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Bitcoin [BTC] hashrate could “wipe out” Bitcoin Cash [BCH] in 20 days: Litecoin [LTC]’s Charlie Lee

Anirudh VK

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Bitcoin [BTC] hashrate could "wipe out" Bitcoin Cash [BCH] in 20 days: Litecoin [LTC]'s Charlie Lee
Source: Unsplash

Charlie Lee, the creator of Litecoin [LTC], recently spoke at CoinsBank Blockchain Cruise about the intrinsic values of altcoins such as Litecoin, Ethereum [ETH] and Bitcoin Cash [BCH]. He evaluated this using four factors, which are censorship resistance, transaction immutability, cost of production and fixed money supply.

On Bitcoin Cash, Lee began by asking the question of censorship resistance. He went on to say that even though it is resistant to censorship currently, it has a problem in the form of utilizing the same algorithm as Bitcoin. This opens it up to an attack by hashpower, as it only has 6% of the total hashrate of the Bitcoin network. Lee explained the consequences of this, stating:

“So even a small pool, or even a small mining farm, can effectively censor all of the transactions if they wanted to. So an effective attack would be they would shift to Bitcoin Cash and they just mine Bcash solely and deny any other miners blocks. Once that happens, all the miners will quit mining Bitcoin Cash because all their blocks will be orphaned, and they will be losing money, so they will go back to mining Bitcoin.”

The aftermath of this, according to Lee, will be a crash in the price of Bitcoin Cash, and the miner making a lot of money. Moreover, there is no financial incentive to continue mining a broken chain, as they can shift to mining Bitcoin with the same equipment, he stated. This will also not cause a loss to their miner hardware investment, as it can be used to mine Bitcoin.

However, with Bitcoin and Litecoin, it is a different scenario. Charlie elaborated on this, stating:



“If you look at Litecoin and Bitcoin, these two coins dominate their respective mining algorithms. If Litecoin had a miner’s attack, they’ve basically effectively destroyed their miner hardware profitability, because they’re killing their own coin.”

On transaction immutability in the Bitcoin Cash network, Lee quoted statistics regarding the hashpower of Bitcoin in comparison with Bitcoin Cash. As the hashrate is so low, the hashrate of the Bitcoin blockchain could effectively “wipe Bitcoin Cash out of existence” in 20 days. He said:

“It takes 20 days for the Bitcoin hashrate to effectively wipe Bitcoin Cash out of existence. It can start from when Bitcoin Cash was created, mine all the blocks that Bitcoin Cash has, effectively removes Bitcoin Cash from history.”

However, Lee clarified that it was unlikely to happen as “Bitcoin miners are not going to waste their time” doing so. This illustrated his point regarding the reversing of transactions in the Bitcoin Cash blockchain.



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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

Bitcoin Cash [BCH] Price Analysis: Bears edge down as token sustains bullish high

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Bitcoin Cash [BCH] Price Analysis: Bears edge down as token sustains Bullish high
Source: Pixabay

After surging past $160, Bitcoin Cash [BCH] declined in price, but not to the pre-March 15 levels when the coin saw a massive 18 percent hike against the dollar. Following the second hike on March 18, the coin has been trading in the mild red-zone, with a recent push into the green.

At press time, Bitcoin Cash had edged up the US dollar by a meager 1.15 percent in a 24-hour window. The coin was trading at $158.1, with a market cap of $2.83 billion, trailing EOS by over $530 million.

ZBG takes the maximum BCH trade volume, holding 7.31 percent of the global volume in the trading pair BCHABC/USDT. Following ZBG were P2PB2B, HitBTC, and LBank.

1-hour:

Source: Trading View

The one-hour chart showed two successive downtrends following the recent hikes. The first dropped the price from $163.95 to $159.19, and the second, from $159.53 to $156.42.

Bitcoin Cash found immediate support at $154.83, which the coin was trading below prior to March 15. The immediate resistance level of the coin stood at $159.81.

The Bollinger Bands pointed to decreasing price volatility as the price movement stabilized, while the Moving Average line indicated a bullish swing.

The Chaikin Money Flow tool showed an increase in the money inflow into BCH tokens as the CMF line was above 0.

The Awesome Oscillator showed a minimal increase in the short-term market momentum, but the concluding bars looked were red, indicating an upcoming bearish movement.

1-day:

Source: Trading View

The one-day showed three prominent green candlesticks, owing to the recent uptrend which pushed up the price from $132.55 to $162.32. Prior to the uptrend, the coin’s price was dragged down from $152.81 to $131.01.

Bitcoin Cash found immediate support at $122.41, while the immediate resistance level for the coin, in the long-term, stood at $160.49, which the coin broke recently.

The Parabolic SAR indicated a bullish market, owing to the three aforementioned green candlesticks.

The MACD continued projecting bullish signs as the MACD line pushed above the Signal line.

The Relative Strength Index showed a significant increase in investor interest as the RSI shot up from 46.47 to over 70 and at press time, was at 67.46.

Conclusion:



Bitcoin Cash has managed to hold on to the bulls that struck twice over the past week. The coin edged below the $160 mark, but was still hovering close at the $158 mark and was looking to maintain the price level.

In the short-term, volatility is stable while the money inflow is positive and short-term momentum is high. The long-term chart also showed a bullish movement for the coin, with a mild decline in the investor interest, which should not worry BCH proponents.

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Bitcoin [BTC] and Bitcoin Cash [BCH] to be accepted as payment options by global technology solutions provider

Priya

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Bitcoin [BTC] and Bitcoin Cash [BCH] would be accepted as payment option by global technology solutions provider
Source: Unsplash

Avent, a leading global technology solutions provider, announced that they would be accepting Bitcoin [BTC] and Bitcoin Cash [BCH] for their goods and services, as a mode of payment on their platform. The news comes after Switzerland’s largest e-commerce company, Digitec-Galaxus AG, announced the acceptance of Bitcoin, Ethereum [ETH], XRP and a few other altcoins for payments.

Like most platforms, Avent is enabling Bitcoin payments via BitPay, the largest Bitcoin payments service provider. Sunny Trinh, the Vice President of Demand Creation at Avent said,

“We’re working with BitPay to facilitate secure blockchain payments for all types of customers so they can focus on developing their products, not how to pay for them. Whether it’s Bitcoin or Bitcoin Cash, we can handle it”

The blog post stated that developers were “looking for flexibility,” when launching products in the market. It added that this particular announcement would give their customers “more convenient” options to complete their transactions.

The announcement further stated that when a customer chooses to check-out with Bitcoin or Bitcoin Cash as their payment option, Avent and BitPay would collaborate on verifying the funds, processing their order and completing transactions. In the future, they will also be able to enable cryptocurrency payment requests outside of the United States, on a country to country basis.



Sonny Singh, COO of BitPay said,

“As one of the largest global technology solution providers on the Fortune 500 list, Avent is truly an innovative company that listens to the needs of their customers, as demonstrated by their decision to accept bitcoin payments.”

He further stated,

“Not only is paying with bitcoin easier and faster than with credit cards and bank wires, it is less expensive and acceptance of it is growing. I predict Avent will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”

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