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Bitcoin Cash is Bitcoin 2.0, the bitcoin synopsis [opening paragraph in the whitepaper]

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Written by   1057
1 month ago

First of all, I will leave the link to download the Bitcoin whitepaper , the Bitcoin Core bible, because I believe that many who enter the crypto space today have never had the pleasure of reading this wonder to understand what idea the creator/creators of Bitcoin Core had in mind. For the creator of Bitcoin, it was crucial that the payment system they were creating was not just about entrusting transactions to third parties, but a cryptographic system in which it protected both the seller and the buyer since transactions are non-refundable.

The idealized system constitutes a major innovation in the 21st century and, I believe, one of the greatest of all times, which allows common men to start adopting financial transactions in a decentralized way, not entrusting them to third parties and paying very low in fees to execute transactions. The Bitcoin whitepaper addresses several topics and develops them with solutions designed for the purpose since the peer-to-peer system is based on a model that allows people to control and have digital money in their possession to use it at they own pleasure making payments without intermediaries also have a strong structure to verify and confirm transactions on the blockchain by a team that receives incentives to keep the network honest avoiding attacks & double spending of the currency.

Bitcoin Core whitepaper synopsis

As soon as anyone start reading the Bitcoin whitepaper, can see that the creator of the coin had clear ideas from the beginning of what they wanted! He/they knew that banks and traditional banking systems had immense problems that often made their customers hostage of their own money.

The Bitcoin synopsis through the whitepaper conveys the basic principles of what is required in a cryptocurrency: a peer-to-peer electronic money system! This money system allows to send money or payments from one person to another without having to depend on or even go through a financial entity, having digital signatures as one of the solutions. But, to avoid the double spending of money, the system also has as a solution in a peer-to-peer network that registers the time but coding transactions in a continuous chain of proof-of-work based on hash, that allows that once the registration is made it cannot be changed without a new proof of work being done!

The synopsis summary is where we see, for example, that the longest chain is not only used to prove the sequence of recorded events, but also testifies that it originates from the group that has the highest processing capacity of the network on the blockchain. This group is also crucially important, as they are the ones who protect the network from attacks, since by remaining honest, attackers cannot succeed in the incursions they orchestrate to invade the network. The larger processing group gets an incentive for the proof of work they do by keeping the network tight and strong by confirming and verifying transactions on the blockchain.

The importance of the whitepaper synopsis

It may seem trivial but the whitepaper is the guide in the path of Bitcoin, an important tool because it reflects everything that is expected of the currency. The Bitcoin whitepaper is the crucial instrument that anyone who wants to familiarize and use Bitcoin must know and be guided by it, its an original Bitcoin identity document and not susceptible of alteration.

It is important to realize that the synopsis manuscript of Bitcoin already defines everything the currency should be: a peer-to-peer electronic decentralized digital money! This foundation guarantees that Bitcoin is used in a peer-to-peer way to make payments, receive money without intermediaries and, most importantly, be a currency accessible to everyone without distinction of social class, race or even place of domicile, as the currency is of international character without borders and working 365 days a year without interruptions 7 days a week 24 hours a day all in a functional blockchain network!

Of course, those who paid attention to the previous paragraph will notice that the currency I am referring to is Bitcoin, but Bitcoin Cash!

Bitcoin Cash is Bitcoin 2.0

When creating Bitcoin, one of the fundamentals that the creator/ creato9r always sought was to give ownership to the individual holder of the currency, allowing to make peer-to-peer transactions without intermediaries and pay little for transactions in a secure, fast and dynamic system, but, somehow Bitcoin Core deviated from its real purpose at some point in time!

For those who read the whitepaper, you can see that what the creator of Bitcoin always sought was for people to be the owners of the money and not have the headaches to use it, and let them decide to use it in payments made over the internet after all, if there is internet, the blockchain will always be operational. The 'father' of Bitcoin never wanted financial entities to have a stake in the Bitcoin market, he never wanted it to be a store of value but Cash! Nowhere in the Bitcoin 'Bible' is the word store of value mentioned because the intention was always been to use Bitcoin as P2P digital cash.

Bitcoin Cash is not just Bitcoin 2.0 but also the ideal form of digital money that the creator of Bitcoin always wanted it to be! Bitcoin Cash is a digital cash that is not government issued, everyone can use it to buy a simple cup of coffee, a cola and not even feel like they lost more than should!

It is important to read and understand the whitepaper so that when entering the crypto world know where the story came from and analyze the market. There is a lot of contradictory information where people will always pull for the truth to be hushed up and give more visibility to the older brother, Bitcoin Core, very much for financial interests (many companies, people with large amounts, financial corporations and more) are holders of large part of coins and promote using an unorthodox method in order to value their coins stash.

Conclusion,

As a summary, it is highlighted that the peer-to-peer electronic cash system was created not to depend on trust in third parties and to give a sense of ownership to all those who use Bitcoin Cash! It is crypto-based where it provides proof-of-work participants with incentives to keep the blockchain network secure and free from attacks. The design of Bitcoin took into account the fees, because for a greater mass to participate, they undoubtedly have to be low, have utility (purchase goods and pay for services that are really for the individual) that will make the currency recognized and loved by all those who use it.

Anyone can see that everything written on the whitepaper does not mention anything about a store of value, but rather a currency that can be used in person-to-person payments without depending on a financial entity trust and paying little for this transaction! Therefore, Bitcoin Cash is Bitcoin 2.0 but we can also say that it is the true desire of the creators of Bitcoin who wanted payments to be made based on cryptography and not on trust, increasing privacy, speed and security.

One thing is for sure, Bitcoin Cash is Bitcoin at its best form of peer-to-peer electronic cash!

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Written by   1057
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Comments

From the beginning, the organisation of Bitcoin itself is just amazing the creators took their time because they knew that a huge amount of money will be involved and when money is involved life too will be involved. And the electronic cash system that was built in I strongly think it works way better than having a third party.

$ 0.00
1 month ago

Bitcoin is amazing and BCH even better to use as money in everyday transactions

$ 0.00
1 month ago

Brother unfortunately Maxamalist had put this White paper into Dustbin making Bitcoin money for rich only. I believe fork coin that is thousands time better than BTC. Your article is fantastic revealing all the facts that are on reality based.

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1 month ago

Thanks! I know this guys have put the whitepaper into dustbin but BCH have true potential

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1 month ago