Business 18 May 2018Ed Drake
Bitcoin Cash is on economic path that led to Bitcoin’s original success, Roger Ver tells CNBC
Celebrated Bitcoin investor Roger Ver has been sharing his thoughts about Bitcoin Cash (BCH), BTC, and the future of cryptocurrency with CNBC. Ver is considered one of the most astute investors in the cryptocurrency space, having first bought BTC coin at $1. Speaking from Bangkok, he spoke on the recently held network upgrade, and the direction of BCH vs. BTC over the coming 12 months and beyond.
His opening remarks sought to clarify misinformation around the event, which he said is not a fork but an update, en route to making Bitcoin Cash the de facto default currency for payments and ultimately store of value.
Ver described the update as an essential step in making room for more people to use Bitcoin Cash as a currency, which he forecast would flow from the ease of use, increased block size, lower transaction fees and faster processing times.
Referring to examples closer to home, Ver said BCH was already popular in Thailand, and could already be used for a range of everyday transactions, including buying meals or paying for beer. Further, he spoke of BCH already being used in a range of ecommerce settings, as an example of the direction the cryptocurrency is heading in.
Bitcoin BCH has its fair share of critics, mostly devout BTC coin investors who sense the tide is turning. Ver pointed out that BCH is already more valuable than BTC coin was a year ago, ahead of its strong rally over the closing months of the year.
Yet compared to the BTC coin, which has a number of practical difficulties that make it unsuitable as a currency, BCH is already scalable as a solution for payments and ecommerce. Ver said that like what he’s doing as CEO of Bitcoin.com, a number of business are also “building their new products on top of Bitcoin Cash.”
“The economic path that Bitcoin Cash is on is the one that led to Bitcoin’s original success,” Ver told the news outlet. “I’m incredibly bullish on Bitcoin Cash for the exact same reasons I was bullish on Bitcoin back in 2011.”
Slamming BTC as slow, unreliable, and heading in a completely different direction from the original vision of Bitcoin, he told CNBC the shift towards greater adoption of BCH was already well underway, citing support from the new Winklevoss exchange and countless others.
Despite the name calling and vitriol from BTC Core supporters online, Ver predicted that Bitcoin Cash would at least double by the end of 2018. Conceding BTC would also continue to grow, he put the growth prospects for BTC coin at around 10-30% over the same period.
Given Ver’s status as an influential voice in the Bitcoin community, his comments come as a confirmation of Bitcoin Cash’s success and continuing growth, relative to the more established BTC coin. At the inaugural CoinGeek Conference, Ver is joining other thought leaders and experts in the cryptocurrency space to discuss the network upgrade along with other topics related to eCommerce, advancements in the BCH technology and the future of the crypto space.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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