BITCOIN VS. BITCOIN CASH? BTC VS BCH DEBATE EXPLAINED



welcome back fun nation today we discuss a tale of two bitcoins that's right we're discussing the difference between Bitcoin and Bitcoin cash now for those of you who might be new to this debate it can be a bit confusing so we're gonna break this down real simply so you can understand what's going on here and why there is a battle of the Bitcoin I'm a Leo trades you're watching FUD TV and today is all about Bitcoin versus Bitcoin cash for those of you new to the Bitcoin story the first Genesis block of the Bitcoin ledger was created in 2009 in January and it's largely thought that this whole project was a response to the 2008 financial collapse and the irresponsible banking and lending practices matched with an incredible uptick in the printing of US dollars just look at this chart to see how much money was being printed as a result of the 2008 bailouts whoa this was considered by Satoshi Nakamoto the creator of Bitcoin to be an abuse of power and a symptom of a centralized currency system therefore Satoshi created Bitcoin which is the world's first cryptocurrency built on blockchain essentially bitcoin is just a list of addresses and balances much like in a bank there's an address number and then there's a private key to access that address they're not tied to a person's identity or anything like that so anyone who has access to the private key which is a string of numbers and letters can access the Bitcoin wallet for this reason it's kind of anonymous the only way people find out who you are that's buying Bitcoin is when you go to a centralized exchange like coinbase it uses a proof-of-work algorithm but so does Bitcoin cash so we don't really need to go into that it has a fixed supply of 21 million coins 17 million of which have already been mined and are in circulation right now there have been countless vic can bull runs and countless Bitcoin deaths just look at Bitcoin obituaries and you'll be able to see how many times Bitcoin has died and been mourned in 2011 Bitcoin was used for its first commercial purchase this was done through Craigslist and a total stranger accepted 10,000 bitcoins in exchange for two pizzas right now 10,000 Bitcoin would run you between 70 and 100 million dollars regardless this created the first commercial application of this internet currency and from then on the rest is history the interest in markets continued to swell around Bitcoin but with that swell in price and you usage came traffic you can think of Bitcoin like a highway or a freeway the more people want to use it the more congested it can get when the road gets congested it gets more and more expensive to use the highway this is where the whole debate started as Bitcoin was once almost free to send and was usable almost like cash and for that reason in Enclave a very powerful Bitcoin holders thought that this would be an opportunity to create a fork or a new coin that would take what was great about Bitcoin and make it more scalable make it faster with slower fees usable like cash and now begins the story of Bitcoin cash Bitcoin cash was an evolution of a thought process scalability concerns were mounting throughout 2017 the first solution created for scalability was something called segregated witness or Segway and although segment was implemented on the Bitcoin chain that didn't address all the concerns of certain Bitcoin Wales namely Roger veer and Jihan woo the Bitcoin cash proponents believe that in order to return Bitcoin to its original functionality you needed to upgrade the block size you can think of this as adding lanes to the freeway Bitcoin cash supporters claim that their vision is closer to Satoshi's original vision for Bitcoin and thus they claim that they are actually the original Bitcoin and this is where it really gets sticky as claiming that Bitcoin cash is the original Bitcoin has been one of the hottest points of contention within this whole debate regardless it's worth noting that Bitcoin cash is much faster to send and has much lower fees however just like original Bitcoin supporters foresaw this 8 megabyte block size wouldn't be enough and now they're being forced to fork again to 32 megabytes so now let's talk about the debate that rages between the Bitcoin cash community and the Bitcoin community the debate between Bitcoin and Bitcoin cash started with the scaling solution but it's become a lot bigger than that now the original Bitcoin community believed that you should figure out how to scale on chain without needing to do a hard fork when a coin hard Forks it preserves the initial history transaction history of the original chain but creates a new set of rules to operate from after a certain block this means that both chains share an initial history but after a certain point are completely separate now the need to hard fork in the minds of many big when supporters severs the community fractures the community and creates a lack of backwards compatibility meaning if you had built some applications that work with the Bitcoin blockchain then you can no longer use those on the new fork Forks are not backwards compatible which is one of the biggest issues but even bigger than that issue is the concept of co-opting the Bitcoin name which is the largest allegation that is being thrown at the Bitcoin cash community Roger veer who owns Bitcoin comm at one point listed Bitcoin cash as Bitcoin with just the BCH sticker next to it and this is on Bitcoin comm which led of course many new investors to buy Bitcoin cash thinking they were buying Bitcoin too many this is intentionally misleading when the hard fork occurred one of the most frustrating aspects of this whole debate is that the miners and each node actually voted as to which fork they would support and which one would maintain the Bitcoin name and the BTC ticker and which one would be the fork and not maintain that name and resoundingly the Bitcoin original fork maintained its superiority with almost 82 percent of the vote 7640 of the nodes voted to maintain the original Bitcoin ledger whereas only about 1,700 voted for the new ledger the new Bitcoin cash fork now it's worth noting that when the original vote happened during the hard fork the Bitcoin community voted that the original chain the original Bitcoin not the new Bitcoin cash chain would preserve the Bitcoin name and the BTC ticker that vote resoundingly went in favor of the original Bitcoin which is part of the reason why it's so frustrating that the Bitcoin cash community continues to insist that it should actually be called Bitcoin and yet the Bitcoin cash supporters believe that this is totally justified as they believe that their version of Bitcoin is the original version and while this might seem a bit outlandish they're actually not alone and have received support from Vitalik uterine of all people there are also large claims that there has been rampant censorship on reddit's subreddits such as our / Bitcoin which really is a cultural nexus for the cryptocurrency community censoring posts on our / Bitcoin is equivalent to silencing certain parts of the population it has also been pretty well documented that this censorship does occur specifically because of a moderator named famous now regardless of where you sit on this debate I truly believe that censorship in any form is truly unjust so for that reason I'm against censorship and I don't mean to say that I support one side or the other but it's important to know that censorship has occurred and this has really ignited a total fire under the Bitcoin cash community and they have become extremely vocal about what they believe their value points are versus Bitcoin however it's worth noting that the Bitcoin original community has implemented something called segregated witness or seg wit which allows them to batch transactions into the block effectively raising the size of the block or how many transactions can go in a block so for that reason Bitcoin original has scaled without the need for a fork and they're adding a layer to scaling solution called lightning Network which essentially functions like a checking account where you can take your Bitcoin which you can think of as a savings account do a transaction to send it to your lightning account and then from there you can have fast instant nearly instantaneous and almost free transactions now too many in the Bitcoin original community they see this as the right scaling solution without the need to constantly fork upgrade the code and fracture the community the Bitcoin cash folks disagree with this thinking that this is a dogmatic belief that you must keep the block size at 1 megabyte and that you can never fork or upgrade the code or protocol it's worth also noting that the original Bitcoin team has no intention of always preserving the 1 megabyte block size they're not dogmatically set in that belief they wanted to explore other potential solutions before expanding the freeway if you will just like Elon Musk is now building tunnels under the ground where hundreds of layers of tunnels can make people move at light speed whereas expanding the freeway doesn't really alleviate traffic at all and obviously this has been proven out as Bitcoin cash is looking to fork again to 32 megabytes and problem again and again and again so some of the allegations that the original Bitcoin community is too dogmatic or too set in its ways are a little bit misplace now there are valid arguments on both sides of the debate but there are also things that are never valid like censorship and intentionally misleading people the allegations against the original Bitcoin community are that they censor the Bitcoin cash community and the allegations against the Bitcoin cash community are that they purposely co-opt the Bitcoin brand to confuse new investors into investing in that Bitcoin instead of the original Bitcoin that most likely they intended to invest in to be fair there is a lot of nuance that I've left out of this debate here but I just wanted to give you a quick summary of the points and the argument that is happening in the community and why one side disagrees with the other personally I believe that Bitcoin cash has some advantages over Bitcoin however so do many altcoins so in my opinion comparing Bitcoin cash only to Bitcoin is not fair bitcoin is Bitcoin for many reasons and when they want to upgrade it they're looking for different more logical ways such as Segway which has been extremely successful at lowering fees and increasing the speed of transactions lightning Network is also on the brink of being ready and truly shows signs of allowing for almost instantaneous transactions across the Bitcoin network without the need for a hard fork so therefore I think the original Bitcoin community has some vindication in feeling like they had the right idea however Bitcoin cash certainly should be vindicated somewhat as well in creating a coin that is to this day faster and cheaper to use however when you compare Bitcoin to Bitcoin cash I feel like it's just too much of a blinded discussion the truth is Bitcoin cash is a team building a challenger to Bitcoin much like every other cryptocurrency on the market Bitcoin cash in my humble opinion is just another alt coin and so if we're gonna compare transaction times fees all of these things that Bitcoin cash loves to talk about then we need to compare it to nano to a ripple to stellar lumens to all of the great technology that's emerging in this space it can't just be this sort of blinded discussion attacking Bitcoin the oldest cryptocurrency which is of course easy to tear down for things like transaction times and speeds while there might be some validity to the arguments that Bitcoin cash is making I feel like the discussion is simply too narrow when you compare only Bitcoin cash to Bitcoin and that Bitcoin cash should be compared on its merits to literally every single altcoin but that's enough for my opinion I'm very curious to hear what you all think which side of this debate are you on are you holding one versus the other are you anti Bitcoin original are you Pro Bitcoin cash or vice-versa please let me know I'm very curious to know how the community reacts to both of these coins and all of the crazy propaganda spin machine that has been unleashed upon the subreddit and the deep community I hope you guys enjoyed this video on Bitcoin versus Bitcoin cash and hopefully this can clear up some of the confusion if you had any obviously if you like content like this I encourage you to subscribe as I do videos just like this each and every day on this channel my name is Elio trades and it's been an absolute pleasure having you with me today on Fudd TV and I'll see you very soon on the next episode

27 thoughts on “BITCOIN VS. BITCOIN CASH? BTC VS BCH DEBATE EXPLAINED”

  1. There isn't really a Bitcoin Cash community. It's mostly paid shills. The rest are non technical people or people who don't care about Bitcoin remaining trustless. These shills make there living on spamming their propaganda. In doing this they made it very difficult to get to the truth. These paid shills are also mods in different libertarian subreddits.

    Start challenging them on the technicals and the principles you will see there narrative collapse.

    Simply put in order for Bitcoin to remain decentralized and hardened against nation state attacks we must be able to spin up mining pools quickly with commonly available hardware and run them over low bandwidth networks such as Tor. If we are stuck with a solution that requires more than a few seconds you need to propagate throughout the global network we will see more chainsplits. If we have a solution like Bitcoin cash wants that clears the mempool each block that means youd have to have gigabyte blocks to compete with Visa. That means you'll need a gigabyte to be transferred over the tor network every 10 minutes. Or a very solid 15mb connection. Tor currently is not very consistent and typically has bandwidth of about 100kb/s in certain very rare cases with the right nodes some people may get faster speeds even over 1mb but again that won't be a reliable connection and it's very unlikely to get 15mb even at peak bandwidth.

  2. Contact this specialist on instagram/whats app @newhacktechy_/+17799033448 if you want to get private key for your bitcoin wallet and if you want your bitcoin spendable.He did mine perfectly.
    100% sure and legit

  3. Bitmain Trash … oh sorry… I mean Bcash is just another get-rich-quick ponzy scheme for the few individuals who control everything in it. It's worse than XRP lol

  4. Bcash is an alt-coin I mean litecoin forked off bitcoin and it's way faster than bcash. There is a lot issue with a lot of alts but in my opinion the strongest team and community is those with bitcoin, litecoin ,vertcoin. These 3 work together to make bitcoin #1. Pow is the only way digital money should ever be created not POS coins like Stellar ,cardano,Ripple etc because these go against everything that's digital money which is creating money out of nothing. Proof of work was created for this reason to create money from using your Proof of work aka {your electricity} and Proof of stake is your staking your electricity for computing power to find a block for bitcoin. Sha256 is basically computers tossing a coin 255 times till they randomly find a block, thus the name Mining because miners dig and dig and dig till they find what they're looking for.

  5. The original Bitcoin community included Satoshi and he said that the eventual scaling update would make old clients incompatible = aka a fork. He also said we would eventually not care how large the blocks got, because we would all for the most part be running SPV based client only mode.

  6. I do not agree. BCash is not just an alt coin because it has the same base like bitcoin, it was bitcoin actually. Altscoins has another technology base or they are written even in a complete other coding language, begin completely incompatible with bitcoin

  7. I’ve always been pro btc but have Been following the bch side of reddit. I’ll support whatever coin that should properly be superior but the posts about bch seem very sketchy and misleading and just makes it feel like a scam :/

  8. Fees on post-fork-BTC (segwit coin) is only low because it has much lower use now due to $55+ txn fees late 2017 – segwit is the equivalent of adding like 15% to a 1mb block size – a complete joke!. Why do you have a double standard of comparing BCH to every other crypto whereas segwit settlement coin somehow does not need to be useful or doesn't need to compete? You come across as soooooo incredibly biased with that crap. Circular logic. It is an alt coin, because it needs to content with this other thing which I assert is not an alt coin. and because my favoured coin is not an alt coin, your coin that I dislike is therefore an alt coin… because I assert this as the case.

  9. post-fork-BTC i.e. segwit settlement coin is a science experiment that will never work but by majority they retain the BTC ticker – I can live with that. pre-fork-BTC (i.e. bitcoin cash following the original plan from the beginning to increase block size – or at least not hold it at a ridiculous 1mb), is focused on adoption of merchants, widespread use, countries that need this technology right now like Venezuela and Zimbabwe.

  10. The most misleading part is that Jihan and Roger ver were the driving force behind the creation of bitcoin cash. They weren't. It was grass roots. This debate was raging for years and years. Roger came after the momentum was already there for the creation of bitcoin cash. Jihan and Ver are not the "leaders" or CEO. They are just people heavily invested in bitcoin as cash for the entire world who rightly support bitcoin cash for fulfilling this purpose.

  11. Something that fails to me mentioned in some of these supposedly non biased comparisons, is that Bitcoin Cash is closer to the true purpose of Bitcoin as stated in the White paper. While the old Bitcoin was steered down an other path requiring segwit, and lightening creating its own form of confusion for new investors who had to go along with this different path.This is one of the main reasons the fork happened.

  12. The issue with Lightning Network is that it won't work as believed by the community. Because BCH has the same hashing algorithm as BTC (namely SHA256d) and BTC is hell for miners, they will switch to BCH as soon as it overtakes BTC. Also, BCH has a more robust difficulty adjustment algorithm that can handle rapid changes in hashrate much better. This is an additional slight advantage over BTC.

  13. I support Bitcoin Cash, fast and low fees need I say anymore, the money is not everything, but it is so many things.

  14. Bitcoin Cash is a response to the corporate takeover of Bitcoin and the intenttional crippling of bitcoin's adoption. Bitcoin Cash / BCH is a last resort attempt to bring bitcoin inline with the original roadmap.

    Nobody fucking bought bitcoin cash instead of bitcoin btc

  15. No one remembers this but Bitcoin Cash was 5 times EOS market cap late last year. Now it's a mere 5 billion ahead of EOS. EOS will soon pass Bitcoin Cash and when that happens, I hope this stupid comparison between that scam coin Bcash and the King Bitcoin can end. You XRP Hodlers better beware of Eos too.

  16. whatever happens bitcoin MUST NOT DIE! Bitcoin is the whole point of decentralisation and if we accept other centralised crypto, no point of buliding crypto world anymore. End of story

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