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Charlie Lee Vs Roger Ver, on the term: Bitcoin Cash

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Roger Ver bantered with Charlie Lee, the maker of Litecoin about Lee's explanation behind not considering Bitcoin Cash as the real Bitcoin.

As of late, Roger Ver, Chief Executive Office of Bitcoin.com bantered with Charlie Lee, the maker of Litecoin [LTC] about Charlie Lee’s explanation behind not considering Bitcoin Cash as the real Bitcoin.

Charlie Lee uncovered that he doesn’t like the term ‘Bitcoin Cash‘ due to the confusion it makes in the community, with a few people alluding to it as the first Bitcoin [BTC]. He stated:

“For language, confusion is bad. If a merchant says I said Bitcoin and the person buying whatever product says, you said Bitcoin Cash and the merchant will be like, I said Bitcoin and Cash. Is that what you mean? And then it gets confusing. And if the sender sends Bitcoin Cash, the merchant didn’t get it because he only accepts Bitcoin. It’s just not good for communication.”

Charlie Lee further included that an individual from the community recommended to term Bitcoin Cash as ‘BCash’ due to the confusion. This was trailed by Roger Ver guaranteeing that changing in terminology was a “deliberate online networking control crusade”.  Roger Ver kept on saying that the Bitcoin community purposely registered Bitcoin Cash as BCash on Reddit, Twitter, and other platforms.

Roger Ver stated:

“It was an intentional effort to have the name of Bitcoin Cash become BCash and to steer all people that were looking into that particular fork or that particular version of Bitcoin.”

In light of this announcement, Charlie Lee talked about Bitcoin.com endeavoring to proliferate Bitcoin Cash as Bitcoin. He stated:

“On the other side, there is a campaign to steer Bitcoin Cash to Bitcoin. And to confuse people to saying, from Bitcoin.com to saying Bitcoin Cash is Bitcoin. From Bitcoin’s Twitter account to saying Bitcoin Cash is Bitcoin”

Roger Ver reacted by saying that he isn’t associated with the Bitcoin Twitter handle. He proceeded to state that the community on the internet trust that he is associated with the account regardless of him not owning or paying for the account. This was trailed by Charlie Lee expressing that he doesn’t trust that Roger Ver is associated with the Twitter account.

Roger Ver additionally solicited Charlie Lee’s definition from Bitcoin, to which he expressed that it was “what most of the general population” thought. He additionally expounded by giving a case of word ‘Crypto’ and how it was called cryptography preceding the landing of cryptocurrency. As indicated by Charlie Lee, time changes a considerable measure of things and it was critical to pursue the agreement. He included:

“So if you stick to the old definition of crypto, you can confuse people and that’s not good. So, if Bitcoin Cash eventually does become Bitcoin then everyone will call that Bitcoin and not Bitcoin Cash.”

As per Roger Ver, the genuine Bitcoin was the one that fulfilled the hidden major characteristics which were said in the Bitcoin whitepaper. The major characteristics were: P2P Electronic Cash Framework, Low Expenses, Quick Installments, Solid Installments, On Chain Scaling, Non-Reversible Installments, Chain of computerized marks, Operation Codes Empowered, SHA-256. Roger Ver expressed that Bitcoin [BTC] neglected to fulfill eight of these criteria, though Bitcoin Cash [BCH] neglected to fulfill one criterion.

#Bitcoin Cash Price Analysis

Bitcoin Cash falling to 0? Is BCH worthless?

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Today, Bitcoin Cash price fell below Ethereum and this is for the very first time that BCH has fallen below ETH since its inception.

Bitcoin Cash has been falling sharply since the hard fork happened last month which led to the generation of Bitcoin Satoshi Vision. Today, Bitcoin Cash price fell below Ethereum and this is for the very first time that BCH has fallen below ETH since its inception.


Bitcoin Cash is currently trading around $79 while ETH trades around $84 according to CoinGecko (at the time of writing).
Along with the price, the total market capitalization of Bitcoin Cash has also fallen bringing down BCH on the 7th position in cryptocurrencies according to CoinMarketCap.

 

Is it the end for BCH?

Bitcoin Cash team has been continuously trying to attack the real bitcoin from the day of its inception. The team has been trying to bring Bitcoin Cash to mainstream adoption but it doesn’t seem that they have been successful in that. Unlike Bitcoin which truly has a good amount of adoption rate by merchants throughout the world, Bitcoin Cash does not have much of an adoption. Besides that, the daily transactions of BCH are nearly 1/10th of Bitcoin.

Bitcoin Cash Price Analysis

Technical Indicators:

Support Level: $75

Resistance Level: $84

BCHUSD 2 day chart

BCHUSD 2 day chart

In the 2 day chart, Bitcoin Cash was trading at around $96 yesterday and crashed down to around $78 today where it is currently being traded. The main support level of BCH lies around $75 and the resistance level is around $83. BCH is currently trying to recover back from the recent crash but the selling pressure however is quite high which may push the price downwards and Bitcoin Cash could even fall below $70 in short term. However, market analysts are predicting that the price of BCH is likely to fall below $50 before the end of the year.

The following article is not a financial advice. Readers are advised to do their own research and analysis before making any investment decisions in the cryptocurrency market. 

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When will Bitcoin return to overcome 2017 highs? Bitcoin miners going bankrupt

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Around 1 year back, Bitcoin hit its all-time high of $19665.39 on December 16, 2017. It has lost 82% of its value resulting in a $700 million fall in 1 year

Around 1 year back, Bitcoin hit its all-time high of $19665.39 on December 16, 2017. It has lost 82.74% of its value since then, as reported by CoinGecko.

 

This accounts for a loss of around $700 billion in a year.

Many experts believe that one of the consequences of this downfall is the fall of Bitcoin mining industry. More than 100,000 individual miners have shut down their operations and have been closed, and around 1.5 million servers have been shut down since September 2018.

According to analysts, a majority of the miners can profit only if BTC trades above $4500 level. As of today, only very few miners can afford to stay in the game, specifically those who have access to very low-cost electricity.

This leads to a problem.

As lesser and lesser companies will control the Bitcoin mining, there is a greater chance of them joining hands and executing the 51% attack.

Ryan Selkis says:

In such a maneuver the miners can reverse transactions and stop new ones, which can potentially make them flee with the money of thousands of people.

 

The hash wars between the 2 groups of Bitcoin cash has already triggered fears in the mind of investors. The truth is that in the short-term and in the mid-term (1-3 years from now), there seems to be no catalyst that will drive the bitcoin price back up (or to the moon). the sentiment is negative and most investors do not want to enter in the midst of a clear bear run.

What are your views on the current market conditions? Let us know in the comments section below.

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#Bitcoin Cash

Bitcoin Cash vs Bitcoin SV: The War still continues

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After the hash wars, Bitcoin Cash and Bitcoin SV are now fighting for the price and the market capitalization of their sides.

After the hash wars between two teams which led to the hard fork of Bitcoin Cash last month also leading to the massive downfall of cryptocurrency prices are now fighting for the price and the market capitalization of their sides.

Yesterday, the Bitcoin SV (Bitcoin Satoshi Vision) went above Bitcoin Cash in both market capitalization and price with Bitcoin SV rising above $110 and Bitcoin Cash close to $100.

 

Bitcoin Cash vs Bitcoin SV

Today, however, after the listing confirmation for Bitcoin Cash from Kraken, one of the top cryptocurrency exchanges worldwide owned by the Winklevoss Twins, both the price and the market cap of the cryptocurrency showed an increase which led to Bitcoin Cash defeating Bitcoin SV in both price and market capitalization once again.

According to Gemini Exchange, they are not supporting Bitcoin SV at the moment and only put forward their support for Bitcoin Cash or Bitcoin ABC: Users can deposit Bitcoin Cash to their Gemini exchange accounts starting from today i.e. December 8th, 2018. However, the trading of Bitcoin Cash will start from Monday, 10th of December.

According to Eric Winer, the engineering VP at Gemini Exchange, they shall evaluate Bitcoin SV over the coming month and then decide whether to list or not list Bitcoin SV in the future.

According to Gemini, they have obtained the approval to list Bitcoin Cash on their exchange from the New York State Department of Financial Services.

 

Bitcoin Cash stands at the 5th position in the top cryptocurrency list according to market cap and is currently trading around $108.26 with a market capitalization of around $1.9 billion according to CoinMarketCap data. However, Bitcoin SV stands at the 7th position while trading around 103.07 with a market capitalization of around $1.8 billion.

 

Which of these will stand ahead in future? What do you think? Tell us in the comments section below.

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