The branch of Bitcoin that represents Bitcoin Cash

Source: ElBitcoin Original Title: That branch of Bitcoin we call “Bitcoin Cash” Original Link:

I am convinced that Bitcoin Cash (BCH) is the best version of Bitcoin. I did not arrive at this conclusion through a religious experience, far from it. After years of reflection, I remain convinced that BCH is not only consistent with Satoshi’s approach to what Bitcoin was and how it should scale, but I also believe that Satoshi’s own position is consistent with reality (meaning he was right).

For Satoshi Nakamoto, the technological solution described in the Bitcoin whitepaper addressed the need for a decentralized and censorship-resistant medium of exchange, and as he presented it, a network that does not depend on the good will of its participants, but on the economic incentive that allows honest actors to face potential attackers (who we must always assume are).

Essentially, that is Bitcoin. And the security of that Bitcoin, which was in Satoshi Nakamoto’s mind, does not rely on a user running five non-mining nodes, but on its proof of work system (POW); that is, it is a Bitcoin whose decentralization manifests in the underlying infrastructure formed by miners.

Miners, as part of this system, are trustworthy market agents, not because Satoshi assumed humans are naturally good, but because he knew that economic principles override good intentions because they are a reflection (that we have come to know) of reality. It is clear then that I am not referring to the asset that everyone knows as Bitcoin: I am not talking about Bitcoin-BTC.

The branch of Bitcoin I defend

When I talk about Bitcoin in the terms I used in the previous paragraphs, I am referring to the IDEA proposed under that name. An idea with a historical context and that still has supporters. That idea remains alive in Bitcoin Cash (BCH). Like it or not, to Bitcoin-BTC maximalists, BCH is another branch of that project. It is the continuation of that approach and of the way early Bitcoiners thought.

A branch that in 2017 became an independent P2P network from Bitcoin-BTC (meaning a different cryptocurrency in terms of name) even knowing that this decision would require rebuilding much of the infrastructure and regaining the adoption that had been achieved up to that point. But also a branch that values those classic ideas so much that it puts them into practice.

That is Bitcoin Cash (BCH), and I am convinced of these ideas. I believe the vision of the Bitcoin Cash branch of the Bitcoin project is worthwhile because I know that its approach of BCH as a decentralized money that can be used worldwide as a digital medium of exchange is what humanity will need in the medium and long term.