Bitcoin Cash had an interesting past weekend as it briefly surpassed ether to become the second largest cryptocurrency as measured by a higher market value than ether on Sunday.
The market value of bitcoin cash increased to more than $40 billion on Sunday and then dropped to 22 billion several hours later.
He’s taking the longer perspective, believing that the more diversified the community, the more stronger the community seems.
Buterin stated: “A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches.”
Why the sudden fluctuation in Bitcoin Cash?
Well, as bitcoin classic, or the original, BTC, figures outs is scalability issues and reform itself to deal with speed and other issues that have been bothering it, other variations of it are offered to provide solutions. But the reason price jump for Bitcoin cash has come after the cancellation of the proposed Segwit2x for the original bitcoin.
This increased faith and trust in bitcoin cash would indicate that many believe that Bitcoin cash has viability and is solving some of the problems that the marketplace is facing. This trust was reflected in the high price of bitcoin cash at $2,577.11.
Many in the community were not for a hard fork of the original bitcoin and for segwit2x at the current moment. They wanted to wait for a more planned and thought out improvement to the original bitcoin. If the hard fork took place recently, it may have caused initial and long term problems if not conducted properly. They would have also had to live with yet another split in the blockchain. The biggest issue that people are facing when transacting is the speed of transactions in the original bitcoin. Yet, it seems that the community is seeing specific value sets with bitcoin and seeing that bitcoin cash can provide value in other forms and means, bitcoin cash may offer that speed that is needed now.
The original bitcoin already went through changes in their blockchain like Segwit and others, , many simply weren’t ready for another right now. The blockchain is the technology that bitcoin and other cryptocurrencies are built on top of, this is technology that powers transactions, provides security, stability, identification, verification and much more. The blockchain allows for the recording of transactions in a decentralized fashion and this core tenet with the other promises that is possible is what helped push the original bitcoin to the forefront. The original bitcoin has one thing on it’s side, time. It’s been around the longest and is where every other cryptocurrency drew their inspiration from. Bitcoin being able to stand around even during the tough times while possessing attributes that other’s don’t, such as stability over the long term is what keeps bitcoin in it’s number one spot.In other related news, the bitcoin gold blockchain has also been launched this past Sunday.
The price of bitcoin has now stabilised to $6717.15.
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