Bitcoin.com released a controversial statement On October 17, which claimed that Bitcoin Cash is Bitcoin. Litecoin creator Charlie Lee (leading industry experts) offered harsh criticism,in response.
Bitcoin Cash launch through a hard fork executed by a few mining pools. That include ViaBTC and Bitmain. Afer that the support and demand for Bitcoin Cash decrease. which is result in the hash rate and market cap of the cryptocurrency.
Initilly Bitmain introduce Bitcoin Cash in July as Bitcoin ABC. He catch guard with the statement of ViaBTC to pursue the hard fork in September. Bitcoin Cash has not been able to come close to the original Bitcoin blockchain by any indicator. Such as user base, hashrate, market cap, and developer activity.
Based on the above comparisons between the various versions of Bitcoin. The whitepaper and the years of common understanding that Bitcoin was always suppose to be an electronic cash system. Bitcoin Cash is the version of Bitcoin that most closely related to the original design.
Largest Bitcoin wallet platforms and exchanges including Coinbase and Bitfinex have announced this month. That the upcoming SegWit2x hard fork in November will not be considere as ‘Bitcoin’ or ‘BTC’ even if it surpasses Bitcoin in terms of hash rate. If 70 percent of miners do pursue the SegWit2x hard fork in November. There are high chances that SegWit2x launches with higher hash rate than Bitcoin. But if the demand from the market & users and investors is not met, there is also chances that miners switch back to Bitcoin upon its first difficulty adjustment.
A lot of new joiners are going to be misled by Bitcoin.com. Also confirme transactions are irreversible even with SegWit. SegWit signatures are not removed from the transactions. It is just the transaction data structure that is different and just as secure. More Pretty much every other line in that article is FUD and misleading.
Charlie Lee Explanations for Bitcoin Cash
As Lee explained above Bitcoin Cash is not Bitcoin. Bitcoin is the original Bitcoin blockchain which is currently consider as ‘Bitcoin’ and ‘BTC’. Even after SegWit2x debuts in November there are higher chances of the current version of Bitcoin remaining as the majority chain, as miners do not decide the value and market cap Bitcoin, users and investors do.
Though Lee further emphasize that the end result is not important. Also tt is not morally and ethically correct to deliberately confuse newcomers in the Bitcoin and cryptocurrency markets.
he said, “It is not about who wins, Confusing newcomers to bitcoin is not good”.
1 thought on “Bitcoin Cash is not Bitcoin, Charlie Lee Criticizes”
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