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 copying 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 uncreative from a technical perspective and also the attempt of some people to take over control of Bitcoin.
Bitcoin has a team of the smartest developers you can imagine – and most of them work voluntarily since 9+ years to make bitcoin better, more secure, keep it decentralized an develop important updates like segwit and off chain transactions to bitcoin to make it fit for the future as the internet of money.
With off chain transactions, the fees will be extremely cheap and instant.
So, where are the benefits of Bcash?
Here are the pro´s and con´s of Bcash.
Pro´s:
- Bcash makes transactions slightly faster and cheaper in the short term.
- Goto 1. Sorry, that´s it.
Con´s:
- 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 want to take control over the bitcoin brand.
- Bcash doesn´t have a developer team with years of experience in maintaining a 100+ 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, Roger Ver 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 also doesn´t have its own logo, its just taking Bitcoin´s logo and rotating it a little. Pretty creative, eh?
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. In our opinion it is way more likely that the value of Bcash will drop further and further.
You can dump your free Bcash on any Bitcoin exchange and buy the real Bitcoin instead. Please also 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 might be the winners in this game.
But of course, its up to you how you decide. Anyway, here is a little background info about Roger Ver, one of the main persons behind Bcash – do your own research:
Thanks Doug!
I think opposite.
As time passed, it appeared that Roger Ver was 100% right.
BTC became Bitcoin Corporate – not Bitcoin against corporations and governments and for people.. as it was Intended. So.. who is the scam again?
I’ve tried both and don’t think for a second to make a payment in BTC – that’s just insane.
I never had any problems with BCH.
As for “scam” claims.
This is Open Source.. government agents from Blockstream as scam as anybody else in this industry. Actually, looks like they are more scam.
Author himself in this very article writes that BCH did change almost Nothing from original – so it is Bitcoin then?
I find this kind of blatant hit job appalling.
This is not who we are as community.
Someone offered me to invest in Bitcoin Cash. He told me that he joined this since July 2019 and he has received the bonus for every first of the month. At first I was interested, but after a while, I was thinking that what he told me was too good to be true. He told me he wants to help his friends by investing in Bcash. Being curious, I was looking for the info and found this website. When I read the first con’s, I was glad that I’m not letting myself to get influenced by him. Thanks a lot.
We appreciate your opinion TheotherVicious. We don´t see the big centralization in Lightning as it is easy and cheap to run your own lightning node. We see a big risk of centralization with on chain scaling as with a big chain the costs for the hardware to run a full node will not be affordable to normal people. Therefore only people with enough money in the pocket or companys can run full nodes. Since full nodes don´t pay the owner anything this will cause more centralization in our opinion. Ethereum shows that pretty clearly. Who runs a full node in Ethereum?
Also we don´t see the value in keeping every transaction to buy coffee on a immutable ledger for the next hundred years. But as said, thank you for your time and your opinion.
It is unfortunate Rogar pushed for BTC was loved and now the attack on an individual to justify your emotional subjective synthetic fear and for the sake of security.Bitcoin Cash is far more objectively Bitcoin than Bitcoin. regardless how you feel the objective truth is Bitcoin is not peer to peer anymore and the LN is centralized more so than the miners. 1CPU/1Vote right? not anymore with Bitcoin and the incentive to stay off chain is right in front of you. Yet, because of emotion and subjective your critique of judgement is not good. I’ve used the Lighting Network 5/15/2019 and it is in a direction for centralized Banks and the idea that anyone in for example to have a node open channel 24/7 is not likely. BTC will not die nor will BCH and both communities are toxic in one way or another. Look at it objectively and not subjectively, BTC was meant to be decentralized and the miners only have 1 job to do is too find blocks what happens in the transactions is none of their business, However LN will change this and the idea to send any money on chain will come at a great cost. BTC is now a store of value? Word gymnastics BTC is now a stock and the LN will have shares. All centralized powers even the church gets corrupted because of fear and for the sake of Security. If BTC can be spammed than what good is it? What spam are they talking about in the first place? is it the small .2cents sent through their network that’s the spam? I thought BTC was peer to peer. It is not peer to peer if it cost you $$$ to hand someone something in person.