Hey everyone!
Some of you might know that I haven't been a big supporter of Bitcoin for the past couple of years.
I wanna say a few things about that because it is not that I don't like Bitcoin. We all have Bitcoin a lot to thank because of this awesome technology and innovation it has brought to us through blockchain. Satoshi Nakamoto is one of the people I look most up to and have read his inputs on Bitcointalk and in other places a lot throughout the years.
In my opinion it was always planned that Bitcoin should scale through using bigger blocks with bigger adoption and need for it. Much like technology keeps almost doubling in performance and output he knew that big blocks would not be a problem in the future for nodes to be able to save the whole blockchain on harddrives. Same thing goes to say about Steem and some of the concerns some users have been stating about its scalability.
This was never a problem in my view, when the time came that blocks were becoming full the chain would just hardfork to bigger blocks, making the wallet bigger over time but still keeping the transaction fees small and keeping bitcoin usable for everyone in the world - that was one of its main purpose from the beginning.
Instead though, nothing happened for a long time when blocks started to become full. Bitcoin Core developers started pushing for segwit and other implementations to make the transactions go through sidechains instead and other stuff that they had patented. I am not too familiar with everything that has happened in that part since my lack of activity and knowledge of Bitcoin the past couple years. One thing I came to realize though was that this was not the way it was supposed to be.
Lately there's been a lot happening and it has awoken my interest of Bitcoin again, but not of the Bitcoin that we know today but Bitcoin Cash instead.
To me Bitcoin Cash seems like its holding true to Satoshi Nakamoto's vision once more. Bitcoin to be unlimited, have very low fees and not become a fee market like Bitcoin Core seem to want it to become. Bitcoin Cash hardforked and has been using 8 mb blocks ever since without any problems - in fact now with the hashrate increasing blocks are being found very fast and no one has yet had their transactions skipped from being included in a block (this happened to me often when Bitcoin was at its peak with transactions per second going through) and I'm sure many of you have had this experience as well. In fact I know many that started using Ethereum and other cryptocurrencies to transact with instead because of Bitcoins clogged blockchain.
Now of course whether its Bitcoin Legacy or Bitcoin Cash, its blocktime is still quite slow compared to newer currencies. For example Bitcoin has an average blocktime of 10 minutes while Ethereum have 13 seconds and Steem has 3 seconds, but they are very different algorithm's behind them.
The biggest reason though that I lost interest in following Bitcoin's development over the years was the censoring of stuff on r/bitcoin. I'm not just talking about altcoins cause its pretty known that they don't allow any of those discussions over there since its one of their subreddit rules, but they are also calling Bitcoin Cash an altcoin now and censoring everything about that most of the time. It really feels as though their intentions are to make Bitcoin more centralized and use their own implementations so when adoption happens and everyone starts using it they will be there profiting off each transaction that goes through Blockstream.
This censoring that keeps occurring is something that also shows Reddits and other centralized Social Media platforms weaknesses. I really do feel bad for all the newcomers that are hearing about Bitcoin now due to Mainstream Media and the recent All Time High it has reached and have no idea what they are getting themselves into when they purchase their first Bitcoin. I just hope they are clever enough to diversify and use coinmarketcap.com since that site itself is rising in traffic a lot as well. Its currently on rank 465 world wide and has recently passed Wall Street Journal.
Until the world starts to realize the weaknesses of these platforms and start using the ones that are implemented on public and open blockchains, we will just have to try and warn the users not to blindly trust articles and Fake News that is spreading all over the internet. I also don't want anyone to blindly trust what I am writing here as its mostly based off of subreddits too and who knows what really is true these days.
I am siding with Bitcoin Cash though, even though I'm not trusting it with much of my funds I recently transferred over 900 Steem to an exchange to buy some BCC when I started reading of the lengths r/bitcoin is going to censor any concern, criticism and questioning. It started reminding me of cult-like activity.
I was able to get in somewhat early on BCC and purchased 2.2 with ~900 Steem.
and have since been trading with some of them back and forth so that I am now sitting on almost 3.
I am merely using this opportunity to gain some value so I can trade back for Steem but am also considering holding some BCC for the long run because I am starting to believe it has a good chance at going higher or even surpassing Bitcoin at one point.
Bitcoin Cash's hashrate has also been increasing dramatically lately with the price, currently sitting at over 16% of the total hashrate:
There is a lot more news going around about what is happening with Segwit 2x which may be another hardfork for Bitcoin but a lot of it is very controversial and you can't really put the finger down of what is completely true or not, you kinda just have to go with your gut. That's also a reason I don't want to include too much in this article just share my views and thoughts about it and let the readers decide for themselves which one they believe will have more potential in the future.
I urge everyone to watch this new video that Roger Ver released though, he uses a lot of facts and makes it a lot more clear about what is currently happening and why Bitcoin may not be in the best hands.
