Bitcoin
BTC$19 095.25

0.49%

Ethereum
ETH$1 331.94

0.71%

Tether
USDT$1.000074

0%

USD Coin
USDC$1.000122

0.02%

Binance Coin
BNB$277.78

-1.12%

XRP
XRP$0.488936

-0.60%

Bitcoin Cash hits new lows vs. Bitcoin after Tesla snubs fork products


26 Mar 2021

#Bitcoin Cash

The car maker subsequently deletes a warning not to send Bitcoin Cash or Bitcoin SV as payment for orders, but for BCH/BTC, the damage was done. Controversial Bitcoin (BTC) spin-off Bitcoin Cash (BCH) has hit new all-time lows against its parent after Tesla publicly rejected using it for payments.

In a series of tweets on March 24, CEO and "Technoking" Elon Musk confirmed that U.S. customers could now buy a Tesla using BTC — but his company shunned "fork products" such as BCH.

Tesla: Don't send us anything but BTC

Bitcoin Cash spun off from the Bitcoin blockchain in August 2017 and has since remained a controversial entity within cryptocurrency. Proponents claim supremacy over Bitcoin thanks to BCH fees being far lower while transactions also tend to take less time to clear and require fewer resources.

The narrative has taken various forms over the years, with advocacy ranging from passive to belligerent as BCH/BTC continues to plug new lows. On Wednesday, BCH holders received less than 1% of a Bitcoin — 0.089 BTC — per 1 BCH for the first time.

Tesla's Bitcoin acceptance move appeared to drive the downturn. Support documentation originally singled out BCH and fellow Bitcoin Cash hard fork Bitcoin SV (BSV) as being unsuitable for payment.

"You may not make purchases with us using any other digital asset, including Bitcoin fork products, such as Bitcoin Cash and Bitcoin SV," the company stated. "Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin."

Dotcom rubbishes Lightning Network

The phrasing jarred with BCH holders, who frequently tout the altcoin as being the "real" Bitcoin. Among them was entrepreneur Kim Dotcom, who took Musk to task about the snub. "Try and buy a Soda with Bitcoin," he tweeted indignantly.

Tesla had already removed the content, simply warning buyers not to send any other cryptocurrency to a BTC address other than Bitcoin itself. This was not enough to extinguish the heated debate, however, as rival supporters sparred over what is a perennial source of anguish.

"Satoshi didn't envision Bitcoin as a new class of bank controlled by the same corrupt power structures as our current financial system," Dotcom continued. "Custodial solutions like Lightning are not changing our broken system. Users must control the keys to their digital money, not third parties."

Musk responded with characteristic nonchalance, saying Dotcom had a "fair point" regarding transaction fees while also taking note of a proposal to accept Dogecoin (DOGE). Bitcoiners argue that BCH is all but worthless versus Bitcoin despite its lower fees. This is due to the latter surviving multiple tests of its blockchain while still maintaining an unblemished 12-year history of Proof-of-Work.

BCH, by contrast, has yet to do the same, and with its hash rate steadily falling against BTC, its cheap usage costs increasingly come at the expense of both security and usefulness as a store-of-value.

As Cointelegraph reported, so-called "Layer 2" solutions such as the Lightning Network, while criticized by Dotcom, are designed to move the majority of BTC transactions off-chain, reducing fees and transaction times to near zero.

BCH meanwhile faces other problems, its declining price pushing it out of the top ten cryptocurrencies by market cap this year.


Related

Bitcoin Cash ABC rebrands to eCash, embraces proof-of-stake and 2 decimal places
Bitcoin Cash ABC rebrands to eCash, embraces proof-of-stake and 2 decimal places
Bitcoin Cash price jumps 68%: Looming hard fork to boost BCH user base?
Bitcoin Cash price jumps 68%: Looming hard fork to boost BCH user base?
Amuary Sechet:
Amuary Sechet: "Upgrade of Bitcoin Cash Is Destined for Irrelevance"
Account replenishment in Bitcoin Cash
Account replenishment in Bitcoin Cash
Account deposit in Bitcoin Cash
Account deposit in Bitcoin Cash
Reducing crypto CFDs commissions
Reducing crypto CFDs commissions
HYCM Launches Ripple and Bitcoin Cash Trading
HYCM Launches Ripple and Bitcoin Cash Trading

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 28 $19 095.25 0.49% -4.82% $365 864 647 826 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 56 $1 331.94 0.71% -8.41% $163 184 327 469 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000074 0% 0% $67 959 697 977 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000122 0.02% 0% $49 720 551 593 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 86.8% 17 $277.78 -1.12% -0.16% $44 816 623 769 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 63.2% 72 $0.488936 -0.60% 26.12% $24 372 838 519 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.000226 -0.02% 0.02% $20 521 880 085 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 80% 32 $0.456989 -0.44% -6.44% $15 641 937 626 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 81.6% 31 $33.96 0.41% 0.39% $12 044 646 131 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 87.6% 15 $0.063120 -3.40% 2.65% $8 374 180 689 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 79.6% 43 $6.34 -1.08% -9.42% $7 104 062 562 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.2% 1 $1.000115 0.02% 0.02% $6 930 218 400 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 72.8% 54 $0.760974 -1.00% -7.31% $6 646 589 172 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 76.8% 42 $0.000011 1.90% -4.05% $6 254 513 839 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.