With Monero’s future in uncertain waters I would like to invite the Monero community to take a deep look at Bitcoin Cash as a fall back measure if anything were to happen to Monero.
BCH is fighting to become the word reserve currency and is on a solid trajectory to achieve it.
As you can see from the graphic BCH has everything required from a world scale money.
Most importantly BCH has superb privacy while maintaining the gold standard audit-able secure ledger, plus we have the Bitcoin brand which has immense value.
If nothing else make BCH your backup, you will not regret it!
CashFusion - True Privacy on Bitcoin Cash
https://odysee.com/@backyarddirectors:c/cashfusion-true-privacy-on-bitcoin-cash:c
21 million, PoW, no premine, home nodes - Monero is PoW, had no premine and can run on home nodes. As for tail emissions, they are there to ensure that mining doesn’t exclusively depends on transaction fees, but since they are fixed, inflation still tends to zero. It’s a feature voted on by the community and, honestly, makes more sense than betting the security cost in the long-term entirely on transaction fees, just to be able to say “there will only ever be 21 million coins!”.
Defi, upgradeability - Monero has been constantly upgraded via consensual hard forks. More features are coming soon. It doesn’t make any sense to lump this with Defi, which is something that Monero doesn’t support on the base layer because it’s supposed to work as money, not attempting to be everything and the kitchen sink.
Massive L1 scale - That’s coming to Monero too, and anyway it’s not as urgent as ensuring real privacy and censorship resistance. It is hilarious that Solana has a check mark here, when it’s been down more times than I can count, not to mention the delays.
Privacy tech - The devs of CashFusion admit that it is not at Monero’s level. It is good for casual privacy, preventing a merchant from snooping into your wallet, but that’s about it. Real privacy cannot be achieved with opt-in add-ons, it must be a core principle, backed in from the inception and, without dismissing its brilliance here, the Bitcoin protocol simply wasn’t written with privacy in mind.
Proven hijacking resistance - Is it proven though? The community was split, BTC took pretty much everything, to the point that in most people eyes’, BCH is not Bitcoin, but just some wannabe clone.
Monero is OK, I agree, but it will not go world reserve currency. BCH has that chance.
Modern money needs program-ability. We have to be able to do finance 100x better than the legacy system.
Monero cannot scale past ~700k TX per day, this is a fundamental limitation to having heavy encryption at the base layer. You may be able to double this with new advancements but it is not even close to what we needed. BCH can to 10 million TX per day right now and will be able to to 10x that with advancements in tech.
That statement by CashFusion devs was made before all the weaknesses were discovered in Monero reducing privacy. Now CashFusion is about on par with Monero. It’s not just for casual privacy, chain analysis cannot trace CashFusion transactions without external data points.
BCH has gone through 3 contentious forks, slammed by intense paid propaganda, and has clawed back into the top 20. There is nothing like that comeback story in all of crypto.
You have to break out of the myopic view about privacy, it is not all or nothing. As always it is a balance and BCH provides the best of all worlds.
The only cryptocurrency that has some chance of becoming world reserve asset (and possibly currency too, if the scaling issue is ever addressed properly) is Bitcoin (BTC). Now you might insist that BCH is Bitcoin, and that it has already solved that and other issues that still plague BTC: that’s technically correct, but you’re simply delusional if you think that some day people will wake up realising that BCH was the better Bitcoin all along and move en mass to it. Most people are simply clueless about how open source projects and forking work: as they see it, BCH is merely a Bitcoin (BTC) clone, a ripoff, if not a scam coin that piggybacks on BTC’s success. They don’t see its association to the Bitcoin name as something genuine.
The truth is, it’s only in your mind that BCH is still competing directly with BTC for the title of “true Bitcoin”. The market has long decided and has moved on. Today, BCH is just another altcoin, which yes, improves on the features of BTC, but just like thousands of other cryptocurrencies. Even if the market eventually abandons BTC, there is no real reason why it should turn to BCH specifically.
You say we need programmable money to build a better financial system than the legacy one. I say that money needs to be first and foremost hard. Programmability increases the attack surface and introduces malleability. Why can’t finance exist on top of a solid, minimal settlement layer?
About CashFusion, hold on a second: the devs themselves say that it shouldn’t be considered an “ultimate privacy solution” (meaning that it is a tool for casual privacy), how do the recently discovered weaknesses in Monero change this? Does this information about Monero magically improve CashFusion?
Besides, CashFusion cannot be on par with a real privacy coin like Monero for the simple fact that it is merely an opt-in add-on and, as it is always the case when privacy is opt-in, most people won’t use it, making those who do stand out like a sore thumb. Just a few years ago, someone on r/btc challenged others to trace the origin of some BCH after using CashFusion, providing minimal information: the challenge was solved in a couple of hours. If a significant percentage of BCH users actually bothered using CashFusjon, and if it provided real privacy, BCH would end up being delisted as well. It isn’t, because it’s not a threat.
I can buy the idea that the propaganda against Big Blockers during the Blocksize Wars might have been paid by entities interested in weakening Bitcoin. But the subsequent forks were due to rotten apples within your community.
BTC has already been captured by fiat forces, so it is useless no matter what status is gains.
There is no “the market has decided” innovation can flip markets in no time.
BCH is hard money that is also programmable, unlike BTC, Bitcoin Cash engineers are much more competent and have executed on hard programmable money.
Monero as compared to CashFusion used over Tor offers a similar level of privacy. BCH cannot be delisted due to CashFusion, Monero has been delisted. BCH is available on every exchange. There have also been Many cases of Monero transactions being traced so don’t give me that some guy on r/BTC non-sense.
After the fork BCH continued to be attacked, it is the biggest threat to the BTC scam. We survived it all and now are ready to dominate once again.
I find it commendable you’re continuing a fight for what you believe in. Loyalty to your version of the true bitcoin.
Though I question whether programmable money is actually a good thing. We can program Monero already. Its called payment terminals, automatically transferring funds, processing payments, checking balances, etc, etc. Thats what programmable money should be & its easily handled with third party tools.
Do we actually want feature creep in our money? What does programmable money actually solve? Also is money, the right tool to be used for solving those issues? Utility chains like ETH, SOL, LINK, or any other smart contract cryptos might be a better fit for decentralized high attack cost programs then our medium of exchange. For the rare overlap between the 2 luckily its possible to wrap Monero, Bitcoin Cash & any other digital currency into a utility crypto.
Also why would the Monero community need to bring Monero’s privacy to BCH? As much as I respect the BCH community, if they want privacy, their free to do it themselves. Monero is open source after all, so they can take it upon themselves to add these privacy measures to BCH.
If Bitcoin Cash ever has better privacy then Monero & the market decides its the new premier privacy coin, then I would happily use the “real” bitcoin. I would miss ASIC resistant mining though, I believe CPU mineability to extremely important for real decentralization. But it would be nice to transact privately in the legacy of Satoshi once more.
Very respectable reply, thanks.
I believe Monero has a place, I like it and use it. However it is not for everyone. There a high technical barriers and UX issues.
I think Monero is for the privacy hardcore minded and techie crowd, this is a niche community.
Wallet sync times are a show stopper for most users. The wallet needs to be instantly available to spend, it can take an hour to sync a Monero wallet on a slow connection.
Transaction spends need to be instantly available, in Monero they are locked for 20 minutes this is impractical in real life.
Monero is notoriously difficult to integrate into other systems and networks, we need something that can be simply added everywhere with minimal effort.
Then there is the issue of scaling. The chain grows infinitely and all data needs to be stored forever. Stress tests have shown Monero can only do 700k TX per day max. This can maybe be doubled with tweaks but to me it feels like the XMR tech cannot go much further.
BCH on the other hand can do 10 million TX per day right now, and likely much more. It has instant transactions and no coin locking. Advancements are in the works to bring BCH to 200k TX per second. Bitcoin Cash is for everyone, everywhere, all at once. This is the difference.
The beauty of smart contracts on BCH is that you get complex power with secure and relatively simple code. Our new freedom money needs all the features legacy finance offers and more.
Advanced smart contracts on Bitcoin Cash - https://youtu.be/o0jeLBJOr8Y
Guys, I’ve solved it, we’ll just fork to Monero Cash /s
Yes, along those lines. Bitcoin Cash has the most advanced UTXO scripting capability. The Monero community should be looking to porting Monero over to BCH as a private covenant.
Then you can mint a Monero token on BCH with Monero’s privacy tech under the hood. In the future everything will be happening on Bitcoin Cash because it is the real Bitcoin. Do not miss your second chance at early Bitcoin adoption.
The Future of Private Currency Transactions at World Scale Being Spearheaded by Bitcoin Cash
If you have to remind peoples it’s the real one, it’s definitely not the real one 🤣
Wait! You don’t know about the blocksize war?
You will be amazed after reading Hijacking BitcoinPeople are very forgetful about history and easily fall for corporate/state propaganda. So they must be reminded.
Yeah, the deep state propaganda against Bitcoin Cash, of course 🤣
Yes, BCH is the biggest threat to entrenched financial powers. It is headed to world reserve currency status and they are scared. Do no miss your second chance into Bitcoin early adoption, you have been warned.
BCH is the biggest threat? Thats why they don’t ban it eh?
Monero is the only biggest threat digitally to the system to the fiat system.
That is exactly why it is the biggest threat, because they cannot ban it.
They have to resort to cultural and propaganda attacks. Most people hate BCH but have no idea why.
Monero and Bitcoin Cash have a lot of common in their goals and community, don’t pay attention to the downvotes.
Monero is still fine, maybe if something unexpected happens we can use BCH for the finality layer of Monero? I don’t remember the hash rate on BCH and it’s potential for the same centralization. The 10 minutes block time might be an issue for that though.
Thanks for the positive reply. On BCH 0-conf is secure so the 10 minute block time is not much of a hindrance. There is a proposal to lower it to 1 minute in the future.
The world was flooded with SHA256, but why did you have to fork it, there was already Monero! It continues to swim in the slipstream as a parasite.
Bitcoin needs to continue on, that is why BCH was created, it is the real Bitcoin hence the best cryptocurrency with functionality of all the other chains in one.
