by Cindy Huynh
Brisbane, the capital of Australian territory Queensland, will be hosting a discussion between Bitcoin and Bitcoin Cash on May 15, 2018. Since there are many divided opinions, disagreements and confusion concerning the two technologies, Hayden O, a cryptocurrency technical analyst and trader and organizer of the meetup, will represent Bitcoin Cash and debate against supporters of Bitcoin Core’s lightning network.
On August 1, 2017, Bitcoin Cash (BCH) emerged as a hard fork from the original Bitcoin (BTC) blockchain. BTC and BCH currently coexist, however, BCH is a modified replica of BTC with the aim to improve transaction speed, cost and volume. A group of independent developers who disagreed with the SegWit method of scaling BTC developed BCH. Hayden O believes that it “is a winner takes all scenario that will ultimately result in the death of the inferior Bitcoin chain.”
Bitcoin Versus Bitcoin Cash Confusion in the Community
According to CoinMarketCap, BCH is the fourth largest cryptocurrency with a market capitalization of $23.9 billion as of April 30, 2018. It’s become a popular digital currency in the cryptocurrency industry with Roger Ver, Jihan Wu, and Deadal Nix as the Bitcoin Cash community leaders.
Many cryptocurrency enthusiasts believe that these influencers are spreading misinformation. An example of such misinformation is the attempt to change the public’s definition of the original Bitcoin into Bitcoin Cash. These influencers are accussed of trying to change people’s perceptions around the the original Bitcoin name, calling it Bitcoin Core.
As seen in a Reddit sub-thread, Reddit user DesignerAccount believes that Bitcoin Cash influencers “have been hell-bent on trying to hijack the Bitcoin name and brand.” User Excessive_Imagery even personally attacked Roger Ver stating that he “is extremely predatory towards new people coming into the market… he bashes Bitcoin nonstop and refuses to call it anything but core, and calls his own version of Bitcoin that he copy-pasted (Bitcoin Cash) the real Bitcoin.”
BCH proponents argue that you cannot ‘hijack’ the bitcoin name or brand, as it is an open source project.
Roger Ver, a Bitcoin Cash influencer and CEO of Bitcoin.com asserted his view through Twitter. To support his argument, he tweeted a graphic explanation as to “why I think Bitcoin Cash is Bitcoin.”
Bitcoin Cash is Bitcoin. pic.twitter.com/q2dnTl4igd
— Roger Ver (@rogerkver) April 5, 2018
Roger Ver’s Bitcoin.com also displays Bitcoin as “Bitcoin Core.” The naming is very confusing as “Bitcoin Core” is the name of Bitcoin’s software client. For “Bitcoin Cash,” the software client is Bitcoin ABC.
The information presented on Bitcoin.com appears confusing and misleading. Reddit users speculate that the misinformation seems to be intentional, as Ver wants to claim Bitcoin Cash as Bitcoin.
Since the difference between BTC and BCH may not be obvious for new users, funds may be lost in mistaken transactions. Ragnar Lifthrasir, the founder of International Blockchain Real Estate Association, even tweeted:
“If you’ve lost bitcoin because of misleading language, ticker symbols, graphics, or photos on any Roger Ver website or wallet (like Bitcoin .com), please submit your report to: http://bitcoincomlawsuit.info/ we also have a Telegram group.”
What’s the Difference Between BTC and BCH?
BTC and BCH have many similarities. However, there are slight differences between the two tokens. According to Bitcoin.com “Bitcoin’s block size limit remains at one megabyte (allowing for ~250,000 transactions per day), Bitcoin Cash has [however], increased the limit to 8MB, allowing for around two million transactions to be processed per day.” The block size for BCH will be further increased to 32MB in a hard fork taking place in May. Despite the similarities between the two, they are completely different currencies, just like the US dollar is different to the Australian dollar.
Due to their similarities, it’s common for people to accidentally lose funds when accidentally transferring BTC to a BCH address or vice versa. Since it’s easy to mistake the two, most of the Bitcoin community is hostile to individuals and groups that spread misleading information.
BCH, however, has lower transaction fees. BCH also has significantly less community acceptance, fewer nodes and mining pools that are made up of few large groups. There is currently a heated debate on which of these two cryptocurrencies will be the winner in the future.
So if you’re near Melbourne, attend the meetup and argue your side; Bitcoin or Bitcoin Cash? Which one do you support and why? Leave your comments below