When the Bitcoin genesis block began on January 3rd, 2009, at the time nobody knew one day Bitcoin would split down two different paths. Fast forward eight years later, Bitcoin split into two distinct chains, Bitcoin Cash (BCH) and Bitcoin Core (BTC). Due the split, some within the global community think that Bitcoin Core has the most Bitcoin likeness to it, and should be referred to explicitly as just Bitcoin. Some believe Bitcoin Cash has the most Bitcoin likeness to it, and believe it should be referred to as just Bitcoin. In this article, we look at a presentation from Roger Ver the CEO of Bitcoin.com who dissects this topic and explains why Bitcoin Cash is Bitcoin.
Starting with the Bitcoin chain split in August 2017, you can see clearly from this graphic that Bitcoin split into two separate chains sharing the original Bitcoin history, splitting Bitcoin into Bitcoin Cash and Bitcoin Core. The original chain no longer continued on, where one side carries on with a particular vision, while the other side has their own vision of what Bitcoin should be. However, both chains exist today with their own similar attributes.
In the video presentation from Roger Ver, he compares both of the chains against each other with the most important features of each chain to see which one has the most characteristics of being Bitcoin. From peer-to-peer electronic cash, low, fast and reliable payments, to on-chain scaling and proof-of-work, all of the major criteria are covered to compare BCH and BTC. We have listed them below:
- Peer-to-Peer Electronic Cash System
- Low Fee
- Fast Payments
- Reliable Payments
- On Chain Scaling
- Non-Reversible Payments (0-conf)
- Chain of digital signatures
- Op Codes Enabled (Scripting)
- SHA-256: one-CPU-one-vote
- Longest Chain, With Most Proof of Work
You can download the spreadsheet and make a copy of it locally and see all the citations.
When comparing all the attributes against each other, you can see that Bitcoin Cash (BCH) retains the most amount of Bitcoin likeness to the original Bitcoin vision of electronic cash. Bitcoin Core on the other hand does not resemble the original Bitcoin at all. It no longer is a cash system, and is now a settlement system, fees are high, slow, and unreliable, scaling has been pushed offchain, 0-confirmations no longer work, the chain of digital signatures was displaced with SegWit, and so on.
When you look at the two with your own eyes and objectively review them, there is no doubt that Bitcoin Cash is Bitcoin.