Everyone is bullish of a stock they hold because if the price goes up they make money. Right now everyone holds BTC — or at least the vast majority of people in main street. Nevertheless, just because a lot of people want the price to go up doesn’t mean that the price is bound to do so. Too often, it does just the opposite. Nevertheless, the reason why I don’t hold bitcoin legacy has nothing to do with going against the crowd. It is a business decision based on risk. With bitcoin legacy such risk stems from one simple fact that no bitcoin legacy holder on earth can refute.
Most of the people you know probably heard of bitcoin legacy (btc) in the news, during the umpteenth all times high, and bought some out of fear of missing out. Some found out about the idea behind bitcoin online and fascinated by it decided to buy bitcoin legacy at whatever price they could. Just ask the ones who tell you to buy bitcoin legacy (btc) and everyone will tell you a story, their story. Bitcoin and bitcoin legacy are not the same thing though.
Your friends don’t want you to know that bitcoin legacy is not bitcoin.
Why? Because the idea behind bitcoin is powerful, compelling and awe inspiring. Can you send $50k right now to someone in Antarctica without leaving your home? With bitcoin you can do it instantaneously, no need for banks, lawyers or accountants. Bitcoin is to transactions what the atomic clock is to time: the best known transactional solution to date (read Satoshi Nakamoto’s white paper for bitcoin’s full definition).
Bitcoin legacy, on the other hand, is like your grand grandfather’s broken pocket watch. Nobody uses it, but it’s still somewhat valuable because old. And with the right description you might even find a good buyer on ebay that will give you a fortune. Still, it’s just a broken old pocketwatch that you can’t use to go to work or to track time.
A lot of people have bought bitcoin legacy thinking that it is bitcoin. Most of them have never even used it to know that bitcoin legacy is not bitcoin. With bitcoin you can buy coffee, tea, pizza etc. Bitcoin is cash. With bitcoin legacy you cannot buy anything, it is unusable. The bitcoin legacy owner is like someone who pays for a diamond, receives a box with nothing inside and never opens the box. And then goes to parties saying he owns a diamond. But guess what? Nobody can see it. Why not? Because it’s too precious. If you want they can show you the box though so you can feel the weight in your hand. And then ask you to buy one for yourself too, just don’t open it and don’t show it to anyone. If you dare to open the box then they won’t invite you to their parties anymore, will call you an alcoholic and try to discredit you in every way possible. In bitcoin legacy’s case, they literally ban you from bitcoin’s community on reddit.
In other words, merde d’artiste. Not exactly what it says on the tin.
Your friends don’t want you to know that bitcoin cash (bch) is bitcoin.
In a world where only bitcoin legacy exists, then bitcoin legacy is bitcoin. Just as in a world where nobody has a watch, a broken pocket watch is the closest thing to a watch.
Bitcoin cash is an existential threat to bitcoin legacy for this reason exactly, because here you can open the box and verify what is inside. In other words, with bitcoin cash you can buy coffee, order a pizza and even tip someone $1 or less. Remember when I asked if you can send $50k right now to someone in Antarctica without leaving your home? With bitcoin cash you can. With bitcoin legacy you cannot.