Why Bitcoin Cash (BCH) Could Be Hurt By Constant Negativity
The cryptocurrency market is having one of those bad days as many of the top coins experience a dip following the bullish moves over the weekend. While many the top five are all in the red, Bitcoin Cash (BCH) still leads in terms of its 7-day gains.
After gaining well over 180% since its last low in March, BCH dropped by -6.84% slashing a sizable chunk of its value from a high of $1838 reached over the weekend. It had dropped off to close at $1765 against the US dollar and hasn’t recovered as it now trades at $1636 at the time of writing.
Despite this, and the continued controversy stirred by Roger Ver, Bitcoin Cash looks set to be the best performer of the top 4 coins.
Over the last 7 days, Bitcoin Cash is way ahead of Bitcoin with +0.58% and Ethereum with +5.91%. Ripple (XRP) is in the red with -3.32% over the same period. But this good run won’t last if Roger Ver doesn’t shut up.
Why is BCH showing a lot of resilience in the face of controversy?
Let’s for a moment forget the debate about Bitcoin Cash being the real Bitcoin and thus better. According to many cryptocurrency enthusiasts and investors, the main reason there’s such a spike in BCH value relates to an upcoming hard fork.
The BCH hard fork is slated for May 15, 2018. It is speculated that the increased interest in the coin is reminiscent of other price spikes just before a fork happened.
What happens to the prices if the hardfork is the reason behind the coin’s price hitting new highs in recent times? That’s the question as time ticks away.
Roger Ver stirs a twitter storm once more
Roger Ver has of late been in the news, dragging Bitcoin Cash into the storm with him. After the controversy of Bitcoin.com, which was accused of misleading users into buying BCH thinking it was BTC, the not so shy Roger has twitter literally talking again. This time he claims BCH is better than BTC, posting on his Twitter page:
“Bitcoin Cash is a better currency, and therefore a better store of value than Bitcoin Core.”- Roger Ver
He also attached the following chart to prove his point.
It shows that BCH has performed better than BTC in the last 6 months. In that time, BTC has gained just under +40% while Bitcoin Cash has a massive +268% price growth.
By claiming that Bitcoin’s most successful fork is a better store of value drew a lot of sharp reactions from the community.
Bitcoin Mafia, an editor/writer at Bitcoinist, and one of the unimpressed enthusiasts said:
“What a dunce. #BCH prices are primarily rising in anticipation of the May 15 fork. As to being a better cryptocurrency, there are approx 180 – 200k #bitcoin tx per day compared to #BCASH’s 20 – 40k. #BTC trade volume is also roughly 4x that of BCASH. Nice try though.”
And yet another said:
“Pure bullshit! BCH corrected way more than BTC and wouldn’t have pumped at all if BTC hadn’t turned the tide. So until BCH is a self-driving crypto it’s nothing but an Altcoin compared to BTC”
Such sentiments are countered by those who support the crypto, even if they may not be agreeable to the way the more influential investor goes about it.
Derrick Shields, a digital marketing veteran says:
“Bitcoin Cash is the original chain, which was forked to preserve the technical and fundamental integrity of Bitcoin. Bitcoin Core is corporate-controlled mutation/experiment.”
However, many feel that the crypto would have a genuine case for itself, but Roger’s continued “badmouthing” of Bitcoin could actually hurt its prospects. In fact, it could mean genuine BCH holders dispose of their coins for fear of price slumps.
The comparison rekindles the debate concerning how the size of blocks makes one better at scaling than the other. Diehard BCH supporters claim that its 8MB block size makes it a better alternative with on-chain scaling.
Bitcoin, on the other hand, is considered inferior due to its 1MB block size, though that has since been improved upon by the use of Segwit and the implementation of Lightning Network.
I believe Bitcoin has its own challenges and Bitcoin Cash (BCH) may actually be a very good cryptocurrency, but the constant reckless comments by Roger Ver will hurt it in the long run.