The famous software developer, known for being involved in Bitcoin, backed Bitcoin Cash as the ‘Real’ Bitcoin. He wrote in Twitter that the Cash version is more similar to what he was working with in the past.
Bitcoin Cash is what I started working on in 2010: a store of value AND means of exchange.
— Gavin Andresen (@gavinandresen) November 11, 2017
Gavin Andresen and its Decision to Support Bitcoin Cash
The Bitcoin developer has shifted towards Bitcoin Cash in days were the debate has been increasing. The Segwit2x hard fork has been paused and this has created movements in the cryptocurrency markets.
“Bitcoin Cash is what I started working on in 2010: a store of value and means of exchange,” Gavin Andresen wrote on Twitter.
Bitcoin has presented a problem on its scalability. As more investors and individuals start to use the virtual currency, the network becomes congested. This situation increases the fees and the time per transaction in the Bitcoin network.
Bitcoin Cash has 8 MB block size while Bitcoin has 1 MB blocks. Bitcoin Cash has a greater usability than Bitcoin legacy. Lower fees, and faster transactions. At the same time, Bitcoin Cash could be used to store value. But which would be the real use of Bitcoin when Bitcoin Cash can perform both tasks without problems?
Moved Cryptocurrency Market
After the cancellation of the Segwit2x hard fork, the market has given an answer. Bitcoin has seen a price correction the days following the hard fork cancellation announcement. The price has almost arrived at $5400 from $7900 on November the 8th. At the moment Bitcoin is being traded at $6000 in the main trading platforms.
While Bitcoin has lost more than 40% in just some days, Bitcoin Cash reached new all time highs. The virtual currency arrived at $2800 on November the 12th. The highest level that this currency has ever recorded on its short history. The main reason is that lots of Bitcoin holders, have seen that Bitcoin can’t deal with more users arriving at this currency. Big enterprises and investors are able to pay the high fees. But individuals willing to transact with others are not able to do it at a low cost.
Other currencies like Dash have also experienced an incredible growth. In the last 24 hours, Dash has increased 25% arriving at $460 dollars. In August the currency was traded around $200 dollars.
This market movement is because of the current debate in the cryptocurrency world. Who can offer the fastest and cheapest way of payment? Is it Bitcoin Cash? Is it Litecoin? The market is now re-arranging its resources and at the same time receiving more and more investors. Who will ultimately be the currency that will rule the market, we do not know. It can be a possibility that we are going to a diversified market where no specific coin owns most of the market share.
Do you think that Bitcoin Cash will be the ‘new’ Bitcoin or it will be another alt-coin? Let us know in the comments below.
Image source: newsBTC and Pixabay
- Cointipping and Why It’s on Its Way Out - Nov 7, 2019
- Bithoven Exchange Announces New Margin Trading Services For Users After Several Requests - Jul 11, 2019
- Binance Exchange Launches a New Fiat Crypto Exchange Called Binance Jersey - Jan 17, 2019
- VISA Acquires Ripple’s Partner Earthport After Closing a £198 Million Deal - Dec 29, 2018
- Report Says Cryptos Could Soon be Legalized in India - Dec 28, 2018
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.