A true catastrophe. This is how we could describe the effects of Halving on Bitcoin Cash. After a reduction in mining rewards in cryptocurrency led to a miners’ stampede out of their Blockchain.
Despite which, Roger Ver, the main proponent of BCH, would remain optimistic about the crypto asset. Declaring that it is more solid than Bitcoin in the Tweet of today:
Roger Ver: Bitcoin Cash stronger than Bitcoin
Since the birth of the cryptocurrency, as a division of the Bitcoin Blockchain, the BCH community has consistently questioned Bitcoin’s legitimacy.
They have even declared themselves the legitimate successors to Satoshi Nakamoto’s legacy. And they have condemned Bitcoin for its speculative component and resistance to change among its users.
Despite this, Bitcoin Cash has remained behind BTC in the cryptocurrency race. Its price is closely linked to trends in the Bitcoin market. And, therefore, its profitability and ability to attract new users is dependent on its mother cryptocurrency.
This would be precisely the reason why, after the Halving in the Bitcoin Cash Blockchain, the decrease in the rate of money supply issuance did not lead to an increase in its price.
This sparked massive outflow of miners from their blockchain, reaching the point where even Roger Ver and Bitcoin.com shut down their mining machines. This does not prevent Roger from continuing to defend BCH through his Twitter account.
Bitcoin– Gain value primarily based on the perception that others will buy it.
Bitcoin Cash: Gain value primarily through increasing utility in commercial adoption and general use.
With this message, Roger Ver would want to imply that BCH is stronger than BTC. Well, while the leading cryptocurrency relies on speculation to increase its value, Bitcoin Cash increases its own due to its usefulness in the real world.
An idea that nonetheless seems to be being challenged after Halving on its blockchain, and the terrible effects it has brought with it.
Do you think the same as Roger Ver, Bitcoin Cash is more solid than Bitcoin? Let it know in the comment box.
