Turkey bans use of cryptocurrencies for payments

Re:Turkey bans use of cryptocurrencies for payments by Graffur on Friday April 16, 2021 @06:15AM (#26831960)

HN always seems to have bitcoin cash fans. I don't get it. Bitcoin cash has 'leaders' in the space who are very quesitonable. Bitcoin cash also has no place if we take into account other cryptos (Monero or Algorand). Bitcoin cash exists only to dilute the bitcoin 'brand' imo.

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Re:Turkey bans use of cryptocurrencies for payments by fidelramos on Friday April 16, 2021 @06:27AM (#26832049)

Bitcoin Cash exists to continue the original scaling plan for Bitcoin: increasing the maximum block size. I watched the Bitcoin scaling debate back in 2014, 2015 and 2016, and every attempt was made to increase BTC's maximum block size without a hard fork, but every move was blocked by Bitcoin Core's developers. "Diluting the Bitcoin brand" was never a goal, but at some point the fork was the only way to scale.

About "Bitcoin cash also has no place if we take into account other cryptos (Monero or Algorand)", I completely disagree. Bitcoin Cash brings a lot to the table:

- Shared history with BTC up to the fork day (August 1, 2017).

- SHA-256d mining, like BTC.

- Much increased capacity, about 20 times higher, with plans to continue scaling to order of magnitudes more.

- Very low fees (less than $0.01), with a roadmap to keep them low as usage grows.

- Reliable almost instant 0-conf for smaller-to-medium transactions, with plans to improve its security.

- Privacy improvements such as CashFusion [1].

I wish Bitcoin Cash didn't need to exist because BTC scaled, but until then I will keep using it and advising others to do so.

[1] https://cashfusion.org/

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Re:Turkey bans use of cryptocurrencies for payments by Graffur on Friday April 16, 2021 @06:34AM (#26832106)

Like it or not, nobody wants POW. IMO it's worth it for bitcoin but a new crypto is not going to get traction with POW.

Other coins have low fees and privacy. Neither are unique selling points.

Why not use Algo instead of bitcoin cash? https://algorand.foundation/the-algo/algo-basics

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Re:Turkey bans use of cryptocurrencies for payments by fidelramos on Friday April 16, 2021 @06:40AM (#26832151)

I'm not a BCH maximalist, I just want the world to benefit from sound Electronic Peer-to-Peer cash, and BCH works for that today, and is a good candidate for the future. I would use Algorand if it worked, was decentralized (haven't checked the project yet) and was accepted at shops.

I disagree with your comment about PoW because hashrate moves between coins. It's not impossible for hashrate to move from BTC to BCH in the future, especially if BCH adoption continues to rise.

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Re:Turkey bans use of cryptocurrencies for payments by m00dy on Friday April 16, 2021 @08:35AM (#26833092)

I also like Algorand. New Sec chair also likes it :)

Disclaimer: I hold huge amount of Algorand as a liquidity or custodial

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