Business 11 months ago

Vince Dioquino

The Name Game: Why Bitcoin Cash is Bitcoin, not “bcash”

Not too long ago, Blockstream Chief Strategy Officer Samson Mow tweeted that “Bitcoin isn’t for people that live on less than $2 a day.” An arrogant, anti-poor statement, it is nonetheless technically true because of the unsustainable character of SegWit1x (BTC). Why? Let’s examine further.

First, a differentiation: BTC is the first cryptocurrency launched by Satoshi Nakamoto et al. back in 2009. Of late, however, it has embarked on a vastly different prospect. Despite claims to decentralization, it appears that the off-chain Segwit version has been taken over by Blockstream. The original vision written down in the Bitcoin whitepaper released by Satoshi Nakamoto is now under threat of being given over to centralization and economic censorship.

For over half a year since its inception Bitcoin Cash (BCH) has been the target of wild claims by its opponents, with a lot of people from the Bitcoin community often referring to BCH as “BCash.” In a report by The Merkle, it was revealed that BCash in fact exists, but only as a wholly different entity from Bitcoin Cash.

Examining its website’s offerings, one would soon realize that BCash.games is a HYIP (high-yield investment program), a type of Ponzi scheme promising unsustainable returns to unsuspecting, often vulnerably illiterate investors. At the moment, the website is undergoing an ICO for its mixture of masternodes and gambling. However, it isn’t in any way related to Bitcoin Cash, the inheritor of Satoshi’s vision.

Note that these discrepancies are merely surface level, because the problem runs deeper when one realizes that there are a number of accounts made by dubious individuals just to spam the internet with the term “bcash”. There’s even a static page called BCash.io hosted from Github Pages that deliberately uses “BCash” as a name, and yet has no further content or functionality other than the descriptions it. It also has no followers or watchers.

Taken apart, it appears that these strategies are in fact part of a social engineering project built to stain the Bitcoin Cash project through an FUD (fear, uncertainty, doubt) campaign. Ever since Bitcoin Cash launched last year, earnest user questions and concerns related to its use have been quelled with censorship.

Just last month, there was outrage over Bitstamp listing Bitcoin Cash as Bcash. This move was denounced as “unprofessional and petty” by Cøbra, co-founder of bitcointalk.org, one of the largest and most active forums on cryptocurrency trading and technology. A little over a week ago, a glitch caused by a confusion between Bitcoin Cash and BTC led to a possible exploit which has been mitigated.

These confusing predicaments would soon end, however, as more mainstream platforms and engines begin to adopt the standard naming protocol for Bitcoin. Here’s to hoping that the future of Bitcoin is accessible to all, easy to use and understand, and doesn’t look down on people just because of their economic status, something that Satoshi himself envisioned: setting people free.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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BitPrime brings Bitcoin Cash to New Zealand - Coingeek

[…] Ranking among the largest and most easily-accessible cryptocurrency exchanges in the Pacific, BitPrime has recently brought greater accessibility to fast, low-cost micropayments via Bitcoin Cash (BCH) to New Zealand. With an easy-to-understand interface, the exchange promises to “take the hassle out of buying and selling bitcoin.” […]

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Dr Craig Wright makes pledge to donate millions to “make the world I am in better”

[…] BCH holders. Not only do such donations inspire other charities and entities to accept and adopt Bitcoin Cash, but it also goes some way in gaining visibility, scoring wins all-round. If we can make the world […]

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The Name Game: Why Bitcoin Cash is Bitcoin, not “bcash” – Wu Wei Dao

[…] : The Name Game: Why Bitcoin Cash is Bitcoin, not “bcash” Not too long ago, Blockstream Chief Strategy Officer Samson Mow tweeted that “Bitcoin […]

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