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Bitcoin Cash’s [BCH] Roger Ver says altcoins are BTC’s layer two scaling solution




Bitcoin Cash's Roger Ver calls altcoins becoming BTC's layer two scaling solution
Source: Pixabay

Roger Ver, the founder of Bitcoin Cash [BCH] has been a critic of Lightning Network [LN] since its inception. The Bitcoin hardfork proponent once again bashed the Layer 2 solution for the original Bitcoin core.

The CEO tweeted,

“Altcoins became BTC’s layer two scaling solution.”

The crypto community was left puzzled with Ver’s latest post, with many assuming that he was implying Bitcoin Cash was an altcoin. This is not the first time Roger Ver has made confusing statements on social media. Previously, Ver had opined that Bitcoin Cash can do better than all the functionalities of Bitcoin Core.

He has also echoed similar statements to the ones made by Gabriel Cardona, the Director of Developer Services and Head of R&D at BCH, bashing the second-layer network and branding it as an ”absolutely horrible user experience.”

However, the success of the Lightning Torch experiment has reinforced the Bitcoin community’s support and solidarity with the new technology. Many crypto luminaries, including Binance’s Changpeng Zhao [CZ], co-founder of Coinapult, Erik Voorhees, and Twitter’s Jack Dorsey, also participated in this experiment.

Fidelity Digital Assets, the digital assets arm of financial services behemoth, Fidelity Investments, was the first investment bank to receive the Lightning Torch. Acquiring the Lightning Torch from a Bitcoin maximalist marked the foray of the digital asset wing into the cryptosphere. The LN torch wave has crossed approximately 40 different countries, since its inception.

A scalable solution to the Bitcoin core, the Lightning Network, adds a second layer to Bitcoin’s existing blockchain. This allows users on the network to build payment channels between any two individual users on the newly added layer. Since channels are created between two users on the network, transactions will be executed instantly with low or negligible fees. Another noteworthy aspect of the network is that the channels can exist as long as they are required.

Responding to Ver’s tweet, a Twitter user, @francispouliot said,

“Literally not layers of the object but distinct objects from said object. With all the random non-sensical quotes you post, I wouldn’t be surprised if one day you tweeted out a valid nonce.”

Another user, @balthusaur, tweeted,

“All cryptos will be denominated in Bitcoin(BTC). The true king coin that did not elect itself. BCH will always remain an alt coin.”

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand



Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:

“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.

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