This article will be a rewritten version of the original one here with explanations.
The word cryptocurrency comes from crypto and currency. The term is dependent on the fact that cryptocurrencies are using cryptography to ensure the validity of their transactions, and they are currency because it was how it was first created, and that is Bitcoin.
Cryptocurrency is something of an odd financial battlefield between investors and the common man, and as of the moment, the investors have the upper ground yet they can't seem to stop hating on Bitcoin Cash a lot. Could it be because of the price? Or the persistence of simply existing even if it has left the Top 10 of the market lists that shouldn't be the basis of your entrance? Or is it because people are flocking in due to the cheap way of receiving money?
All that aside, here are nine points that I have observed after being in the Bitcoin Cash community for a year that I haven't seen in other cryptocurrencies. The points will be from the subreddit save for a few changes.
Mmm, big blocks, the spark that ignited the escape from the corrupting influence of the banks through Bitcoin.
If it wasn't for the fact that Bitcoin SV is treating it as a joke and a lot of the other cryptocurrencies aren't up for a block size larger than 1 megabyte, this would not be here.
It's a simple thing that can simply be tested by running on full blocks, which a developer did. On 256 MB blocks in a Raspberry Pi with BCHN on default settings.
The fact that Bitcoin Cash can run 256 MB blocks means something in itself, especially as it used a Raspberry Pi, which is a miniature PC on itself.
That, and if you check the historical data about Bitcoin Cash's blocks these days, you can see that we have reached 1MB levels of blocks with large ones in-between due to block mining not being consistent because of Elon Musk's BTC acquisition.
Bitcoin Cash is certainly unique in this regard because there is no cryptocurrency at all with six nodes at the same level as each other, therefore nullifying the use of a reference client. These six nodes are also different in programming languages and the current usage which they wish to change.
These nodes are the following:
But one might ask, BCHN should be the reference client since that one replaced Bitcoin ABC, right?
Bitcoin Cash Node didn't want to become the reference, and it will never will.
What BCHN is right now is the most well-known mining node for Bitcoin Cash, with BCH Unlimited going second.
Flowee is developing major applications with Flowee the Hub being the full application of the Flowee application set.
BCHD right now is the premier node for developing applications and doing things for SLP tokens, written in Go.
Verde is creating important specifications and utilities vital for Bitcoin Cash scalability and optimization, written in Java.
Knuth is multi-purpose with language supports for its API and a lot more progress which I haven't observed at all.
All six nodes are different from each other, but they all wanted to unify to create a singular API to prevent risks that multi-node chains have, and that is unintended splits due to software differences. They are all already collaborating to make sure that:
BCHN spreads out its mining workload
Double-spend proofs are properly implemented
General blockchain optimization for May 2021's Upgrade
This is simply an opinion, but if you checked videos of Bitcoin and its usage back when Bitcoin was young with small market capitalization, you will see a different story than today.
Back in the pre-2013 era, you will see Roger Ver advertising about Bitcoin, you will see simple discussions on how to improve Bitcoin like how there are discussions on how to improve Bitcoin Cash today. You will also see a lot of adoption by merchants and users alike.
And this is also with the skeptics during those times saying that it is all going down the drain soon. Seems familiar?
Bitcoin is hard to use on itself, requiring you to have the following:
If you also want to use other currencies, you'd need to have Ethereum, which means more wallets and more applications to be installed.
Bitcoin Cash has learned these and has created its own way of implementing Ethereum's ERC-20 and ERC-721 tokens into a single protocol called Simple Ledger Protocol. The SLP Protocol has two types of tokens, Type1 (ERC20) and Type1-NFT (ERC-721). Bitcoin Cash is currently developing its smart contract functionality too.
There's a thing with the current cryptocurrency markets and it's that people rely on the metric of price like it was a measuring contest on how big someone's vault was. By this metric, Bitcoin Cash shouldn't even be in the 500 levels, but it is because of the market and media manipulation created by the banks. This, however, creates an interesting effect when people want to get Bitcoin that they saw back in pre-2017 when the fees were low and the speed was high.
The price is always right when it comes to adoption, and even if it's still low today, it will still rise until the point that we're measuring in BCH, not USD.
People can call this out because there are sites like Publish0x that do pay in ETH and ERC20 tokens, and it's good. But the thing with these sites is that they don't need to do any shenanigans, no delays, or anything. These sites also don't pay to BCH.
These sites pay directly to your wallet, with no major requirements such as obtaining a browser extension or high fees.
There's even more on the way as the community grows. The fact that each site is unique to one another, having things that add to the BCH community. Memo and Member are sites that use Bitcoin Cash's Memo Protocol, which allows the blockchain to store data such as text, images, and videos that can be simply be observed without any special tricks. There's even the full Bitcoin whitepaper written on it.
Read.cash and Noise.cash are websites that essentially serve as a way to try out Bitcoin Cash by being tipped from it. How you are tipped may differ (blogs on Read.cash, and twitter-like short posts on Noise.cash), but it will bring a large number of users due to their easy-to-use design.
LazyFox lets you assign a certain about of BCH (in form of mBCH) to create tasks, with those that do the task well getting paid.
Detoken.net is one of the first sites using the AnyHedge, a decentralized finance solution in Bitcoin Cash. You can use Detoken to Hedge (1x Short) or Long with a 3:1.
And more to go. This set of sites were just before the hackathon back in January.
This is a bit of a stretch for me, I have to admit, but this small little point actually proves that there is something to hate for.
Unlike common knowledge, the actual opposite of caring for something is being indifferent, that is you don't care at all. In my opinion, if you hate something, it means you care for it and you want the item to change to your wants. Of course, it's not really that easy to let go.
But for Bitcoin Cash? These haters are just following misinformation and social engineering attacks created by Blockstream, echoing 2017-era information that doesn't make sense in the modern context. They think that Lightning Network is better with 1-cent fees, and Bitcoin is a "store of value" and Bitcoin Cash is a scam.
The thing with these guys is that they're stubborn, they're wrong, and they have no arguments whatsoever especially when we show actual progress.
I've managed to get hooked up to some of these haters' stubbornness and I have to say that sometimes they are very refreshing to talk with, not because they are annoying and give no items to say, but these chats always have people who actually will explain why they were wrong and how much we have progressed from Bitcoin's perceived notion of "Bcash is trash, nobody uses its 8MB blocks making fees low".
If you cringed, by the way, congratulations.
Let's go back to 2020 when Bitcoin ABC was the "reference client", and they were asking for funds because the "Infrastructure Funding Plan" wasn't voted to clients by miners. The response was simple, BCHN and Flipstarter. After that, things have exploded, and with the November 2020 Upgrade's successful release and the subsequence split of ABC away from the BCH blockchain, a lot has happened.
When read.cash was doing negatively and Simon was losing money, they created a fund that passed around based on the number of points you had. Today? The read.cash team is developing mainnet and noise.cash exists, bringing Bitcoin Cash to greater heights.
General Protocols was able to create AnyHedge, a decentralized finance smart contract solution that allowed Cryptophyl to turn and create Detoken.net, a noncustodial finance solution that allows you to Hedge (1x Short) or Long.
Mistcoin was released, showing the Simple Ledger Protocol economy that mineable tokens can be done. Today? One of the developers who have mineable SLP tokens has created a way to mine NFT tokens.
LazyFox.io launched, which allowed users to get BCH from solving tasks. This one helped George Donnelly with his documentary, and I actually missed out because I'm a perfectionist and I have no idea how to do their tasks, haha.
Member.cash, an open-source implementation of the Memo Protocol, got relaunched into a cleaner look and serves as a good alternative to Memo.cash.
BitcoinCashResearch.org is where all the developers and investors talk about improving Bitcoin Cash, and this one is a true "global network council", being able to solve differences together and created CHIPs; CasH Improvement Proposals. These CHIPs are growing in number, and in fact, there are some close to release!
Everyone likes when something grows because of its usage. In essence, adoption is usually used for merchant adoption, but it can be as simple as being a user of noise.cash and read.cash.
And we have a lot of merchants trying out Bitcoin Cash. It'll be a while before the big companies do.
There is a lot to say about Bitcoin Cash, and these are just my observations. Granted, if you checked the original Reddit post, you'll find different opinions on things. If you checked the heavily downvoted parts, you'll see evidence of the 7th point.
Well, this has taken two weeks to be written. I hope everyone enjoys it.
This is Rowan, signing off with a smile.
All for #Club1BCH!