Billionaire, investor and bitcoin bull Tim Draper announced that he recently bought Bitcoin Cash (BCH). In a tweet, he thanked Roger Ver for “innovation” and referred his followers to Bitcoin.com, saying that BCH is easy to buy and use. This is a big surprise for the crypto community, as he is a strong supporter of the Bitcoins.
Bitcoin Cash is one of the bitcoin forks that was created in August 2017. Roger Ver is a strong supporter of the digital asset, which was created as a solution to some of Bitcoin’s shortcomings, such as small block size and slow transactions. Since then, Ver has been working hard to prove that BCH is better than Bitcoin as peer-to-peer electronic cash, which he said was Satoshi Nakamoto’s original vision.
Tim Draper buys Bitcoin Cash
Tim Draper is one of Bitcoin’s biggest bulls and supporters. Although he has not given up on Bitcoin yet, his decision to buy BCH, his closest rival, is a great success, especially for Roger Ver, whose efforts seemed unnoticed. It is also a great success for the entire BCH community, as this is the first time that such a prominent figure in the crypto world has publicly announced its involvement in this coin.
So far, BCH does not appear to be affected by the current challenges facing Bitcoin and Ethereum networks – unsustainably high transaction fees and slower acknowledgment times. It is these attributes that seem to be the driving force behind the increased use of BCH in cryptocurrency-friendly countries. BCH fees remain below $ 0.01 at a time when both Bitcoin and Ether fees are $ 8 per transaction of the same value.
Many people who have not yet taken BCH seriously may become interested because Draper has a big influence on the crypto world. However, some of his followers on Twitter reacted rather negatively, claiming that it was a bad idea to buy BCH, which is “dead”.
Bitcoin Cash has so far seen some acceptance from online merchants for payment purposes. According to bitcoin.com, the bitcoin fork has 4,300 companies worldwide receiving this cryptocurrency. Bitcoin Cash is currently the sixth largest cryptocurrency by market capitalization after being relegated from 5th to Chainlink. The second most successful bitcoin fork Bitcoin SV (BSV) is now the 11th largest cryptocurrency.
What do you think about this? Will Draper’s purchase of BCH affect wider adoption and price?
Image source: elevenews
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