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For those who are unaware, Bitcoin Cash is a fork of the bitcoin network (NOT an alt coin). Over the years, there have been two conflicting visions for what Bi
by stale2002 9y ago
For those who are unaware, Bitcoin Cash is a fork of the bitcoin network (NOT an alt coin).
Over the years, there have been two conflicting visions for what Bitcoin should be.
The Core development team what Bitcoin to be digital gold settlement layer. A censorship resistent store of value for settling low volume, multi thousand dollar transactions, that costs hundreds of dollars per transaction. This is because the higher transaction fees are, the higher the "security" of the network is.
The other, competing vision for Bitcoin, and Bitcoin Cash, is that it should be a way for every day people to make every day transactions. They believe that fees per transaction should be measured in cents, at most. This vision sacrifices some amount of security, in order to allow mass adoption.
There are more complicated arguments, such as mythical "layer 2 and layer 3" solutions, called the lightning network, that could be deployed on the network, so as to help with scalability. But these solutions are perpetually 18 months away from completion.
Mostly recently, the settlement layer, high fees faction "won" by stopping one of attempted upgrades to the network, and the other side responded by forking the network and going its own way. That is Bitcoin Cash.
- pierrebonbon 9y agoBcash is just another altcoin. The sole reason for the existence of Bitcoin Cash is pump and dump + (covert) ASICBOOST by Bitmain (largest chinese ASIC manufacturer) leading to greater centralization and an unfair advantage. Please take some time to read: https://medium.com/@WhalePanda/asicboost-the-reason-why-bitmain-blocked-segwit-901fd346ee9f https://medium.com/@WhalePanda/asicboost-the-reason-why-bitm... Besides that, Lightning Network can be deployed much quicker. In fact, it already runs on testnet e.g.: https://github.com/LN-Zap/zap-desktop https://github.com/LN-Zap/zap-desktop / https://www.youtube.com/watch?v=dhpg_8D2FPI https://www.youtube.com/watch?v=dhpg_8D2FPI So how is bitcoin core going to scale ? Take a look at this: https://www.reddit.com/r/Bitcoin/comments/7cn5dj/so_how_is_bitcoin_going_to_scale/ https://www.reddit.com/r/Bitcoin/comments/7cn5dj/so_how_is_b... (Schnorr, RSK, Segwit, Lightning and more)
- stale2002 9y agoSegwit has been active for 3 months, and average blocksize is around 1.05 MB. So in 3 whole months, segwit has scaled the network by a measly 5%. All the stuff you are talking about will likely end the same way.