Bitcoin Cash hits new lows vs. Bitcoin after Tesla snubs ‘fork products’

The controversial bitcoin (BTC), which evolved from bitcoin cash (BCH), has hit a new low after Tesla openly refused to use it for payments.

In a series of tweets on 24. In March, Tesla CEO Elon Musk confirmed that American customers can now buy Tesla cars with BTC – but his company avoids forking products like BCH.

Tesla: Send us nothing but BTC.

Bitcoin Cash split from the Bitcoin blockchain in August 2017 and has been a controversial entity in the cryptocurrency space ever since.

Proponents claim that the superiority of BCH over Bitcoin is due to the fact that costs are much lower, while transactions take less time to settle and require fewer resources.

Over the years, the narrative has taken many forms, from passive to militant, as the BCH/BTC continues to mask new lows. Wednesday marked the first time BCH holders received less than 1% bitcoin – 0.089 BTC – for 1 BCH.

1 week BCH/BTC candlestick chart. Source: View of the shop

Tesla’s adoption of bitcoin seems to have led to a downturn. The accompanying documents initially stated that BCH and other Bitcoin Cash derivatives of Bitcoin SV (BSV) could not be paid.

You cannot make purchases with us using other digital assets, including Bitcoin forks such as Bitcoin Cash and Bitcoin SV, the company explained.

Our Bitcoin digital wallet is not configured to discover or receive digital assets other than Bitcoin.

Trash Dotcom Lightning net

Sentences written by BCH holders who often say altcoin is the real bitcoin. Among them was entrepreneur Kim Dotcom, who took Musk to task for being a snob.

Just try buying soda with bitcoins, he tweeted indignantly.

Tesla has already removed the content and is only warning its customers not to send cryptocurrencies other than bitcoin itself to the BTC address. However, this was not enough to extinguish the heated debate, with rival followers arguing over the eternal source of suffering.

Satoshi did not see bitcoin as a new class of banks controlled by the same corrupt power structures as our current financial system, Dotcom continued.

Decisions like lightning don’t change our broken system. Users should manage the keys to their digital currency, not third parties.

Musk responded with his characteristic nonchalance, stating that Dotcom was right about transaction costs, and calling the Dogecoin (DOGE) takeover bid.

Bitcoiners claim that BCH is worthless compared to bitcoin, despite its lower exchange rates. After all, the latter has survived several tests of its blockchain and has proven itself flawless for 12 years.

BCH, on the other hand, has yet to do so, and with its steadily declining hash rate compared to BTC, the cheap cost of use is increasingly coming at the expense of security and usefulness as a store of value.

Comparison of Bitcoin, Bitcoin Cash and Bitcoin SV PoW. Source: The dance of the pieces

According to Cointelegraph, so-called Tier 2 solutions like Lightning Network, though criticized by Dotcom, are designed to move most BTC transactions off-chain, reducing costs and transaction times to near zero.

At the same time, BCH also faces other challenges: The price drop pushes it out of the top 10 cryptocurrencies by market cap this year.

frequently asked questions

Is Bitcoin Cash Better Than Bitcoin?

This allows Bitcoin Cash to process transactions faster than the Bitcoin network which means shorter waiting times and generally lower transaction processing costs. The Bitcoin Cash network can handle many more transactions per second than the Bitcoin network.

Will bitcoin rise after being cut in half?

Many miners switched to BTC after BCH halved because it was more profitable. But once BTC is owned by Halving, the price of Bitcoin will be a determining factor in whether many miners will continue their operations. … The last two halves in the value of BTC have led to a significant price increase within 12 to 18 months.

Will bitcoin cash overtake bitcoin?

So Bitcoin Cash is not going to overtake Bitcoin. … Because since the birth of Bitcoin Cash (BCH) at 1. August 2017, Bitcoin Cash (BCH) is often compared to Bitcoin and many believe that Bitcoin Cash (BCH) is a direct competitor to Bitcoin.

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