Article preview (bot search)
(Original link: reddit.com)
Admins, please pin this post to stop crypto newbies from being scammed. On "Bitcoin: A Peer-to-peer electronic cash system"
Bitcoin is a Peer-to-Peer Electronic Cash System .
This is identified in the title of the Bitcoin Whitepaper .
BTC, commonly referred to as Bitcoin , is NOT a Peer-to-Peer Electronic Cash System.
Peer-to-Peer ✔ Electronic ✔ Cash ❌
BTC is really more of a Peer-to-Peer Electronic Settlement system, since its not really usable as cash after fees lift off beyond $2, and its arguably terrible cash even with fees at $2.
BTC has been made a settlement layer for the Blockstream Science experiment we all know as love as the Lightning Network .
(Lightning Network) LBT:
Peer-to-Peer ❌ Electronic ✔ Cash ✔
The lightning network, unlike the Bitcoin main chain IS censorable, and your funds cannot be safely stored on the Lightning Network unless both nodes being used are runned constantly. Its also ridiculously complicated to set up. This creates a need for custodial (Third-Party) wallets, and those are super -censorable. These also are not inherently resistant to double spends, which was one of Bitcoin's main breakthrough defining features to start with.
Since BTC is just a settlement layer for the altcoin known as LBT (the Lightning Network), its no longer considerable as a "Peer-to-Peer Electronic Cash System". But that's what the title of the whitepaper says! Anyone who doesn't have this contradiction explained to them before they get into Bitcoin is being defrauded. The BTC chain was taken over by malicious actors, and its NO LONGER what is described in the white paper.
Everyone who disagreed with how BTC was taken over and impaired by an arbitrarily small maximum block size limit moved over to the fork of Bitcoin, which shares the same genesis block as Bitcoin, Bitcoin Cash. Bitcoin Cash does not have the same name as the original Bitcoin, but it is the original bitcoin as described by the whitepaper.
Trolls will tell you that Bitcoin Cash is the real scam, since they're some "random altcoin trying to trick you into thinking they are Bitcoin". But this projection is ironic at best. LBT is a random altcoin. Bitcoin Cash is the same Bitcoin that Satoshi Nakamoto created before the crony corporation "Blockstream" took it over using theymos and others for censorship and propaganda on r/bitcoin , the bitcointalkforums, and Twitter. And nobody is saying that Bitcoin Cash (BCH) and Bitcoin (BTC) are the same thing, all we're saying is that Bitcoin (BTC) changed dramatically in a way that no longer reflects what the whitepaper said at all , and Bitcoin Cash is the minority chain that retained the qualities of the whitepaper. For this reason we are saying that Bitcoin Cash (BCH) is philosophically Bitcoin, and Bitcoin (BTC) is not philosophically Bitcoin. There is nothing untrue about this statement.
Anyways, i hope this post protected people from the scam that is known as LBT and BTC....