The creator of Electron Cash, Jonald Fyookball, has made his views on Bitcoin Cash (BCH) perfectly clear in the past. Now, he has written at length about the risks and rewards of Bitcoin BCH, relative to Bitcoin Core (BTC)—an exercise he believes demonstrates BCH is the better prospect.
The developer laid out his case in a Medium post, concluding that the limits to BTC’s scaling potential, and the growing acceptance of BCH as the true version of Bitcoin, mean BTC has now become the riskier investment.
Fyookball, creator of the Electron Cash wallet, was among the attendees at the recently held CoinGeek Conference in Hong Kong, where he said it became clearer to him that the tables have now turned, “Now it is BTC that carries a huge risk of not being able to scale.”
“When Bitmain CEO Jihan Wu was asked on stage ‘Why are the miners still supporting Bitcoin Core? Is it just a short term profitability play?’, he answered: ‘Yes, exactly.’ The answer rang true. Think about it: the miners are now economically incentivized to keep BTC from scaling, since they are profiting from high fees.
“You might ask ‘why does the short term incentive apply to BTC and the long term incentive apply to BCH?’ The answer is because those are the incentive models already chosen by the nature of each of the protocols.”
Fyookball continued, highlighting BCH as the only Bitcoin capable of addressing the challenges of scale.
“BCH meets the need of the long term business model — it can become global peer to peer cash, it wants to be that, and it already has 32MB blocks. There’s no reason at all to have 2 coins do that. By contrast, BTC’s high fees already make the miners short term profits, so there’s no reason to change that either.”
His views chime with a growing consensus amongst those in the wider cryptocurrency space, as an increasing number of merchants and investors turn to Bitcoin BCH as the only effective model for peer-to-peer transactions.
Without the high transaction costs and lengthy delays caused by the inadequacies in the BTC blockchain, BCH is already primed for use at scale, even more so with its 32MB block size.
While Fyookball has been bullish on BCH for some time, he now feels the writing is on the wall for the legacy BTC coin, noting, “…the most likely scenario for the next 1–2 years is that BCH continues to gain adoption, and BTC continues to spin its wheels.”