@Telesfor
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Who would I choose?
This is the answer to Cain's article "Who would you choose?" https://read.cash/@Cain/who-would-you-choose-87ac5a54 The open source software development often, if not mostly, does not work according to business principles. In open source projects anyone can participate and if their commits are not accepted, anyone can fork and continue the project themselves. There is a selection of several projects that program Bitcoin Cash nodes. There are different software. All are open source. For a long time the Bitcoin ABC software was the leading software and it was used by the miners. Recently BCHN was created, which is a serious competitor to ABC. **Bitcoin Cash is not a company that hires anyone or not. So the question is not who would I hire, but which software would I choose.** The miners decide which node software they want to run. The developers of other infrastructure projects like wallets, SLP etc. decide which chains they want to build on. Exchanges decide which coins they trade and which software they use to transfer the coins. So if the question is not who I would choose, but what software I would choose, what software would I choose? If I was a miner, I would choose the software that would give me higher income and lower risk on November 15 and after. As far I know this is the BCHN. If I were a developer or service provider, I could temporarily support both nodes as long as the maintenance effort is reasonable, and then choose the software. Since many development teams have announced that the ABC software will definitely not be supported, I might choose BCHN right away. https://read.cash/@sha256_88ebd526/bitcoin-cash-bch-november-2020-upgrade-statement-9a585fac If I were an exchange, I would run both nodes to be prepared for the case that two separate coins exist after November 15th (assuming I want to trade both coins). What would I choose as a simple user? As a simple user I choose the node Only indirectly, by using an SPV wallet or using services that use one or the other node. At the moment I often don't know which node is behind my wallet. When the fork happens on November 15th and two coins are created, I will keep both coins for the time being, so indirectly I will use both nodes. In any case, I check again whether I still have my seed. If I have my seed, I can access my coins after 15 November no matter what happens.
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As far as I could get, BCHN will be a new coin forked out of ABC and those who hold ABC will get an equal number or proportionate number of BCHN.
When the chain splits, two new chains and two new coins are created. The owners of the coins before the split automatically have both new coins of the same amount. Nothing is given away appropriately by anyone. The question is which name the new coins will get. Most of the time the longest chain (or simply said the more expensive coin) gets the old name. I have already experienced this twice. First, 2017 Bitcoin was split into two chains. Core kept the ticker BTC and name Bitcoin, the shorter chain got a new name. It was called Bitcoin Cash BCH. Then, 2018 Bitcoin Cash was split. Two chains and two coins were created, which were initially called BCHABC and BCHSV. Later the Exchanges renamed it BCH and BSV. Now it will be similar. At the moment the price of ABC after the split is estimated to be only $26, so the ticker BCH and name Bitcoin Cash will probably stay with BCHN chain. https://coinflex.com/markets/BCHABC-USD-201225-LIN
Well, this answer my follow up questions above thank you for this 😊
Thanks for the detailed reply. That cleared the doubt.
I like your writing style, and your thoughts!
Yeah .i agree with this article and you as well .
I have questions sir, because I am really curious or I don't have any knowledge. What will happen to the BCH we had in our wallet when the upgrade on November will come? it will remain on wallets right after or what? or should we exchange it on fiat? I hope you will answer this innocent questions of mine. Thank you.
It depends on what the wallet company does and what wallet do you use. It's too much to answer right now. One thing's for sure. When you have your seed, your money is always safe, in old chain and in both new chains (if there will be two). I will write an article later on what to do to get through November 15th safely. There is still plenty of time. Maybe there will be no split after all, or one chain will die immediately.
Okay, thank you and I will wait for your next article regarding this. That's why I am curious because if there is a split happening what will happen to the coins we have on our wallet. 👍
Yes dear you are right . i agree with this article
I'm at a dead end, I don't know who to choose
Buy beer and popcorn and wait for November 15.
Thank you so much for sharing sir. I really love your write ups
Thanks this is a good one for those that really know about this.
Will our BCH in wallet be safe?
If you know your seed, your BCH is always safe. Your BCH is not in the wallet. You can read more here https://read.cash/@Telesfor/how-does-bitcoin-cash-wallet-work-7c14aab0
Choose wisely.
Thanks for the information sir... Its helps us more to learn 🥰
The thing you can do, as a user, is selling your coins on one chain to buy more coins on the other. You can also choose which merchants/services you will use in the future, based on the fact that they accept your coin or not (we have seen this with the BTC/BCH and BCH/BSV splits).
I won't sell the coins for now, maybe a little later. Thanks for the tip.
You make a good point about how a user who is informed enough to hold their own keys will see things. Unfortunately, users on-boarding via an exchange (or utilizing a custodial wallet) that only supports one chain may see a loss of value as speculators treat both chains like different types of shares of a stock. I hadn't previously thought about it, but the spat here (between those for and against the change being wedged in by ABC) may actually be caused by the differing perspective of speculators vs Bitcoiners.
That's why I don't use depot wallets and don't keep a BCH on exchanges. I also recommend everyone to transfer their BCH to a wallet like Electron Cash before November 15th.
Is BCHN free? Can we also try just for knowledge purpose?
Everyone can download and install BCHN, https://bitcoincashnode.org/ Also Bitcoin ABC https://www.bitcoinabc.org/ How to run Bitcoin unlimited node on raspberry pi, I described here: https://read.cash/@Telesfor/how-to-operate-a-bitcoin-cash-full-node-bitcoin-unlimited-on-raspberry-pi-fdf2195d
We don't need to choose, it is the market (miners) will decide. What we will choose as a user is an ecosystem that fit our need. It can be BTC, LTC, BCH or or new coins being generated after Nov fork. The networks have to compete for users, the more the better. So we don't have to choose, but rather we have more options to choose from. However, more is not always better, sometime it will leads to confusion or technical misunderstanding, so majority choose a stable ecosystem like BTC.
You may not have read exactly what I wrote and you probably didn't read the article by Cain that I replied to my article. I have written which software I would choose. I wrote also what I would choose if I were a miner. Most miners invest their hashpower in BTC not because it has a "stable ecosystem" (what do you even mean by that?) but because that is where they can earn the most money. Hashpower follows the price, not vice versa. We have clearly seen this with the hashwar.
I don't know much about Bitcoin Cash lately, but I've heard a chain split is very possible.
Yes, the possibility exists, but I've survived two chain splits, so I take it easy😀
Niceee information dear
Bitcoin cash is Low now...
Each coin is low now
Thats what I observe too... Thanks for ths feedback bro..
Thats what I observe too... Thanks for ths feedback bro..
Nice info