This week has seen large gains in the value of the top cryptocurrencies, but most notably in BCH (Bitcoin Cash, or as we prefer, Bcash). Much of the support garnered for Bcash has been under the guise of confusing terminology, calling it the "real Bitcoin", controlling the sub-Reddit /r/btc (remember that "BTC" represents the currency Bitcoin, NOT Bcash), and filling social media with anti-Bitcoin FUD and propaganda, attempting to devalue actual Bitcoin (BTC). I will not pretend that this is also not propaganda, but it's a message we in the Bitcoin community believe needs to pointed out time and again to differentiate the two currencies for the uninitiated.
While Bitcoin (BTC) has seen a rally of over 11%, Litecoin over 16%, and Ether an even larger 26% increase since last week, what has happened with the 4th most popular cryptocurrency has some scratching their heads. Bcash (BCH) has surged an astounding 83% in the past week, bringing it's value from $755, to about $1,300 USD! While many Bcash supporters claim that it's because BTC is dead and nobody is using it, statistics certainly do not back that up, as Bitcoin's market cap and trade volumes still far exceed that of Bcash; so why the massive increase in value? This is likely due to the fact that there is an upcoming hard-fork on the Bitcoin Cash blockchain. Bcash, itself came to existence from a hard-fork on the Bitcon blockchain in 2017, due to an unsettled disagreement on how to account for future scalability issues; the result left us with Bitcoin and Bitcoin Cash. The part that holders of Bitcoin enjoyed with this fork, was the airdrop of coins (Bitcoin Cash) awarded to them. Anyone holding Bitcoin, and in ownership of their private keys, was given a sum of Bitcoin Cash, equal to the sum of Bitcoin they held at the time of the fork. So, if you owned 8 Bitcoin (BTC), after the hard-fork and creation of Bitcoin Cash (BCH), you were now left with 16 coins total; 8 BTC and 8 BCH, free money, right?
If this were to be the case with the upcoming update to the BCH blockchain, it would be understandable why the coin has been so overbought, as investors would get a duplicate amount of the new airdropped coin that may be created from a fork, however that is not what's happening. What is happening is that the current BCH blockchain is being upgraded; the fork is merely a software upgrade, and not to result in the creation of a new, airdropped currency. The plan is to increase their block size from 8MB to 32MB, in hopes to be ready for any future issues regarding scalability. Currently, fees and confirmation times for BCH and BTC are nearly the same, the major difference being that Bitcoin has much higher volume and cap. Bitcoin has successfully integrated SegWit, which has increased the amount of transactions included in each block, and successful tests and improvements in the upcoming Lightning Network are fast in development.
The popularity of Bcash is arguably due to the entire FOMO aspect of investing, and the currency has a support system backed by many who missed the boat on early Bitcoin adoption, and the big boom which came to a head last December. Not wanting to miss out on the next gravy train, and equipped with candid, vocal and powerful supporters like Roger Ver, this army of Johnny-come-latelys has created quite a field of confusing information as to which Bitcoin is the real Bitcoin. We don't want to have ill-will towards the BCH community, and some of their large players have greatly contributed to the Bitcoin community and adoption of cryptocurrencies as a whole. We support the ideas and uses of other cryptocurrencies, and even some ICO's, like Ethereum however, we do not support the misleading use of the name "Bitcoin"; their claim is that this is the 'closest adaptation in the eyes of Satoshi', which they feel gives them the right to appropriate the name, and do so in a way to bring in less-informed investors who are intending to invest in BTC. Litecoin's creator, Charlie Lee, stated last year, after the fork, about this article on the already misleading Bitcoin.com (Bitcoin.com, to my point, is run by Roger Ver, and is not supportive of BTC, but instead, BCH; would you have guessed that by the name of the site?):
"A lot of newcomers are going to be misled by Bitcoin.com . This article is so full of lies and FUD. Not having replace-by-fee does not make unconfirmed transactions safe. Also confirmed transactions are irreversible even with SegWit. SegWit signatures are not removed from the transactions. It’s just the transaction data structure that’s different. It’s just as secure. More Pretty much every other line in that article is FUD and misleading. It’s very much a hit piece on Bitcoin Core and SegWit. Shame."
This quote was from last October, and the amount of FUD and hit pieces have only exponentially increased, (we invite you to take a gander at reddit.com/r/btc, if you want to see for yourself), a lot of this stems from those early BCH adopters hoping to hijack another's shuttle on the way to the moon. Let's just remain transparent, and stop the stymieing of trust and cooperation amongst those in the community.