I have only been in crypto for about 2 months and in that time I have noticed a huge distaste for bitcoin forks like bitcoin cash and bitcoin gold. As a newer investor I have researched these projects a lot because I have heard the word "scam" thrown around with them and I can't seem to see where all the hate comes from. From my own research I have found that BCH is the same thing as BTC except it has bigger block size and BTG is trying to decentralize the mining process and both BCH and BTG have replay protection which allows you to reverse a transaction if you send it to the wrong address. I love BTC for allowing crypto to be where it is today but I don't understand the hate towards these other projects. Facts are facts and the facts that BCH is much cheaper to send (and faster) than BTC should not be ignored. I don't think anything will ever "replace" BTC as the "real" bitcoin but I don't understand why they can't all work harmoniously while they work towards a different end. If you agree or disagree with me please leave a educational comment below as to why .
Bitcoin Forks
7 years ago by chris.perrotta (25)
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Thanks for the post! I think BCH is trying to solve escalability problems but the wrong way. Please let me use a very silly example. Let us imagine that you will go shopping and you need to bring home 500kg food - this should be enough for your entire family (World). Today in BTC you cannot process (bring all food home) neither do BCH, the difference is that BTC can offer only 1kg bag and now BCH hás the brilhant idea to offer 8kg bag - however this will not solve it - one way to keep BTC low transaction and fast enough is trying to solve this via Lightning net work - move the transactions off-chain, basically buying a Truck ;-) in that sense the lots of transaction would be consolidated and then processed on chain. Additionally BCH was supported by some miners because at some stage it was more profitable to them. all i n all I personally don’t trust BCH enough to invest on it, however, they might do other moves to attract more investors, therefore, understand In case BCH is now in somebody’s portfolio.
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Thanks for the comment and overall yes I agree, I have heard that explanation along with the highway explanation with 8 lanes (BCH) vs 1 lane (BTC). Since they are listed on coinbase I have more trust in them than some other projects. I agree that this is a very short term solution as you don't have a scalability problem unless there is millions of users behind it but from my research I've seen that lightning network is still many months away. Like I said I am a fanboy of neither and love both and in the long run I think that they both have a purpose in the world.
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I agree with you, that they are here to suit a purpose, just afraid having so many forks and at some point all of them will become useless....thanks for your considerations, will be following your posts.
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Thank you I appreciate it, and will definitely do the same. I agree at some point they will be worthless but BCH had first mover advantage (not the first but most popular, if you don't include LTC)
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