What is Bitcoin? Bitcoin is a purely peer-to-peer version of electronic cash which allows online payments to be sent directly from one party to another without going through a financial institution. The Bitcoin Whitepaper outlines the original use case of e-cash; written by the creator of Bitcoin and Blockchain technology, Satoshi Nakamoto. Bitcoin started out as p2p electronic cash but there was contention over raising block sizes to allow larger blocks. Small blockers wanted to keep the 1MB block size limit, creating an economy of high fees and essentially freezing protocol development. On the other side, large blockers and users wanted to scale on chain and raise the block-size, resulting in more transactions per block, lower fees, and a more usable electronic cash. The chain split over the consensus during August of 2017 and Bitcoin Cash was born as a fork of Bitcoin, using an Adjustable Blocksize Cap. All users who held Bitcoin Core (BTC) at block 478558 are also owners of Bitcoin Cash and can claim forked BCH. All are welcome to join the Bitcoin Cash community as we move forward in creating a usable, peer-to-peer electronic cash system for the entire world.
Satoshi Nakamoto
Satoshi Nakamoto, the creator of the Bitcoin open source project, made his intentions clear that he wanted to eventually increase the block size again. The block size limit was initially introduced as a spam prevention mechanism early on and was never meant to be permanent.
Efforts to scale on chain in BTC have been stifled by Blockstream and the developers on their payroll. Users and developers were censored and banned from popular Bitcoin forums, like Bitcointalk.org and Reddit.com/Bitcoin. Those censorship efforts still exist to this day. Go ask about scaling for BTC on the r/bitcoin subreddit and see if you get banned, or have an intelligent conversation. Any developers who wanted to improve the Bitcoin protocol on chain have long moved on to other projects. Bitcoin Cash has an adjustable block size cap and continues to grow with consistent protocol improvements, increasing merchant adoption, strong privacy features for users, and a large community of developers behind the project.
There are many who struggle with using Bitcoin Core (BTC) because it doesn’t work as electronic cash should. BTC has high fees during times of increased use, or users incur long wait times trying to use lower fees. This has created an unnecessary bidding war to get into the next block, going as high as $50+ during the last bull run. Eventually people who want to actually use Bitcoin as a currency, run a business around it, and/or develop apps on top of it realize that Bitcoin Cash is on to something. BCH functions properly as fungible, peer to peer electronic cash with a solid focus on individual privacy, protocol improvements, merchant adoption and ease of use.
KEEP BITCOIN FREE
The Revolution will NOT be Centralized
Spread Bitcoin Cash to the World!
Electronic Cash
The domain has since transferred ownership to members of the community who wish to see Bitcoin used for it’s original purpose – as fungible peer-to-peer electronic cash that can scale with usage. We proudly promote the use of Bitcoin Cash – BCH & Zcash – ZEC for financial sovereignty; both are utility driven forks of Bitcoin with a focus on technical improvements, on-chain scaling, low fees, and fungibility / user privacy.
Contact us for more info about Bitcoin Cash, Zcash ZEC, or just to say hello =)