Why Bitcoin Cash (BCH) is controversial
Whenever there is a discussion regarding cryptocurrencies, Bitcoin is the first to be mentioned. Why do you think that is? Because Bitcoin was the first and remains the most valuable cryptocurrency in the world. Bitcoin is the benchmark around which the entire crypto space was developed.
Bitcoin Cash proponents have been solely focused on discrediting Bitcoin and promoting BCH as the real Bitcoin created by Satoshi Nakamoto. However, there are reasons why Bitcoin Cash is not for you.
Ver, Wu, and Wright led Bitcoin Cash creation
An early Bitcoin investor Roger Ver, Bitmain head Jihan Wu, and ‘fake Satoshi’ Craig Wright were the proponents behind the creation of Bitcoin Cash. As the Bitcoin network grew, there were concerns regarding its scalability as transactions were processed at a slow pace.
Solution? The segregated witness technology (SegWit2x). The technology was adopted by the majority of the Bitcoin network to help increase transaction speed. However, some miners and developers didn’t agree with that, leading to the creation of Bitcoin.
If you are a cryptocurrency follower, then you will know that decentralization is core to Satoshi’s principle. The Bitcoin creator(s) doesn’t believe in any central authority, instead, that changes be made by the broader community.
So what happens when a scalability solution was adopted that didn’t go down well with a couple of developers and businessmen? They decided to create their own cryptocurrency, one that would work in a manner they envision. This move calls into question the decentralized nature of the cryptocurrency.
Bitcoin Satoshi Vision (Bitcoin SV) shows Bitcoin Cash was never united
Do you want to know how long the alliance of the developers lasted? Barely a year. Following the creation of Bitcoin Cash in 2017, the cryptocurrency was split via a hard fork process to create Bitcoin Satoshi Vision (Bitcoin SV) towards the end of last year.
Bitcoin Cash implemented some technical updates like the reordering of transactions to increase block capacity, the addition of codes to allow interoperability between cryptocurrencies. While these are good ideas, Craig Wright and his supporters didn’t think so.
Yup, you guessed right. A hardfork occurred, and Bitcoin Cash was split into two, creating Bitcoin SV. This scenario presents a big problem because virtually anyone can break off from the network once they disagree with a consensus, which is why Bitcoin Cash isn’t for you.
The disagreement and lack of leadership within the Bitcoin Cash space make the cryptocurrency more unstable compared to its sister coin, Bitcoin. Hopefully, I am not the only one who thinks so. Recently, Cobra, an alias for the co-founder of Bitcoin.org and Bitcointalk.org, pointed out that Bitcoin Cash was dead. Cobra believes BCH’s price will decline and eventually reach $0 over the next few years.
That is a bold prediction by Cobra. Considering the fact that BCH is currently the fifth largest crypto by market cap and trades at $445 per coin, I doubt if it will drop to $0 soon. However, Cobra says Bitcoin Cash lacks direction and purpose at this point, which is something I agree with, and I think that would affect the growth of the ecosystem.
So unless you want to bet on a cryptocurrency that lacks direction and purpose, then Bitcoin Cash is not for you.