Misconceptions about Bitcoin Cash

I got this message from a very close friend of mine, "I was just reading my feed news and saw an article about a man named Roger Ver and his Bitcoin Cash (BCH) scam. He was explaining how it is the true bitcoin and is "the REAL Bitcoin" in his own words." This prompt me to write about the misconceptions so many people are having about BCH and other cryptocurrencies.

Bitcoin Cash is a fork of the Bitcoin blockchain that occurred on 1 August 2017. It's not the same coin as Bitcoin. Bitcoin Cash was created as an alternative to Bitcoin, with the goal of becoming a better digital currency.

It was created by Bitmain, a Chinese mining equipment manufacturer, during its Segwit2x hard fork period. It was initiated on 1 August 2017, at block height 478558.

The aim of it is to expand the blocksize limit to 8MB and remove SegWit which would have enabled second layer solutions such as the Lightning Network.

On 15 November 2018, the developers of Bitcoin ABC released an emergency update due to a bug called SIGHASH_BUG. And after this emergency update on 15th November, Bitcoin Cash experienced a hard fork called Bitcoin Cash ABC.

Bitcoin Cash is a cryptocurrency created via a fork of Bitcoin. It shares its name with, but is entirely unrelated to, the company Bitcash.co, who have been using the name "Bitcoin Cash" since 2014. That company has never had any association with Bitcoin or any other cryptocurrency, and uses its name solely because "Bitcoin Cash" was available as a name on their platform.

By now, it's clear that the majority of the "cryptocurrency community" (which is certainly not the same as the entire Bitcoin community) has a very poor understanding of Bitcoin Cash. Almost everyone thinks SegWit2x is the only fork to have ever happened, and that it was a hostile, unnecessary usurping of something that was working fine without it.

Bitcoin Cash is Bitcoin. Bitcoin is not just electronic money: it's a technology, a network, and a currency. The problem is that the uninformed public is being misinformed by the media, and they believe that Bitcoin Cash is competing with Bitcoin as a currency. This could not be farther from the truth.

In the years before Bitcoin Cash was born, the original vision of Bitcoin could not be realized because its blockchain was too slow and too expensive to use. People in countries where inflation was high (like Argentina) had found refuge in Bitcoin, but they were still unable to spend it on everyday things. Meanwhile, people in countries with unstable currencies (like Venezuela) used Bitcoin as a hedge, not as a currency.

Bitcoin Cash is a sort of Bitcoin, but it is not entirely true. And I know it will be very unexpected for you to hear this kind of news from me. However, I want to tell you the truth from the bottom of my heart, and I would like you to pay attention to this.

The truth is, Bitcoin cash is basically an ICO token issued by a coin called Bitcoin Cash and it doesn't have its own blockchain, which means you can neither mine nor use Bitcoin Cash as digital money. Moreover, Bitcoin Cash was not included in the fork of the original chain on August 1st last year, so it should not exist today at all.

To my wonderful and extreme subscribers, inspiring readers, commentator, upvoters and also my generous sponsors . Thank you all so much for been there, from the bottom of my heart I say thank you. Adereign cares.