Roger Ver Remains Bullish on Bitcoin Cash (BCH), Says the Future of the Currency Looks ‘Bright’
Crypto news outlet, CryptoGlobe spoke to reporters at the World Blockchain forum, Bitcoin evangelist and noted crypto personality, Roger Ver, spoke about some of the most pressing issues facing Bitcoin Cash at the moment. Amongst the many things discussed at the event, Ver talked about the possibility of 51% attacks affecting the BCH network primarily because of currency’s low hashrate (when compared to Bitcoin).
Additionally, Ver also said that Bitmain holding 1 Million BCH was an “incredibly bullish” sign for the currency— a view which counters most of the popular narratives circulating across the internet today.
Crypto is More Appealing than Traditional Financial Avenues
Speaking about why he believes a lot of younger people are turning towards cryptocurrencies, Ver stated that the primary reason why many people seem to be entering this burgeoning space is because they are opposed to the notion of “governments manipulating their nation's money supply”. In addition to this, he also added that altcoins serve as faster, cheaper and safer conduits for facilitating payments all across the globe.
For example, in the UK, Amazon purchases made via BCH can help customers save anywhere between 20-30% (when compared to traditional fiat assets).
Bitcoin Cash Will Gain More Traction Soon
When asked about whether new investors should invest in BCH or BTC, Ver said that Bitcoin Cash is essentially the “Second coming of Bitcoin” and is an ideal investment avenue for those who missed the boat the first time around.
In relation to the matter, Ver said:
“I think from an investor standpoint, you kind of have a second chance with Bitcoin cash. Right now the ratio between BTC to BCH is like 11:1 and even if you're more bullish on Bitcoin getting more traction because it has the Bitcoin name and everybody thinks that it's Bitcoin even though the factual characteristics that it has as money at this point are no longer the same ones that made Bitcoin popular to begin with”
Ver also said that he personally holds a lot of BCH because he believes as soon as people start to realize that that’s the currency which will most likely gain a lot of traction moving forward (owing to its pragmatic usability), its intrinsic value will increase drastically.
BCH’s Hash Rate Will Surpass that of Bitcoin in the Near Future
On the subject of 51% attacks and hash rates, Ver is adamant that there will come a point in the near future where Bitcoin cash will have more hash rate than Bitcoin. While he didn't mention an exact timeline for such an event, Ver did say that I'd like to see that happen right now rather than a year from now.
Bitmain Holding 1 Million BCH is a Good Thing
While a lot of analysts believe that Bitmain holding such a large amount of BCH is bad for the currency’s ecosystem, as per Ver, there are a lot of ways to look at the matter. For him, the entire episode has a lot of bullish undertones, especially since Bitmain is one of the most successful companies within the entire cryptocurrency ecosystem.
“The fact that they chose Bitcoin cash as their cryptocurrency of choice is an incredibly bullish sign so it's fantastic and even when they have their IPO, they're not going to need to sell any of their coins. If anything, they will have more money and then they can buy more Bitcoin cash. So it's an incredibly bullish sign for Bitcoin cash and it's worth pointing out that the CEO of Bitmain was the first person in the entire world to translate the original Bitcoin white paper from English into Chinese and so thanks to Jihan the CEO Bitmain he's the one who spread Bitcoin to China”
The Bitcoin/Bitcoin Core Error Was a Genuine Mistake
Rounding out the conversation, Ver was questioned regarding Bitcoin.com’s responsibility towards the crypto investor community (in terms of being clear about various altcoins and their hard forks.) The website had previously promoted Bitcoin cash wallets as bitcoin wallets, as well as labelled Bitcoin as Bitcoin core.
In his response, Ver said:
“People have to understand that there's like 100 people full time working for bitcoin.com and I don't personally proofread every single thing that goes on the site. So there was a place or two where people referred to Bitcoin cash as just Bitcoin and then Bitcoin as Bitcoin Core. As soon as I was aware of that we fixed it so of course, we have a responsibility to disseminate accurate information and that's our goal every day.”
In the near future, Ver is looking to make BCH more commonly available to the masses by allowing for the currency to be integrated into merchant payment portals within super stores such as Walgreens, Walmart, Safeway, Home Depot. While there is no exact date as to when this will happen, Ver hopes that this dream will be realized within the coming 12 months.