Ver talks about the degradation of Bitcoin’s principles—a history muddled with propaganda, smear campaigns, and corruption. And how Bitcoin Cash will bring back its glory days.
“We’re gonna talk about Bitcoin Cash being Bitcoin and we’re gonna make it cash again just like it was in the earliest days,” bitcoin.com founder Roger Ver said as he began his presentation at last month’s CoinGeek Conference in Hong Kong.
Roger Ver was an early Bitcoin adopter who played a significant role in propelling many start-up projects in the space. But he has been the subject of a lot of attacks, particularly from Bitcoin Core fanatics, when he made a decision to stand on the minority’s side during the Great Scaling debate—where those that wanted to preserve Bitcoin’s principles decided to save them through Bitcoin Cash.
“If you’re opposed to Bitcoin being used as cash, well then you’re opposed to Bitcoin,” Ver declared. “Bitcoin Cash (BCH) has more “Bitcoin-ness” than Bitcoin Core (BTC).”
Ver enumerated several significant features attesting to this statement:
- Bitcoin Cash remains true to its mission of serving as a peer-to-peer electronic cash system whereas BTC’s Lightning Network requires channels;
- BCH retains ow fees plus fast and reliable payments whereas BTC fees skyrocketed as it got congested;
- BCH deployed on-chain scaling as originally planned by Satoshi whereas BTC insist on enforcing the 1Mb block size limit;
- BCH enforces non-reversible payments by removing BTC’s has replace-by-fee; BCH preserves digital signatures whereas BTC implemented Segregated Witness;
- Valuable Op Codes from the original Bitcoin code have been resurrected in Bitcoin Cash, whilst they remain inactive in Bitcoin Core.
The only metric met by both BTC and BCH is that they both use SHA-256 algorithm, following the one-CPU-one-vote rule. And the only factor BTC has that BCH doesn’t is that it is the longest chain with the most proof-of-work. The “longest chain” argument is one that has sparked several debates, with some saying it is a component, but not a sole determining factor.
“That’s certainly a very important metric, but I don’t think it’s as important of a metric as it being usable as a peer-to-peer electronic cash system as defined in the very title of the white paper,” Ver explains.
Ver goes on to explain the political history of Bitcoin
, muddled with smear campaigns and propaganda, and corruption of the human “custodians” who were supposed to be developing it.
“It’s worth pointing out that the problems that we saw happen with Bitcoin Core—these weren’t technological problems, these weren’t technological failures. These were human failures.”
Watch his full presentation in the video below.