I’m pretty new compared to most folks in the crypto space. I only learned of Bitcoin back in 2013 because of my friend who introduced it to me (thanks Carding! <3). It was around November 2013 when I read about Bitcoin and got interested with how it worked. I skimmed through the whitepaper, watched some videos on YouTube and read more about it in reddit. Four years later, here I am still with my Bitcoins from 2013. This time however, I hold different cryptocurrencies other than Bitcoin. In this blog post, I’ll be sharing my experience with Bitcoin and why I now prefer Bitcoin Cash over it.
Bitcoin was very hard to purchase before in Manila. My very first Bitcoin purchase wasn’t straight forward. I created an account in VirWox, an exchange selling Linden Dollars which is a currency used in a game called Second Life. I had to use Skrill to transfer my money from PayPal to the exchange. Once there, I had to buy some SLL with my USD and then convert my SLL to BTC! It was quite painful at first, but once I had my BTC, I transferred it to my BTC wallet at blockchain.info. Bitcoin was trading around ~600USD per BTC back then.
After that painful experience I had with VirWox, I decided to look for a better way to fund my BTC wallet. My friend introduced me to Bitstamp and I immediately signed up and registered there. After submitting all necessary documents for verification and waiting for a few weeks, my account was verified. I was now able to fund my account easily simply by issuing a wire transfer to Bitstamp. From there, I was able to use BTC for a lot of things.
My Early Bitcoin Usage
My early days with Bitcoin was fun. I opened an account at mtgox and quickly tried my hand at trading (and I sucked at it). Discussions in /r/bitcoin was also fun as folks were very accommodating and eager to teach new comers like me about it. I was able to buy some stuff online with it and it was a great experience.I barely paid attention to the rising price of Bitcoin then.
It was not always that good in my early years with Bitcoin. I had some funds at mt gox when it “collapsed”. Blockchain.info also had issues then and I sometimes had problems using my BTC stored in my wallet. Bistamp also got hacked early in 2015 which caused me to lose some of my funds. With all these things happening in Bitcoin and some work related priorities, I decided to park my coins for a while.
Going Back to Bitcoin
Throughout 2015, I didn’t touch any of my Bitcoins. I login at my Blockchain.info account from time to time to make sure everything is well. Reddit was still a good place to read about anything related to Bitcoin. I read about a company called Blockstream and that most of the Bitcoin Developers were hired by them. This was also the time where I first heard of the scaling issues of Bitcoin. I didn’t bother with it too much then because I was barely affected.
I can’t remember if it was the later part of 2015 or 2016 when I heard my friends talking about NBA betting and that they were using Bitcoins for it! Due to peer pressure and also being hooked at NBA at the time, I registered at Nitrogen Sports and started betting. It was the first time I felt the issue being discussed in Reddit about scaling. I often had issues with confirmation times when trying to deposit BTC to my nitrogen account. This was the time when I discovered /r/btc when I was trying to find some possible workarounds to my problem.
Bitcoin During 2017
Fast forward to 2017 and I was beginning to feel the inconsistent confirmation times and high transaction fees with Bitcoin. There was even a time that I had to pay about 20USD to move all my payout (less than 300USD) from my Genesis cloud mining contract (you can use E8wgur if you want to signup with Genesis to get 3% off!) to my Exodus wallet! I also experienced slow confirmation times whenever I had to transfer my funds from my Electrum wallet to Bittrex for trading.
I started reading more and more on both /r/bitcoin and /r/btc to get updated on what was happening with Bitcoin. The NYA and SegWit were hot topics back then. Bitcoin was also starting to become more popular in Manila due to the sudden price increase. Good thing there are services like coins.ph which made it easier for everyone at Manila to get their hands on Bitcoin.
Bitcoin Cash Hardfork
I learned about the Bitcoin Cash hardfork in /r/btc. Initially I only focused on the free coins that I will be receiving after the hard fork since I still mainly use Bitcoin during that time. I read about the advantages of Bitcoin Cash over Bitcoin but didn’t consider it to be a threat or alternative to Bitcoin then. After the hard fork, I restored my wallet backup in Bitcoin ABC client, synchronized with Bitcoin Cash’s blockchain and before I know it, I now have a few Bitcoin Cash in my wallet.
I started reading more and more about Bitcoin Cash. I even had some mixed results from my initial tests due to inconsistent block timings. This was also the time when a lot of my other friends started to get into Cryptocurrency. I tried to show one of my friends who was interested in Bitcoin how easy it was to use by sending him 1mbtc. Unfortunately I had to pay 2mbtc just to proceed with that transaction!
Later that night I tried sending 1mbch from my Bitcoin ABC wallet to my Exodus wallet. I immediately got my coins and didn’t even feel the transaction fees! It was at that moment I realized how Bitcoin Cash could be my alternative to Bitcoin.
Bitcoin Cash Today
Bitcoin Cash has already come a long way since it was first released. Initially people thought that it was just a pump and dump coin. There were even some posts in reddit that said it wouldn’t have any value. Some even said that no one would support it. Fast forward to today and Bitcoin Cash is now a better version of Bitcoin.
Sure the EDA caused an issue on both chains resulting to inconsistent block times. Fortunately the new DAA was able to fix that and now we have a much more consistent block timings. Fees are still low despite the growing number of transactions in the blockchain. And more and more members of the community are starting to accept it. I even received a tip from the Bitcoin Cash Santa at reddit because I answered a simple question! It’s like being part of Bitcoin’s early days again!
Why I Prefer Bitcoin Cash over Bitcoin
So why do I prefer Bitcoin Cash over Bitcoin? Below are just some of the reasons why:
- Low transaction fees. Let’s accept it. This was one of the main selling points of Bitcoin initially. With the way things are going in Bitcoin, I doubt we will see the transaction fees go down soon. With Bitcoin Cash, I can send any amount and pay low fees.
- Consistent confirmation times. Sure there might still be some hiccup here and there with Bitcoin Cash’s confirmation. Compared to Bitcoin’s however, confirmation times take hours or at worse, days!
- RBF (replace by fee) completely removed. With the way things are in Bitcoin’s network, it will be possibe to perform double spending because of RBF! Since this is completely removed in Bitcoin Cash, double spending won’t be possible.
- Replay Protection, fix for the quadratic hashing problem, the new DAA and much more!
Bitcoin has come a long way since I started using it. However with all the issues surrounding it I decided to just hold it for the long term (it might still have some value later on!). For now, I’m sticking with Bitcoin Cash. It was the Bitcoin I signed up for back in 2013. And man it’s good to be back.