The creation of Bitcoin Satoshi Vision marked the beginning of the slow death of BTC.
Do you remember 2018 BTC price drop? At the time, not everyone combined these two events.
The BTC price has followed the upward trend line for about seven years. After the bubble in December 2017, the BTC price gradually fell and in September 2018 stabilized at around $ 6,000. Many people hoped that the price would bounce back from the trend line by the end of 2018. This did not happen. On November 15, the Bitcoin Cash chain divides and Craig Wright announces to the world that Bitcoin Satoshi Vision is the only real Bitcoin because BTC has already been modified so that it has nothing to do with Satoshi Nakamoto's assumptions. The market reaction is immediate and within a month the BTC price drops by half from 6400 to 3200 $. The BSV price rises the most in December 2018 when BTC flies down. BTC breaks the long-term trend line and in 2019 bounces downwards from this line.
BSV is a cryptocurrency much more similar in code to the original Bitcoin from 2008 than the current BTC, which has been modified by developers over the years. What broke BTC?
Certainly SegWit, which cannot be undone. Do you know what this change introduced in 2017 is and what are its consequences? This change resulted in the removal of digital signatures from the transaction block. This marks BTC's first step to becoming a private coin. The introduction of further levels of regulation like AMLD5 in the future may result in BTC being considered illegal. Before the introduction of SegWit, the chain split and BCH remained for some time with Bitcoin containing signatures saved in the block. The second split occurred a year ago, BCH developers wanted to implement their changes to change Bitcoin Cash into a private coin. The resulting Bitcoin SV is today the most lawful form of Bitcoin and the closest version from Whitepaper 2008. Currently BTC does not have its own Whitepaper.
The second BTC problem is Lightning Network. The block size maintained by developers in the main protocol is still 1 MB, which limits the number of transactions that Bitcoin can process to 7 per second. Instead of enlarging blocks so that all data is stored on the main chain, they propose a system that opens anonymous payment channels, making BTC a private coin. Lightning Network transactions are a problem for exchanges requiring KYC and AML. Compliant exchanges will not be able to enter into Lightning Network transactions because they will not be able to confirm the origin of the funds deposited. This is a serious problem that is not discussed. In Europe, LN will therefore probably be illegal.
As you can see, BTC has made at least 2 code changes that make it a private coin. So BTC chose the anti-government path. Do you think that the growing level of cryptocurrency market regulation will lead to BTC being declared illegal? The opposite of BTC is BSV, which proposes assumptions contained in the White Paper, giving a public payment system without anonymity. Which side will you be on? Regards
ATTENTION: This is not an investment tip, only my private thoughts.
Do you remember 2018 BTC price drop? At the time, not everyone combined these two events.
The BTC price has followed the upward trend line for about seven years. After the bubble in December 2017, the BTC price gradually fell and in September 2018 stabilized at around $ 6,000. Many people hoped that the price would bounce back from the trend line by the end of 2018. This did not happen. On November 15, the Bitcoin Cash chain divides and Craig Wright announces to the world that Bitcoin Satoshi Vision is the only real Bitcoin because BTC has already been modified so that it has nothing to do with Satoshi Nakamoto's assumptions. The market reaction is immediate and within a month the BTC price drops by half from 6400 to 3200 $. The BSV price rises the most in December 2018 when BTC flies down. BTC breaks the long-term trend line and in 2019 bounces downwards from this line.
BSV is a cryptocurrency much more similar in code to the original Bitcoin from 2008 than the current BTC, which has been modified by developers over the years. What broke BTC?
Certainly SegWit, which cannot be undone. Do you know what this change introduced in 2017 is and what are its consequences? This change resulted in the removal of digital signatures from the transaction block. This marks BTC's first step to becoming a private coin. The introduction of further levels of regulation like AMLD5 in the future may result in BTC being considered illegal. Before the introduction of SegWit, the chain split and BCH remained for some time with Bitcoin containing signatures saved in the block. The second split occurred a year ago, BCH developers wanted to implement their changes to change Bitcoin Cash into a private coin. The resulting Bitcoin SV is today the most lawful form of Bitcoin and the closest version from Whitepaper 2008. Currently BTC does not have its own Whitepaper.
The second BTC problem is Lightning Network. The block size maintained by developers in the main protocol is still 1 MB, which limits the number of transactions that Bitcoin can process to 7 per second. Instead of enlarging blocks so that all data is stored on the main chain, they propose a system that opens anonymous payment channels, making BTC a private coin. Lightning Network transactions are a problem for exchanges requiring KYC and AML. Compliant exchanges will not be able to enter into Lightning Network transactions because they will not be able to confirm the origin of the funds deposited. This is a serious problem that is not discussed. In Europe, LN will therefore probably be illegal.
As you can see, BTC has made at least 2 code changes that make it a private coin. So BTC chose the anti-government path. Do you think that the growing level of cryptocurrency market regulation will lead to BTC being declared illegal? The opposite of BTC is BSV, which proposes assumptions contained in the White Paper, giving a public payment system without anonymity. Which side will you be on? Regards
ATTENTION: This is not an investment tip, only my private thoughts.