Why Bitcoin Cash Is A Shining Beacon Of Hope
We have reached the stage we exchange money on the internet without knowing each other, without a trusted third party, or any entity with the ability to censor transactions.
Bitcoin Cash is the P2P Electronic System that makes it all possible, offering a robust decentralized blockchain with speed and low fees while promoting trustless and permissionless principles.
Moreover, the permissionless nature of the blockchain permits anyone to build apps and utilities on top of the network adding use cases and increasing privacy.
Bitcoin Cash is a perfect payment tool for either online or on-premises for merchants and consumers.
Ten's of thousands of store locations already accept Bitcoin Cash with hotspots like Townsville and Caracas, Venezuela allowing cryptocurrency enthusiasts to live completely with Bitcoin Cash.
A Permissionless Blockchain Does Not Abide By Regulations
As Timothy May, explained in on of his last interviews:
Understand that the vision of many in the privacy community — cypherpunks, Satoshi, other pioneers — was explicitly of a permissionless, peer-to-peer system for money transfers.
Some had visions of a replacement for "fiat" currency.
Timothy C. May, 2018 (Coindesk)
And this is what everyone in cryptocurrency ought to be promoting.
To achieve a fiat replacement (an alternative to fiat currency), we need permissionless and trustless networks offering fast transactions (instant, 0-conf) with low transaction fees (less than $0.01) and scalability to reach global adoption.
Pioneers in the crypto field lately aligned with the legacy financial syndicate and launched numerous custodial services and KYC-related applications, which additionally gather and sell personal and private user data.
A permissionless blockchain does not abide by regulations.
All the regulations it needs are in the code, as changes only apply with a consensus procedure after a thorough analysis and debate between all network constituencies.
Any external regulations or interventions that affect a blockchain immediately expose a centralized structure.
This case presents a trusted and censorable network, which is quite the opposite of what we want and support.
Ripple (or XRP) fans should wonder why the fate of XRP lies at the hands of the SEC, or why the SEC can't interfere with networks like Bitcoin Cash. These forces utilize other methods to undermine the expansion of permissionless P2P Cash.
Decentralized mining secures the network from attacks, although it is not miners alone that establish the decentralization degree of a blockchain.
Bitcoin (BTC) also maintains its fair share of community censoring and development centralization, which lead to stagnated scalability and promotion of custodial Lightning and Liquid solutions.
Reduction of decentralization also applies when one party of developers revokes GitHub rights from other main devs deviating progress from the initial vision.
In Conclusion
We have no exact tools or standards to measure the decentralization of a blockchain or any other network.
Complete decentralization (for the time being) is a myth. Moreover, control of a network by one person or group demolishes the network’s chances of succeeding in its initial purpose.
We strive to make it as decentralized as possible by diminishing any theoretical odds of transaction censorship.
Bitcoin Cash demonstrated twice (in 2018 and 2020) the decentralized consensus at the core of its blockchain, excluding centralization directions and attacks by two dissenting factions that split away.
Blockchain networks, however, also have to work properly. In 2022, we cannot await a transaction processing for more than a few seconds, and no network should demand more than a couple of cents for fees.
Cryptocurrency networks should offer low fees to instill global adoption.
Satoshi didn’t create Bitcoin for a small elite of privileged individuals but for billions of people.
Lead Image background by PIRO4D, on Pixabay
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BCH is the future currency, hence BCH to the moon.