Why Bcash (“Bitcoin Cash”) is a Scam.
Whats the problem?
The number of transactions per block in bitcoin is limited. As bitcoin became more popular, the number of transactions grew in the past years and created the problem that transactions took longer as the Bitcoin blocks were “full”. So you had two choices – either wait longer for your transaction to be processed – or pay a higher fee to get it processed faster.
We agree that this is an unpleasant situation which needs to be solved, but on the other hand it was also artificially created by “Spam transactions” on the Bitcoin blockchain to create that exact problem.
What is Bcash ( And why it is not to be called “Bitcoin Cash”)?
Bcash is a fork of Bitcoin which is essentially stealing the code and the brand name of the original Bitcoin, modifying the sourcecode a little to increase the blocksize to enable more transactions per block.
What sounds like a good idea is pretty crappy from a technical perspective and also the attempt of some people to take over control of Bitcoin. Here is why Bcash is a scam and only mentally underprivileged people call it “Bitcoin Cash”:
Bitcoin has a team of the smartest developers you can imagine – and most of them work voluntarily since years to make bitcoin better, more secure, keep it decentralized an bring important updates like segwit and off chain transactions to bitcoin to make it fit for the future as the internet of money.
Bcash instead has just few guys as developers (likely paid) which are pretty unknown in the bitcoin space who are trying to understand and modify the sourcecode of bitcoin for less than half a year. As you might know from your own profession – in less than half a year, you are very far from being a expert in anything.
Their “genius” solution to the problem of full blocks is: Making the blocks bigger. That´s about as smart as buying more and more harddrives instead of using some compression for files, like zip, mp3, mp4 or jpeg. If someone would sell that idea to you, wouldn´t that sound kind of stupid?
Yes it does. Why? Because it is.
To sum it up. Bcash is as much Bitcoin or “Bitcoin Cash” as taking a bottle of Coca Cola, empty half of the bottle and filling it up with salt water in order to make it less sweet. You can imagine how that Coke would taste – yes, pretty crappy just like a fake. You wouldn´t call that Coca Cola Light. Maybe you would call it Coca Cola Crap. You´d better not call it Coca Cola at all. That´s why Bcash should not to be called Bitcoin Cash.
So, where are the benefits of Bcash?
We did the research for you – and here are the pro´s and cons of Bcash.
- Bcash makes transactions slightly faster and cheaper in the short term.
- Goto 1. Sorry, that´s it.
- Bcash needs more resources in terms of storage space for the Blockchain
- Bcash needs more resources in terms of traffic for a full node
- Bcash is controlled by people who are in it just for their short term profit
- Bcash doesn´t have a developer team with years of experience in maintaining a 50 billion $ financial network.
- Bcash will be way more centralized as running a full Bcash node is more expensive in terms of hardware and traffic costs than running a full Bitcoin node. Therefore, less people can afford to run a full node.
- Bcash has no infrastructure and no support. Bitcoin has thousands of websites, merchants, casinos which support it and a network effekt of millions of people who use Bitcoin since years.
- Bitcoin is running for almost 9 years without interruption, Bcash is new and untested.
- Bcash is as smart as buying more harddrives instead of using zip-, mp3- or jpeg compression in order to store more files on your computer.
- Bcash is mainly supported by chinese miners and Craig Wright, a person who claimed to be Satoshi Nakamoto (the creator of Bitcoin) but he is a clear scam and the “evidence” he showed that he is Sathoshi is a clear fraud.
- Bcash is trying to steal the brand name of bitcoin to make itself sound more trustworthy
- The “creators” of Bcash couldnt even think of a unique name for their coin, that´s why they are trying to steal the name Bitcoin.
- Bcash also doesn´t have its own logo, its just taking Bitcoin´s logo and rotating it a little. Pretty creative, eh?
- Bcash´s website is made with wix.com – a website builder for people who are too stupid to build their own website. Yes, pretty unbelievable but true. Apart from that, it´s pretty ugly.
What to do now with your Bcash?
You can keep it and wait if its value increases more than the value of Bitcoin. But as it is a “shitcoin“, an altcoin with no real value and no technological progress, it is way more likely that the value of Bcash will drop further and further until it is worth less than Dogecoin. Thats a little unfair to Dogecoin as Dogecoin has its own name and a cute dog as a logo. Bcash doesn´t even have its own logo.
So, if you wait too long with selling your Bcash, you will likely just be a loser who lost an opportunity to get more Bitcoin.
We recommend you to dump your free Bcash on any Bitcoin exchange and buy the real Bitcoin instead. We recommend also to explain to your friends and family why Bcash is not to be called “Bitcoin Cash” and why it is a scam.
Take Bcash as a free dividend on your Bitcoin (at the time of writing about 12% of the real Bitcoin) or sell it for Fiat and buy yourself something nice with it. The ones who sell earlier will be the winners in this game.
Realize that Bcash is made by the enemies of bitcoin, people who support a more centralized coin with an inferior developer team. Bcash can also be called Bitmain Cash, as Jihan Wu and his company Bitmain are the main drivers behind this scam.