As Bitcoin set a new all-time high on Dec. 17 and broke the $ 23K barrier, blockchain enthusiast and internet celebrity Kim Dotcom was quick to dispel the controversy by claim that Bitcoin Cash (BCH) will rise 850% + from current figures to reach an astronomical price of $ 3000 +. However, not everyone was happy to hear his statement.
Prediction BCH raised many eyebrows
In tweets made on the same day, he declared that Bitcoin acts best as a value store (SOV) while Bitcoin Cash is better suited for payments.
However, Kim’s statement raised many eyebrows, forcing him to face recognition and backlash from various individuals from the Bitcoin community. Some accused him of promoting a dead chain that has little consumer activity and miner fees. The well-known Bitcoin maxim, Vijay Boyapati, was quick to ask which ‘BCash’ Kim was referring to as allegedly ‘8 of them now’, an obvious reference to the recent BCH fork.
Stephen Livera went one step further to say that Bitcoin Cash is irrelevant and Lightning Network will be sufficient to fulfill the payment requirements.
However, Truthbobs noted that there is little infrastructure support for the LN network, which means that there is a high chance that payments will fail and many traders do not currently receive it.
Kim stands firm despite criticism
As it happens, the Lightning Network has failed to capture significant TVL, even falling behind other entry-level DeFi protocols. It has also been plagued by significant issues, where money can be stolen through known feats or a settlement may fail on the Bitcoin mainnet. But the LN is not the only crypto network that works very well as a way to pay. In fact, Tether uses the highest amount of gas fees on the Ethereum network for exactly this reason.
Some consumers also expressed their surprise of using volatile cryptocurrencies as a means of payment, when the stablecoins continue to be a better option for insuring against value fluctuations in the conduct of transactions.
Bitcoin’s narrative has so recently shifted toward being a digital gold or store of value rather than a method of payments, which has been echoed even by Bitcoin’s senators and critics. And this is probably the reason why the faster cheaper Bitcoin fork holds merit in Kim’s view.
“What do vendors and consumers want? Low fees, fast transactions, high security and ease of use. Vendors and consumers will not hear or worry about the tribal hysteria in the cryptoverse. ”
However, it remains to be seen whether Bitcoin Cash (BCH) could have the traction and usage it needs to reach its anticipated price.
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