NIST Mistakenly Says That Bitcoin Was a Fork of Bitcoin Cash

In a baffling research paper, the National Institute of Standards and Technology (NIST) claims that Bitcoin is a fork of the original network, with Bitcoin Cash actually being that original network and coin.

The findings were shared through NIST’s resource sharing hub called Computer Security Resource Center (CSRC).

According to the research paper, BCH’s origin comes from the implementation of Segregated Witness (SegWit), which was supported by around 90 percent users of the Bitcoin network.  

While the paper gets that background right, it differs largely in reporting a few findings as compared to what is the consensus among the cryptocurrency industry.

For starters, the paper refers to Bitcoin Cash as “BCC,” while the accepted ticker for the cryptocurrency is “BCH.” It also states that the implementation of SegWit caused the original Bitcoin blockchain to be named as Bitcoin Cash.

An excerpt from the report reads:

“When SegWit was activated it caused a hard fork, and all the mining nodes and users who did not want to change started calling the original Bitcoin blockchain Bitcoin Cash (BCC) [sic]. Technically, Bitcoin is a fork and Bitcoin Cash is the original blockchain. When the hard fork occurred, people had access to the same amount of coins on Bitcoin and Bitcoin Cash.”

Bitcoin cash has lately been attracting controversies

This is not the first time that Bitcoin Cash is making rounds of news with something controversial.

It was recently reported that Bitcoin Cash had allegedly been involved in insider trading at Coinbase.

While this report caused anger and frustration throughout the community, one of Bitcoin Cash’s strongest propagators, Roger Ver, immediately dismissed the negativity associated with the news, stating that “insider trading is a non-crime.”

Roger Ver is the CEO of information resource, which itself has become a firm supporter of Bitcoin Cash. The company’s home itself describes that “the Bitcoin Core (BTC) network is in trouble due to high fees and slow transaction times. Bitcoin Cash (BCH) is the upgrade that solves these problems.”

Unlike Litecoin and Dash – which are also Bitcoin forks – Bitcoin Cash gets to be perceived with a particular dislike within the Bitcoin Core community and vice versa. Both sides are not hesitant to let the other know how they feel whenever any of them gets the chance to do so.

This hatred has been in play for the last few months, ever since Bitcoin Cash came into inception.

One of the primary reasons behind this is cited as the bitter note on which Bitcoin Cash parted itself from Bitcoin.

Does this research paper have any significant effects?

It remains a research paper on the cryptocurrencies and would not have any significant effects on their market value, but it could certainly fuel some debates from supporters of Bitcoin and Bitcoin Cash, who pass no opportunity to debate the utility and effectiveness of the “other coin.”

By | 2018-06-13T16:18:07+00:00 February 7th, 2018|Cryptocurrency News|0 Comments

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