CRYPTO: Bitcoin is not always Bitcoin!

February 9, 2018

Bitcoin is not always Bitcoin!

Warning! Before you invest in Bitcoin, please do a proper research and/or ask people you trust for advice in this field. There is a very nasty marketing approach circling Bitcoin and has been for a while, as everyone wants to cut their piece and profit. Don’t let them profit on you.

You might come across websites, social network profiles or forum campaigns, which claim that they sell or offer services of Bitcoin, but they are actually selling a forked version of Bitcoin. Now, what is forked version? Well, it is an alternation of the original coin, which operates independently (such as it has a different aim, rules, price tag, development team, etc), sort of like a different currency. So in other words, if you buy a forked version of Bitcoin instead of the original one, you might be then surprised that you cannot spend it everywhere you wanted and that’s not cool.

To prevent this issue or confusion, alternations of Bitcoin (forked versions) supposed to be named differently and they are. Here are some of them:

The problem occurs when this rule is ignored or the original name (“Bitcoin”) is misused for the marketing purposes. So for example, Bitcoin Cash (BCH) is heavily misusing the word “Bitcoin” in order to overtake the market and fool people that BCH is Bitcoin.

BCH is Bitcoin Cash (forked Bitcoin) and BTC is Bitcoin / Bitcoin Core (the original Bitcoin).

There is even more nasty stuff going, which you can read more about in this article: https://medium.com/@MishaGuttentag/coinbase-should-stop-selling-bitcoin-cash-bch-seriously-ba601d395023

As a summary, I personally do not like the way BCH operates and their aggressive marketing is not something I want to support. Now in saying that, it doesn’t mean the coin is useless or you cannot make a money on it. It just means, it is not aligned with my values and therefore it is not for me.