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Litecoin [LTC] creator explains the reason he does not like the term ‘Bitcoin Cash’

Ajay Narayan

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Litecoin [LTC] creator explains the reason he does not like the term 'Bitcoin Cash'
Source: Unsplash

Recently, Roger Ver, CEO of Bitcoin.com debated with Charlie Lee, the creator of Litecoin [LTC] about Lee’s reason for not considering Bitcoin Cash as the real Bitcoin.

Lee revealed that he does not like the term ‘Bitcoin Cash’ because of the confusion it creates in the community, with some people referring to it as the original Bitcoin [BTC]. He said:

“For language, confusion is bad. If a merchant says I said Bitcoin and the person buying whatever product says, you said Bitcoin Cash and the merchant will be like, I said Bitcoin and Cash. Is that what you mean? And then it gets confusing. And if the sender sends Bitcoin Cash, the merchant didn’t get it because he only accepts Bitcoin. It’s just not good for communication.”

Lee further added that a member of the community suggested to term Bitcoin Cash as ‘BCash’ because of the confusion. This was followed by Ver claiming that changing in nomenclature was an “intentional social media manipulation campaign”. Ver continued to say that the Bitcoin community deliberately registered Bitcoin Cash as BCash on Reddit, Twitter, and other social media platforms, calling it an “orchestrated intentional campaign”.

The CEO said:

“It was an intentional effort to have the name of Bitcoin Cash become BCash and to steer all people that were looking into that particular fork or that particular version of Bitcoin.”

In response to this statement, Lee spoke about Bitcoin.com trying to propagate Bitcoin Cash as Bitcoin. He said:

“On the other side, there is a campaign to steer Bitcoin Cash to Bitcoin. And to confuse people to saying, from Bitcoin.com to saying Bitcoin Cash is Bitcoin. From Bitcoin’s Twitter account to saying Bitcoin Cash is Bitcoin”

Ver responded by saying that he is not associated with the Bitcoin Twitter handle. He went on to say that the community on the internet believe that he is associated with the account irrespective of him not owning or paying for the account. This was followed by Charlie Lee stating that he does not believe that Ver is associated with the Twitter account.

Roger further asked Charlie’s definition of Bitcoin, to which he stated that it was “what the majority of the people” thought. He further elaborated by giving an example of word ‘Crypto’ and how it was called cryptography prior to the arrival of cryptocurrency. According to Charlie, time changes a lot of things and it was important to follow the consensus. He added:

“So if you stick to the old definition of crypto, you can confuse people and that’s not good. So, if Bitcoin Cash eventually does become Bitcoin then everyone will call that Bitcoin and not Bitcoin Cash.”

According to Roger, the real Bitcoin was the one that satisfied the underlying fundamental characteristics which were mentioned in the Bitcoin whitepaper. The fundamental characteristics were: P2P Electronic Cash System, Low Fees, Fast Payments, Reliable Payments, On Chain Scaling, Non-Reversible Payments, Chain of digital signatures, Op Codes Enabled, SHA-256. Roger stated that Bitcoin [BTC] failed to satisfy eight of these criterias, whereas Bitcoin Cash [BCH] failed to satisfy one criteria.



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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

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
Source: Unsplash

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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Altcoins

Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU
Source: Unsplash

Binance Coin [BNB], in the 24-hour time frame, has spiked by a massive 11.31% leaving other Bitcoin [BTC], Ethereum [ETH], XRP, and other cryptocurrencies to eat dust amid the doom-December.

In the 24-hour time frame, the BNB coin started trading at $4.63 with a market cap of $605 million on December 11, 16:30 UTC. The price dipped to $4.59 within a couple of hours but didn’t stay there for long as the prices saw four significant spikes.

Source: CoinMarketCap

The first spike propelled the price to $4.90 while market cap increased by $34 million, this was followed by a correction of prices to $4.83.

The prices couldn’t reach the $5 mark as the prices exhausted at $4.97. The third spike which was followed after the correction also lost the strength and ended up at $4.97.

The most significant rise was the one that took place on December 12, 16:10 UTC which propelled the prices beyond the $5 mark as it reached $5.15. The market cap also took a huge bump and reached $675 million.

The price fluctuation could be attributed to two reasons, the first being the launch of Binance DEX, which will swap the ERC20 token, BNB from Ethereum platform to Binance blockchain, which was announced by Binance and CZ.

It could also be due to a bug that was tweeted out by a Twitter user Uniswap.

The tweet stated:

“1/ WARNING: BNB providers

Due to a bug in the binance BNB contract it’s possible to add liquidity to the Uniswap BNB<>ETH liquidity pool but not remove it.

This bug is a variation on the “missing return value” ERC20 bug which affects several tokens.”

CZ replied to this tweet:

“Nothing new here. If you send token to a contract address, you won’t get it back. Just like if you send tokens to an address you don’t control for no reason, or a (valid formatted) address no one controls, you won’t have a way to get it back.”

CZ eventually being the humble person he is, tweeted out saying that people who had lost tokens due to this would recieve BNB from Binance.

CZ replied in subsequent tweets about this bug.

“Protecting users is not just talk. It requires action. Stay #SAFU!”

“One guy actually made quite a bit of profit out of his honest mistake. He sent it when it was cheap, and got it back when it was a big multiple.”

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