Bitcoin

Is BTC The Bitcoin That Satoshi Envisioned?

How BCH Maintains the Ideals of Peer-to-Peer Electronic Cash

Published in

The Crypto Kiosk

6 min readJul 11, 2024

Since the community split in 2017, a heated debate has ensued over which version deserves the name Bitcoin. While market forces and legacy financial influence have favored Blockstream’s BTC, the question remains: does BTC reflect Satoshi Nakamoto’s original vision? Join us as we delve into the heart of this debate and seek to uncover which Bitcoin version best honors Satoshi’s intentions.

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Transcript

Since the community split in 2017, a fierce debate has raged over which version rightfully deserves the name Bitcoin.

Certainly, some market forces, the miners and the legacy financial establishment may have pushed Blockstream’s version as the one that should bear the orange logo and the brand name, but is Bitcoin BTC truly the prevailing version that Satoshi envisioned?

Let’s dive deep into the heart of the matter and set the record straight.

Which Bitcoin version honors Satoshi Nakamoto’s original intention?

We have to question the motives of those who would rather stall progress instead of thoughtfully advance into a future inevitable.

Technology does not revolve around a single person or a group of people, anachronistic ideas and privileges.

Progress benefits everyone.

Those who do not understand it, won’t be humble enough to adapt.

Either we envision the future and adjust, or we fail to comprehend the changes around us and become stagnant and obsolete.

Bitcoin was a groundbreaking economic innovation, reshaping the financial landscape and providing a decentralized solution accessible to every individual, irrespective of their race, nationality, or socioeconomic status.

Yet, for almost a decade Bitcoin has been mired in stagnation, as a small group of developers hijacked the project and hindered progress.

Blockstream forced the early Bitcoin developers to resign and censored and threatened the majority of the community, — individuals who were advocating for a scaling strategy aligned with Satoshi’s original intentions.

Yet, progress is unstoppable. It is inevitable.

“The bandwidth might not be as prohibitive as you think. A typical transaction would be about 400 bytes.
Each transaction has to be broadcast twice, so let’s say 1KB per transaction.
Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices. If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal.
Satoshi Nakamoto — 2008 “

That didn’t turn out well, with the current leading version of Bitcoin.

This is the intention. Competition with Visa, Mastercard and any other forms of payments.

BTC is not what Satoshi Nakamoto envisioned.

Maybe you got your money in BTC, but you won’t be using that money unless you trade self-custody with custodial Lightning or park your funds under the control of a centralized exchange.

Satoshi demolished the system of trusted third parties, but Blockstream brought them all back.

Again, it was the reasonable part of the community who warned about it that today goes by the name Bitcoin Cash, but these Bitcoiners were silenced, censored, and ridiculed by Blockstream within the main channels of communication they controlled (r/bitcoin, bitcointalk).

Just give Lightning eight more months and it will be ready, they said almost a decade ago.

Several eight months later the Lightning Network is still not ready and it will never be simply because it was always a decoy.

There was no intention of making BTC work for fast and cheap transactions anymore, and probably that’s something everyone holding any amount of BTC today should come to terms with, as many are gaslighted and either still consider that one day Lightning could work or they are about to trade-off their financial sovereignty by using custodial Lightning.

To use your BTC on-chain, it might be more practical to tokenize it through a blockchain that works and manifests Satoshi’s true vision.

You can’t move your BTC fast with low fees.

Since Lightning will never work properly for BTC, it will have to be other blockchains.

So, there’s the solution you stick to holding an asset that does absolutely nothing but trades on exchanges for price speculation.

There’s also the solution of blockchains that work perfectly for this reason (XRP, BCH, Monero), and lastly, you can tokenize your assets and move them to one of these blockchain that offers the fundamentals of tokenizing your BTC.

BTC is not Peer-to-Peer Cash, not anymore.

If you seek the true Bitcoin you should probably abandon the ponzified way of thinking and embrace reason. I invest in things that I use and what works reliably.

Tools and products with potential for widespread daily use by millions, but then again, that’s just me.

You are free to invest in anything that you never tested yourself to discover how horrible they work, entranced by extensive social media advertising, even if they prove to be disappointments.

The world is not a static place; it is constantly evolving, presenting new challenges and opportunities that require us to adapt and innovate.

The market has not decided. Saying that the market has decided is the most absurd case of premature conclusion, ignoring their dynamic nature and ongoing developments.

The economy is a constant process of changing trends, habits, and conditions.

BTC today has nothing to do with the original inception of the project.

When the BCH community states “this is Bitcoin,” it’s because they believe it aligns precisely with Satoshi’s original design.

Take a look at all of Satoshi’s correspondence and what the majority of the early community wanted to see from Bitcoin.

It was all about commerce, making it matter.

The current BTC community despises Peer-to-Peer Electronic Cash.

They won’t even refer to Bitcoin as such.

Does it all start becoming a bit more clear now?

Do you understand why the BCH people are telling you Bitcoin Cash is Bitcoin? It has nothing to do with the orange logo or the name but the substance which is what matters always.

Bitcoin Cash exists simply because Blockstream and the bankers that backed this company, changed the narrative.

All it takes is this: Try to find how often anyone from Core, Blockstream, Custodial Lightning, and the BTC maximalists talk about Peer-to-Peer Electronic Cash.

You will soon find out they hate the idea as a whole, but they all love their precious fiat money at the bank instead.

Maximalists constantly promote Tether, price speculation, and trading.

The entire BTC community today hates the Bitcoin Satoshi created. Therefore they hijacked it in 2015, altered the vision and today offer BTC casino chips in the form of ETFs for funds to bet on its price and they advertise centralized fiat-pegged tokens as being their favorite cryptocurrencies.

BTC is a game at the hands of the wealthy, having lost the revolutionary principles it was created upon and its thought leaders are a disgrace to the fundamentals Satoshi laid.

P2P Electronic Cash is still providing financial freedom to the entire world.

Solutions do exist, and Bitcoin Cash was there at the right time to maintain Bitcoin’s legacy.