In August of this year, the founder of the exchange and pool ViaBTC Yang Hypo (Yang Haipo) publicly stated that «Bitcoin Cash is a bitcoin». Stock exchange ViaBTC one of the first included a Bitcoin Cash (BCH) in their lists. Now, Haypo working on a new project Coinex — crypto exchange where digital currencies are traded in pair with the BCH. Yang, whose views were always quite radical, spoke about his project and shared his thoughts on BCH.
The craziness continues around IFO
According to Ian, BCH is a Bitcoin because it was created by a fork of the original Bitcoin blockchain. Specifically, the Whitepaper Satoshi Nakamoto described Bitcoin as a peer-to-peer electronic cash system. BCH «fits that description, so it is a bitcoin».
That is, Ian believes Whitepaper the only criterion, since Satoshi created bitcoin in order to develop it into a separate form of money widely used payment system, and even a global currency. Today’s version of BTC is mostly a means of storage, its price increases as a result of additional investments of new participants. This is all very reminiscent of a financial pyramid.
«Cryptocurrency BCH was not created overnight. She appeared in the result of joint efforts by major miners, exchanges and wallets. It is proved that the resulting fork the coin can survive and this is why some people and teams followed suit and held a fork of bitcoin».
One of the main advantages of bitcoin is its limited supply. However, there are more forks of the coins with the name of bitcoin, does this mean that the limit of 21 million increase? Is this an indicator of inflation?
Yang believes that bitcoin is subject to inflation. He is confident that eventually there will only be one bitcoin, the dominant global payment system. The cryptocurrency industry is still at an early stage of development, and altline compete for market share. However, in the end will win only one coin with the largest market capitalization and the highest price. It will be called the bitcoin, and its stock will still be 21 million.
The opening of the new project, exchanges Coinex, scheduled for the end of December. According to Jan, lists Coinex will be the main cryptocurrencies (BTC, ETH, BCH, LTC, ZEC, DASH). Jan good to the fork of bitcoin, but it does not support «immoral and useless coin like Bitcoin Gold (BTG) and God (GOD)».
According to Jan, he doesn’t want to compete with anyone and that’s why I decided to create a stock exchange, the base currency is not BTC and BCH. The exchange was Coinex in London, so it does not fall under the prohibition of cryptocurrency trading in China. The project team is still working in Shenchzhene, but soon it is planned to transport and make Coinex fully foreign exchange.
BCH and LTC
On the question whether BCH to compete with LTC, Jan said that the BCH has two advantages – large user base and open scale. User base BCH almost the same user base of BTC, and supporters of the BCH is more active than the proponents of LTC. These supporters will be able to convince the wallets and exchanges to support BCH.
In addition, «… BCH scales better. LTC is experiencing scaling problems similar to BTC, and if bitcoin wants to evolve into a global currency, it is necessary to increase the block size to 100 megabytes or even 1 Gigabyte. At the moment only BCH can move towards the adaptive limit of block size».
Yang says that the BCH community is very clearly a road map. The main objective of crypto – currencies- to scale up to turn the bitcoin into a form of money. Bitcoin is a great invention that gives people the opportunity to manage their own Bank. With the help of BCH users can send coins with low fees in the blockchain BCH and to act as a private Bank.
Last week, Litecoin Creator Charlie Lee stated that they are starting to work on a promotion plan to create your logo. Should do marketing for BCH?
Yang believes that marketing is essential for any business. Each coin itself is already a brand, which generates more value, if he knows more people. Create Bitcoin Fund Cash Fund (BCF) will make marketing more effective and organized. BCH was created not by one person or company, it is a decentralized currency, users, developers and exchanges in which I have an opinion. Someone wants a logo coins were green, and some gold, and to make a common decision, it must first be discussed.
BCH and BTC
Yang said that the decision of disputes about the brand to be found in what is ultimately a bitcoin. He believes that the BCH and BTC are two different road maps and two different philosophies. If the Core developers reversed their decision and agreed to scale up, Ian wouldn’t have to support them, for there is a BCH. However, he believes that such action would be a success.
The media often referred to as bitcoin a purely speculative asset. Apparently, the BCH can also face this problem. Yang says that many of bitminer believe the market of bitcoin something like the stock market, which is manipulated by some «bankers». However, such a huge market can not control by one person.
According to Ian, the development of BTC is centralized, as it has the right to modify the code BTC have only three developers Core. In other words, these developers determine what is bitcoin. The BCH project, on the contrary, involves several different teams (ABC Bitcoin, Bitcoin Unlimited, XT and others). And there may soon be a problem of anarchy than of centralization.