2018 is an exciting year for bitcoin, having launched futures contracts on bitcoin, having every government agency trying to determine what bitcoin is and to classify bitcoin correctly (e.g. Is it a currency? Is it an asset? Is it a commodity?).
Now that everyone, even granny, has become aware of bitcoin, and witnessed it increase in value from virtually nothing ("pizza day"), to the current valuations where the vast majority of people cannot afford to buy even one bitcoin.
Still, almost everyone I speak with about Bitcoin doesn't know what's really going on.
This article will fix that, and by the time you reach the end of this article, your head may be spinning with excitement.
One critical fact about bitcoin is bitcoin does not exist as a thing anymore, and by this, I mean the two main thought streams exist now. They split bitcoin in two late last year.
These two camps of bitcoin are in diametrically opposed camps now.
Repeat: There are two bitcoins at present: they have created "bitcoin core" and "bitcoin cash". These are called forks. [there are other "forks", but ignore them - trust me on that.].
What's interesting is the fork called "Bitcoin Cash", or BCH, is the only one that's following the Satoshi Nakamoto whitepaper vision.
For reasons unknown, the term "bitcoin cash" creates a frenzy of uncontrolled emotional outbursts and attempts to plant misconceptions and misunderstandings.
Don't be alarmed by this - it's a standard process in the world of psyops...let me sidebar on this for a second:
- "bcash" and "fake Satoshi" are keywords to recognize the 4-D type attacks on the BCH side (4-D: deception, disinformation, disruption, destruction - see this psyop paper for more information).
What should also be noted is bitcoin (and any other blockchain where economic value is stored), is a competition (just like commerce, with companies vying for market leadership), where someone wins and someone loses (e.g. like in the mining activity, one miner wins the block prize, all others do not). The same holds true with every other blockchain that competes for utility or attention - some will win and some will lose.
While I can't tell you what to think, I can help you understand some of the beliefs and positioning that has separated bitcoin into two camps:
Here, for example, is a description of one of the things Bitcoin Core (BTC) is implementing, something termed "the lightning network". It is part of their plan to solve the scalability issue (letting bitcoin to be used for everyone, for everything) by using multi-hop side chains:
Those of us who are deeply technical see that this lightning network leads to a highly centralized structure, with a large attack surface. It undermines bitcoin's functionality, and the bigger it gets, the bigger the problems get.
Compare this with BCH, its "1.32 hop" network design and smallest possible attack vector. Translated to human-speak, it means the original bitcoin network (now called BCH) is virtually impossible to attack because there are few entry points, no place to sneak in.
The position of the BCH thoughtstream is, as bitcoin mining rewards are halved every four years, the only way miners (the heart of both bitcoin systems) will continue strong, is by uncapping the block sizes, and letting increasingly massive numbers of transactions be contained in each block (and by this, the miners get paid handsomely for mining that block, via a massive amount of tiny transaction fees along with a small or zero block reward).
Let's rephrase this: mining is the heart of bitcoin, and in time, the rewards for mining will disappear (the motivation for mining will diminish). So, reading the original Satoshi whitepaper, the reason bitcoin was designed this way was to fix the amount of bitcoin available, while keeping the system lucrative and profitable for miners.
How? By mass adoption of bitcoin. When the whole world is using bitcoin for everything, the transactions per second will be massive, and the blocks will be massive.
The only bitcoin that exists today that supports this original design is BCH.
There are a bunch of people who think maybe BCH is a bunch of "bad apples", but what I ask is "Is this thinking accurate, or psyops propaganda to misinform the general public?".
What if BCH was "The Bitcoin" and there is a rare opportunity to get in on the action back at 2013 prices?
Wouldn't that be something special?
We have a rare opportunity right now, while the media is promoting BTC, opening futures markets on BTC, CNBC is talking about the meteoric rise of BTC prices, the crash of BTC prices...while virtually everyone is unaware that the real bitcoin actually changed its name to "Bitcoin Cash", or BCH, you could buy the real bitcoin for about 15% of its actual value, about the price it was at in 2013!
Another point of note are the teams. BCH has some stunningly bright members working on revolutionizing the technology. The BTC team seems to be stuck in a group mindset committed to creating many side chains controlled by various companies.
I can't detail everything to the level it needs, but BCH may very soon replace all blockchains that support smart contracts. BCH will make exchanges a thing of the past. BCH will make other crypto currencies a side chain of BCH, making it possible to swap between any two coins using just the BCH system.
Before the storm hits and everyone realizes the real bitcoin is BCH, you can pick it up at a fraction of its real value (because everyone is still buying BTC thinking it is the real bitcoin) and be among the first to make this discovery, before the news hits CNBC, Forbes, the New York Times, and CNN.
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If you'd like to leave a tip, visit memo.cash , a BCH-based twitter-like messaging platform where you can tip. My username is 'tekspirit'.
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p.s. if you feel you are curious and want to follow the trail to the end, here's a video where, if you pay attention, you will get the spinal tingles which will confirm everything:
For the truly curious, here's another discourse that reveals a few details of what is about to be released:
This just in: a discussion of the failure of segwit(2x) in Nov '17 and why all eyes are on BCH now: