Will BCH become the official BTC?
By : Martin -
A recent online survey by Cointelegraph on whether Bitcoin Cash (BCH) could replace the “official” Bitcoin (BTC) showed that out of the 11,030 participants of the survey, only 2,978 (27%) thought that BCH would become the “official” BTC while the majority (8,052 or 73%) thought that BCH cannot become the “official” BTC.
Poll Contradicts Opinion of Some Key Players in the Cryptoverse
This poll however does not reflect the opinion of some major players in the cryptospace. Players like Roger Ver of Bitcoin.com and Tom Zander of Bitcoin Classic among others who have shown increasing support for BCH.
Why the Price Surge in BCH
- Support for BCH has increased on the heels of failure of Segwit2x to launch; failure which has made larger block size (SegWit2x) supporters to throw their weight behind BCH in order to boycott the slow transaction speed and higher transaction fees associated with BTC.
- This post released on the 30th of July, 2017 on Pastbin which alleges a grand scheme by the big blockers (tagged the “enemy”) comprising of Chinese miners (f2pool, antpool) in collaboration with “major exchanges” (“Via”, Huobi, OKCoin etc) to launch and support BCH with the goal of eventually making it the official Bitcoin. This post has gone viral receiving nearly 120,000 views and countless shares across various social media platforms.
While the authenticity of this post cannot be verified, several stages of the alleged plan has been actualized (successful launch of BCH, failure of B2x launch, pump of BCH price to an ATH of 0.42BTC and increased profitability of BCH mining as against BTC mining) and this has contributed greatly to surge in price of BCH in the cryptomarket; a market that is greatly manipulated by the news. Traders, afraid of missing out on the “soon to be BTC” have bought “bags” of BCH before its price gets even higher.
In the midst of all these, Bitcoin lovers remain very doubtful of the possibility of BCH successfully becoming the new BTC, it therefore remains to be seen which side would win and which coin would be the “official BTC”.