Bitcoin Cash Community Shows Video Released by Coinbase Was Not Faked
A few days ago, the popular digital asset exchange and company, Coinbase, released a video in which they showed that they were processing a transaction with zero confirmations using Bitcoin Cash. However, several Bitcoin (BTC) supporters were complaining that the video was faked.
In the 15-second video, it is possible to see that a person is purchasing a box of doughnuts using Bitcoin Cash and processing the payment using a platform powered by Coinbase. The payment is processed in under 3 seconds, which is quite impressive for a cryptocurrency transaction.
— Brian Armstrong (@brian_armstrong) January 26, 2019
There are several Bitcoin supporters that do not believe that this video is not faked. Peter Todd, a Bitcoin maximalist, mentioned that the video used a zoom to hide a cut.
1) coinbase publishes a video that looks like it used a zoom to hide a cut.
— Peter Todd (@peterktodd) January 30, 2019
Other Bitcoin supporters requested Coinbase to use and test the Lightning Network rather than processing payments using Bitcoin Cash. Bitcoin Cash is a hard fork of Bitcoin that wants to scale using on-chain improvements.
The Lightning Network (LN) is the scaling solution proposed by Bitcoin supporters and that will be able to process hundreds of thousands of transactions per second without congesting the Bitcoin network.
Another Twitter user, Collin Enstad, showed that there is no edit in the video. According to him, the green checkmark is visible right before the zoom.
No edit. There's one frame when the green checkmark and the QR code is barely visible, right before the zoom. pic.twitter.com/qTLCCpATzm
— Collin Enstad (@CollinEnstad) January 26, 2019
The debate on the matter continued on Reddit where users questioned Todd and other Bitcoin supporters about their positions regarding this 0-conf transaction. The replace-by-fee feature that was implemented on Bitcoin made 0-confirmation transactions unreliable on this network.
This is why the BCH community decided to get rid of the replace-by-fee feature.
Bitcoin Cash is currently the 6th largest digital asset in the market. It has a market capitalization of $1.99 billion and each coin can be purchased for $113. A few months ago, the Bitcoin Cash network experienced a hard fork in which Bitcoin SV (BSV) split from the Bitcoin Cash main network.