The Three Factions of Bitcoin
Factions of Bitcoin
The three factions of Bitcoin have much different goals. You have one side that wants bitcoin to be a store of value. Then you have one side that wants bitcoin to be the next PayPal. Last but not least you have a side that wants bitcoin to revolutionize all currency. So, which side is which? The BitcoinCore development community supports bitcoin as a store of value. They like the theory of digital scarcity making the value of bitcoin rise over a slow period of time. However, this is why the other factions arose. Many people wanted bitcoin to be the next dollar. That is when Bitcoin Cash came on the seen in 2013. Because the original bitcoin code was failing at wide scale use bitcoin cash was born. Founded by Roger Ver his vision was to create the next version of bitcoin that would allow for more transactions.
Which further down the road another development community of bitcoin would arise from them. This new faction was started by a man named Craig Wright. He claims to be the real Satoshi Nakamoto. Saying that the other two versions of bitcoin were all wrong from his original vision. Thus, he created BitcoinSV. Standing for bitcoin satoshi’s vision. Having three factions of bitcoin is confusing. Especially, when they are all at war with each other. That is why I stress unity! We are all fighting the banks not each other.
To the general public BitcoinCore is the real Bitcoin. This is because it is a continuation of the original Bitcoin code. That is why it got to inherit the name Bitcoin. Not Bitcoin with some other word. BitcoinCore currently has the highest marketcap. Some would argue that it has the most users. But, one thing is for sure. The most money has been invested into this version of Bitcoin. By a long shot. None of the other versions of Bitcoin has more money behind it. The core value of this community is to treat their cryptocurrency like digital gold. It is important to understand this this faction has been around the longest. It is the original faction of Bitcoin. All others are a split from this faction.
Let me just say that old isn’t always the best. In terms of capability I’ll admit BitcoinCore could use some work. However, why I like it the most is because of its great infrastructure and economy. I like what BitcoinCore has turned Bitcoin into. The digital gold aspect is awesome! I believe it should be used for large transactions only. Then the other splits of Bitcoin can be the smaller transactions. In my eyes a lot of the tension between these factions makes no sense to me. When you look at the bigger picture you see how symbiotic they are to each other.
Bitcoin Cash Community
Bitcoin Cash is a split of the original Bitcoin code. The Bitcoin Cash fork happened in the year 2013. This new coin was created by the well known early Bitcoin investor Roger Ver. The core values of Bitcoin Cash is to be a true peer to peer money. I will say that this community is the most supportive to each other. They are friendly and inviting. Unlike the BitcoinCore community which makes you earn your place. These days I tell people new to cryptocurrency to start with Bitcoin Cash. Just because it is easier to use for average people. Less stress about transaction times and high price values. Plus, Bitcoin Cash is widely traded on large exchanges like Coinbase. Unlike BitcoinSV which is not.
It is important to note that Bitcoin Cash can handle way larger transaction volume. When compared to BitcoinCore. Also, its important to note that transaction fees are virtually nothing in terms of USD cost. Each transaction in Bitcoin Cash cost less than one penny. Making it more affordable to use than a bank for people in third world countries. Which is unlike BitcoinCore currently. SLP tokens are another unique property of Bitcoin Cash. You can create your own tokens on the Bitcoin Cash network. In my opinion an underrated feature.
The BitcoinSV community is a very odd one. The creator Craig Wright is strife with drama. However, he claims to be the real Satoshi Nakamoto. The founder of the original Bitcoin. His claims are yet to be proven without a doubt. Just a few claims and a court case. That ultimately proved nothing. The BitcoinSV community is very aggressive towards other cryptocurrencies. They believe their should only be one cryptocurrency. Their core value is BitcoinSV or nothing. Craig wright doesn’t do a good job or not being aggressive either. If you want to be aggressive and troll other people then the BitcoinSV community is right for you.
They think that BitcoinSV will replace all other currencies in the end. Plus, they are willing to do anything to make that happen. Including media stunts in court. If you like watching drama unfold then SV is for you. However, there is a chance Craig wright is the real Satoshi. In which case BitcoinSV probably would be the superior coin. So, lets sit back and wait to see what happens on that front. In the future more Factions of Bitcoin could arise. Stay tuned to my blog!