Compared to Bitcoin, the Bitcoin Cash (BCH) cryptocurrency is finding rapid adoption among cryptocurrency users and developers globally, says Roger Ver, one of the first investors in bitcoin, during a talk on CNBC.
Why is 'Bitcoin Jesus' Positive about Bitcoin Cash?
Ver is often called ‘Bitcoin Jesus’ as he was one of the early investors in Bitcoin. Jesus is now switching his preference to another cryptocurrency. (See also, Who Is Roger Ver, aka "Bitcoin Jesus"?)
Bitcoin Cash, which emerged last year as a hard fork of the original Bitcoin cryptocurrency network, is now the fourth largest cryptocurrency in terms of market capitalization. The original version of bitcoin, often called core bitcoin to differentiate it from various forked out versions, suffers from transaction processing delays, making its adoption as a day-to-day medium of transaction difficult. (See also, Bitcoin vs. Bitcoin Cash: What's the Difference?)
Roger Ver rightly calls Bitcoin core software as "slow, expensive and unreliable." Based upon the continuous development of infrastructure and new innovations being built on Bitcoin Cash, he sees more potential for Bitcoin Cash in future "because it actually works."
"The economic path that bitcoin cash is on is the one that led to Bitcoin's original success," Ver said. "I'm incredibly bullish on Bitcoin Cash for the exact same reasons I was bullish on bitcoin back in 2011," Ver told CNBC. "Bitcoin cash works as money; bitcoin core, sadly, no longer does."
Bitcoin Cash Offers Utility for Everyday Use
Mentioning Bitcoin Cash’s advantage as a robust and reliable medium of transaction that has great utility in paying for things, Ver compared it against the bulk of other cryptocurrencies that are merely being driven by speculation without offering any real utility. Ver is banking on this utility which will allow further adoption leading to an increase in valuation of Bitcoin Cash.
Over the last month, Bitcoin Cash valuations have seen wide price swings on the upside. From the levels of $620 during early April, it almost tripled in value to $1,745 during early May, though it has given up gains partially and is now hovering around the exchange rate of $1,300. It emerged as the best performing large-cap cryptocurrency over the month beating other popular cryptocurrencies like Ethereum, Ripple and Core Bitcoin. (See also, Bitcoin Cash: The New King of Cryptocurrency?)
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