Recently, the Bovada betting site announced that it had begun allowing customers to deposit funds via the BCH currency, the latest move in the accelerating adoption of BCH as the preferred Bitcoin variant due to its lower transaction fees and speedier processing times.
Online gambling sites, always on the lookout for dependable payment processing methods, were early adopters of Bitcoin and thus played a pivotal role in boosting Bitcoin’s public profile. The fact that sites like Bovada are now embracing BCH is further evidence that rival Bitcoin technologies like Segwit will eventually be relegated to mere footnotes in cryptocurrency history.
Since last week’s announcement that the planned Segwit2x hard fork was being cancelled due to lack of support from the greater Bitcoin community, the volume of BCH transactions has soared. In turn, this has boosted the value of BCH itself, while the ‘classic’ Bitcoin BTC has seen its value fall.
BCH is considered the only Bitcoin variant that remains true to the original vision of developer Satoshi Nakamoto, while the Blockstream faction supporting Bitcoin Core seeks to preserve the status quo – with its high fees and lengthy processing delays – in order to maintain control over the technology.
On Friday, a Reddit user posted what he claimed were leaked emails between Blockstream and its investors from earlier this year, in which Blockstream appeared to confess that their ultimate goal was to ensure that Bitcoin transaction processing fees went to “peer-to-peer liquidity providers, and not miners.”
While the veracity of the emails has yet to be confirmed, their contents support longstanding criticisms of Blockstream’s thinly disguised motivation in pushing the Segwit product, specifically, to exert proprietary control over the technology and thus ensure rich returns for Blockstream and its big banking backers. Don’t get fooled again, people.