What is Bitcoin Cash?
Bitcoin Cash is a peer-to-peer cryptocurrency meant to replace fiat and become a medium for daily transactions. It was all about Electronic Cash that was cheap, fast, and secure, and it was all about being able to make payments. Since transaction fees on BTC have skyrocketed, its supporters have moved away from that narrative.
Bitcoin Cash was born not out of greed, deceit, or opportunism but rather from the community's passion who wanted to see Bitcoin continue as Peer-to-Peer Electronic Cash.
They now say that Bitcoin is instead “digital gold”…and that its primary use case is that of a “store of value.” Not only have the original values of Bitcoin been abandoned and perverted, but this new party line doesn’t even make sense. If it’s “digital gold” only because people believe it and not because it is practical, how is that any better than a pyramid scheme? Bitcoin Cash continues the P2P Electronic Cash system that is Bitcoin.
Bitcoin Was Intended to Scale “On-Chain” In Satoshi Nakamoto’s first email to the world, and he unveiled the Bitcoin whitepaper. In his second email, he explained how the network could quickly scale without any significant changes or additions to the network design. The current BTC block size of 1MB can be accurately described as a joke because block sizes 1000 times bigger is proven to work on a high-end laptop.
Some researchers are even suggesting that terabyte blocks are feasible both technically and economically! Sadly, for BTC, the Core developers never gave on-chain scaling a chance and took an extremist position against permitting this. Instead, they fear-mongered with the boogeyman of “centralization.” One of the most apparent lies has been that most users need to run their full nodes. This is false in both theories and practice.
They claim that more giant blocks make it harder to run validating nodes, but this is not what makes Bitcoin secure, and it not what makes Bitcoin decentralized. Only mining nodes secure the Bitcoin network. Most users can run an SPV wallet like Electrum, and they will be just fine. So, instead of allowing scaling to happen on the blockchain itself, the Core team wants to add “second layer solutions” like the Lightning Network.