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Bitcoin Cash

Roger Ver on why the cryptocurrency community moved from Bitcoin to Bitcoin Cash

Shahrain KM

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Bitcoin Cash [BCH]'s Roger Ver on why the cryptocurrency space moved from Bitcoin to BCH
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On 22nd September, the CEO of Bitcoin.com, Roger Ver conversed with Zane Tackett, the Head of OTC Sales at B2C2 wherein they discussed the reason for institutions and cryptocurrency enthusiasts “transitioning” from Bitcoin to Bitcoin Cash and other altcoins. Roger Ver said:

“I’ve known you for a while but a lot of people who aren’t hardcore cryptocurrency enthusiasts will have seen you around. So you first worked at OkCoin, one of the bigger exchanges in China and then you were at BitFinex, arguably the biggest exchange in the world. Now you’re busy doing OTC stuff, is that right?”

Roger Ver believes that Zane has seen progression because he used to be a Bitcoin Maximalist and did not care much for Bitcoin Cash. Moreover, Tackett stated that he used Bitcoin on a daily basis and even accepted his salary in BTC.

He further added that the first time he used Ethereum for a transaction was when Bitcoin began to charge $50 for each transaction. He refused to pay $50 to move money around. Additionally, Ethereum was doing it at a fraction of the cost. He stated:

“I remember sitting at my computer and going ‘oh my god I can’t believe I’m about to use Ethereum over Bitcoin and I was a Bitcoin maximalist through and through. I had earlier fought against having Ethereum added to BitFinex.  And then it hit me like a ton of that I can’t use the Bitcoin network anymore.

Another reason the Bitcoin Maximalist moved away from the Bitcoin network was when he found out what was happening to companies that built Bitcoin and individuals who got the cryptocurrency space to where it is today. Bitcoin core supporters began to turn rabid on these companies and began attacking and making invalid accusations at them. To this, Roger Ver added:

“Yeah, the Bitcoin core fanboys even claimed that Brian Armstrong from Coinbase, the company that’s brought more people to the cryptocurrency space than anyone else that he was attacking Bitcoin! Like, what a bunch of nonsense.”

Zane and Roger Ver both believe that platforms like NeWag and BitPay were the first heroes of the cryptocurrency space and they still are to people who understand the cryptocurrency community. They both agreed that BitPay was another platform that got out open source and free software.

Roger Ver went on to add that the Bitcoin.com wallet that is being used by a large number of individuals from the cryptocurrency space is also based on the open source software created by BitPay.

Zane believes that since he had a decent paying job, he did not need his transaction to be confirmed instantly but to get it confirmed over several days was too much of a hassle. He also confirmed that the Bitcoin core community’s hundred percent lack of foresight and the simple usability of the network killed it for him.

Roger Ver concluded by saying:

“I think it’s true. A lot of these core supporters, they have cloudy hindsight. We can see exactly what happened. The industry moved away from BTC. They started integrating all sorts of altcoins and they still can’t see what happened. We have Bitcoin cash now, the version of Bitcoin described in the original whitepaper.”



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Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.

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1 Comment

1 Comment

  1. Satoshi

    September 24, 2018 at 8:08 PM

    This is a lie, the community hasnt moves to Bcash. If you look at the network statistics barely anyone uses the bcash network and even less use it as a means of currency. The wealth of the bcash network is far more centralized as well due to chinese miners exploiting the reward algorithm.

    Roger Ver is a professional liar and everything he says should be taken with a grain of salt.

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Bitcoin

Bitcoin’s divisibility and transportability make it much more flexible than digital gold

Priya

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Bitcoin's divisibility and transportability make it much more flexible than digital gold
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Andreas Antonopoulos, the author of Mastering Bitcoin and a Bitcoin proponent, spoke about Bitcoin as a digital currency and whether it would be limited to being just that, in his latest Q&A session on Youtube.

The author was asked about the possibility of Bitcoin becoming the world’s reserve currency, a digital gold and whether other cryptocurrencies would be used as a day-to-day currency. To which, he said:

“I don’t know. I think it would surprise me, actually, if Bitcoin could only fit into the niche of ‘digital gold.’ Bitcoin has characteristics of divisibility and transportability that make it… much more flexible than digital gold.”

Antonopoulos stated that gold is not a good medium of exchanges, because of the difficulty related to verifying whether it is real. He also stated that the store of value is “heavy to carry”, adding that the more one tries to make it fungible and divides it into smaller pieces, the harder it gets to verify its authenticity. According to him, verifying gold in larger amounts, which are stamped by reputable third parties, is easier.

“Then the cost of storing and securing gold is so high that it is better done in a custodial manner, where you put it in a vault and have professionals guarding it. You [are left] with a little paper certificate [of ownership], which have other problems like hypothecation. [All of this] makes it difficult to use [gold] directly as a medium of exchange.”

This was followed by the author remarking that these problems are not prevalent in Bitcoin, even though there is “greater complexity” when it comes to securing the cryptocurrency. He went on to say that this would cause some pressure towards third-party custodians, however, if that pressure is going to be lesser in comparison to the current system, it would still be a “more decentralized future”.

“The ability to transport bitcoin very quickly, in very small amounts [or very large amounts], [including] with second-layer networks that are even faster [and smaller] at the level of microtransactions”

Moreover, the Bitcoin proponent thinks that Bitcoin could be a “very effective” medium of exchange and store of value, adding that the volatility would decrease through use and volume, wherein the currency would not be witnessing a major price fluctuation making it “less speculative in nature”.

“That doesn’t mean there won’t be other coins which [are used] for everyday currency. I think there will be [others]. I don’t think Bitcoin will be just digital gold. It may become a world reserve currency, but I think the concept of a unitary world reserve currency [would] no longer be relevant.”

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Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
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The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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