Roger Ver has rekindled the debate between BTC and BCH by claiming that in Japan, Bitcoin Cash now accepts significantly more physical transactions than Bitcoin. Which he believes is further evidence of Bitcoin Cash’s superiority. Such statements, however, only serve to promote division within the crypto community. This is particularly problematic at a time when unity needs to be promoted.
Bitcoin Cash is big in Japan
Japan’s booming crypto industry comes partly from the acceptance of the crypto currency. Both from the general public, who accept stereotypical technological innovations, and from legislators, who maintain an open-minded attitude towards digital money. This has fostered a progressive regulatory environment, as demonstrated by the recognition of Bitcoin and other digital currencies as legal assets under the Payment Services Act. In fact, green-lighting crypto currencies are legitimate instruments, at least in Japan.
For these reasons, the activities in Japan are important for the entire industry and may well reflect emerging trends in the rest of the world. Unfortunately, the news that Bitcoin Cash is proving to be a more popular transaction currency in Japan will be disappointing for some. However, it has to be said that this is what both sides wanted. As the crypto industry waits to define regulatory news that will determine its future direction, it makes sense to recognize that the toxicity within the crypto community is not achieving anything, especially if both BTC and BCH are on track with their development.
Bitcoin vs. Bitcoin Cash
No other rivalry is as intense as BTC vs. BCH. It began because members of the BTC community, led by Roger Ver, saw BTC as a transaction currency. They were dissatisfied with the scalability and thought that the 1 MB block size was not sufficient to handle the large throughput. While others thought BTC should be a value store, not a transaction currency. And they felt that larger block sizes would prevent individuals from running their own complete nodes. This means that in the future, transaction validation can only take place through large-scale mining pools, leading to network centralization – a critical violation of the concept of alternative money.
Taking into account Bitcoin Cash’s overall philosophy, many developers see BCH closer to Satoshi Nakamoto’s white paper.
Is that important?
In human psychology, the need to be number one often goes first and foremost. Even common sense and reasoning, but there comes a time when we need to put aside our differences in order to move forward. After all, there is enough room for a fast, cheap global currency and one that offers value storage. Vinny Lingham, CEO of Civic, believes there is room for different projects to meet different criteria, he said: