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Bitcoin Cash is Back Above $1,000 Amid Good and Bad News

March 22, 2018

Bitcoin Cash (BCH), the fourth-biggest cryptocurrency with a market cap of $17 billion, is back above the $1,000 per coin threshold, regaining a lot of the ground that it lost during the recent crypto markets crash. Bitcoin Cash started as an August 2017 bitcoin fork that enabled lower transaction fees compared to the fork carrying the original Bitcoin BTC blockchain.

 

Cryptocurrency enthusiasts tend to either love or hate Bitcoin Cash. The social media debate between Bitcoin supporters and Bitcoin Cash supporters often devolves into name-calling, hyperbole, accusations of fraud, and the insistence that one or the other is the "true bitcoin" envisioned by Satoshi Nakamoto. Bitcoin and Bitcoin Cash each have more than their fair share of bullish supporters and harsh critics.

 

BCH network fees have been dropping as Bitcoin Cash gains widespread acceptance as a “same as cash” payment with merchants around the world. Bitpay recently launched BCH integration for its smartphone VISA debit card. Thousands of merchants and nonprofits now accept Bitpay-enabled Bitcoin Cash payments. Bitpay merchants include Apmex, eGifter, Gyft, Heifer International, JM Bullion, Microsoft, Namecheap, Newegg, Vodi, Vultr, Wefunder, and Zeek. Bitpay nonprofits and charities include Save the Children, the Electronic Frontier Foundation, the Internet Archive, and Wikipedia.

 

Adding to the good news for Bitcoin Cash is Bitpay’s partnership with South Korean exchange Bithumb, part of a low-transaction-fee cross-border BCH payment solution for South Korean businesses. The 1-2% savings on each invoice can lead to dramatic cost savings for South Korean companies that are sometimes receiving or sending millions of USD per invoice. Coinbase also recently integrated BCH support with its new merchant plugin.

 

Good news for Bitcoin Cash, such as the two news items mentioned above, always seems to be counterbalanced by bad news, whether it be on national or social media. On Monday, Canadian Bitcoin entrepreneur Jonathan Hamel told the Canadian Parliament in a hearing that, “Pay close attention, other cryptocurrencies are downright scams, like BCash." Hamel posted on Reddit, prior to giving the testimony in Ottawa, “Spoiler: I'm gonna say ‘Bcash is a scam’ and it's gonna be archived forever in the Parliamentary records (not a blockchain but still...) Donations are welcome,” followed by his wallet address.

 

The request for donations was widely interpreted as a joke, though many in the cryptocurrency community were not amused. This comment is representative of the many disapproving comments on Reddit: “Asking for donations for a statement you made while at a government hearing is kinda undermining the expertise of your whole talk, in the eyes of the listeners and media…I appreciate straightforwardness but asking for donations on a public forum for a statement made on a governmental hearing is really not smart at all.”

 

 

 

By: BGN Editorial Staff

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