'Bitcoin Jesus' is Bullish on Bitcoin Cash

  • 'Bitcoin Jesus' is Bullish on Bitcoin Cash

'Bitcoin Jesus' is Bullish on Bitcoin Cash

Among the most notable changes are the increase of the maximum blocksize from 8 to 32 MB, adding or reactivating several Bitcoin script operation codes. Bitcoin Cash's official Twitter account is @bitcolncash and its Facebook page is accessible here. It launched on August 1st, 2017. One Bitcoin Cash coin can now be bought for $1,461.02 or 0.17046700 BTC on cryptocurrency exchanges including GDAX, Bisq, DragonEX and Cryptopia.

Examining these dimensions makes it clear that Bitcoin Cash hasn't quite yet realized its lofty aspirations yet, though it has made important structural decisions that are setting it up to be very different from Bitcoin in the years to come. For example, billionaire investor Mike Novogratz stated that Bitcoin is the real and the "digital gold", not Bitcoin Cash.

Roger Ver gives his thoughts on Bitcoin Cash and its fork in a news interview with CNBC's Fast Money. In that same period, Bitcoin's price increased only 15%, from ~$8100 Dollars to ~$9400 USD.

What will happen to the BCH price?

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.

According to CoinMarketCap, BCH has suffered a 6,96% loss in value today.

Bitcoin (BTC) traded down 5.8% against the dollar and now trades at $8,623.65 or 1.00000000 BTC.

Amaury Séchet, lead developer for Bitcoin ABC, has been a strong advocate of larger block sizes also. After much debate amongst various parties of the Bitcoin ecosystem over how to scale the Bitcoin network, a group of developers organized under the name ABC Bitcoin, wrote the code for a hard fork to create a new blockchain with 8MB block limits.

The proposed fork would increase Bitcoin Cash's block size from 8MB to 32MB, and will also enable developers to build smart contracts on top of the Bitcoin Cash network. Bitcoin Cash has a total market cap of $25.80 billion and $1.38 billion worth of Bitcoin Cash was traded on exchanges in the last 24 hours.

But not everything is so rosy.

"People do not want bigger blocks for the sake of bigger blocks, but for the value they bring to users just like people do not want bigger vehicle for the sake of bigger auto but because they can transport more people or stuff in it".

Developers can leverage the above-mentioned capabilities to create representative tokens, otherwise known as colored coins. This code allows users to store additional data on the blockchain.

Satoshi Nakamoto removed smart contract abilities early in the development of the Bitcoin protocol. Bitcoin Cash would be reintroducing the OP codes albeit gradually as security concerns are addressed.

What is more, BCH holders will not have their coins doubled or receive any new cryptocurrency as a result of the upgrade.

This upgrade will result in two separate chains but only the new one will hold any economic value and the old one will simply become obsolete meaning no exchanges will accept it.

Bitcoin and Bitcoin Cash have distinct long-term aims, and the differences in how they're already handling transaction volume and block size reflect those aims.