Recently, the Halving of Bitcoin Cash (BCH) took place, one of the best-known cryptocurrencies in the world. However, its performance after that has not been as promising as many had hoped. So here are some expert opinions on Bitcoin Cash.
Experts loyal to Bitcoin Cash? Roger Ver stands out
Despite all that can be said about Bitcoin Cash, experts like Roger Ver seem to stick with their view that BCH is still a good asset.
Ver is known to be one of the earliest investors in Bitcoin-related startups. He was previously a staunch supporter of the mass adoption of BTC, although now he promotes Bitcoin Cash by claiming that it solves BTC problems.
Today I would be embarrassed to promote something with such a bad user experience as BTC. That is why I now promote Bitcoin Cash », Roger Ver indicated on some occasions through Twitter.
There is no indication that this has changed after miners redirected the hash rate to BTC before the latter experiences its Halving in less than two weeks.
Why does Ver think this so flatly?
Ver says he wasn’t expecting much from the Halving event. He has been in the cryptocurrency industry since the early days and witnessed the Bitcoin Halvings in 2012 and 2016. He highlighted that this is the first Halving for Bitcoin Cash, which spun off from Bitcoin in 2017.
In addition, he added that the results of this event offer “A dose of reality for newcomers to the crypto industry”, who might be expecting something spectacular when the BTC Halving hits in May.
People like Roger Ver are considerably less and less, although those who remain believers in Bitcoin Cash do so because they consider that any problem it has is weighed against the best scalability it has, unlike BTC.
One of the loudest criticisms of Bitcoin Cash has been a 51% increase in the theoretical cost of an attack since the Halving. This also happened with Bitcoin SV, according to data from Crypto51.app. The latter is a platform that monitors the vulnerability of Blockchains that operate with Proof-of-Work such as BCH.
Also, there has been talk of a “centralization” of Bitcoin Cash, which even encompasses the field of mining. In the case of BCH, pools that are owned or backed by heavyweights like Bitmain’s Roger Ver and Jihan Wu, who control most of the network’s hash rate distribution.
By the same token, Ali Beikverdi, bitHolla CEO, believes that BCH is undergoing “extreme centralization.” As a result, he considers it impractical to use what happened after his Halving as an indicator of what will happen to Bitcoin, as suggested by Roger Ver.
Another controversy that keeps some people away from Bitcoin Cash has to do with the possibility of a controversial 12.5% tax on miners of this cryptocurrency. Situation that caused quite a stir in January. This refers to the IFP included in the BCH code that although it has not been activated, it has not been deleted either.
This tax was proposed as a way to finance community development. Despite the general rejection, many users still fear that it will stay in the code for the next May 15, the day of the next BCH fork.
At the moment, the price of Bitcoin Cash remains at USD 241, which represents an increase of 0.41% in the last 24 hours.
However, if we observe the graph of the variation of its price in a month, we will see that after its immediate Post-Halving peak performance has not been the most promising. The latter perhaps has to do with the mining activity that migrated to BTC before the Halving.
It can be expected that in the medium term BCH will once again have the 3% hash rate that it had together with Bitcoin SV before the Halving. However, many do not bet on it. Which side are you on?
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What do the experts say about Bitcoin Cash?