HomeCoinsLitecoin (LTC)Charlie Lee Criticizes Bitcoin Money For Branding Itself as Bitcoin

Charlie Lee Criticizes Bitcoin Money For Branding Itself as Bitcoin

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On October 17, Bitcoin.com launched a controversial assertion which claimed that Bitcoin Money is Bitcoin. In response, main business consultants together with Litecoin creator Charlie Lee provided harsh criticism.

Bitcoin.com Claims Bitcoin Money is Bitcoin, Angers Bitcoin Group

In September, Bitcoin Money was launched via a tough fork executed by a number of main mining swimming pools together with ViaBTC and Bitmain. Since then, the help and demand for Bitcoin Money have considerably decreased, which is obvious within the hash fee and market cap of the cryptocurrency.

On the time, even Bitmain, which first launched Bitcoin Money in July as Bitcoin ABC, was caught off guard with the assertion of ViaBTC to pursue the laborious fork in September. However, inside the previous two months, Bitcoin Money has not been capable of come near the unique Bitcoin blockchain by any indicator, similar to consumer base, hashrate, market cap, and developer exercise.

Nonetheless, this week, Bitcoin.com launched a controverisal assertion that learn:

“Primarily based on the above comparisons between the assorted variations of Bitcoin, the whitepaper, and the years of widespread understanding that Bitcoin was all the time meant to be an digital money system, it’s the place of this web site that Bitcoin Money is the model of Bitcoin that the majority intently adheres to the unique design. The place that Bitcoin Money is Bitcoin is predicated on its adherence to the design objectives and meant goal that Bitcoin was created to satisfy.”

Business Specialists Reply, Charlie Lee Presents Criticsm

Earlier this month, a few of the largest Bitcoin pockets platforms and exchanges together with Coinbase and Bitfinex have introduced that the upcoming SegWit2x laborious fork in November is not going to be thought-about as “Bitcoin” or “BTC” even when it surpasses Bitcoin by way of hash fee. If 75 p.c of miners do pursue the SegWit2x laborious fork in November, there’s a very excessive chance that SegWit2x launches with larger hash fee than Bitcoin. However, there may be additionally a excessive chance that miners change again to Bitcoin upon its first problem adjustment, if the demand from the market, customers, and traders just isn’t met.

To date, Bitcoin Money has not even come near rivalry with Bitcoin in any of these indicators. As such, Litecoin creator Lee said:

“Numerous newcomers are going to be misled by Bitcoin.com . This text is so filled with lies and FUD. Not having replace-by-fee doesn’t make unconfirmed transactions protected. Additionally confirmed transactions are irreversible even with SegWit. SegWit signatures will not be faraway from the transactions. It’s simply the transaction knowledge construction that’s totally different. It’s simply as safe. Extra Just about each different line in that article is FUD and deceptive. It’s very a lot successful piece on Bitcoin Core and SegWit. Disgrace.”

As Lee defined above, Bitcoin Money just isn’t Bitcoin. Bitcoin is the unique Bitcoin blockchain which is at the moment often called “Bitcoin” and “BTC.” Even after SegWit2x debuts in November, there’s a larger chance of the present model of Bitcoin remaining as the bulk chain, as miners don’t resolve the worth and market cap Bitcoin, customers and traders do.

Lee additional emphasised that the tip consequence just isn’t necessary. It isn’t morally and ethically appropriate to intentionally confuse newcomers within the Bitcoin and cryptocurrency markets.

“It’s not about who wins. Complicated newcomers to bitcoin just isn’t good,” he mentioned.

Featured picture from Shutterstock.

Final modified: Might 21, 2020 9:11 AM

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“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel

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