Why is there more than one version of Bitcoin? - Bitcoin 101

[@BrentNally]

BCH for the win! 📈👏🏼🤑

[@viktable5955]

from 1.00 of real Bitcoin down to 0.03 of real Bitcoin (maybe 0.01 soon), yeah total win. After 3 years already.

[@BrentNally]

@@viktable5955 Your math is incorrect. You're very ignorant about BCH and BTC.

[@BrentNally]

@@viktable5955 BCH forked from BTC on August 1, 2017. This means that you received an equivalent amount of BCH for the BTC you had on August 1, 2017 assuming you actually controlled your private keys to your BTC wallet and truly owned your BTC. Most of the big cryptocurrency exchanges also eventually gave their account holders equivalent BCH for the BTC they held on that exchange on August 1, 2017. According to coinmarketcap.com/currencies/bitcoin-cash/ when BCH started trading on August 1, 2017 BCH was worth about $264/BCH. BCH is currently trading at about $221/BCH today, April 15, 2020. According to coinmarketcap.com/currencies/bitcoin/ BTC was trading at about $2,700/BTC on August 1, 2017 BCH. BTC is currently trading at about $6,721 today. So your math is way off.

[@GabeHiggins]

@@BrentNally so, just to clarify, the difference in value between BTC & BCH since the fork is -97% in BTC terms and -84% in USD. And that BTC is up 249% since the fork

[@BrentNally]

@@GabeHiggins Wow! You're bad at math! BTC is up about 149% since the BTC & BCH fork on August 1, 2017 going from about $2,700/BTC to about $6,721 today, April 15, 2020; not 249% as you incorrectly stated. You're also incorrect regarding your first sentence,. You're missing a very important detail which is that I got my BCH for FREE at equivalent rates of the amount on BTC I owned on August 1, 2017. This is an important detail. So, BCH is currently down about 16% at a price of about $221/BCH on April 15, 2017 compared to when BCH started trading on August 1, 2017 when BCH was worth about $264/BCH. I did a cryptocurrency vlog series on KZbin in 2017 that I believe you can learn from: kzbin.info/aero/PLGjySL94COVRvZN7CNyp7Oc9Eva6Ebij4

[@AChainofBlocks]

Great video, thanks for taking the time to produce this piece of content.

[@PinkSummer1017]

Nice quick tutorial!

[@MsMelballs]

The bitcoin project is now multiple, competing chains and this video does an excellent job explaining how that happened :)

[@BitcoinOutLoud]

competition ftw =)

[@MichaelCobbs]

I like this video.

[@yungaur]

faster wallet I've ever use. 🔥🔥😎😎

[@ekwunannastanleychibueze3696]

How can i start Trading and which easy platform should i Use to trade?

[@BitcoincomOfficialChannel]

Exchange.bitcoin.com is easy to use and extremely user-friendly.

[@truthmonster3290]

I'll add core censored all debate, unilaterally decided it was "store of value only " and maliciously slandered anyone who disagreed. this all stemmed from their ignorance of basic economics and total lack of class.

[@WacoyLiz-an]

I invest in bitcoin but the company message that I need to pay tax cost of 800$ for tax,,can any one answer me this if it's true,,

[@georgemarshsoto2951]

You do not have to pay any tax,

[@RikoStylz]

What if I have money in both BTC & BCH and wanted to withdraw those funds from my wallets, how would I do so?

[@iam4iamWe]

Nice Vid

[@usamamir5760]

Great 👍🏽 Video can you please create more such explanation Videos?

[@mauriciop6728]

Hello! I want to share your videos. Is it possible that they subtitle them to the Spanish language? Thanks.

[@PavelAveryanov]

good content, Roger!

[@tammyl4515]

Can anyone help me I want to buy but can I buy just like 2 of each I have the wallet and I'm stuck I am a terrible tech old lady lol

[@georgemarshsoto2951]

Yes I can guild you on how you can invest wisely and receive your profit in 24hours time

[@rafa8871]

Objectively it’s actually a no brainer but other factors, socially and organizationally are in the short term more important. I have no doubt BCH will fulfill our dreams, thanks guys for what you do!!!

[@terrorking6191]

BTC is the only bitcoin

[@GabeHiggins]

This is good general information. However there seems to be a little revisionist history in regards to the Bitcoin Cash fork from Bitcoin on August 1st, 2017. The 'split' happened because there was not enough consensus for a blocksize increase, so BCH decided to launch a separate chain by forking off bitcoin. Bitcoin (BTC) did not undergo a split on August 1st or any change whatsoever. It did undergo a softfork a few weeks later once SegWit acheived consensus and triggered activation of the softfork.

[@JLMoriart]

>The 'split' happened because there was not enough consensus for a blocksize increase, so BCH decided to launch a separate chain by forking off bitcoin. The split happened because there was not enough consensus for a blocksize increase, so BCH decided to upgrade Bitcoin anyway, splitting the BTC chain into two versions.

[@GabeHiggins]

@@JLMoriart that's not accurate. BCH launching did not split the BTC chain into two versions like ETH and ETC did. BTC remained as it always was, no one had to change protocols to keep supporting the BTC network, miners had to change protocols to support the new BCH network. There was no hash war, thus no split.

[@MsMelballs]

It was actually the "legacy chain takes infrastructure" + "no change breaks bitcoin" phenomena interacting. It's easier to block a change than force a change through. A minority blocked a change and broke bitcoin. But the bitcoin project fragmented into multiple, competing chains. Hopefully we never again end up in a "no change breaks bitcoin" situation on BCH... BTC is already broken by full blocks.

[@GabeHiggins]

@@MsMelballs a minority can not "block" change... whatever that means. Miners either reach consensus or they don't. You're either on the chain with the most PoW or you're not. Obviously reaching consensus on a distributed network is really difficult, that's a feature, not a bug. The hash rate from the point of the fork to this day is evidence of that fact. BCH was an out of consensus fork and right now has not even 1% the SHA256 hash rate. Arguing about blocksize is irrelevant to the point, which was clarifying the history which was represented here in a misleading way. There was no bitcoin split on August 1, 2017. BCH was simply born of their own volition.

[@lubokanev7436]

That's quite the mental gymnastics pal.

[@billistics]

WHOA WHOA WHOA, I thought Bitcoin was deflationary and there weould only be 21 bitcoins ever, now there's 21 million x 8?

[@sharpvidtube]

There's only one Bitcoin, BTC. The others are forks. Some pretend to be the real one but like Satoshi said, that wont end well. I know BTC isn't perfect but there isn't a perfect scaling solution and its stupid constantly forking. I think either BTC wins or all of them fail.

[@lasagna3106]

@@jimmyhua731 yep, example is BCH and it's potential in POS and speed of transaction.

[@神烦狗]

@@sharpvidtube False, Satoshi clearly plan to scale on chain. Google it.

[@truthmonster3290]

billistics only btc and bch are relevant

[@lubokanev7436]

I can create a new fork every hour. Doesn't change the supply of the other forks. At the end only one will be used the most, for example BCH, so the BTC supply won't matter, 21 milion, 21 billion, or what ever it is by then.

[@andrecb9587]

No. There is just one Bitcoin. The other is Bcash, just a copy like Bgold, BSV, BDimond....

[@BobMarley-sp3zm]

did you watch the video? there are more

[@phamnuwen9442]

Any network that rejects the direct use of the blockchain as a P2P digital cash system for the world is per definition not Bitcoin. It has been proven over and over again that on-chain scaling works. This means second layer solutions are redundant even in the unlikely event that they ever become functional. Eventually the market will migrate towards on-chain transactions as Satoshi intended. It's just a matter of time.

[@AtheSier]

BSV is more bitcoin than BCH BCH is more bitcoin than BTC Comparative advertising of Bitcion with no mention of BSV or Satoshi is an interesting choice

[@David-ff9pk]

Bcash bcash bcash 😂 oh my days so funny., why didnt u mention BSV.

[@JettScythe]

lol without Craig and calvin the network would be dead. Valued @ $5 at best.

[@sharpvidtube]

@@JettScythe Same as BCH without Bitmain.