Bitcoin Cash Jumps to Highest Level Since January Amid Controversy Surrounding Bitcoin.com
Bitcoin cash (BCH) rose to more than three-month highs on Sunday even as controversy over its status continued to swirl. As Hacked reported two weeks ago, Bitcoin.com has been at the center of the controversy by insisting that BCH is the truer expression of the original blockchain developed by Satoshi Nakomoto.
BCH/USD Price Levels
The value of bitcoin cash rose double-digits on Sunday en route to its highest level since January. In doing so, it defied a broad cool down in the cryptocurrency market following a strong start to the weekend.
At the time of writing, BCH was up 11.4% at $1,688. Prices peaked around $1,844 earlier in the day for a total market cap of $31.5 billion. The total market for bitcoin cash was last valued at $29.1 billion.
Daily trading volumes approached $2 billion on the major exchanges, with South Korea’s Upbit and Bithumb accounting for more than a fifth of the total market.
CoinMarketCap De-Lists Bitcoin.com
Cryptocurrency data provider CoinMarketCap has removed Bitcoin.com from its BTC page amid allegations that the website was manipulating the market in favor of BCH.
The controversial website, which describes itself as the “premier source for everything bitcoin,” has been promoting the idea that bitcoin cash is the original blockchain protocol. In doing so, it has linked “bitcoin” to the BCH currency – a move that runs contrary to standard industry practice. We speculated two weeks ago that the confusion may have been partly responsible for bitcoin cash’s massive rally. The question we raised at the time was: How many people bought bitcoin (BCH) thinking they were receiving actual bitcoin (BTC)?
On Saturday, Bitcoin.com issued the following tweet:
“Bitcoin Cash is the oldest cryptocurrency. Its white paper was published in 2008 and the genesis block mined in January 2009.
Bitcoin Core (BTC) is an experimental currency that does not have a white paper and has only operated under its current model for two years.”
Former hedge fund manager Mike Novogratz took exception to the tweet by issuing the following response:
“Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. It’s market cap dwarfs bitcoin cash. If you want to be a payments currency by definition you need to have stable value. So why own it. ??”
Those arguing against Bitcoin.com’s viewpoint insist that BTC is the chain originating from the genesis block, which means it has accumulated the highest proof of work. Bitcoin cash, on the other hand, failed to gain consensus last summer when it forked from the original blockchain.
At the time of writing, Bitcoin.com appears to have reverted back to using BCH for Cash and BTC for Core, although it appears to be “recommending” that users buy BCH:
Bitcoin cash aims to resolve the fundamental issue of scalability in cryptocurrency transactions. To achieve that end, it has implemented a larger block size to speed up the verification process while also creating an adjustable level of difficulty in the mining process.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.