The last few days the crypto world has been dominated by the news around Bitcoin and Ethereum. This makes sense now that BTC managed to hit new all-time highs in its biggest bull rally to date. While Ethereum begins the release of its version 2.0. However, the other cryptocurrencies in the world are still in competition. Which is now clear that Mega founder Kim Dotcom supports Bitcoin Cash.
The relative position of Bitcoin Cash
One of the main characteristics of the crypto world is its decentralization. And, when Satoshi Nakamoto designed Bitcoin, he did not do so with the aim of maintaining a monopoly on virtual currencies. Rather, Nakamoto made the Bitcoin code free and transparent, allowing dozens of creators to use it as the basis for their own virtual currencies.
That is the case of Bitcoin Cash, a cryptocurrency that was born from a division in the Bitcoin Blockchain. It was caused by the position of the majority sector of the crypto community, which refused to increase the size of the blocks in the BTC chain so that transactions would be faster.
This led to those who wanted to prioritize speed of operations, to allow Bitcoin to compete with fiat money on an equal footing, deciding to abandon the cryptocurrency. Creating in its place Bitcoin Cash, the most important hard fork of the BTC chain. A cryptocurrency that offers operations much faster than those that take place on the Bitcoin Blockchain.
Kim Dotcom supports Bitcoin Cash
Despite having raised high expectations in its early days, Bitcoin Cash has now taken a back seat. Being overshadowed by Bitcoin itself and by other alternative cryptocurrencies such as Ethereum or XRP.
However, that hasn’t stopped Mega founder the controversial Kim Dotcom from remaining one of the main figures backing BCH. Predicting through his Twitter account that the cryptocurrency will reach $ 3,000 in 2021, from the $ 310 it is currently trading at. An increase of 867% if it happens.
Bitcoin great for asset storage
Bitcoin Cash great for payments
Bitcoin Cash at $ 310 today.
I expect $ 3000 + next year.
More and more vendors accept crypto. Vendors want low fees and fast transactions.
I’m bullish on BCH.
I’ll retweet this in a year.
– Kim Dotcom (@KimDotcom) December 17, 2020
“Bitcoin is great for asset storage and Bitcoin Cash is great for payments. Bitcoin Cash at $ 310 today. I hope it goes over $ 3,000 next year. Why? More and more sellers accept cryptocurrencies. Sellers want low commissions and fast transactions. I am optimistic about the BCH. I’ll be tweeting this again in a year. Maybe before”.
Kim Dotcom predicts Bitcoin Cash at $ 3,000. Source: CoinDesk
Thus, Kim Dotcom shows that, although he remains optimistic about the future of Bitcoin, he also supports Bitcoin Cash as a cheaper and more efficient alternative to carry out daily transactions. Something that could boost the price of the cryptocurrency during the year 2021.
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