No Comments / 1537 views
Bitcoin Cash (BCH) became popular as the first hard fork of Bitcoin (BTC). Most BTC holders and hoarders received it for free but a large number of investors also paid to get Bitcoin Cash. The reason was obvious, back then some considered Bitcoin Cash as an improvement to Bitcoin and accepted it as a newer version of the coin. Roger Ver, the founder of Bitcoin Cash also owns Bitcoin.
com and has significant influence in the crypto community. It is for this reason that early adoption and acceptance of this coin was comparatively easy.
The reasons to invest in Bitcoin Cash (BCH) were pretty straightforward. The coin had a faster transaction speed than Bitcoin (BTC) and was a lot cheaper to buy.
A large number of investors believed it could outperform Bitcoin, especially those who missed the Bitcoin rally. Roger Ver and his team also used aggressive tactics to attract more investors which was also made possible due to lack of competitive coins back then.
So, people who thought the Bitcoin rally was overextended and it was too late to invest in Bitcoin, those people invested in Bitcoin Cash.
The price per Bitcoin Cash (BCH) hovered around $400 to $600 for the most part of 2017 until its big run up in November which pushed the price to a high of $2,816 before falling back down to $900 level. As rumors of a Coinbase listing surfaced, investor interest grew and accumulation was on the rise. This pushed the price to $4,101 in a matter of a few weeks.
The day Bitcoin Cash (BCH) was listed on Coinbase, the price briefly rose above $5000 which surprised most investors. Suspicions of insider trading began to come to light and then some Coinbase employees were found responsible who acted on inside information to buy cheap just before the announcement of listing BCH on Coinbase.
This is not the only controversy surrounding Bitcoin Cash. Roger Ver and most of his aggressive and sometimes shady marketing tactics have resulted in several complications.
For instance, when he tried to call Bitcoin Cash the real Bitcoin, Coinbase had to issue a clarification stating it is not the real Bitcoin and that you are buying Bitcoin Cash (BCH) not Bitcoin (BTC). This also created confusions regarding people sending coins to their wallets.
Bitcoin Cash (BCH) is currently trading at $635 but most investors still seem reluctant to buy. The major reason for this, apart from general lack of confidence in the market is that investors seem to think the coin has no real use left after Bitcoin’s latest lightning network upgrade. However, Roger Ver does not seem to accept that and his continued use of his Twitter @Bitcoin account in this way just recently resulted in his account being banned which led to a lot of hue and cry. Right now, Bitcoin Cash does not seem to have as much edge over Bitcoin as before.
The lightning network has threatened existence of a lot of coins that set out to compete with BTC only over speed and transaction cost. Share This Post .
