big blockers since the bottlenecks of 1MB blocksize, and RBF indicated Bitcoin was diverting from the original plan by large. BTC transactions reached extraordinary $50 fees on several occasions in 2017, 2021, and 2023 proving that big blockers were right.

Bitcoin Cash disabled toxicity and eradicated maximalist tendencies that stagnated the Bitcoin network from scalability and innovation for years.

Bitcoin Cash has achieved an impressive feat by building a strong brand identity from scratch. Despite having to start from the bottom, it has established itself as a recognizable name in the industry.

Six years later, it is widely recognized by hundreds of millions (if not billions) of people as a decentralized, fast, secure, and reliable payment network.

Low fees and instant transactions serve global commerce.

Bitcoin renders trusted third parties obsolete, and on the other hand, we witness Adam Back promoting custodial LN wallets.

Bitcoin Cash offers instant transactions with 0-conf, double-spend proofs, and no-RBF, with reliably low transaction fees (less than $0.01).

Bitcoin Cash senses the rapid changes in finance and innovates with new developments and the integration of enhanced smart contracts on-chain with the 2023 upgrade, CashTokens.

With CashTokens, Bitcoin Cash enhances smart contracts on-chain, transforming the blockchain into a peer-to-peer economy.

Today we locate the grassroots of a peer-to-peer decentralized economy on the Bitcoin Cash blockchain, and all it takes is more infrastructure that will attract trading volumes into Bitcoin Cash DeFi, prediction markets, NFTs, and smart contract-related applications.

Decentralized Finance (DeFi) in all aspects (even those not popularized yet) will be widespread in the coming years, and Bitcoin Cash is ready for global-scale adoption.

Financial inclusion for 8 billion individuals will be the catalyst of progress for the global economy.

Bitcoin Cash will always be the tool to support the financial needs of the world’s population. 

A bank for the unbanked. A permissionless, borderless financial tool to transfer value, support savings and transact, uncensorable, immutable.

Yet, to achieve a meaningful impact and positively disrupt the payments sector and finance, Bitcoin Cash will need you.

In crypto, the idealists, the investors, the speculators, the mercenaries, even those earning something extra in their free time, everyone knows that Bitcoin Cash is here to unleash financial freedom to the world.

Bitcoin Cash will need all those who left to come back.

The permissionless nature of Bitcoin Cash does not exclude anyone from participating. 

Apparently, those that intended to damage Bitcoin Cash in the past will never be accepted again. Still, the community welcomes back all those with honest intentions. It is the actions that will matter.

The endgame is CBDCs vs Bitcoin Cash.

Bitcoin Cash against Central Banks’ absolute control and enforcement of financial and commercial activity.

There’s no alternative. BTC, Doge, XRP, or Ethereum will not last against CBDCs.

The first and last line of defense is Bitcoin Cash.

Closing Thoughts

Bitcoin Cash escaped Core’s totalitarianism, declared independence, and rebuilt the lost infrastructure and adoption.

Furthermore, Bitcoin Cash exposed Blockstreams’ deception, propaganda, and naive price-speculation narrativism, perhaps the main reason maximalists frustratedly attack Bitcoin Cash with non-arguments at any opportunity. 

What matters is utility, offering an alternative that works for everyone.

Bitcoin Cash highlights the importance and capabilities of decentralized financial networks and proves wrong misleading blockchain trilemmas.

To compete with the menace of CBDCs and financial authoritarianism, we need an alternative that allows individuals to react.

Bitcoin Cash is secure, borderless, inexpensive (with low fees), and instant, but perhaps the most crucial aspect is its resistance to censorship.

Happy August 1st independence day!

• Cover Picture on Unsplash, by Raimond Klavins (modified)

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