Today we’re gonna tell you the truth about the creation of the Bitcoin Cash cryptocurrency, why is it called the true Bitcoin and if there’s any sense in these statements.
As well as why has Roger Ver betrayed Bitcoin.
The origins of BCH
August 1st of 2017 is the official date of Bitcoin Cash inception: when as a result of the Bitcoin blockchain fork, a new chain was separated that would feature an increased size of block to 8 Megabyte.
It was exactly the size of the block in the Bitcoin network that became the main reason for splitting the original cryptocurrency in two. Initially, the size was equal to 1MB, and while there weren’t many users and transactions to begin with, the blockchain worked well and swift. But as the Bitcoin popularity grew, more and more transactions couldn’t be placed in the megabyte blocks, so they had to be put in line. The transaction confirmations began to delay for a few hours and the fees increased to a few dollars.
As such, the Bitcoin network became user-unfriendly. The issue had to be solved immediately. One of the solutions was Bitcoin Cash. Its team proceeded with the hard fork and the increase of the block size to 8MB in order to improve the scalability of the blockchain.
The difference between Bitcoin and Bitcoin Cash
So what’s the main differences between Bitcoin and Bitcoin Cash? The followers of the original Bitcoin have made their bets on SegWit and Lightning network. SegWit allows to record multiple transactions in the standard megabyte block, while the lightning network is a layer above blockchain intended to store the majority of small transactions and render them free of commission fees. These updates have already brought significant benefits by lowering the cost and the duration of transactions, but it’s gonna be a long road ahead for its full potential.
Bitcoin Cash continues to walk the way of increasing the block size, just on May 15th, they increased the size from 8MB to 32MB. These days, the transactions on the Bitcoin Cash network on average cost fewer than on the Bitcoin network. But it’s also worth noting that the current cost of the original Bitcoin is 10x bigger, and its blockchain processes much more daily transactions. That is why it’s hard to predict whether the big blocks will be as efficient given the equal terms.
Why Roger Ver has chosen Bitcoin Cash
Today, Bitcoin Cash is on the fourth place of cryptocurrency rating by capitalization. All leads to the notion that it will remain a market leader for a long time. This success was made possible mainly due to Roger Ver, who’s been recently called a Bitcoin Jesus, and today he is the talisman of Bitcoin Cash.
Roger Ver supported the idea of increasing the block size long before the hard fork and the consequent separation from Bitcoin. He has been actively promoting his new cryptocurrency since August 1st. He is also sure that Bitcoin Cash is a natural evolution of Bitcoin. Moreover, Roger believes that it is the true Bitcoin that was once created by legendary Satoshi Nakamoto. In order to promote his point of view, Roger Ver has launched a PR campaign through Reddit and Twitter, as well as creating his own website — Bitcoin.com.To ensure that his statements are perceived the right way, his followers have adopted his branding of Bitcoin as Bitcoin Core. This way, it’s harder to figure out which Bitcoin was the original one, but in reality it’s just a bait for cryptocurrency newcomers.
One can only wonder whether Roger Ver believes in his, well, beliefs or he has simply decided that it is better to be a chief representative of Bitcoin Cash rather than one of the many Bitcoin opinion leaders. However, the community of the original cryptocurrency did not forgive him a change in mood. They began calling him a Bitcoin Judah and even threatened him with collective lawsuit if he didn’t stop calling Bitcoin Cash the true Bitcoin.
Bitcoin Cash today
One can love or hate Bitcoin Cash and do the same for Roger Ver. But it’s worth admitting that his project has been successful as the independent cryptocurrency so far. It is counted among the top 5 cryptocurrencies and it has some promising aspects for further development. After all, there is a whole team of successful, influential, ambitious developers, miners apart from Roger, as well as a small army of loyal users.