The Burst of the Bitcoin Cash Bubble and the Return of Bitcoin
Bitcoin Cash’s value has plummeted 60% in the last 24 hours, while Bitcoin’s original blockchain is about to cover its losses.
Bitcoin Cash, which calls itself “the best currency on the planet” has lost all of its glory over the weekend when we consider the cross chart below.
Although the unit price of the cryptocurrency has reached a figure of $2800, at the time of writing $1200.
Bitcoin, on the other hand, increased by 7% while these were happening.
Following massive propaganda from its backers, high-volume investments had come into Bitcoin Cash.. Now, this 10pm a hard fork is on the agenda.
SegWit2x debacle, followed by the demise of the Bitcoin Classic team. The accolades had made Bitcoin Cash a “competitor” to Bitcoin overnight.
The rapid rise of Bitcoin Cash has mobilized the crypto community. While condemnation pours in on the coin’s biggest supporters, Roger Ver and Jihan Wu’, Ethereum creator Vitalik Buterin has launched Bitcoin Cash
As Bitcoin Cash approaches the record price on November 11, Buterin “congratulated” the success in a tweet to Roger Ver, explaining that “the main reason he believes in cryptocurrencies” He added that this is it.
A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches.
— Vitalik Buterin (@VitalikButerin) November 12, 2017
“An important reason why I trust cryptocurrencies is definitely the fact that many teams are trying very different approaches.”
Bitcoin Cash’s biggest criticism is that the coin is promoted like a company.. This totally contradicts the decentralized nature of Bitcoin. People inside the ‘company’ continue to claim that Bitcoin Cash is more advanced than Bitcoin.
There is even a self-proclaimed CEO in the project.. This person is Rick Falkvinge’, the founder of the Finland Pirate Party…
“Every document published is as official as people want, artificial As the CEO of this irregular organization containing adjectives, I think we cannot solve the problems that arise by voting.. There are two reasons for this. First, there is no limit to who the voters will be, so it’s possible to win by cheating.. Secondly, we don’t want a vote anyway.”
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