BTC or BCH? – The OG vs. the Fork
Hello friends. Today I am in my hotel room in Michigan, spending the week on a work trip. I work in warehouse distribution and am visiting the original warehouse where the company began distributing their products years ago.
On my way up to the hotel, I decided to put on a crypto podcast that I listen to from time to time called the Pomp Podcast. If you've been in the crypto space for a decent length of time, you have most likely heard of Pomp's show.
The most recent episode was a discussion between Pomp and Roger Ver, also referred to in the past as Bitcoin Jesus due to his persistent promotion and proclamation of Bitcoin worldwide.
Pomp is a bullish Bitcoin investor, while Roger now heavily promotes BCH, or Bitcoin Cash. It was intriguing to hear both sides hold an intelligent, respectful discussion around each cryptocurrency and why they feel the way they do about each coin.
Here are a few takeaways I found interesting from the podcast:
Roger did not create Bitcoin Cash contrary to popular belief
Roger still holds BTC in addition to Ether, XRP, Dash, and others, even though he feels that BCH will come out on top.
Pomp only holds Bitcoin, not Bitcoin Cash nor any other coin
Pomp is convinced that mass adoption, aka the network effect of Bitcoin, is the main driver behind his belief in the chain.
Roger believes that the technical aspects of Bitcoin Cash more closely resemble what the original Bitcoin was supposed to look like in the whitepaper and in the early Bitcoin community forum discussions.
In the end, both of these gentleman agree on most topics related to what is wrong with the traditional monetary system as well as the end goal of adopting a decentralized, peer to peer payment system that remedies those issues.
Where these two leaders in the space tend to disagree is the method or strategy of reaching the ultimate goal. The goal, especially in the eyes of Roger, is in favor of economic growth, putting people in control of their money and giving them more freedom over how they live their lives.
Pomp thinks the Bitcoin will be the winner due to the network effect and existing infrastructure, while Roger thinks that Bitcoin Cash will be the winner due to the tech being superior in terms of a larger block size and low transaction fees.
What are my thoughts?
I actually have a hunch that Pomp will end up being right when the rubber hits the road. If it comes down to BTC or BCH, I think that the Bitcoin network is the current and future front runner with more infrastructure built and years of name recognition under it's belt.
Bitcoin tech, down the road, may begin to catch up and be on par with other cryptos in the space. The main source of contention between Roger and Bitcoin was scaling. He wanted it to be used as the new money system for the world but without scaling, he didn't feel that would happen.
Even though the high fees and slow transaction speeds are an issue on the Bitcoin network currently, it doesn't mean over time that it can't change for the better. I personally don't see BCH taking off before BTC does, but ultimately time will tell.
Why am I even mentioning BTC and BCH?
I know I know, I'm an XRP fan through and through. Even though I really like XRP, I still keep my eyes and ears open to what other projects / communities are doing in the crypto space. To me, all of it is fascinating and I am learning new information every day.
I am confident that there will be multiple projects that prove successful upon the space reaching mass adoption. It won't be a single coin that crosses the finish line, it will be multiple of them because of the problems that they solve in multiple industries across the globe.
I highly encourage everyone in the crypto space to listen / watch the full episode here on YouTube or simply listen to it on Spotify which is what I did originally. Put it on in the car or as you are doing work around the house.
One of the great aspects surrounding the cryptocurrency space is that it is continually evolving. There is always more to learn and discover regarding people, events, projects, technology, and so on.
Have you considered your position on Bitcoin and/or Bitcoin Cash? Which one do you feel will be the front runner? Perhaps both will. Perhaps neither of them will. That conclusion will need to be drawn by you and you alone.
The time is now to step out in faith and explore the options you have set before you. ✦
What important characteristics cause me to want to invest in a particular crypto? ...
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