Who would I choose?

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Written by

Live and Let Live

4 years ago

In community: Bitcoin Cash(e11c)

This is the answer to Cain's article "Who would you choose?"

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.

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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Written by

Telesfor

Live and Let Live

4 years ago

In community: Bitcoin Cash(e11c)

Comments

Nice info

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Sumaiya70

4 years ago

Bitcoin cash is Low now...

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Xavier

4 years ago

Each coin is low now

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Telesfor

4 years ago

Thats what I observe too... Thanks for ths feedback bro..

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Xavier

4 years ago

Thats what I observe too... Thanks for ths feedback bro..

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Xavier

4 years ago

Nice article, subscribe bro

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Munna-6.33

4 years ago

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.

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aniruddhasen

4 years ago

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

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Telesfor

4 years ago

Well, this answer my follow up questions above thank you for this 😊

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Eybyoung

4 years ago

Thanks for the detailed reply. That cleared the doubt.

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aniruddhasen

4 years ago

I like your writing style, and your thoughts!

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GusT

4 years ago

Yeah .i agree with this article and you as well .

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Hykheinysha

4 years ago

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.

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Eybyoung

4 years ago

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.

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Telesfor

4 years ago

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. 👍

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Eybyoung

4 years ago

Yes dear you are right . i agree with this article

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Khanbaloch

4 years ago

nice

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Helal72

4 years ago

I'm at a dead end, I don't know who to choose

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Commycool

4 years ago

Buy beer and popcorn and wait for November 15.

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Telesfor

4 years ago

Thank you so much for sharing sir. I really love your write ups

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Phiny

4 years ago

I'll go with others what they choose hahaha well just waiting on November 15, and that just the day of my birthday

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satplars

4 years ago

Thanks this is a good one for those that really know about this.

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PASTOR001

4 years ago

Will our BCH in wallet be safe?

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Abubakar

4 years ago

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

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Telesfor

4 years ago

I think BCH is not safe alltine because sometimes in our read.cash bch wallet amount had empty

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Khalid

4 years ago

The read.cash wallet sometimes shows the amount 0. This is a bug. As long as you know your seed, you have access to your BCH. For more read here: https://read.cash/@Telesfor/how-does-bitcoin-cash-wallet-work-7c14aab0

It is best to integrate the read.cash Wallet into bitcoin.com wallet. How to do it read here: https://read.cash/@Telesfor/how-to-integrate-readcash-wallet-into-bitcoincom-wallet-80747c24

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Telesfor

4 years ago

It's so harsh dear sir😭

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Khalid

4 years ago

It isn't harsh. You don't have to read it, but I warn you, if you don't read and understand it, you could lose your BCH in the worst case.

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Telesfor

4 years ago

I haven't more knowledge about it dear sir.Thank you ☺

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Khalid

4 years ago

That's why you have to read the articles to learn. Then you'll have more knowledge. Knowledge does not fall from the sky.

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Telesfor

4 years ago

Thank you sir☺

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Khalid

4 years ago

good post

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Lima

4 years ago

I'm subscribe your channel, please subscribe me

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Lima

4 years ago

Great artical

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sobujr619

4 years ago

Choose wisely.

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Pluma

4 years ago

Thanks for the information sir... Its helps us more to learn 🥰

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Athai

4 years ago

Because life is choice bound and we must make the right choice in life

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Abbex4

4 years ago

more potato as income is usually high risk of losing the budget

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SirPotato

4 years ago

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).

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lugaxker

4 years ago

I won't sell the coins for now, maybe a little later. Thanks for the tip.

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Telesfor

4 years ago

Thank to info

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Locarlocar6543

4 years ago

Good Work, Cool nice amazing

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Jreuyan

4 years ago

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.

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The00Dustin

4 years ago

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.

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Telesfor

4 years ago

Thanks for sharing

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Delights

4 years ago

Is BCHN free? Can we also try just for knowledge purpose?

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Zemira

4 years ago

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

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Telesfor

4 years ago

This is great i like it also, keep it up you are giong places

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Aylly

4 years ago

This is very informative. Thanks for sharing this with us 💖

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Shanta

4 years ago

This is so nice ...thanks for sharing 🌹🌹

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Madanpanta

4 years ago

nice article dear,keep it,, i am new person plz subscribe me dear.

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mr.mondal

4 years ago

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.

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nghiacc

4 years ago

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.

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Telesfor

4 years ago

please subscribe back,,,

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