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Is Bitcoin.com misleading people to buy BCH instead of Bitcoin?

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Roger Ver is misleading people to buy BCH rather than BTC for his own profit. We also get to know how bitcoin.om is selling false bitcoin.

Let us start this article with the innovation of a cryptocurrency which shaken the world with its value. It was named as bitcoin. The value of this cryptocurrency reached an unexpected, nothing less than a miraculous height in the year 2017. In the same year, no of expected transactions for this digital currency started to be very high. However, bitcoin has very low scalability. While Visa is capable of doing around 24000 transactions in a second, bitcoin is capable of doing only 7!

Soon, the bitcoin community started two argue for its scalability. It divided the community into two groups. While one group was admired that scalability should be increased, the other was focussed that bitcoin was not born for high scalability. This conflict in ideas gave the rise of BCH i.e. Bitcoin Cash in August 2017.

So, basically, bitcoin.com diverged into two cryptocurrencies: BTC (Bitcoin) and BCH(BItcoin Cash). It should be noted that both bitcoin and bitcoin cash are completely two different cryptocurrencies. If you buy BCH and transact it in the misconception of BTC, you might lose all of your money. It is common doubt that both BTC and BCH are common but always keep in mind, this two although resembles same but is two completely different digital assets. In simple words, these two assets are as different as US Dollar and Euro!

 

How bitcoin.com is misleading people?

As stated above bitcoin and bitcoin cash are two different assets. They resemble and pronounce similarly, hence most of the people are in the misconception that both are same. Bitcoin.com is taking advantage of this confusion among the people. It is selling fake bitcoin. It is also misleading people to buy BCH instead of the original bitcoin. It is using various false and irrelevant information in media through various medium to appreciate bitcoin cash and attract people to buy it in assumption as they are the real bitcoin. But this is completely wrong. If a person is buying a BCH, he/she is definitely not buying the original bitcoin. Bitcoin is taking advantage of the similar names of the two crypto assets and misleading the consumers to buy BCH instead of the original bitcoin.

The reason for this misleading information is quite simple. The value of BTC on February 2, 2019, is around  $3434.40 whereas the value of BCH on the same date is around $ 117.99. Clearly, Bitcoin is having a higher value than the BCH. So, bitcoin.com is trying to sell as much as BCH it can. It will lead to more economic benefit for the company. This is the reason, it is misleading to buy BCH instead of BTC.

Let us look at the misleading facts spread by bitoin.com using Roger Ver.

 

Roger Ver making people fool to buy BCH:

Before, how this person is making fool to inspire to buy BCH rather than BTC, we must know who he is.

Roger Ver is a famous personality in the crypto space. He is one the early supporter of bitcoin. He aimed that it could be an economic lifeline currency. He is the owner of bitcoin.com and he was the leading face for gaining the support of people for buying bitcoin. He is also known as ‘Bitcoin Jesus’ due to his contribution to bitcoin during the initial innovation of bitcoin. But nowadays, he is promoting BCH (Bitcoin Cash) rather than BTC. He is misleading people to buy the BCH and making them fool by convincing them to trust on BCH more than BTC. No one has ever expected such a misleading contribution by the person, they treat as the Jesus of Bitcoin. Let us have a small fact supporting us.

We will be concentrating with two of statements of Roger Ver

  1. “I bought thousands of BCC with my BTC so far, how about you?”. Date of statement: 10 August 2018
  2. “I haven’t sold a single Bitcoin for Bitcoin Cash up until yesterday and I sold about a dozen Bitcoins for Bitcoin Cash”. Date of statement: 25 August 2018.

Wait, did you get confused? You would have surely in disbelief after reading the above statements. I first statement given by Roger Ver on 10 August 2018, he said that he had bought 1000 of bitcoin cash with his bitcoin and asked to have others did so? In the next statement made by him on 15 days later, he refused that he hadn’t sold any of his BTC for BCH till 24 August and he had bought BCH only worthy on 12 BTC. Well, this is completely misleading. This is completely a false move done by the owner of bitcoin.com in perspective for the business’s own profit by misleading people. This is surely not expected from a person like Roger Ver

 

In this article, we got to know how Roger Ver is misleading people to buy BCH rather than BTC for his own profit. We also get to know how bitcoin.om is selling false bitcoin. So, before buying bitcoin from the bitcoin.com, make sure that you are buying original bitcoin, not BCH i.e. Bitcoin Cash otherwise, you could lose all of your money. Be aware of Roger Ver and bitcin.com as for them, it is only the profit of business matters and for this, they could misguide their customers.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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