Business 22 August 2018Erik Gibbs
Bloomberg’s BCH piece shows why some reporters are still crypto clueless
Media outlet Bloomberg is a consistent source of financial information across the globe. It is a well-respected company with its fingers on the pulse of international economies and has become an empire among in the world of journalism. However, even the most dedicated organizations can sometimes slip, and that appears to be the case in a recent article published about Roger Ver and Bitcoin Cash (BCH).
The article’s author, Olga Kharif, posited that Roger Ver has not been successful in attracting the masses to BCH. She fails to point out that BCH is widely accepted at hundreds of thousands of merchants—both brick-and-mortar and eCommerce—around the globe. Roger Ver has been very much responsible for this continued expansion. Additionally, BCH transactions surpassed those of Litecoin in March of this year.
Kharif included a chart from Chainalysis, the blockchain tracking website, that apparently showed a drop in BCH transactions compared to those of BTC. However, there was one interesting fact she neglected to mention. The chart shows a drastic decline in BTC transaction that started in 2017 and has continued into the middle of 2018. At the same time that BTC transactions were on a downturn, the chart actually shows that BCH transactions nudged upward.
The journalist also pointed out that the 17 largest cryptocurrency merchant processors reported a combined drop in BCH payments in May to $3.7 million from a March high of $10.5 million. She included BitPay, GoCoin and Coinify as sources of the data; however, BitPay only received its New York BitLicense in July and hasn’t had the same reach as the others.
Coincidentally, Kharif showed how BTC payments dropped to $60 million in May from a peak of $412 million last September. That’s a decline of more almost 85%. The decline for BCH was around 65%, meaning, while both have suffered substantial hits, the BCH network has not been impacted nearly as much as the BTC network.
BCH remains the only cryptocurrency that is designed and driven to be a fully functional digital currency. It has been recognized over and over for its flexibility, lower transaction fees, faster processing times and network innovation, which far surpasses that of BTC—the less-than-stellar performance of BTC’s Lightning Network is a good indication of how little is being done to develop the network.
It isn’t too surprising that many of the articles related to crypto on Bloomberg seem to have an anti-crypto slant. After all, Bloomberg, provides financial tools to traditional financial companies and is 30% owned by Merrill Lynch and there is some evidence to support the belief that a number of financial institutions are concerned about how crypto could impact their business. Bank of America, as well as a few others have publicly stated that crypto threatens their business model, not that it threatens finances. In other words, crypto is legitimate and can ultimately put the financial institutions out of business.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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