Episode Highlights:
- 00:19 – Government Agency Claim Bitcoin Cash Is Technically The Real Bitcoin
- 01:04 – The Different Opinion On Bitcoin And Bitcoin Cash
- 02:29 – Us Government Claims Bitcoin Is A Fork
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Transcription:
Hey what’s up guys? It’s Dan again from CryptoCamacho.com and I just wanted to share something with you really quickly. I find it quite hilarious and very actually interesting that a government agency recently came out and said that Bitcoin cash is the actual original Bitcoin. That is very, very interesting.
00:19 – Government Agency Claim Bitcoin Cash Is Technically The Real Bitcoin
So, recently the National Institute of Standards and Technology which is a government industry institution nist.gov recently came out and published a paper, and claiming Bitcoin cash is technically the real Bitcoin. Isn’t it ironic that a government agency is coming out doing this? When it’s been claimed that the government has actually infiltrated the Bitcoin core team, and has actually been you know trying to hijack the movement. If you will it’s very interesting that this has come out now. And they’re now saying that Bitcoin cash is technically the real Bitcoin. Okay, let’s look through this a little bit, let’s read what it actually says. I just think that’s fun, that’s ironic and I think that’s kind of funny.
01:04 – The Different Opinion On Bitcoin And Bitcoin Cash
Okay, the different opinions on Bitcoin and Bitcoin cash have been well documented across the various media channels, most people remain confident Bitcoin is the main chain but a lot of BCH fans Bitcoin cash think the other way around. A new draft paper from the US National Institute of Standards and Technology claims that Bitcoin cash is indeed the original chain, where the coin we now know as Bitcoin is is considered to be a fork. It’s an interesting development although one that isn’t entirely wrong. Okay so, let’s read through and see what they say. It is evident there are tons of people who feel Bitcoin cash reflects Satoshi Nakamoto’s true vision a peer-to-peer decentralized cryptocurrency or electronic cash. Wow! That may not be true no one can deny Bitcoin itself, isn’t exactly the best place right now. Okay so, it’s talking about transaction fees low transaction times so forth and so on. And I want to get into the meat of why or of what they actually say. So, what’s most intriguing is that NIST claims Bitcoin cash is the true version of Bitcoin, whereas the Bitcoin chain is technically a fork. Opinions like these have come more presently in the world of cryptocurrency in the past few months. Let’s go and let’s actually read the paper here give me one second, I’ll go right to the paper. Okay so, I found this one really explain it.
02:29 – Us Government Claims Bitcoin Is A Fork
US government scientists Bitcoin is a fork and Bitcoin cash is the original. So, let’s go down and look at what the NIST has said and they have a quote in here that I want to read which is why I’m here. Okay Bitcoin cash; they go through you know talk about segregated witness blah, blah 80-90 percent of Bitcoin computing power voted and it’s segregated witness which made it possible to reduce the amount of big data being verified in each block. Again a settlement layer guys. Signature data can account for up to 65% of a transaction blocks or change in how signatures are implemented could be useful. When Segway was activated it caused a hard fork and all the mining nodes and users who did not want to change started calling the original Bitcoin Blockchain Bitcoin cash. Technically, Bitcoin is a fork and Bitcoin cash is the original Blockchain. When the hard fork occurred people had access to the same amount of coins on Bitcoin and Bitcoin cash. We don’t have an axe to grind or a product to sell them, a lot of articles you’ll read online feature a disclaimer indicating that the author who owns a certain amount of cryptocurrency in stock I have no vested interest. So, I don’t think the NIST has a vested interest either way, but it’s very, very, very, very, very interesting. This has come out after so much talk about Bitcoin core being the real Bitcoin. I want to remind you, look at this chart guys is Bitcoin the real Bitcoin or is Bitcoin cash the real Bitcoin? Sure we can make these X’s all green if you put a little layer here, that says lightning Network put it right here, and put lightning network input channels of access and then you’ll turn all these green. But that’s utter nonsense guys. Bitcoin cash seems to be more legitimate to me than Bitcoin core. I’m not an ideologue, I’m not an idealist, but this is pretty evident.
Watch my previous video about Bitcoin cash and Bitcoin itself. And I’ll go through all the reasons why I think Bitcoin cash is positioned too far higher than Bitcoin core. Only time will tell, I’m not a prophet; I’m not making a prediction or a prophecy. I am simply observing the market dynamics of adoption technically; you know individually, from an application standpoint, from a transactions standpoint, things are looking really good for Bitcoin cash. Things are not looking so good for the digital gold Bitcoin core. But let me know what you think guys please. Tell me argue away; let me know why this is wrong. I’d love to know. I’d love to be educated. So, please tell me. I’m Dan from cryptocamacho.com and I’ll see you next time.
