Bobby Lee Talks About the Upcoming Bitcoin Cash Upgrade
Bobby Lee, a co-founder of BTCC, has been talking about the upcoming Bitcoin Cash (BCH) hard fork that is expected to take place in November. Lee said that back in 2017 when Bitcoin Cash was about to fork from Bitcoin (BTC), he was asking the community not to separate and create two different networks. However, the hard fork occurred.
For him, this situation proves that Bitcoin is a decentralized currency and that there is no central authority that can change its future. Nobody, not even miners or regular individuals, can force it to behave in a specific way.
Lee has also said that Bitcoin Cash and Bitcoin can both operate in the market at the same time.
About this relationship between Bitcoin and Bitcoin Cash he commented:
“The best analogy is, it’s like religion. If you look at the world’s religions, there’s many, many religions. I don’t claim to be an expert here, but I think several of them trace back to the same roots.”
At the same time, he believes that the primary value of cryptocurrencies is that money is no longer about specific pieces of paper or line credit that are issued by central authorities. Nonetheless, he thinks that the essence of Bitcoin is that now ‘information is money.’
He made a comparison between assets that can be purchased and be enforced by authorities such as a car or real estate properties. These goods are controlled and regulated by governments. However, Bitcoin works in a slightly different way. It is not backed or acknowledged by the government or a centralized authority, instead, the ownership is proven by knowledge. Users need their private keys to confirm that these virtual currencies belong to them. There are no title registration or identity, just knowledge.
Then he talked about blockchain technology and what it means for human beings. He said that people are no slaves, but the current system does not allow individuals to transfer large sums of funds or send money to specific individuals. Governments are able to control the money.
Additionally, he explains that we are just at the beginning of the development of virtual currencies and Bitcoin. This is why they are very volatile. In 10 or 50 years, things can change and be much more stable, he mentions.
He then explained how Bitcoin evolved during time. At the moment, when someone talks about Bitcoin, everyone knows what it is and how it can work. However, this did not happen in the past, years ago, when Bitcoin was just starting.
Those interested in Bitcoin Cash and the growth of merchant adoption can join the bComm Association that wants to be the focal point for miners, merchants and exchanges of the BCH community.