Bitcoin.com Stops Labeling Bitcoin Cash (BCH) the Real Bitcoin Amid Lawsuit Threat

Francisco Memoria
  • Bitcoin.com has recently changed its "Bitcoin Cash is Bitcoin" narrative, as the Bitcoin community is organizing a class action lawsuit against it
  • The website seemingly stopped referring to Bitcoin Cash as "Bitcoin," which could mislead newcomers.

Popular cryptocurrency news and information portal Bitcoin.com has recently changed its “Bitcoin Cash is Bitcoin” narrative, after over 1,000 Bitcoin community members joined forces to take legal action against the St. Kitts-registered company.

As recently covered, Bitcoin users took to Telegram to organize a lawsuit against Bitcoin.com and its CEO Roger Ver, as the popular website was allegedly deliberately misleading towards new users, as it tricked them into buying Bitcoin Cash (BCH) instead of Bitcoin (BTC).

While Bitcoin Cash has forked off the original Bitcoin blockchain, the cryptocurrency’s proponents claim its design is the one closer to Satoshi Nakamoto’s original vision. Hence, they claim Bitcoin Cash is “Bitcoin” and call the original chain “Bitcoin Core.”

In what seems to be an initial victory for the community members who believe Bitcoin.com is tricking newcomers, the website has now altered its content to refer to BCH as Bitcoin Cash, and not as “Bitcoin.”

Some of the company’s other products are still seen as somewhat misleading, however. The company’s cryptocurrency wallet, “Bitcoin Wallet,” creates Bitcoin Cash addresses by default, which could still trick newcomers into buying the wrong cryptocurrency, or sending funds to the wrong address.

Lawsuit Carries On

Taking the misleading language into account, various influential community members support the lawsuit. Litecoin creator Charlie Lee, who initially claimed it was “stupid,” recently retracted his statement after seeing Bitcoin.com changed the language on its website.

The lawsuit’s website, bitcoincomlawsuit.info, has recently been updated to reveal funds are necessary to “pursue this full time and protect users from businesses committing fraud and switch practices in the bitcoin eco-system.”

The website is now asking or bitcoin donations, and has at press time only received one for about $3. It adds:

"Already in very short timespan we won a battle and had a positive impact by making bitcoin.com change most (not all) of its misleading and fraudulent practices. With the donations we receive, the team will devote its time and energy to protecting the eco-system from businesses executing fraudulent practices.”

Lawsuit website

Billionaire Calvin Ayre’s CoinGeek has recently issued a statement claiming it will support Bitcoin.com in the “lawsuit over the real Bitcoin.” The statement notes that CoinGeek “welcomes this as an opportunity to challenge the cultist dogma and subject to scrutiny the merits of BCH against that of BTC in court.”

Error in Time-Locked Bitcoin Contracts Allows for Miner 'Fee-Sniping'

Michael LaVere
  • Crypto researcher 0xb10c discovered an error in bitcoin "time-locked" transactions that could be used as an attack vector.
  • Miners can take advantage of the program to carry out "fee-sniping" and steal funds from one another. 

Users have discovered an error in bitcoin “timelocked” contracts that could potentially allow miners to steal BTC from one another. 

Anonymous crypto engineer 0xb10c reported discovering more than one million “time-locked” transactions made between September 2019 and March 2020. In a post, 0xb10c detailed how these special bitcoin transactions were not being accurately enforced by the network. 

As opposed to normal transactions, time-locked transactions prevent recipient bitcoin from being accessed after sending. Users must wait for a specific number of blocks to be added to the network in ten-minute intervals before gaining control of their bitcoin. 

0xb10c claimed the errant time-locked transactions provided an attack vector for miners to steal transaction fees  from one another via “fee-sniping.” According to the engineer, the backlog of time-locked transactions were being purposefully designed for a “potentially disruptive mining strategy” involving the theft of miner fees. 

In an interview with CoinDesk, 0xb10c said time-locked transactions represented a “low-priority” problem at present that could eventually balloon to involve the wider network. He explained that fee-sniping would become more lucrative in a few years as the majority of miner income shifts towards transaction fees. 

He continued, 

A fix for this has been released in early 2020. However, it will take a while before all instances of the currently deployed software are upgraded.

Featured Image Credit: Photo via Pixabay.com