What is Bitcoin? Bitcoin is a cryptocurrency that reached a somewhat miraculous price in 2017. In that very same year, the number of transactions for this cryptocurrency steadily began to increase. However, Bitcoin still has very low scalability. With only 7 transactions per second, Bitcoin is competing against Visa, able to process 24,000 transactions per second. Is Bitcoin.com truly an advocate for BTC though?
With arguments over the scalability of Bitcoin sweeping the crypto space, the community split into 2 groups. One group believes that Bitcoin doesn’t even need high scalability. The other believes that Bitcoin’s scalability needed improvement. Consequently, this conflict in ideas gave birth to Bitcoin Cash (BCH) in August of 2017. Thus, Bitcoin.com essentially diverged into 2 different cryptocurrencies. 1 Being Bitcoin (BTC), the other, Bitcoin Cash (BCH).
It is important to note that Bitcoin and Bitcoin Cash are two entirely different cryptocurrencies. If you buy BCH and transact it thinking you have BTC, you risk losing all of your money and vice versa. It’s extremely common for newcomers to the crypto world to mistake Bitcoin for Bitcoin Cash. Although they resemble the same thing, they are in fact completely different digital assets.
Bitcoin.com is simply taking advantage of newcomers to the crypto space. Differentiating between Bitcoin and Bitcoin Cash can be difficult if you’re new to cryptocurrency. They have similar logos, similar names, and even similar colour schemes. Roger Ver is one of the people who believe Bitcoin Cash is the superior cryptocurrency. He is also the owner of ‘Bitcoin.com’ and the Twitter handle @Bitcoin. On both of these channels, they market Bitcoin Cash as the superior implementation of the Bitcoin protocol, which would result in newcomers buying BCH thinking they were buying BTC.
— MoneyTrigz (@moneytrigz) November 23, 2018
Roger Ver’s love for Bitcoin Cash is no new information. Many people suspect he is the reason for the Bitcoin Cash and Bitcoin SV Hash Wars. Once the Hash wars ended many more people in the crypto space became aware of Roger Ver. The Bitcoin.com app has been accused of misleading people (as can be seen in the screenshot below).
With all of the perceived misinformation, the community took action. Class action to be precise. The last straw for the community; was when Bitcoin.com changed the words ‘Bitcoin’ to ‘Bitcoin Cash’ and then changed the words ‘Bitcoin Cash’ to ‘Bitcoin’. With thousands of people furious at these deceptive changes, a user (MoneyTrigz) took action into his own hands, setting up a class action lawsuit against the website.
Following the chaos those changes made; a Telegram group was made in order to organize any potential victims of Bitcoin.com and create a base of operations. Just 2 days following the creation of this group; a website was made, giving people information on all the accusations regarding Bitcoin.com and Roger Ver. A few days after the lawsuit started to gain traction; Bitcoin.com was seen reversing many of the controversial changes they made on the website.
However, this Class Action Lawsuit didn’t get very far. MoneyTrigz announced to the Telegram group that he was going to be shutting down the lawsuit due to receiving a low volume of donations. With only less than $4,000 worth of donations, there wasn’t enough money to fund a controversial legal battle such as this one. Lawsuits of this kind often cost tens or even hundreds of thousands of dollars. As a result, MoneyTrigz refunded all 33 transactions he received. He claims:
Due to lack of donations we decided to cancel the initiative and refund the 33 transactions received a total of 0.39btc, we are happy at least we were able to make an impact with bitcoincom changing 90% of its dis-information campaign which was accomplished on our own dime and awareness with help from the media.
While it’s true that there is controversy surrounding Bitcoin Cash, we do believe it is a good cryptocurrency. Many people have a firm belief in the future of Bitcoin Cash, which is why the Bitcoin Cash hash wars took place. During a period of disagreement within the Bitcoin Cash community, the coin forked, creating Bitcoin Cash SV. While lots of commotion came around following this, the root of it was just 2 similar beliefs that ended up colliding.
Both Bitcoin (BTC) and Bitcoin Cash (BCH) are perfectly fine cryptocurrencies, but being told you’re buying one thing when you’re actually buying the other, isn’t good. If Bitcoin Cash is to grow, it should grow naturally, not forced down people’s throats. People have been comparing Bitcoin vs Bitcoin Cash for a while, but we believe both cryptocurrencies serve their own purpose.
With many people (the Telegram group in particular) upset with the outcome of the lawsuit; MoneyTrigz emphasized that without the correct funding, the case can’t go any further. However, I believe this situation is a glass half full. While Roger Ver may not have seen any real consequences following this suit, it did apply pressure. The looming lawsuit forced Bitcoin.com to at least change up the website to make it less deceiving. It’s definitely still deceptive though.
One user in the telegram spoke on the matter, saying:
Mate, you’ve done a fantastic job. Bitcoin.com changed [their] website, so even if it doesn’t go further at least you’ve put the fear in them.
What do you think of this? Is Roger Ver simply clever at marketing? Has he actually done anything wrong in the way he uses Bitcoin.com? Let us know in the comments below!
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.