Bitcoin Cash (BCH) reached the all-time unintentional unintentional Bitcoin Cash (BCH) low compared to its parent company after Tesla publicly refused to use it for payments.
In a series of tweets on March 24, Technoking CEO Elon Musk confirmed that US customers can now buy Tesla with BTC, but his company avoids fork products such as BCH.
TESLA: Do not send us anything other than BTC
Bitcoin Cash split from the Bitcoin blockchain in August 2017 and has been a controversial entity in cryptocurrency ever since.
Proponents claim to be ahead of Bitcoin due to much lower BCH fees, while transactions also tend to take less time and resources.
Over the years, storytelling has taken many forms, from passive to warlike, as BCH / BTC continues to block new downturns. On Wednesday, BCH holders received less than 1% of bitcoins for the first time – 0.089 BTC – for every 1 BCH.
Tesla’s decision to accept bitcoin seems to have led to the downturn. The supporting documents originally stated that BCH and Fellow Bitcoin Cash Hard fork Bitcoin SV (BSV) should not be paid.
The company stated: “You may not purchase anything from us using other digital assets, including Bitcoin fork products such as Bitcoin Cash and Bitcoin SV.”
Our digital bitcoin wallet is not configured to detect or receive digital assets other than bitcoins.
Dotcom throws lightning in the trash
The wording contradicted the views of BCH holders, who often described altcoin as “real” bitcoin. Among them was businessman Kim Dotcom, whose work Musk was respected.
“Try buying a soda with bitcoin,” he tweeted indignantly.
Tesla has already removed the content and only warned buyers against sending another cryptocurrency to a different BTC address than Bitcoin itself. However, this was not enough to dampen the heated debate as rival supporters quarreled over what was a constant source of concern.
“Satoshi never envisioned Bitcoin as a new class of banks controlled by the same corrupt power structures as our current economic system,” Dotcom continued.
Depot solutions like Lightning do not change our disabled system. Users should control their digital money keys, not third parties. ”
Musk responded with clear indifference, saying that Dotcom was “fair” in terms of transaction fees, while noting the proposal to adopt DOGE.
Bitcoin traders claim that BCH is worthless compared to Bitcoin despite low fees. This is because the latter have passed several blockchain tests while maintaining a flawless 12-year proof of work history.
On the contrary, BCH has not yet done the same, and as hash prices have been steadily declining compared to BTC, the reasonable cost of using it comes more and more at the expense of both security and utility as a value proposition.
As reported by Cointelegraph, so-called Layer 2 solutions such as Lightning Network, although criticized by Dotcom, are designed to take most BTC transactions off the chain, reducing fees and transaction times to almost zero.
Meanwhile, the Biosafety Clearing House faces other challenges as falling prices have pushed it out of the top 10 in market value this year.