BCH, we need to talk: what can be the main problem

BCH, we need to talk: what can be the main problem

'Bitcoin Cash may be hard forked in November. Two groups of developers can't agree on its features, releasing their own clients, Bitcoin ABC and Bitcoin SV, incompatible with previous software.' Two coins, two original Satoshi visions. Which one is 'truest'? Will both of them qualify as the vision?

Actually, the more you think about it, the funnier it becomes. To understand the irony behind this, we should look at Bitcoin history.

Bitcoin network was launched by Satoshi Nakamoto in '09, almost ten years ago! Only a few people took part in its development — Gavin Andresen and Jeff Garzik. Later the team grew up to hundreds of developers all over the world, but they managed to keep the overall consensus on most things — even the implementation of SegWit, that caused many debates. But at least it was one and only Bitcoin.

There's another story with Bitcoin Cash. It was launched in August '17, one year ago, and it still seems clueless about its development direction. Right after its launch a few tweaks were done to the original code: the size of a block was changed to 8 Mb (which is literally one line of code), SegWit was removed, and the consensus algorithm was changed to be able to adjust mining difficulty every minute. After that there was practically no development: a few changes here and there, a new expansion of a block to 32 Mb (again, one line!), and a new change of mining algorithms. Still, somehow BCH supporters believed it was far superior to BTC. Nobody cared that it was created by people who didn't write even a line of code for Bitcoin Core before, and that the whole scheme looked like one big money grab. Just look at it:

  1. You fork Bitcoin, creating your own version;
  2. You remove SegWit, that patched the bug, allowing your ASICs to mine Bitcoins 30% more efficiently than all other ASICs by other vendors;
  3. You advocate your Bitcoin like a 'true Bitcoin';
  4. You pump it like a devil. You end up with most of supply in your wallets;
  5. Everybody suddenly believes you, sell their BTC, and buy your BCH (didn't happen?);
  6. Profit (didn't happen?);

In reality, as we see it now, Bitmain might spend many millions to pump the price, as they have more than a million BCH, more than was mined since August '17, and now they can't even sell these coins without crashing the price. The market has no liquidity for it. The commercial use of BCH in also very low: even DOGE has more daily transactions. And now, in addition, its community can't even agree upon the direction of development, making a new hard fork practically inevitable! So instead of one worthless coin we'll see two worthless coins, one with 128 Mb sized block (seriously, BCH has less transactions that BTC with 1 Mb blocks, does anyone use all that space...) and another one with atomic swaps, both of them having a blessing of Satoshi’s true vision (or half of it?).

Bitcoin Cash has one problem…

… and it’s not its technology. It’s the awful marketing. BCH is a toxic coin, with a toxic community, promoting it by bashing other coins and building its reputation upon achievements of other community (we’re talking about Roger Ver’s shenanigans with bitcoin.com and its statements that BTC isn’t the true Bitcoin). Bitcoin achieved its success due to the support of its large community, it has nothing to do with Bitcoin Cash. The crypto space becomes more and more competitive and nobody can maintain its popularity forever by using other brand’s achievements. Maybe it’s time for BCH community to forget its 'true Bitcoin' agenda, and settle its inner conflicts? Otherwise, it may repeat the fate of Bitcoin Gold.


All the articles are based on personal opinions of their authors. Finrazor.com neither supports nor opposes any project or strategy. The authors may invest their own funds, and any piece of information shouldn't be considered as investment recommendations. Before taking decisions, users must consider all relevant risk factors including their own personal financial situation.


3,990 USD


163.45 USD


0.001995 USD


13.02 USD

Related news

Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch

Twitch, the popular live streaming video platform, quietly removed the option to pay using Bitcoin [BTC] and Bitcoin Cash [BCH] from its platform. This piece of negative adoption flies in the face of a wave of crypto-adoption in several industries. Initially spotted by a member of Bitcoin’s Reddit community, the concerned user pointed out that subscriptions could not be paid for via virtual currencies. StreamLabs, a broadcasting software for live stream management, also removed the option to pay with virtual currencies. According to the Reddit post, the video streaming service was facilitating crypto payments through the Bitcoin payment service, BitPay. The post added, “They removed it in the last couple of weeks as a payment method for all countries. Negative adoption strikes again unfortunately.” Given below is an Imgur post detailing a user’s subscription cancellation, after he paid for it using Bitcoin Cash, Source: Imgur The development was met by a wave of disapproval against Twitch, with some calling for a boycott of the streaming service. While many have speculated about the reasons behind this development, the most realistic seemed to be a lack of awareness about the cryptocurrency payment option and its low transaction volume. Some users called this lack of awareness a “vicious cycle,” where companies introduce a cryptocurrency payment option quietly, without notifying the community. As transaction volume drops, the same option is then quietly removed. In May 2018, Twitch began accepting payments in cryptocurrencies. Initially, a slew of coins such as Bitcoin, Bitcoin Cash, Ethereum [ETH] and Litecoin [LTC] were accepted. The larger implications of this delisting must be noted. Twitch is a subsidiary of the e-commerce behemoth, Amazon, following the latter’s acquisition of the former in 2014 for around $950 million. As of February 2018, the video streaming service had 2.2 million broadcasters with 15 million unique viewers a day, and 140 million a month. Other notable websites that removed or suspended the cryptocurrency payment option from their respective platforms recently include, Expedia, the travel booking site and Chess.com, the online chess-portal. Bitcoin’s Reddit community was enraged by Twitch’s quiet listing and delisting of the crypto-payment option. SQLoverride stated, “With so many social platforms shadow banning and demonetizing, the conspiracy side of me thinks maybe it was done because it is more difficult to demonetize someone using crypto.” Many questioned the existence of the crypto-option itself, with anonymustanonymust asking, “Did the have Bitcoin Cash or Bitcoin (Core) on the website?” The boycott was advocated by TAPEWlRM, “Unsubbed and shut down Twitch stream. Bad call guys.” The post Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch appeared first on AMBCrypto.

Bitcoin Cash [BCH] Price Analysis: Bulls sustain momentum as bears go into hiding

The Bitcoin Cash [BCH] rise persisted through the close of the previous week, with market correction forces failing to drag the coin below the $160 mark. After breaking multiple resistance levels, BCH was expecting to close the month on a high. At press time, the coin had gained against the US dollar by 1.04 percent. The coin was trading at $165.42, with a market cap of $2.94 billion. P2PB2B took the top spot in terms of global BCH volume, accounting for 8.51 percent via the trading pair BCH/BTC. Other prominent exchanges on the list were ZBG, HitBTC, and Huobi Global. 1-hour Source: TradingView The one-hour chart pictured a massive uptrend, which pushed the coin’s value from $152.22 to $168.12. Following this rise, the coin dropped to the aforementioned high of $164.16. Bitcoin Cash found immediate support at $160.51, while the coin’s immediate resistance level stood at $168.36. The Bollinger Bands showed declining volatility, while the Moving Average line indicated a bullish market. The Chaikin Money Flow tool pointed to an increase in money inflow into BCH tokens, as the CMF line was above 0. The Awesome Oscillator showed an insignificant increase in short term momentum, indicating that any bullish activity will be mild. 1-day Source: Trading View Despite the overwhelming bearish trend of the one-day chart, the coin’s recent green candlesticks showed positive signs. The February downtrend shaved the coin’s price from $152.66 to $129.83. Following the same, the coin’s price shot up from $128.15 to $158.37, and then to $166.22. Bitcoin Cash found immediate resistance at $165.75, which the coin was close to breaking. The long-term support stood at $121.78. The Parabolic SAR indicated a bullish market as the dotted lines were below the coin’s trend line. The MACD showed bullish tendencies as the signal line surged above the MACD line. The Relative Strength Index showed an increase in investor interest as the RSI had shot up from 61.30 to a high of 68.36, before falling to 67.21 at press time. Conclusion Bitcoin Cash resisted the bears and their market correction forces. In the short term, volatility was low as the coin gained against the US Dollar. In the long term, the coin’s overarching bearish trend was subdued as investor interest rose while the indicators suggested a bullish market for the coin. The post Bitcoin Cash [BCH] Price Analysis: Bulls sustain momentum as bears go into hiding appeared first on AMBCrypto.

Tim Draper is Trying to Convince Argentina to Make Bitcoin A National Currency

On his recent trip to Argentina, billionaire investor and Bitcoin advocate Tim Draper met personally with President Mauricio Macri. Draper presented a pretty bold idea to the Head of State. Make Bitcoin the national currency of Argentina. “I suggested that he make Bitcoin a national currency and to bring in 5G and let the market figure it out and build all the roads and everything else for him,” Draper said according to es.cointelegraph. Draper thinks a rush of new startups will flood Argentina if they are crypto friendly. “That could end up being just phenomenal and globally, people will start saying I’m going to Argentina to start my business.” As the blockchain movement grows so will the demand for decentralization. Draper realizes that the building of blockchain infrastructure along with killer apps is the key to money flowing into the crypto space. “It seems simple to me because all you’re doing is you’re flowing with the decentralization movement. And that movement turns out to be really important and all the geographic borders are gonna fall and we’re gonna be one big world.” Draper is known for making bold claims and suggestions, but many would see the adoption of BTC as a national currency as a mere impossibility. However, it’s hard to argue with the idea that crypto friendly rules and regulations, along with the recognition of Bitcoin and other cryptocurrencies as real money will go a long way for a country’s economic conditions. Startups are feverishly building the blockchain projects of tomorrow, and government clarity can only speed that process up. Fostering development is the most important thing for the entire blockchain sector. Only when great and useful applications are delivered will the space and all its tokens have real value. The countries that move early will wind up housing killer crypto startups. The post Tim Draper is Trying to Convince Argentina to Make Bitcoin A National Currency appeared first on ZyCrypto.

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.