Roger Ver, one of the most famous cryptocurrency proponents and often referred to as the Jesus of Bitcoin, is having difficulty leading the “second coming of the world’s largest cryptocurrency.”
According to the analytical firm Chainalysis, Bitcoin Cash is currently practically not used for commercial purposes. In May, the volume of payments in Bitcoin Cash was only $3.7 million, and in March it was $10.5 million. For comparison, in May the volume of payments in Bitcoin was $60 million, and at its peak in September last year, this figure was $412 million.
The decrease in volume reflects the fall in the value of digital currencies this year. The price of Bitcoin fell by about 55%, and the price of Bitcoin Cash by as much as 75%. Although BCH is the fourth-largest cryptocurrency, its market capitalization is only 10% of Bitcoin's, according to CoinMarketCap.
“Fewer people are using and holding Bitcoin Cash,” said Kim Grauer, senior economist at Chainalysis.
Bitcoin Cash split from Bitcoin a year ago. Ver invested in this currency and changed the Bitcoin.com website, which is now more focused on BCH. Since then, supporters of the two currencies have been heatedly arguing on Twitter, Reddit, and other forums. According to Grauer, business acceptance of BCH is weak. Approximately 56% of Bitcoin Cash is in 67 wallets that are not registered with exchangers. Two of these wallets hold between 10,000 and 100,000 Bitcoin Cash.
Ver does not comment on this situation in any way. On August 13, he tweeted about the number of Bitcoin Cash transactions and also wrote: “The long-term price of a cryptocurrency is a sign of its usefulness as a currency.”
You May Also Like
Bitcoin Private has secretly increased the supply of its own token
A report from a group of cryptanalysts from Coinmetrics shows that 2 million Bitcoin Private tokens were secretly issued and transferred to the HTCP shielded pool. The Bitcoin Private team not only increased the number of coins stated in the official whitepaper, but was also able to earn good money.
Stable coins can save your fiat funds
When purchasing cryptocurrency assets through p2p transactions in countries where there is a ban on banking services, the fiat funds you have prepared may not be enough to purchase the asset you have chosen, since its price may change dramatically during the transaction.
