Chattering classes in all fora are talking about little else than Bitcoin Cash, the new (yet so old) currency that is to be created in just three days during an historical August first.
In anticipation, crowds are flocking. Selling their eth, their ltc, their xrp and much else for the oldest decentralized digital currency.
Because they want their Bitcoin Cash. To sell it, buy it, hold it. To take part in the monumental events of August 1st. To be there and see history.
For there is nothing more radical in this time and space than the bitcoin hardfork chain-split. Led by no man, taking by surprise the bitcoin “elites” and their closed door “consensus” meetings. Forced onto the market, just like bitcoin was eight years ago, through some simple, pure, code.
Code that retains bitcoin’s original proposition: peer-to-peer digital cash. No segregated witnesses, no artificial constrains, just a simple, decentralized, peer-to-peer payment network.
“I’m eager to finally buy back into a Bitcoin I can support after this fork,” says an etherean who’ll probably be joined by many others, especially from the ethereum community, but also bitcoiners who may have been worried about its medium to long term future.
“This is absolutely gorgeous right now, I have never been more excited and optimistic for the Bitcoin peer-to-peer currency. I had feared Bitcoin was about to be choked away, I finally have confidence Bitcoin will survive this insanity one way or another,” says a bitcoiner.
They’re happy because they withstood the DDoS-ing, censorship, banning, bug traps, “consensus” secret meetings, elitist “agreements” and much of everything else.
So making a checkmate move in a flag day hardfork that opens the decision to the free market, the ultimate 51%, to alone decide the real “consensus.”
“The past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process… only competition in a free market can take account of all the circumstances which ought to be taken account of.”
So says Hayek in the The Denationalization of Money, who reached that insight after a lifetime of studying the nature of money, an insight that probably forms the foundations of bitcoin’s intellectual underpinnings due to its decentralized, free market, nature.
An insight that is to be further implemented on August 1st, when no one else but the free market will decide which is the better currency, Bitcoin Core’s segwit settlement system with intermediary bitbanks, or Bitcoin Cash’s digital peer-to-peer cash.
A free market that is already preparing, with demand for bitcoin considerably rising today as millennials flock to get their BCC.
In the process, sending bitcoin’s market share above 50% for the first time in many months as the currency becomes interesting again.
With merchants now able to accept 0-confirmed transactions on Bitcoin Cash because it will not have backlogs or full blocks, or the replace by fee (RBF) bug. Nor will it have stupendous fees of $5 per transaction, with capacity soon to be increased, thus fees returning to pennies or less.
In the process, returning bitcoin to being both cash and gold. Something you can conveniently spend as well as hold. Something with actual utility for the ordinary man and woman down the block.
As such, bitcoin is back and this time it is stronger than it has ever been, showing its full power and decentralized nature which abhors any central control except for that of the free market.