Former lead developer for Bitcoin, Gavin Andresen, is the latest key player in the Bitcoinosphere to pledge support for Bitcoin Cash, referring to it as the chain “true to Satoshi’s original vision.” In a tweet he posted on the 12th of November, Andresen emphasized his belief that the high fees associated with BTC are undermining it as an effective means of exchange.
In a recent tweet, Andresen posted a comment effectively describing Bitcoin Cash as the successor to his early work on the Bitcoin project. Given who Andresen is, his opinion matters a lot. For those that have only just first started following Bitcoin, we will give you a quick recap of history.
In 2011, Gavin Andresen was chosen by Satoshi Nakamoto himself to inherit the role of lead developer for Bitcoin. Andresen had worked closely with Satoshi prior and his work is seen as integral to Bitcoin by many. In 2012, one year later Andresen established the Bitcoin Foundation, before leaving his development role to more closely focus on the foundation. Since then, Andresen has become increasingly critical of Bitcoin Core, and has been a long time supporter of alternate Bitcoin protocol implementations.
Bitcoin Cash’s price skyrocketed over the weekend to all-new highs before falling, with BCH currently trading as of this report at approximately $1,148.38 according to Coin Market Cap.
With an average transaction fee still at $6 and estimated time to first confirmation close to an hour in the last 90 days, legacy Bitcoin’s scaling is far from solved. As we reported, Bitcoin Cash is more aligned with Satoshi’s vision; now one of the core people behind the idea of Bitcoin has spoken out and confirmed our analysis. For more on that, see Coinivore’s in-depth analysis of Bitcoin Cash v.s. Bitcoin and why we think that Bitcoin Cash will take over and become the original Bitcoin in what we are deeming the “flippening.” In that scenario, we would see miners and users adapt Bitcoin Cash as the Satoshi Nakamoto original version of Bitcoin. With the canceled fork of Segwit2x, the free markets now have a decision to make stick with Bitcoin legacy and high fees that Bitcoin Core has made it clear that they want things this way or support 8 MB blocks without Segwit and Satoshi Nakamoto’s original vision for a peer-2-peer decentralized payment system. Even the Bitcoin.org owner, known online by his alias Cobra, has also recently said that Nakamoto’s whitepaper needs revision, News Bitcoin reported.
“The white paper is to blame for all these dangerous beliefs — We seriously need to rewrite it, or produce a completely new white paper and call that the Bitcoin white paper,” Cobra wrote.
“The whitepaper is probably the only vaguely “technical” document that many people in positions of power and influence have read, it’s what they base their understanding of Bitcoin on. And it’s very easy to misunderstand in subtle ways. It’s an extremely dangerous document for an ignorant person to read.
This further split in community consensus and push against the creator of Bitcoin, with the endorsement of a competing alternative Bitcoin Cash by someone who worked with him, will only help BCH establish itself in the cryptocurrency markets and may within as little as 6 months become known as Bitcoin by the community.
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