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⏰ Time Stamps ⏰
1:47 History of Bitcoin Fork
4:30 Ideological Divide
6:44 Against Big Blocks
9:47 Transaction Fees
10:46 Transaction Speed
11:36 Network Usage
12:08 Network Security
13:52 Investor Demand & Price
16:47 Bitcoin SV Fork
18:14 Can Bitcoin Scale?
⛓️ 🔗 Useful Links 🔗 ⛓️
► Bitcoin Cash Website: https://www.bitcoincash.org/
► GitHub: https://github.com/bitcoincashorg/bitcoincash.org
► Reddit: https://reddit.com/r/btc
► SegWit2X: https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77
► Hard Fork Argument: https://www.coindesk.com/consensus-2017-bitpay-ceo-bitcoin-fork
► Bitcoin & Bitcoin Cash Stats: https://bitinfocharts.com
► Bitcoin Cash Network Stats: https://cash.coin.dance/blocks
📝 History of Fork 📝
Bitcoin cash’s beginnings can be traced back all the way to a conference in New York in early 2017. They came up with a solution that was called SegWit2X which would increase the block size limits.
The SegWit2X agreement would see Bitcoin adopt segregated witness in July followed by a doubling of the block size limit to 2 megabytes in November of the same year.
There were many in the community who were not happy with the SegWit proposal and thought that an increase in the block size was the only way to scale.
This group then decided that they would split the main chain or “fork” it. On the 1st of August 2017, the code was forked and the Bitcoin Cash chain emerged. This would have an 8-megabyte block limit.
💭 Ideological Divide 💭
There are many in the Bitcoin Cash community who think that Bitcoin cannot scale to be a peer to peer electronic cash. They point to the slow transaction times as evidence that it cannot be used as a means of exchanges.
They attribute this to the fact that Bitcoin blocks are too small and hence, not enough transactions can be put into a particular block.
📈 Network Stats 📈
Bitcoin cash had a peak transaction cost of about $0.9 in early January. This compares to the over $50 for Bitcoin during the same period.
Bitcoin is also slower to send as the average transaction can take about 10-15 minutes whereas Bitcoin cash is under a minute. However, Bitcoin cash has nowhere near the same level of general adoption as Bitcoin. There are way more transactions on the Bitcoin Network.
When it comes to the security on the Bitcoin Cash blockchainn, there is way less hashpower backing it. This became way more evident with the reduction in the block reward back in April. Since then the cost to launch a double spend attack has dropped.
🤔 Bitcoin Dominance 🤔
Despite some of the relative advantages of Bitcoin Cash for P2P transactions, people still want to use Bitcoin way more because it is Bitcoin. It is the gold standard in crypto and more funds / whales are holding the currency.
You don’t see that much coverage about Bitcoin Cash in the news when compared to Bitcoin. There are also a host of trading services and companies that have launched in order to serview Bitcoin. These include the likes of the CMC & Bakkt.
You also have the Bitcoin Cash hardfork with the launch of Bitcoin SV. This has furhter muddied the Bitcoin waters and made it harder for Bitcoin Cash to clearly seperate its ideological use case.
⚡️ Can Bitcoin Scale? ⚡️
This is very important as it will determine whether Bitcoin Cash even has a unique selling point over Bitcoin Cash. While there have not been any core protocol enhancements that have been made on the Bitcoin Blockchain, one of the most promising alternatives is the lightning network.
The lightning network has been growing recently as the number of channels has been expanding rapidly over the past couple of months. This means that strain could be taken off the Bitcoin blockchain and more transactions can be pushed.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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