Following Bitcoin Cash on its rise to global reserve currency.

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Friday, 30th June 2023

#85:

Essential Introduction to Bitcoin Cash

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Today’s Agenda

• Who we are
• Price update
• Why is any of this important
• What is money
• What is Bitcoin Cash
• How & why it will be the global reserve currency
• Self Custody (Practical knowledge regarding being involved)
• Scams and problems
• Context & history of Bitcoin Cash - Blocksize War, BSV, XEC, Modern era
• The Flippening
• Selene Wallet
• Outro

Expected running time: 3 hours

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Jeremy & Jett

https://bitcoincashpodcast.com/about

• 2013 Bitcoin adopter
• Highly popular 2013 - 2016 /r/Bitcoin poster (Blocksize War, relevant later)
• Started BCH Podcast in Jan 2021 (post XEC fork, relevant later)

• 2016 Bitcoin adopter
• Former BCH merchant, meetup operator
• First BCH Podcast guest (Ep 2) & producing since Episode 26

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BCH Rise Begins

USD $309.15 (WAY up). 1 BTC = 99.6 BCH (WAY up).

1 ETH = 6.12 BCH (WAY up).

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BCH Price

• Rank 19 to 14 in around 11 days
• Price matters - but not exclusively:
• Signals the market of rising BCH potential
• Creates marketing hype & visibility
• Grows community resources (rewards holders), virtuous cycle
• Attracts more SHA256 hash rate from BTC miners (if rising on BTC pair)
• Volatility is high & WILL INCREASE, so act appropriately regarding your finances
• Relevant to Flippening, discussed later

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Why is any of this important?

• Fiat currency is a massive scam.
• Inflation is rising all around the world.
• System is designed so that everyone is perpetually in debt, more debt exists than money to pay it off.
• Developed world: Cash is going extinct
• Developing world: Can skip banking mess.
• CBDCs are coming
• Look at the dystopian mess in China for very obvious warning.

https://www.news.com.au/finance/business/banking/westpac-unveils-major-changes-to-debit-cards-including-1000-withdrawal-limit/news-story/fbc2434416c0f1c86023d6fe5db90f52?amp

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The Bitcoin Cash Podcast

• Started in Jan 2021, ~3 episodes / month
• Following Bitcoin Cash’s on its rise to global reserve currency
• Global reserve currency (hyperbitcoinisation):
• BCH = most used currency globally
• 6 billion+ people @ 5+ payments / day
• Plus automated payments, DeFi, CashTokens etc.
• Fiat destroyed
• Other cyptos & gold etc. minority of global trade (80/20 rule)

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Fair warning: GRC is INEVITABLE

• There is nothing that can stop this
• Everything that could be tried, has been, and it all failed (relevant later)
• If you have a personal objection or dislike to Bitcoin Cash (for any reason), the quicker you can get over that the better off you are
• However you are free to disbelieve or ignore until such time as you can’t take it any more. The only harm done is to yourself.
• Bitcoin is completely voluntary, but its economic vortex is such that everything will be sucked in sooner or later

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Is GRC feasible?

• Yes.
• Technically:
• Bitcoin designed for global scale
• Embarrassingly parallel, Moore’s law
• Socially:
• Entrenched interests cannot stop it
• Doubt about crypto is always solvable by education & time
• As you have seen/experienced
• Economically:
• BCH success draws more resources to its community, in an upward spiral

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What is money?

• Any system of exchange between two people, especially the most common in a society
• Barter is inconvenient
• Six properties of money:
• Scarcity: aka not grains of sand
• Portability: aka not bricks
• Durability: aka not bananas
• Fungibility: aka not Van Gogh paintings
• Divisibility: aka not live cows
• Recognisability: aka not Monopoly money

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What is Bitcoin?

• Peer-to-peer electronic cash system
• The first & best form of cryptocurrency
• Six properties of money:
• Scarcity: 21 million only
• Portability: Instant, worldwide, near free
• Durability: Indestructible (node network)
• Fungibility: Imperfect but good enough
• Divisibility: Infinite, without increasing supply
• Recognisability: Unfakeable, automatically verified

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https://www.bitcoincashpodcast.com/bitcoin.pdf

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Self Custody

• Not your keys, not your coins
• The blockchain guarantees only the on-chain amount of crypto, it does NOT guarantee:
• Custodian funds
• In a bank, exchange, Binance, Coinbase, or anywhere else
• Redeemable assets aka gold
• You WILL be rugged. Guaranteed!!
• Mt Gox, FTX, Celsius, Voyager etc. etc. etc. etc.

http://selene.cash/

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Scams and problems

• Drug markets, ransomware or other uses that some people may dislike - well every currency is used in those ways
• Crypto is a neutral tool, just like Internet or running water
• Yes, there has been a lot of scams & bad actors in crypto
• Consider the monumental task required to bring this tech to the world regardless
• Education will help immensely here
• Upside: Sound money / inflation free, transparent equitable financial system
• Totally voluntary, with zero funding or support
• AND under constant attack by governments, banks and haters
• It’s messy, but we’re getting it done & under the circumstances that’s a serious undertaking

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History of Bitcoin: Early days

• 2008 - 2014 approximately
• Bitcoin is an immediate smash hit
• P2P cash takes off fast with libertarians, computer geeks, black markets
• Silk road drug market proves BTC cannot be shut down
• Mining hash power ramps up fast
• Community is vibrant, united & fun
• Transactions explode
• Overstock and NewEgg and other vendors start accepting Bitcoin

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History of Bitcoin: Blocksize Wars

• 2015 - 2017, scaling needs become apparent
• Blockstream begins to interfere with Bitcoin development
• Censorship of /r/Bitcoin & bitcointalk changes the narrative completely
• Bitcoin goes into civil war
• Merchant adoption reverses
• 1st August 2017, big blockers land a hostile chain split amidst total chaos & pervasive industry doubts
• SegWit 2x fails later in the year, BCH becomes the last hope

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History of Bitcoin: BSV Hashwar

• 2017 fork - late 2018
• Craig Wright, supposed “Satoshi” grows very vocal
• Calvin Ayre, billionaire online gambling operator, funds this via nChain & CoinGeek
• A lot of technical nonsense is proposed, “big blocks” becomes “gigamegs” and “the entire Internet stored on chain”
• Division leads to a “Hashwar” where Craig promises to take the BCH crown by destroying his opponents with mining
• Ends up forked & minority on BSV

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History of Bitcoin: eCash War

• 2019 - Nov 2020
• Amaury Sechet - “benevolent dictator” & lead dev of BCHABC - tries to introduced an 8% coinbase “tax” to fund development, sending to his centralised node
• For a third time, the community goes into civil war, battle lines are drawn, harsh words exchanged
• Flipstarter created to demonstrate a voluntary node funding model
• CHIP Process developed

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History of Bitcoin: Modern era

• Doubting voices in the community dry up
• 2021/2: SmartBCH experiment goes awry, CoinFlex blows up but community does not split
• Adoption takes off in St Kitts & Nevis
• 2022 upgrade: Bigger ints, introspection
• 2023 upgrade: CashTokens
• Unlocks DeFi, token ecosystems, stablecoins etc.
• Projects start thriving: BCH Bull, BCH Guru, TapSwap, CashRain, Selene etc.
• Progress starts producing market pumps

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The Flippening

• 21 million BTC chasing 21 million BCH
• Realistically, there is about 13 million / 19 million BCH available
• 95% of that 13 million BCH already held by diamond hands
• Few coins will change hands
• Rising BCH market price attracts hash from BTC miners
• -> Blocks slow on BTC, fees spike
• -> Market realizes BCH is right
• -> Loop (Death spiral)
• (BTC chain gridlocks, then hits $0)
• Gradually, then suddenly

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Selene Wallet

• Community needed an open source wallet capable of onboarding 10 million users to snowball BCH to global reserve currency status
• Coded by Jeremy & Kallisti
• Focus on ease of use as cash, plus BCH specific features - cypherpunk style
• Only live about 6 weeks, big upgrades coming over the next 6 - 12 months
• Try it today to join the BCH economy
• Now available on Android (iOS coming soon) plus .apk

http://selene.cash/

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Donators!

Patrons

• Ricky
• HP

Sponsors!

• General Protocols
• Check out bchbull.com

Flipstarter (Eps 76 - 85)

• Majamalu (Marcelo)
• Renegade
• Cheapy (Cheap Lightning)
• Emergent Reasons
• Unspent.app
• Molecular
• BitcoinCashAutist
• MiniSatoshi
• Kallisti.cash

Supporter Appreciation

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That's called obsession

It's something that you live

The only single thing that matters

After your wife and your kids

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Cos if you can't learn to float

Then you sink or you swim

Start guide, FAQs, links at www.bitcoincashpodcast.com

Shoutouts for the show

bitcoincash:qr9c6ce6gwg37c3cxm9vpqwktn3l270jpqenv8nn4s

Thanks for watching!

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