With the invention of Bitcoin initially and the technology behind it, the world gradually started moving towards a cashless and decentralized financial system, eliminating third parties in their transactions, most of the time, the banks.
The advent of cryptocurrency and the concept of the blockchain technology behind it made the transactions safe and hardly possible to hack, making it much popular. With an increase in its popularity, the number of transactions in Bitcoin began to increase. Initially, blockchain's blocks could store only 1 MB of data, which was, at that time enough for Bitcoin. But, since the increase in popularity of Bitcoin, the number of transactions began to increase, so the size of that 1 MB block wasn't enough to support this. Due to the small 1 MB size, the transaction speeds got slower, and the transactions got stuck in the block for about 3-4 days, so the miners now used to prefer the ones who paid high transaction fees and leave the transactions that paid them less. So now the developers suggested that if the fate of Bitcoin is to be the new and international currency, the size of the block has to be changed, from 1 MB to 32 MB, which was met with criticism from the other group of developers who believed that the size of the block should remain the same because then they would have to change the protocols support the more number of transactions taking place. With these two vastly different opinions, the fate of Bitcoin was in the hands of the miners. The ball was in the miners' court. Miners have the voting power, which is the computing power. If 51 percent of the miners agree to a protocol through their computing power, then that protocol would be placed in effect, applying to the whole network, and if the computing power which changes the protocols is less than 51 percent, and the protocol is still applied the currency gets forked, and that's why in 2017 we used to hear in the news that Bitcoin has forked. Other similar terms were also used to describe the scenario by the media. So this change in the protocols created a new series of blockchain from the block to which this protocol was applied, giving birth to Bitcoin Cash. Bitcoin Core went its own way, whereas now, with a new blockchain of a bigger size and different protocols to its counterfeit, Bitcoin Cash went in a new direction. With the fork in the currency, the owners of Bitcoin Core now had the same amount of Bitcoin Cash.
The group of miners that did not favor the change in protocols wanted to receive those huge transaction fees in thousands, whereas in Bitcoin Cash, the fee was limited to a few cents. Many Bitcoin core supporters now did not support it with this change but supported the new currency, Bitcoin Cash. Famous investors who initially recognized the potential of Bitcoin now supported Bitcoin Cash, such as Roger Ver, Josh Green, Shomari Prince, George Donnelly, and Jonathan Toomin.
Osama Kalar, who runs the channel of Pakistan intellectual society on Youtube, interviewed Roger Ver, who is also called the Bitcoin Jesus. According to Roger Ver, Bitcoin has lost its purpose. In the interview, When he was asked about his changing support towards Bitcoin Cash, he said, "Bitcoin Cash is the original Bitcoin." Furthermore, he also elaborated on the freedom Bitcoin Cash gives its users, which Bitcoin Core now does not. according to him, Bitcoin Core is now "a speculative tool for a bunch of speculators to speculate on the future speculations of other speculators." This was boring for him, and he did not see any economic empowerment in it. According to Ver, bad and stupid decisions made by the developers of Bitcoin Core have led towards this.
It is already expected that in 2021, Bitcoin Cash would rise because of its growing popularity due to the support of these famous and credible personalities, also marketing it. Therefore, the potential of Bitcoin Cash, with cryptocurrency, is enormous in the future, and it is for sure to introduce cashless financial transactions.
The greed of miners towards such a beautiful application of blockchain technology led to a split of Bitcoin. If economic empowerment and opportunities are not kept at the top preference, this greed might harm this beautiful concept. With the support of people like Roger Ver to date, this technology's primary purpose and vision will be kept alive, as they showed it through their support of Bitcoin Cash in 2017, where Bitcoin forked. Bitcoin Cash is 100 percent the real and genuine Bitcoin and represents its original agenda, and investing in it is a wise decision. Not investing in it would lead to potential losses in the future, So it is advised to have a digital crypto-wallet before it is too late.
great article !