We brought Bitcoin Cash to our readers’ attention on 3 November, when it was priced at just $661.
Bitcoin Cash has featured regularly in my posts – it is a Crypto that is gaining huge momentum. A battle is currently taking place both in the public eye and behind the scenes between Bitcoin Core and Bitcoin Cash. The Bitcoin Cash team claim that theirs is the true Bitcoin.
Roger Ver, one of the early investors in Bitcoin startups, is probably Bitcoin Cash’s biggest advocate; he tweeted:
I’ll do my best to use http://Bitcoin.com to educate the world about how Bitcoin Core is no longer the Bitcoin that was described on the original http://Bitcoin.org website or in the Satoshi White paper.
#BitcoinCash is that Bitcoin.
When reading Satoshi’s white paper and comparing it with Bitcoin Cash, it is hard to argue with Ver. Bitcoin currently has large transaction fees and slow processing time in comparison with Bitcoin Cash.
Clearly the Bitcoin Cash team are aiming to dethrone Bitcoin and take the crown for themselves. See my post on 15 November for more details on Bitcoin Cash.
Coinbase Adds Bitcoin Cash
When Bitcoin Cash announced that they would be forking Bitcoin, Coinbase made it clear that they would not be supporting Bitcoin Cash. Coinbase even warned its users that they would not be receiving their free Bitcoin Cash from the fork. Bitcoin Cash has since grown in reputation and stature, causing Coinbase to open Bitcoin Cash wallets for users who had Bitcoin at the time it was forked.
Coinbase also announced that they will now support the buying and selling Bitcoin Cash on their platform. This has caused Bitcoin Cash to surge in price, which is currently trading at over $3,300 (climbing over 40% in just 24 hours), whilst Bitcoin’s price has fallen to under $18,000. On 5 November I posted the following:
…we would not be surprised if Bitcoin Cash attracted investors away from Bitcoin – thus pushing the price of Bitcoin Cash higher.
It certainly does appear that investors are becoming more familiar with the Crypto market, and Bitcoin Cash is certainly capitalising on that. We expect the battle between Bitcoin and Bitcoin Cash to continue for a long time yet. Will one come out on top or is the Crypto Market big enough for two ‘kings?’
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