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Make no mistake, this is a provocative piece, but you decide…
Bitcoin has terminal cancer. There was preventative treatment, and now there is a cure, unfortunately this patient refuses treatment. My friend will probably die.
Interestingly, Bitcoin has an identical twin called Bitcoin Cash. Being an identical twin, it shares a threat from this cancer. Fortunately, this patient is taking preventative treatment. This patient will survive and thrive.
On 1 August a group of Bitcoiners broke away from the main following. The reason; for years this group had warned about the threat of cancer and the need to take preventative measures to survive. They were largely ignored, threatened and subjected to ad hominem attacks for sounding the alarm. The threat of cancer got to the point of almost imminent demise and so this group, tired of waiting for the others to see sense, broke away. In reality, they upgraded the Bitcoin protocol to permit far greater on-chain adoption, and the benefits arising therefrom; being a low fee, high volume, censorship resistant blockchain for the transmission of bitcoin.
I shed a tear for the inevitable death of Bitcoin. Bitcoin promised to be Global Digital Cash. But it cannot possibly achieve this feat with high transaction fees. Sending a Bitcoin transaction today is likely to cost upward of 50c (far more if you want fast confirmation). Proposed solutions may help reduce this cost, but not nearly enough. What consumer is willing to incur this cost? I think very few. Speculators on the other hand don’t seem to care, because they think Bitcoin is “going to the moon”. I wish the Speculators all the best, however, I’m sadly reporting that Bitcoin has lost its way and probably won’t be returning.
Bitcoin Cash on the other hand can be spent for less than a cent. Now that’s the Global Digital Cash I signed up for. Cash which I can hold without counterparty risk; with privacy; with confidence that it won’t cost me an arm and a leg to spend when I choose. This is where I think the future lies; time will tell.
I thank you Bitcoin for all you have done, but say sayonara and hello Bitcoin Cash.
For a more detailed look into Bitcoin and Bitcoin Cash, please read “A World with Three Bitcoin”.