There are many controversial topics in the cryptocurrency space. Proof-of-Work vs. Proof-of-Stake, the true value of one Bitcoin, whether altcoins have long-term value (BTC maximalism)… But perhaps the most controversial and well-known topic in cryptocurrency since 2017, has been the argument of Bitcoin (BTC) vs. Bitcoin Cash (BCH).
The BCH Fork
August 1, 2017 marked the official start of the infamous BTC/BCH debate, with Bitcoin seeing a fork in the network designed to increase block size (scalability). This fork resulted in two separate coins (BTC and BCH), with BTC holders receiving 1 BCH for every 1 BTC they held at the time of the fork.
The BCH fork has caused significant controversy in the cryptocurrency community, partly the result of inner conflict, even before the BCH hard fork. The BCH fork was the result of a divide in the opinions of the Bitcoin developers, with regards to high transaction fees, “economic theory complaints regarding the desire for full blocks”, and censorship, to name a few.
One main argument for BTC over BCH is in terms of its developers. Bitcoin has been stated to have a larger and more experienced base/community of developers, compared to BCH.
After the BCH fork, two notable figures have stepped into the spotlight, speaking positively of BCH. Roger Ver (former CEO of MemoryDealors.com) and Craig Wright (claims to be Satoshi Nakamoto) may possibly be the two most outspoken advocates for BCH. One of the main arguments from the BCH camp is that BCH is a closer example of what Satoshi originally envisioned, with some advocates even claiming that “BCH is BTC”.
However, many in the cryptocurrency community seem to disagree, with many prominent figures voicing their disagreements toward BCH. Eric Voorhees (CEO of Shapeshift) tweeted that “Bitcoin is the chain originating from the genesis block with the highest accumulated proof of work. The Bitcoin Cash fork failed to gain a majority, thus it is not Bitcoin”. Vitalik Buterin (Ethereum creator) also called Craig Wright a “fraud” at the Deconomy 2018 conference in April.
Bitcoin.com (run by Roger Ver/BCH) has been known to confuse the public, leading members of the public to join together in an attempted lawsuit against Bitcoin.com, claiming they were tricked into buying BCH instead of BTC as a result of confusion.
Valid Points Made
The Bitcoin Cash side does, however, have a few thought-provoking arguments. One of the main arguments presents the notion that BCH more closely fits Satoshi Nakamoto’s true vision for a “peer-to-peer electronic cash system” (as seen in the original BTC whitepaper). As of late 2017/early 2018, the BTC network was overloaded with transactions, causing excessively long and expensive BTC transactions. This brought to light a major problem in Bitcoin’s ability to scale at that time, thus validating some of the BCH camp’s claims.
Most Recent BTC v. BCH Debate
Recently, notable BTC maximalist Jimmy Song took part in a planned debate against Roger Ver (BCH) on the Coinsbank Blockchain Cruise. The debate resembled that of a political debate, complete with each side taking a few stabs at the other. However, both sides had several thought-provoking points each, showing that there could possibly be a case for either side.
BTC has the longest chain, has the most people behind it (as seen in its price), etc. However, there is something to be said for BCH and its ability to be a transactional currency (while still retaining a maximum supply of 21,000,000). Ideally, the best option would seem to be a coin that is a solid store of value and is also transactional, no matter how busy the network becomes. Maybe lightning network for BTC is the answer to that, or maybe not. But it seems that when all is said and done, the public/majority decides what they want the highest market cap coin to be, and right now that’s BTC.
Written by UseTheBitcoin Guest Writer – Benjamin Pirus