35 - 18/June/2021
21 trillion eCash
In 12 days BCHA is about to finally get a new name (eCash), ticker (XEC), and website (e.cash). But perhaps the biggest surprise of all is that along with the rebrand, the soon to be renamed eCash project is also changing its base unit. Rather than denominating 1 coin as 100 million sats, eCash will be moving the decimal point 6 places over so that 1 eCash is the equivalent of 100 sats (or 1 Bit as some old school Bitcoiners like to say).
This is something many Bitcoiners have fantasized about doing for years but could never achieve. Same with Bitcoin Cashers. While other projects twiddle their thumbs and spend all their time debating on what changes to make or not to make, Bitcoin ABC is isn't afraid to forge their own path in order to deliver on the dream of peer-to-peer electronic cash. In the end, the choice to follow their leadership or not is up to every holder and participant in the ecosystem. I don't know about you, but I'm tired of wandering in the wilderness and I'm ready to enter the promised land.
I believe in Bitcoin as a permissionless system. That is why Bitcoin ABC did not need to ask for my permission to leave the Bitcoin brand behind. They did not need to ask my permission to change the base unit. Just as they did not ask my permission to implement Avalanche to enable instant confirmations and protect the chain from 51% attacks. They are merely leveraging their expertise to do what it takes to accomplish their mission. Not only that but they are following their incentives. Because in addition to already being large holders of BCHA (XEC), their future revenues are also tied to the success of this coin, so they have more incentive than anyone to make the chain more valuable. For someone who has worked for large corporations his entire life, I can't help but find Bitcoin ABC's bold leadership refreshing and inspiring. I can't tell you how many times I've sat in large conference rooms with a bunch of people and wished those in charge would stop being afraid to make the right decisions. Bitcoin ABC is doing exactly that.
I understand that some holders might have concerns about this newest change. Here’s some reasons why I’m confident it's the right move:
It differentiates the BCHA fork from Bitcoin and its other forks. By rebranding to eCash and also re-denominating the base unit, this project will only stand out that much more.
The total supply is not changing. The hard cap of 2,100,000,000,000,000 (2.1 quadrillion) satoshis is still in place. But instead of thinking of it in terms of 21 million Bitcoins, it will be 21 trillion eCash.
This has the potential to attract new investors who like cheap coins. But unlike many other cheap coins, this project can distinguish itself because it is backed by an experienced development team with a storied history who have been working in this space for years.
This is the definition of planning for success. Imagine if BTC ever reaches a million dollars per coin. That would mean to buy a coffee worth $1 you would have to pay 0.000001 BTC. Have fun counting all those zeros. But if XEC ever reached that same market cap, a $1 coffee would cost 1 XEC.
This transition should be smooth like butter (shout out to any Koreans reading this). I am confident that wallets and exchanges will make this change as seamless as possible. For example, the 10 BCHA prize I have sitting in my Cashtab wallet should automatically become 10 million eCash beginning on July 1st.
I hope this has been informative. Just remember, all you need to do is multiply everything by a million. If you hold 100 BCHA today, you will hold 100 million eCash on July 1st.