Editorial 17 October 2017

Cecille de Jesus

Official Statement: Bitcoin Cash is the real Bitcoin

As the SegWit2x implementation inches closer, CoinGeek and other media outlets are taking a stand: Bitcoin Cash is the real Bitcoin as envisioned in the original Satoshi whitepaper.

Forks are a politically charged yet inevitable necessity for the blockchain: they allow a demonstration of possible solutions for issues, and a real-life testing of proposals. And as we have earlier stated, we have concluded that Bitcoin Cash is the most efficient solution to Bitcoin’s scaling issue that, at the same time, remains true to the core values and principles behind Bitcoin.

Bitcoin Cash reverted to the unadulterated form of the blockchain to stay as true to Satoshi’s vision: replace-by-fee was removed, the signatures are preserved, transactions are kept irreversible, fees are kept low, and the block size is increased to accommodate more users and keep transaction processes fast. It has its own market price, mining network, and maintains the same history as the original chain before its August 1, 2017 hard fork, but a unique transaction history from there.

On the other hand, the coin that “SegWit Core” (now the more accurate description of what was the “Bitcoin Core” development group) insists on is no longer the Bitcoin envisioned by Satoshi’s whitepaper—the only reason the SegWit chain acquired the name Bitcoin (BTC) is largely due to the support of some miners and the businesses relying on them, as opposed to those that chose to reject SegWit after recognizing its deficiencies and its misconstruction of “Bitcoin.” It is Bitcoin Cash that remains faithful to Satoshi principles that conceptualized Bitcoin.

Official Statement: Bitcoin Cash is the real Bitcoin

SegWit2x is a premature update done in haste. The SegWit2x code is flawed and has not undergone sufficient vetting, making the upcoming hard fork a rash decision with potentially catastrophic consequences. The deficiencies in SegWit2x’s protocol would open the Bitcoin blockchain up to several angles of attack—consequences of which will be suffered mainly by users and exchanges through massive losses. It’s a grave irresponsibility to allow users’ deposits, and the Bitcoin system as a whole, to be at risk for the sake of this power grab.

As far as the scaling debate goes, it is becoming apparent to more organizations that SegWit was never the best solution. The update lacks substantial functionalities and improvements to even warrant a hard fork in the first place— SegWit2x does not solve Bitcoin’s scaling needs for the long term. So this upcoming SegWit2x hard fork offers minimal benefits compared to its risks.

SegWit Core proposes a mere 2Mb block size stretch—this won’t hold the volume of transactions for long, and we will all be facing the exact same predicament we are in now within a few months’ time. Contrary to SegWit supporters’ arguments against bigger blocks, it has been proven that massive scaling is attainable—by a test run using one of SegWit’s main rival propositions in the scaling debate: Blockchain Unlimited (BU).

For the first time, a 1.0001GB block was successfully mined on the Gigablock Testnet, proving ultimately that massive scaling of blocks is possible. The results of this test will be implemented by Bitcoin Cash in the future. 

Having considered the circumstances, we will be following the nomenclature below from this point forward.

Bitcoin will refer to Bitcoin Cash which is traded as BCH.

Branches no longer considered Bitcoin: 

SegWit, SegWit Core, or Segwit1X(BTC/SW1) – These chains have high transaction fees and business model not determined. Possible uses as institutional value transfer system; removes digital signature data, reversible transactions, users have to compete for miners by offering higher fees to get their transactions processed. 

Segwit2X(SW2) – it’s the same as SegWit but with the block size increase to 2Mb. 

Bitcoin Gold, or SegWit Gold(SWG) – it’s the same as Segwit 1X but with no side chains; intends to change the proof-of-work algorithm, which may ultimately end in the loss of the mining community.

To read more about the history and the reasons why we’re taking this stand, please read our About Bitcoin page.

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.

COMMENT

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USindependent

There is Bitcoin, and there is Super Bitcoin, Bitcoin Platinum, Lightning Bitcoin, Bitcoin God, Bitcoin Private, Bitcoin Gold, Bitcoin Unlimited, BItcoin Uranium, Bitcoin Cash Plus, Bitcoin Silver and Bitcoin Atom.. The first is bitcoin and the rest is a pile of something not bitcoin.. Bitcoin is governed by consensus.. not by a couple of ego maniacs who didn’t get their way with their technically lame big block “solution” to scaling.

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Money word war: Wozniak says Bitcoin is better than the "phony" dollar

[…] US dollar, which was “kind of phony” as the US government can print more for political reasons, Bitcoin is “more genuine and […]

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'Massive' DDoS attack knocks SegWit Gold site into brink of extinction

[…] Tuesday, the world woke up to three versions of the popular digital currency: Bitcoin Cash (BCC), the true remaining Bitcoin as intended by the original Satoshi whitepaper; BTC; and the newest version, […]

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No plans to regulate cryptocurrencies in Singapore just yet - Coingeek

[…] though it is gaining a massive following in Asia, cryptocurrencies like Bitcoin (BCH) poses no risks—for now—to warrant regulation in […]

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Mining consumes large amounts of energy—so do data centers

[…] day, another FUD [fear, uncertainty and doubt] about Bitcoin. This time, the target is Bitcoin mining and its effect on the […]

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Dr. Craig S. Wright on the untapped powers of the Bitcoin protocol: people just need to unleash them - Coingeek

[…] now being implemented for Bitcoin’s scaling conundrum, this statement reopens the long awaited Bitcoin 2.0 vision—an era where the powers of the Bitcoin protocol is unleashed to its full […]

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Why Proof of Work works: It’s the economics, not just cryptography

[…] it is a combination of cryptography and mathematics, Bitcoin’s solution to the consensus problem is deeply rooted in economic […]

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How to fix malleability? Use Bitcoin as cash - Coingeek

[…] Bitcoin (BCH) works best when used as a cash system. After all, it is designed to work as one. […]

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Bitcoin ABC upgrade targets problematic BCH difficulty adjustment algorithm - Coingeek

[…] being the real Bitcoin as envisioned in the original Satoshi white paper, Bitcoin (BCH) is a minority chain, and with it […]

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First blockchain ETFs are coming soon - Coingeek

[…] to provide exposure to companies and securities involved in blockchain, the technology that powers Bitcoin. The Illinois-based company is known for its ETFs focused on online retail stocks and the […]

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Bitcoin Classic closes down, concedes: Bitcoin Cash will be Bitcoin in six months - Coingeek

[…] signature from a transaction and allows scaling off-chain, not only violates a primary feature of Bitcoin’s security mechanism but also does not solve the congestion problem for the long term. It was a […]

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Rollercoaster weekend: Bitcoin Cash fluctuates as major upgrade approaches​ - Coingeek

[…] been a crazy week for the Bitcoin world, and it seems things have been going in favour of Bitcoin Cash […]

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Bitcoin Cash hard fork goes smoothly - Coingeek

[…] This caused the hashrate to fluctuate wildly and the instability subsequently caused erratic processing times, ultimately hindering BCH from fulfilling the promise of becoming a reliable and stable payment system—the peer-to-peer electronic cash as envisioned by the Satoshi white paper. […]

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A case for bitcoin cash - Coingeek

[…] years I have been a Bitcoin maximalist. Out of the 1000+ alt coins that are not BTC, very few interest me. Since I started […]

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BCH price soars above $1,500 as support grows among service providers

[…] price of Bitcoin (BCH) has jumped—again—against the U.S. […]

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Bitcoin Cash Fund goes live: call for proposals is now open

[…] started out as an effort by a small community to move forward with Satoshi’s core vision for Bitcoin, which has now been assumed by Bitcoin Cash. But what started out as a simple endeavour to raise a […]

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Bitcoin Cash to scale to 32Mb blocks next year? - Coingeek

[…] a release, one of the development teams working on the Bitcoin Cash (BCH) blockchain—Bitcoin ABC announced what they say is the six to 12-month roadmap for the […]

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And so it begins: UK wants Bitcoin under money laundering rules - Coingeek

[…] Monday that the British government is looking at increasing the regulation of cryptocurrencies like Bitcoin to fight against criminals who use the digital currency for illegal activities like money […]

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Decision day looms for cryptocurrency regulation in Mexico - Coingeek

[…] to regulate Mexico’s nascent financial technology sector, including cryptocurrencies like Bitcoin, has cleared a major hurdle in the upper chamber of the Mexican […]

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Consensus by ignorance: How bandwagoning can kill Bitcoin

[…] most of the population, then Bitcoin has failed. To understand this, first you must understand why Bitcoin was created in the first […]

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Bitcoin.com co-founder sells all of his ‘good as useless’ BTC

[…] he has already divested all of his “good as useless” SegWit1X (BTC) coins and switched to BCH, the real Bitcoin as envisioned in the original Satoshi […]

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The next big headache for investors? Taxes on your cryptocurrency – CRYPTOTIMES.MOBI

[…] the Bitcoin and cryptocurrency craze affecting millions of people who are looking to get rich as quick as […]

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Digital cash is the ‘killer feature’ in Satoshi white paper, says Bitcoin ABC’s Amaury Sechet

[…] him to work and develop cryptocurrency applications. According to Sechet, his shift to working with Bitcoin Cash after initially being attracted to resolving software issues in the legacy Bitcoin (BTC) network […]

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Exodus now supports Bitcoin Cash, plus online marketplace LocalBitcoinCash opens

[…] the past months, things have been heating up in the Bitcoin community. After having endured one hard fork in August, and with another one on the way, it has […]

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SegWit supporters, you've been played: Jeff Garzik is abandoning ship

[…] events, if the upcoming hard fork he supported, advocated, and worked on for the legacy chain of BTC next month ends in disaster, he and his Metronome friends are all […]

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The war of two SegWits: the SegWit vs SegWit2x saga simplified

[…] the scheduled hard fork for Bitcoin’s legacy chain draws near, SegWit Core (BTC or BT1) supporters are clashing with SegWit2x (S2X or […]

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Bitcoin Cash offers a brighter future than BTC

[…] supreme leader for the longest time, the popular digital currency is starting to show its cracks. Bitcoin Cash, the true remaining Bitcoin as envisioned by the Satoshi Nakamoto white paper, is poised to take […]

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Buying coffee with crypto? Not with BTC, says Starbucks exec - Coingeek

[…] micro-payments there are cryptocurrencies like Bitcoin Cash designed to make quick, low-cost transactions over a securely connected network. Buying a $3 cup of […]

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US agency: Bitcoin Cash is the original blockchain - Coingeek

[…] The SegWit chain may have inherited the name “BTC” largely due to history, but scientists at the National Institute of Standard and Technology (NIST) said the title of the original blockchain belongs to Bitcoin Cash (BCH). […]

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Crypto regulation is coming and it’s OK, says nChain CEO - Coingeek

[…] banking has its days numbered given the steady growth of Bitcoin, whose underlying technology promises to cut out the middleman—along with their outrageous […]

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Dr. Craig Wright: Bitcoin front-end is really problematic - Coingeek

[…] difficult it is rather at the moment and I’ve been saying for quite a while the front end of Bitcoin is really problematic, the UI. And there are some other teams out there who have some really cool […]

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Smart contracts are on the way for Bitcoin Cash

[…] the “Developer and Testing Groups) have come together to fulfill Satoshi Nakamoto’s vision for Bitcoin. The teams are outlining what they see as priority upgrades for the blockchain which will then be […]

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JPMorgan steps over Dimon’s line again, praises Bitcoin as ‘new gold’ - Coingeek

[…] been in the headlines recently after CEO Jamie Dimon drew the line against dealing with “fraud” Bitcoin. It appears, however, that the company has chosen not to listen to its head honcho’s […]

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Bitcoin Cash notary service is now open - Coingeek

[…] can now have your documents certified, timestamped, and linked to encrypted data recorded on the Bitcoin Cash (BCH) blockchain forever. Bitcoin.com has launched a notary service built on the BCH blockchain—one […]

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Tippr bot connects the Bitcoin Cash community - Coingeek

[…] Ever since Bitcoin Cash began making waves with its first block mined in August, services like Tippr have enabled BCH users with a viable means of sending their kind regards to friends and fellow users over the internet for as little as two cents. There’s a saying that goes: it’s the small gestures that count. Small gestures that reflect a thoughtful consideration, an appreciation for saying facts as they are. […]

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Yours.org raises 1.5M USD in funding round led be Bitmain and nChain

[…] believe the best way to reach a mainstream audience is to get people paid for their work, in Bitcoin Cash… the plan for this is predominantly hands-on whereby we work with our users in different […]

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Overstock and Coinbase glitch confuses Bitcoin Cash for BTC | Cryptobase

[…] differentiate, Bitcoin is designed for cheap and fast peer-to-peer transactions, as described in the whitepaper written by Satoshi […]

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Overstock and Coinbase glitch confuses Bitcoin Cash for BTC - Coingeek

[…] differentiate, Bitcoin is designed for cheap and fast peer-to-peer transactions, as described in the whitepaper written by Satoshi […]

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Editorial 15 January 2019

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