In a statement addressing the upcoming the bitcoin (BTC) fork that is scheduled for mid-November, Calvin Ayre has stated it’s belief that Bitcoin Cash [Bitcoin (BCC)] is “the only bitcoin.”
Also Read: Fork Debate Drops to New Low, Outspoken Developer Lopp’s Home Surrounded by Police
“When We Say Bitcoin, We Mean Bitcoin Cash”
With the number of chains forked from the original bitcoin blockchain expected to increase, a number of companies and media organizations are seeking to provide clarification regarding the specific nomenclature referring to each chain.
Calvinayre has issued a statement clarifying that when using the term ‘bitcoin’, the website will be referring to the bitcoin (BCC) chain. The statement expresses Calvinayre’s belief that “bitcoin cash is the true remaining bitcoin as intended by the original Satoshi white paper. The release states that although “the Segwit chain may have inherited the name “BTC” largely due to history but it is bitcoin cash that much more closely resembles the bitcoin that sparked the entire digital currency boom.”
Calvinayre states that it will refer to the respective bitcoin chains as “Segwit1x (currently BTC, and likely SW1 after the Segwit2x split), Segwit2x (planned BTC, but likely SW2 after the fork if it fails to achieve majority miner support), and Segwit Gold (SWG).”
Calvinayre Describes the Distinct Bitcoin Chains As “Relatives Sharing a Common Ancestor”
The release states that “cryptocurrency was created to solve the problems brought by traditional banking. For the online gambling industry, the appeal lies in its promise to cut out the middlemen, along with their outrageous fees, and help secure transactions with the distributed ledger system.” As such, Calvinayre advocates that “the entire gambling industry… move across to [bitcoin (BCC)].”
Calvinayre advances that the comparatively high fees associated with bitcoin (BTC) compromise the fundamental utility of bitcoin, and deter non-speculative user adoption.
“We define an electronic coin as a chain of digital signatures” – Satoshi Nakamoto, Bitcoin Whitepaper
Calvinayre’s website describes bitcoin (BTC)’s segregated witness protocol as defining “a new transaction type… that removes the digital signatures from the transaction and places them in a separate data structure.” By contrast, bitcoin (BCC) is described as having “increased the capacity limit of each block… and preserved a version of bitcoin with digital signatures intact.” It is largely on the basis of preserving digital signatures that Calvinayre argues bitcoin cash (BCC) is the chain that most resembles the original vision as laid out in the bitcoin whitepaper.
Which chain do think is most deserving of the title ‘bitcoin’? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, CalvinAyre.com
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