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Bitcoin Cash [BCH] drops off the bullish cliff; investor sentiments mixed ahead of hard fork

Akash Anand

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Bitcoin Cash [BCH] drops off the bullish cliff; investor sentiments mixed ahead of hard fork
Source: Unsplash

The recent surge seen by Bitcoin Cash [BCH] has come to a complete halt after the bear took control of the cryptocurrency on November 10.

At the time of writing, Bitcoin Cash [BCH] was dropping by a significant 6.92%, with a total market cap of $9.534 billion. The cryptocurrency was trading for $543.41, with a 24-hour market volume of $821.764.

A majority of the cryptocurrency’s market volume was held by OKEx, with a total grasp of $84.592 million. OKEx was closely followed by DigiFinex, with over $67.581 million worth of Bitcoin Cash transactions occurring on the cryptocurrency exchange.



Bitcoin Cash [BCH] 24-hour chart | Source: CoinMarketCap

Bitcoin Cash [BCH] 24-hour chart | Source: CoinMarketCap

Khai42, a Redditor had said:

“The narrative by the anti-BCH crowd was that Bitmain could be insolvent or that they may delay their IPO because they invested too much into BCH. But now with their official filing, their financials are public for all to see. They are extremely healthy financially.”

The drop comes in the wake of Bitcoin Cash surging by a massive 22% earlier last week, propelled by the upcoming hard fork. The hard fork has also gained support from popular cryptocurrency exchanges like Binance and Coinbase. Coinbase had stated:

“We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”

Roger Ver, the CEO of Bitcoin.com, had also given his two cents on the hard fork, saying that the reason why there were so many arguments is that of how decentralized the network is. He also added that everyone agrees Bitcoin Cash should be accepted as a form of transactions across all platforms.





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Bitcoin Cash

Bitcoin Cash [BCH] network is ‘inflated centralized garbage’, tweets Bitrefill’s John Carvalho

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Bitcoin Cash [BCH] network is "inflated centralized garbage", tweets Bitrefill's John Carvalho
Source: Pixabay

John Carvalho, the CCO of Bitrefill and a Bitcoin enthusiast has never shied away from expressing his disapproval of Bitcoin hard fork coins. In his most recent Twitter attack, Carvalho said that BCH was a “counterfeit” of BTC, calling the former’s network “inflated centralized garbage”. He tweeted,

“Bcashers argue against BTC scaling with a punchline of “buy more BCH!” Kinda embarrassing, but they chose a future of begging for liquidity.”

The response followed a recent thread by Peter R Rizun, the Chief Scientist at Bitcoin Unlimited, who stated that the second-layer solution, Lightning Network [LN], could not solve the issue of scalability and high fees plaguing the Bitcoin network.

He opined that once bigger blocks came into the picture, BCH would benefit more as the fork coin’s roadmap was far superior than that of Bitcoin [BTC]. He tweeted,

“This will kick off two competing dynamics within BTC: voice and exit. Some will voice the need for a block size limit increase, while others will exit to BCH as the path of least resistance. Whether BCH flippens BTC at this point will depend on which dynamic is stronger.”

The Chief Scientist added that BCH had more positive aspects and that the “uncertainty” factor would help the fork coin post gains higher than BTC.



Following BitcoinErrorLog’s response to the original tweet, many BTC maximalists expressed a similar sentiment. One of them, Gru, joined in and stated that BCH was cheaper because it was “inherently less valuable”.

Carvalho has been quite vocal about Bitcoin’s scalability solutions, even terming the LN as a trailblazer. This is also not the first time the CCO has called out BTC’s fork coins. Previously, he had criticized all fork coins, calling them a scam and a huge waste of both time and money.





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