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What is your main reason for supporting BCH?
What are the top 3 unique advantages as compared to other mainstream cryptocurrencies?
The ultimate goal of Bitcoin is to become a world currency, a currency that everyone in the world can use, to bring monetary freedom to the world, so that the money in our hands is not inflated, not restrict by the border, and not get plundered. To achieve this goal, Bitcoin needs to expand the block to accommodate more and more users.
Nakamoto also made a clear plan to increase the block size.
However, in the expansion competition during 2014, the Core development team has been dissatisfied with the expansion of Sakamoto's plan, and eventually led Bitcoin to split into two currencies, BTC and BCH, in August 2017.
Subsequent developments prove that BCH is correct in the expansion of the dispute, during 2017 bull market, there was a huge congestion on the BTC network, a transaction fee reached a shocking thousand or even thousands of dollars, this conflicts with what Satoshi Nakamoto envisions.
In the following 2018~19, Core claims SW (Isolation Witness) and LN (Lightning Network) that can solve congestion problems proves its inefficiency.
isolation verification has only 1.23MB expansion effect
The lightning network is also almost useless. In the price increment during May 2019, the same congestion appeared as in the previous 2017 period has, and the transaction fee percentage has risen significantly.
Transaction fee percentage has risen significantly in two price surges
It can be expected that in the next 2020~21 halving of bull market, BTC will once again experience super-congestion. It is estimated that a transaction fee will reach several thousand yuan or even tens of thousands of yuan. This method is definitely not going to work.
Nakamoto said: I am sure that in 20 years, the number of Bitcoin transactions is either very large or not at all.
To discuss about BCH TOP 3 unique advantages compare to other mainstream currencies, I think is:
The right direction: decentralized + large block, high number of users
Community spirit: rational and pragmatic
Infrastructure: layered design, main chain trading & side Chain smart contracts, this do not interfere with each other. Let me explain in detail
1) The right direction: decentralized + large block, the most important goal is to have High number of users, even if many Core supporters focus on the stored value function, there is a need to have high user count support, if there are no users, there will be no value. The most typical example is the stamp. The supply of stamp is also limited, just like BTC, but is the stamp market still hot? Is the value of stamp still going up? Why is the limited edition stamp value no longer rising? The main reason is no user, who is still using the stamp Letter now anyway?
So high user numbers are the most important goal of a chain. However, the high number of users cannot be violated the rule of decentralisation. For example, like EOS, there are only 21 super nodes designed, the risk is greater because it is not decentralized and not resistant to censorship. You only have 21 super nodes, 21 companies or individuals operate. When a government sends a policeman to a node, asks to freeze some accounts.do you follow or not to follow?
There is a famous saying in China that “do not do more than you should". For example, people who don’t drink water will be thirsty, but people who drink too much water will lead to water intoxication. Adults should drink 2 liters of water a day, but if they drink, for a short time, 5 liters of water, it will be poisoned by water, produce hyponatremia, eventually lead to death if did not treated in time.
Similarly for block size, if the block is too small, as the BTC is only 1M, a transaction will cost around thousands of dollars during congestion, this definitely not feasible. But if the block is too big, as what BSV claims, a block needs to be expanded to 2G. Then every year, dozens of hard disks will be used for storage. To access the server, it will require very high CPU power, memory and processing power. Bitcoin will become like EOS, only left with dozens or even a few nodes. This method not feasible.
For example, recently the US government announced that it has banned the bitcoin addresses of two Iranians. When the government finds there are dozens of nodes and asks to block the address, should you listen to the government? If you listen, the government further believes that you are limited in speculation and disrupts finance. The government order you to modify the 21 million cap similar to ETH, and you can't listen to it.
Even if the government does not come to you, you only have a few dozens of nodes left. The hacker can launch a DDOS attack. paralize your entire network. You are known as the world currency. As a result, anyone can easily paralize you. Isn’t this a joke? ?
Therefore, BCH is such a moderate size that does not exceed the network hardware carrying capacity is the most suitable solution
2) Community spirit: Rational and pragmatic is very simple, the first is not to make empty promises, such as Core, while saying that to reduce the requirements of each node on the computer, reduce the price of node, so that the Raspberry Pi can also run the whole node. On the one hand, claims that every transaction is expensive, and there are no problems with thousands of dollars per transaction.
Second is to make the goal clear. Just like Deng Xiaoping’s cat theory, no matter black cat or white cat, only the good cat can catch a mouse. The goal of BCH is to become a world currency. As long as it is decentralized, it can improve the number of users. It is a good cat. Therefore, the community has little difference in the direction of development, and an improvement is measured by the ability to increase the number of users. This is an objective indicator, and the community is easy to reach an agreement.
3) Infrastructure: layered design, main chain trading & side chain smart contracts, do not interfere with each other
The original infrastructure design by Nakamoto is advanced, and it can reach very high transaction performance. For example, ETH now has a block size of less than 1M every 10 minutes. It is easy for a personal computer to run BTC's 1M block, but now a PC cannot run an ETH full nodes, thanks to the Bitcoin is based on UTXO design mechanism which is better than ETH's account mechanism.
Based on Bitcoin protocol, BCH use layered design. The main chain runs transactions with storing side chain data, so the requirement for the nodes is very low. The side chain nodes only run the smart contract data that they are interested in. If they don’t use, they don't have to run smart contract, unlike ETH, each node has to run all the smart contracts, so the requirement for side chain nodes in BCH also very low.
Therefore, the capacity of the BCH is larger than ETH. ETH is now congested and BTC is also congested. BCH can carry this part users who can’t stand congestion of BTC and ETH, and gradually accumulate its own users to meet a healthy cycle.
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