For far too long, legacy Bitcoin or SegWit1x (BTC) has been leveraging its market proposition with promises of “fast” peer-to-peer transactions and “low” fees. This sort of misinformation has since ceased with an official copy update from Bitcoin.org, following a pull request via Github by developer Cobra Bitcoin, co-owner of Bitcoin.org and bitcointalk.org. The commit has since been merged into bitcoin-dot-org:master from jlopp:descriptions.
The new descriptions, according to Cobra Bitcoin, were “a huge change to how Bitcoin has been marketed for much of its history, and it implies that we’ve misled millions of people about what Bitcoin actually is.”
When it all began with Satoshi Nakamoto’s seminal whitepaper, “bitcoin” was described as a cryptocurreny designed for peer-to-peer transactions rendered at almost instant speeds for negligible fees. What has happened since its meteoric rise to prominence might be considered a cautionary tale.
After all the hype it has received in the past years, BTC has downgraded to a highly-congested network of about a quarter million transactions waiting for confirmation, a network whose exorbitant fees aren’t justified by the way it runs on too much energy, causing about as much damage to the environment as high-end manufacturers and current data centers do.
In Cobra Bitcoin’s initial pull request, the developer admitted how unfairly misleading Bitcoin.org’s descriptions are, saying: “From the moment the user visits the site, and even in the video, the entire site has always emphasised low fees. Obviously we don’t expect some insanely low fee, but the current fees make it impossible for reasonable people to transact with each other,” further admitting that he doesn’t know “what’s gone wrong, but I don’t think the correct solution is to change the site to focus on the ‘uncensorable’ aspect.”
There was critical information missing from the pull request, though. While it confessed that “The entire brand of ‘Bitcoin’ has always been about being able to spend it. It’s in the name itself, a ‘coin’, you use coins as money to pay for things. Nobody would use coins if they somehow had high fees.” The request didn’t acknowledge the existence of low-fee, almost-instant transactions in major cryptocurrency networks such as Bitcoin Cash. Turning a blind eye to this detail is expected, of course, from a network that has worked to vilify other networks through FUD strategies.
Since its inception from the first historical hard fork back in August 1, 2017, Bitcoin Cash has led other cryptocurrencies with merchant adoptions and integrations with businesses in various scales, decentralized decisions that ultimately serve and benefit the user community. Bitcoin Cash and its community of passionate users continue to work together independently to share the vision of Satoshi Nakamoto for a future where peer-to-peer transactions are fully decentralized and cost next to nothing.
The old version of the site can now be read through archive.org. Below is an illustration from the Github merge which specifies the changes.