Bitcoin Cash News Today – Headlines for February 17

  • Forceful miner tax policy implemented on BCH network
  • The bulk of the BCH community hasn’t appreciated the movement
  • The best solution is for BC nodes to switch to Bitcoin Unlimited

Bitcoin Cash News Today – there is controversy in the BCH community as the proposed implementation of forceful miner tax has begun. The new framework will be added to the next upgrade for Bitcoin ABC. The decision hasn’t gone well with a huge part of the Bitcoin Cash community. However, one benefit for dissidents is that taxes have been reduced to 5% of Block rewards from 12.5% of block rewards.

Bitcoin ABC’s Support of the New Tax Proposal Places Them as a Primary Beneficiary

Bitcoin ABC’s support for the move places them as a primary beneficiary of the tax. Bitcoin Unlimited, on the other hand, has opposed the tax vehemently. Bitcoin ABC, BCHD, and Electron Cash are the few recipients of the new tax. It is unclear if the tax is going to be directed exclusively to the above-mentioned entities or if miners who secure the block will choose who will receive their donation. Either way, most users are not happy with the tax.

A tax championed by several miners and developers can execute top-down plans according to their wishes. Critically, what these miners feel is best for BCH may not be what the rest of the community believes to be right. Adding more woes to dissidents, one Reddit user remarked that Bitcoin ABC’s latest upgrade included a code deactivation clause. The purpose of this clause was to go live every six months whenever the network hard forks. Meaning the people running ABC nodes prefer to skip the hard fork (upgrade) and continue the old version of the client which will automatically update and include the miner tax.

Roger Ver is Among Those who are Unhappy About the new Taxing Structure

Considering BCHD is also a recipient and will likely support the proposal. The only way that BCH enthusiasts can stop this is, is for ABC nodes to change to Bitcoin Unlimited. Meanwhile, Bitcoin Cash bull Roger Ver spoke against the miner tax. According to him if miners were concerned about maintaining a free market structure and funding infrastructure development, they would have donated off-chain instead of trying to force every miner to donate a portion of their block rewards.

Another ideology advocates for big miners to keep their rewards and hire developers who can improve Bitcoin Cash’s ecosystem. Bitcoin ABC has committed to the miner tax already, so unless they repeal their commitment or the miners withdraw their support, the model will remain unlikely to be thwarted.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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