BitcoinBCH Misguides on BTC Double-Spends
BitcoinBCH, a firm that focuses on BCH, may have recently misled people, making them believe that it is easy to carry out BTC double-spending.
On the 18th of December 2019, the CEO of this firm released a video on youtube. It purportedly showed how the BTC point of sale (PoS) wallet of TravelByBit misinforms merchants to believe that they receive payment before concluding a transaction.
TravelByBit on Supporting Double-Spends
A representative of TravelByBit said that there is insurance for merchants utilizing its service against fraud, and there will not be a loss of money. As per the founder, the exploitation of their system’s design by many people will make the firm to stop supporting BTC or BCH-chain transactions in its PoS.
The founder maintained no feasibility for accepting on-chain payments in in-store settings and needs a compromise between security and convenience. People cannot wait in line for a minimum of ten minutes to confirm a transaction before getting hold of the product.
This founder also continued that Lightning Network can solve the problem. He maintained that it could deal with the lack of practicality in waiting for the transaction’s conclusion while making payments using cryptocurrencies in physical stores.
BitcoinBCH on Unconfirmed Transactions
The video refused to highlight that unconfirmed transactions are not final but suggest that the wallet’s design flaw is a BTC security flaw that ensures double-spends. BitcoinBCH encourages merchants to switch to BCH from BTC.
RBF’s function helps replace an unconfirmed transaction on the blockchain with another one having a higher rate. However, many criticize this feature for enabling unconfirmed transactions double-spending. Unconfirmed transactions can get double-spent without RBF, and the way to achieve this got analyzed and published in 2015 by Bram Cohen. Generally, there is no finality with unconfirmed transactions and should not get accepted as payment.
Recently, Bitcoin.com that centers on BCH, reported that BCH eliminated the RBF feature from its code. Therefore, the website declared it unsafe to use BCH unconfirmed transactions. The article says that zero-confirmation transactions are reliable and secure.
More on BitcoinBCH CEO’s Video
A BitcoinBCH video shows the CEO performing a BTC payment to a merchant in-store without RBF. A big green checkmark appeared on the merchant’s wallet, misleading the user to believe that she received the payment. Additionally, Bitcoin.com also faces criticism for misinforming people into thinking that BCH is the real Bitcoin.
Afterward, the CEO said in the video that it is dangerous to reverse Bitcoin transactions. That means that they reversed the transaction, whereas it never changed and confirmed, making it incomplete while the protocol functioned as expected.
The CEO likewise suggested that BCH fixes the unconfirmed transaction double-spends. The founder further maintained that the hash rate distribution gap between BTC and BCH again impacts the security and plays in favor of BTC. He also pointed out the role of tribalism in hindering innovation in the crypto space.
There were past accusations of the BCH community spreading misleading information. For instance, in April 2018. Bitcoin.com misled buyers into purchasing BCH in place of BTC by unusually presenting the cryptocurrencies.