Bitcoin.com Founder Says He’s Moving To Bitcoin Cash

According to

Bitcoin.com co-founder and CTO Emil Oldenburg, Bitcoin is “useless” and has no future as a trading currency. In an interview with Swedish technology site Breakit, Oldenburg said that Bitcoin, complaining of high transaction fees and waiting times, sold all the Bitcoins he owned and switched to Bitcoin Cash, which was hard forked in August 2017.

Oldenburg:

“I think the riskiest investment anyone can make right now is investing in Bitcoin. Extremely high-risk. In fact, I recently sold all my Bitcoins and switched to Bitcoin Cash.”

Although Oldenburg’s company is actually a Bitcoin wallet, the company’s CTO said he was disconnected from Bitcoin due to high transaction fees and slow verification times, and that Bitcoin’s current state is “totally illogical.” ” said that. When comparing Bitcoin with Bitcoin Cash, the arguments most used by Bitcoin Cash supporters are lower transaction fees and increased transaction speed.

Those who say that transaction fees in Bitcoin have increased too much are not mistaken because the analysis According to 2017, transaction fees in Bitcoin rose from $0.20 to $15. He said:

“We actually stopped developing new services for the old Bitcoin network and focused on Bitcoin Cash, which costs $0.12 to transact and unexpected for the transaction.. The only downside is that it requires greater fixed risks, but that’s fine for many.”

Oldenburg also said that problems with Bitcoin transactions arose when transactions were recorded on the Blockchain.. Oldenburg said that the bottleneck in the Blockchain is likely to turn Bitcoin into a highly risky and illiquid digital currency:

“You can only transact a certain amount per second on the Bitcoin network, which is partially on the Blockchain. depends on the ‘block size’ of memory recording transactions. This bottleneck will lead to an illiquid and risky cryptocurrency… the old Bitcoin network would be obsolete.”

However, the Bitcoin price continues to grow and managed to break the $20,000 mark just a few days ago.. According to the time of writing, Bitcoin is on sale for $ 18 thousand 32.

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