On the 1st of August, 2017 Bitcoin Cash came into existence as a result of the splitting of the Bitcoin blockchain. The main factors that led to this split were the issues users were having with bitcoin transactions as they were beginning to get slower and the fees were also getting higher. A section of the community believed that there was the need to increase the 1MB bitcoin block sizes to help address these issues. It then resulted in the creation of the Bitcoin cash blockchain with 8MB block sizes with relatively faster transactions and lower fee as compared to Bitcoin.
Even though a large section of the community was against the hard fork and believed instead that there was the need to stick to the original Bitcoin (BTC) and together come to a consensus on how to increase transaction speed and lower costs, Bcash seemed to enjoy some good support from a significant number of miners. This is believed to be a reason why Bcash has seen a value increase from its initial $400 price point to a high of about $8,500 in late December, 2017. Bcash trades at about $1,600 (as at the time of writing this article) with a market capitalization of about $27 Billion making it the 4th largest cryptocurrency at the moment.
Yesterday however, I made a decision to exchange my entire Bcash portfolio for Bitcoin. This has been informed by the less than palatable marketing strategy the Bcash team seems to have been executing over the last couple of months. Yesterday a tweet from the bcash team’s sponsored twitter handle ‘@bitcoin’ which is known to consistently try to run down original bitcoin just to make bcash look good was the tipping point. There had been several instances when I contemplated emptying my bcash holdings, but yesterday I finally did. The tweet went thus;
“I see so many replies to my tweet that say Bitcoin cash is a scam. The Bitcoin cash technology is virtually identical to BTC technology, so how is it a scam?…”
The responses to this tweet were largely against bcash. It seemed too many people had come to the point where they could no longer stand the negative energy bcash PR seemed to consistently generate.
About an hour earlier, the same handle had tweeted that “BTC fees are going down because fewer people are using the network. BTC transaction numbers have been declining for the last two months”
It is interesting to note that members the bcash community seem to be the only ones who consistently bad mouth Bitcoin just to prop up their own currency. To begin with, we would not even have had bcash or other contemporary cryptocurrencies if not for Satoshi Nakamoto’s whitepaper. And to think that bcash’s technology mirrors that of bitcoin, one would expect that there would be more deference to the pioneer.
If one major reason that inspired the splitting of the bcash blockchain was high cost of transaction, why then would the same bcash team turn around to try and slant efforts that have been made by the larger bitcoin community over the last couple of weeks to bring down transaction fees considerably?
Bitcoin is beginning to experience the benefit of lighting network protocol being run on it to help increase transaction speed and reduce costs.
For me, controls of bcash network seem to exist in the centralized hands of a few people who founded the cryptocurrency. A highly centralized blockchain network is not healthy and sure seems like a deviation from the vision that birth contemporary cryptocurrency and blockchain technology. Ironically, the same people behind the creation of bcash have made some significant wealth off the back of Bitcoin and now want to turn around to discredit Bitcoin and make people believe that bcash is the original Bitcoin. How does that even work?
There are other high profile digital currencies such as Ether and Litecoin whose team just concentrate on their core mandate and do not go about trying to discredit Bitcoin but yet are giving the community better use cases than the Bitcoin network offers presently. Pioneers of these cryptocurrencies (i.e Ether and Litecoin) have in fact on several occasions acknowledged the important role Bitcoin has played in spurring the digital currency revolution as we currently have it.
I have decided on a personal note to let go of bcash due to the salty nature of the team’s campaign. For me, the team seems to put in more energy into crypto-politicking than anything else that would benefit the larger crypto-community and that is a turn off.