In Bitcoin community there are few battlefields going on, and among them, more actual in this moment the battle over the legacy of Bitcoin names!
Proponents of Bitcoin Cash
Calvin Ayre, a billionaire of Media Group (which includes CoinGeek.com) intends to work with Roger Ver and his Bitcoin.com group, promising using their wealth and resources to educate the world on why the Bitcoin Cash blockchain (BCC) is the only one, that can do it all. They have jointly declared Bitcoin Cash is the “true Bitcoin”, and any other chain with purporting to be Bitcoin is a clone.
Calvin Ayre, an entrepreneur who made a reputation for himself in the online gambling and entertainment industry stated:
“We are of the belief that Bitcoin Cash (BCC) is the true remaining Bitcoin as intended by the original Satoshi white paper, which was immutably embedded in the blockchain back in 2009.”
As an early investor, Ver was nicknamed Bitcoin Jesus for relentlessly promoting Bitcoin to the world. Since a hard fork in August, that saw Bitcoin split into two, he has become a fierce proponent of Bitcoin Cash (BCC) intending to use all resources at his disposal for this fixation in rebranding Bitcoin Cash as simply “BITCOIN”. He owns and operates Bitcoin.com, a news and information outlet that critics claim gives new users the impression that it is an official Bitcoin resource.
On the plus side, developers of Bitcoin Cash are working on the project and successfully mined and propagated a record-breaking 1-gigabyte block as part of a test network. Once when all the technological hurdles will overcome Bitcoin Cash would be able to scale on to Visa’s transaction levels.
There is a fraction of Bitcoin core developers who came with interesting idea of the new coin called Bitcoin Gold. As with proponents of Bitcoin Cash they think that Bitcoin was created by Satoshi Nakamoto to be immutable and the main purpose of creation of the Bitcoin as a decentralized currency was to give the masses the power to control and manage their own money and through their own home computers. So this is exactly the idea behind Bitcoin Gold of re-empowering the average person in Bitcoin mining, thus achieving true decentralization. Seeks to remedy this by employing a new proof-of-work mining algorithm which will again enable people to mine Bitcoin Gold coins on their home computers.
Bitcoin Cash is the version of Bitcoin that most closely adheres to the original design.
Opponents: Litecoin creator Charlie Lee and part of angry Bitcoin community.
Litecoin creator Charlie Lee stated:
“A lot of newcomers are going to be misled by Bitcoin.com. This article is so full of lies and FUD. Not having replace-by-fee does not make unconfirmed transactions safe. Also confirmed transactions are irreversible even with SegWit. SegWit signatures are not removed from the transactions. It’s just the transaction data structure that’s different. It’s just as secure. More Pretty much every other line in that article is FUD and misleading. It’s very much a hit piece on Bitcoin Core and SegWit. Shame.”
It is worth noted that until this moment, Bitcoin Cash has not been able to come close to the original Bitcoin blockchain by any indicator, such as user base, hashrate, market cap, and developer activity, so the support and demand for Bitcoin Cash have significantly decreased, which is evident in the hash rate and market cap of the cryptocurrency.
New upcoming development in the next two months in Bitcoin ecosystem.
With the advent of the impending of two upcoming hard forks Bitcoin Gold and SegWit2x hard fork, however, the Bitcoin brand again will be thrown into question, starting comparisons between the various versions of Bitcoin!
Usually as a by-product of a contentious, controversial hard fork is the creation of a new coin, in this case not one but two all new coins: Bitcoin Gold and Bitcoin 2x or better yet, Bitcoin Platinum!
–Bitcoin Gold, expected hard fork to occur on October 25
– Segwit2x, maybe, Bitcoin Platinum!? Expected on November 18.
With due planning and preparation the network can smoothly coordinate to effectuate such changes with minimal chances of chain split and disruption. That, however, requires time, education and testing.
But in reality there is a dominant feeling among the Bitcoin community that this preparation for hard fork SegWit2X was made carelessly, in an unacceptable, irresponsible manner and that many of them will not support any Bitcoin chain split, joining the larger “choir” of businesses and entities around the world stating their deep opposition and public condemnation to the forthcoming hard fork.
There is quite a possibility that after two months on the cryptocurrency market these coins will compete: Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Platinum! A very fertile ground for speculators and some brave traders, but hard on ordinary folks.
Regardless of the outcome of the November hard fork we are confident that Bitcoin, the legacy chain, will not only survive this fork, but continue to flourish as the dominant Bitcoin network.
Clearing the fog in media around Bitcoins reality, actually the end users and investors will ultimately determine in which direction things will head.
