Bitcoin emerged as P2P Electronic Cash in 2009, decentralized digital money with designed scarcity.
Satoshi planned a restricted issuance of 21 million units in contrast to inflating regular fiat currency.
Since 2017, two versions of Bitcoin (BTC and BCH) compete for superiority and mass adoption, each with a different approach.
However, Bitcoin (BTC) has two significant weaknesses that will result in Bitcoin Cash taking over.
i) The fees market is based on rewarding miners with extremely high fees and the inability to change, scale, and meet the requirements of a universal currency.
ii) An excessive obsession with the price, disregarding the value of financial freedom.
Bitcoin Cash has neither of these drawbacks.
Bitcoin Cash Was Right About Everything
Of course, the community wants to see Bitcoin Cash worth more and increase the purchasing power, but this only happens with the increase of use cases and adoption as P2P Cash.
Bitcoin (BTC) has a limited and obscure use case and, evidently, won't ever become digital money with meaningful adoption.
Bitcoin (BTC) lately is only adopted through the use of third-party applications (Custodial LN wallets) and exchange crypto cards (that quickly liquidate the assets for fiat currency during the payment).
This approach is not immune to censorship and any funds held in custodial services such as centralized exchanges and wallets are vulnerable and seizable.
It is concerning that the importance of merchant adoption seems to be disregarded these days by other communities. On social media, Bitcoin evangelists do not even make sense lately and constantly contradict their previous remarks.
They will claim that the block size has to remain low so people can run their own nodes, but the following day, the same people will promote centralized LN wallets like Wallet of Satoshi.
The high BTC fees are no longer an issue, but a feature. The BTC evangelists will claim Lightning is fixing scalability, but it was actually those they derogatory call BCashers that were right all along.
Meanwhile, Roger Ver and Bitcoin Cash supporters are being targeted by bot accounts and absurd arguments despite speaking the truth. If I have to pick a side, I will stand with those who bring honest arguments, rather than those engaging in needless reactions based on a flawed perception of Bitcoin.
Bitcoin Cash is closer to the whitepaper and everyone's expectations. Fast (instant), reliable, permissionless, decentralized, censorship resistant, with fees lower than a penny.
BTC is currently a model of investing with red flags all over it. Finance tries to find a fit for BTC as institutional exposure to high risk.
Bitcoin has lost its importance as P2P Electronic Cash, and even the darknet markets have stopped using it.
Still, Bitcoin is not an economically viable solution for any financial calamity. Bitcoin (BTC) has become impractical due to the exorbitant transaction fees.
Bitcoin Cash offers a better service with instant transactions and reasonably low fees (constantly lower than $0.01).
On various online forums like Reddit (r/cryptocurrency, r/bitcointalk), or bitcointalk, we witness censorship and flagging of individuals with a different perspective. For example, in r/Bitcoin on Reddit, the level of censorship has increased to a concerning level, while on bitcointalk, individuals are often flagged and given negative trust ratings just for stating the obvious.
Bitcoin has fallen under the control of a small group of (Core) developers who formed Blockstream, a for-profit company backed by AXA, Mastercard, and other financial institutions. This group rejects any proposals or suggestions that don't align with their interests, as evidenced by the upcoming failure of the Drivechains upgrade.
A quick reminder about the censorship on Reddit:
- A (brief and incomplete) history of censorship in /r/Bitcoin
I am being honest in saying that Bitcoin Cash will be around in the long run, unlike how the Bitcoin community wants it since there exists a decent community behind the Bitcoin Cash consensus and having in mind the real reasons a cryptocurrency should exist.
Despite any challenges, attempts at censorship, or propaganda, Bitcoin Cash will remain relevant and viable in the long term.
A dedicated community of developers, investors, businesses, and users supports the network in harmony and understands the true purpose of cryptocurrency and the whitepaper. As more people begin using cryptocurrencies, there will be a surge in public support for Bitcoin Cash, followed by significant institutional interest.
Move over BTC
There is a New P2P Cash In Town
The difference between BCH and BTC is substantial. Comparing the two is like comparing the first steam locomotive to modern trains. While the first steam locomotive was revolutionary at the time, technology has since advanced, and it would be unreasonable to expect everyone to keep using steam trains.
The BTC community constantly responds with censorship and mockery instead of engaging in productive conversation. Discussing scalability with Blockstream is a fruitless effort, as they are intentionally unwilling to listen, even if the viewpoint presented was actually the expressed view of Satoshi Nakamoto.
BTC evangelists will say anything as long as it will help the price, even if it means spreading false information and narratives.
In contrast, Bitcoin Cash proponents are honest about the potential of BCH as Peer-to-Peer Electronic Cash and are committed to continuing Satoshi's intention.
*rewritten (November 2023)
