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Roger Ver gives his thoughts on Bitcoin Cash [BCH] and the fork

Roger Ver gives his thoughts on Bitcoin Cash [BCH] and the fork”

Bitcoin ABC recommends all node operators should update to version 0.17.1.

To comment on this, we connected with the VP of Business Operations of BTC.com, Alejandro de la Torre. For example, Bitcoin Cash hard forked again last November to fix their algorithm adjusting mining difficulty because the network was producing wildly fluctuating hash rates.

In the case of last summer's hard fork, not only was a new blockchain created, but also a new coin was introduced to the market to represent value exchanged on this new transaction ledger.

Roger Ver is still bullish on Bitcoin Cash despite its steady decline in price over the month going into yesterdays hard fork.

However, the whopping increase in block size has drawn the most attention. This highlights the same reason why Bitcoin Cash exists, which is because the Bit code block size of Bitcoin was 1 MB of data for each block and an average of 3 transactions per second. "Though while many in the community treat hard forking with outright fear, this is a key part of how Bitcoin Cash operates, so the Bitcoin Cash community is not afraid of hard forks".

Nevertheless, as CCN reported, the block size debate could be over-blown and harks more to ideals about Bitcoin purity. One Bitcoin Cash coin can now be purchased for about $1,404.16 or 0.16293100 BTC on cryptocurrency exchanges including CoinBene, Koinim, Negocie Coins and OKEx. Bitcoin Cash's official website is www.bitcoincash.org. Bitcoin Cash's official Twitter account is @bitcolncash and its Facebook page is accessible here.

A Layer-2 protocol like Lightning Network promises to solve this problem by enabling "millions to billions of transactions per second" off of the base blockchain-though this network is still in its early stages.

BTC.com is coin agnostic.

The bitcoin cash developers tend to support bigger blocks.

"The economic path that bitcoin cash is on is the one that led to Bitcoin's original success", Ver said. We have an opinion over some of the benefits that the new product features enable.

All this notwithstanding, it does seem that the market has recognized some distinct value in BCH, given its market cap has increased nearly 300% from the hard fork to now, compared to just over 200% for Bitcoin.

Mentioning Bitcoin Cash's advantage as a robust and reliable medium of transaction that has great utility in paying for things, Ver compared it against the bulk of other cryptocurrencies that are merely being driven by speculation without offering any real utility.

The block size was originally restricted to prevent DDOS attacks from clogging the network. He is very positive on Bitcoin Cash and predicts that the coin will hold a value which is as high as Bitcoin's. The Bitcoin Cash Community calls them "Satoshi Op-codes" and they allow developers to implement metadata in different ways. Bitcoin Cash is creating a new blockchain with 32MB block size limits and added smart-contract functionality. Among these pieces of code is an opcode known as 'OP_GROUP.' This code could be used to create tokens on the BCH network. These are tokens that can be tagged in a specific way to correspond to bonds, stocks, precious metals, commodities, and any physical or virtual object. Roger then replies that BCH has a higher market cap than what Bitcoin did a year ago and hence shows a bullish sign.

Time will tell if this proposed hard fork is able to offer faster transaction speeds, lower costs, as well as a smart contract feature, and earn a high level of usability among developers, miners, and users.

Bitcoin Cash (BCH) traded up 3.39 percent against U.S. dollar since this time yesterday interval ending 17:00 on May 13th EST.



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