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BitcoinCash IS Bitcoin 2.0

By Thomas Wolf | Thomas Wolf's Den | 25 Oct 2022


With other forks and a similar name, it can be easy to pass BitcoinCash (BCH) off as just another failed altcoin.

“We cannot solve problems with the kind of thinking we employed when we came up with them.” ― Albert Einstein


BitcoinCash is far from a failed project.  I would argue that BCH is a well-modeled Bitcoin 2.0.  I do think that branding has a lot to do with the confusion on its superiority to the classic Bitcoin (BTC), which by now we have all grown tired of watching the altcoin market correlate mercilessly with.  Investors are mainly investing in projects they do not understand and things like nearly identical logos and names can and do cause confusion.

BitcoinCash is based on Bitcoin Core, although BCH was able to solve the problem of scalability, keep Satoshi-envisioned governance in active play, nearly eliminate transaction fees, and reduce transaction wait times.  While still employing the Proof of Work (PoW) consensus mechanism, BitcoinCash does exactly what Bitcoin does, it just does it faster & cheaper with progress in mind.

I call BCH what it is: Bitcoin 2.0 - In all software, we have evolution (upgrades, patches, et cetera) and the BCH fork is nothing more than a success of software evolution for the most dominant coin in the market.  BitcoinCash allows more transactions in a single block and grants significantly more space per block, which helps to decrease transaction fees and wait times; how is this not a simple update to reboot a legacy chain?

How bad have the consequences been allowing Bitcoin (BTC) to rule the entire altcoin market through correlation this whole time?  Why are people not investing in projects based on their use cases and potential, why are some glued to the original code as if it should never be altered; even if it was the Bitcoin miners who themselves knew changes needed to be made?

Ignorance, ignorance, and more ignorance.  For the trader, the holder, and the investors.  The people that I am calling on are those who support, use & develop BitcoinCash.

I would argue you cannot support Bitcoin (BTC) and BitcoinCash (BCH) simultaneously and point out that BCH relies on BTC’s price markers via correlation so the superior competing coin is at the will and mercy of the failures involved with the inferior and failing coin, particularly through its inability to scale.  We all saw what the transaction fees were like at the Bitcoin All-Time High, they were right up there with Ethereum (ETH).

We need to call on stronger support for not just BitcoinCash adoption, but removal from the very idea that Bitcoin can still compete with it.  We need to make it clear that Bitcoin has a newer twin that can outperform itself.  Any less and any motivation for adoption serves to only fuel a correlation-driven alt market in bear conditions.

My suggestion to the BitcoinCash developers is to consider a name change.  Outside of that, if people are willing to identify with the advantages of other consensus mechanisms, BCH could do extremely well on the Cosmos/EVM cross-chain, and by utilizing their software it could bring transaction fees, carbon footprint, and transaction wait times down even further.  You may be rattled by Bitcoin 2.0 after the ETH merge; my mind is already on what comes next.

Continued progress must exist inside and outside the blockchain.  Even if the chain was perfect in every way, it would need proper marketing and onboarding methodology.  Assuming it is perfect, how do you go about convincing people who rely on Bitcoin’s price to change their minds?

Show that the software is better.  Compare the two.  Refine marketing and branding if necessary.  What won’t work is sitting back and hoping the original idea, which is years old, is going to beat something that has become a household brand.  This is like expecting Coke Zero to destroy the Coca-Cola legacy.  BitcoinCash should be looked at as an extension of the Bitcoin legacy, the next steps down the same path.

I feel we need to be more open to change in software and marketing while keeping the original vision and mission of Satoshi Nakamoto in mind as the most important base to cover.

I don’t see why such a fuss would be made over making something better or accepting something better.  It’s as if shades have been pulled over most people’s eyes and they don’t want to evaluate any further than first glance.

I’ve always said, the only cryptocurrencies I will ever hold, are the ones I use.  BitcoinCash is a functional and practical cryptocurrency, so it will have a place in my wallet.  We can thank Bitcoin for bringing us blockchain and the desire to do even more with it; that is a great legacy to be had in the name of decentralized finance and software technology.

Bitcoin can never compete with credit cards.  The new Bitcoin has the potential do to far more than that, especially with continued updates and governance. I can't help but call BCH what it is - BTC2.

As always, comments & suggestions are highly encouraged.

Stay smart & Stay safe.

-Thomas Wolf

Pronouns: He/Him/His

DISCLAIMER

I am not a certified financial, tax, or legal advisor, analyst, or planner.  The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes.  I am not responsible for any losses or damages incurred due to misinterpreting my personal opinions for professional advice.


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