Bitcoin Cash (BCH), the cryptocurrency created as a result of the bitcoin hard fork in August, has seen significant gains recently, reaching a new all-time market cap of 41.6 Billion.
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As Bitcoin decreases in value, currently priced at $6188.67, large amounts of money continues to pour into Bitcoin Cash.
At press time, Bitcoin Cash has a market cap of $22,135,232,006.
Commentators in the cryptocurrency space argue that the newly formed altcoin BCH honors the original vision of its founder, Satoshi Nakamoto.
BCH offers 8MB block sizes which allow for quicker transaction times and lower fees unlike bitcoin, founded in 2009, which has a block size of only 1MB.
The significant price shift has even grabbed the attention of the Ethereum creator, 23-year-old Vitalik Buterin.
— Vitalik Buterin (@VitalikButerin) November 12, 2017
“The entire Bitcoin/Bitcoin Cash drama and fork fiasco highlights just how stagnant Bitcoin is both as a technology and community, as well as how the centralized miners have the ability to manipulate the market at a whim. Furthermore it really shows the inherent limitations of Blockchain architecture. No matter which route the quorum decides to go in, it will have a negligible effect on Bitcoin’s adoption as a transactional settlement layer,” said David Sønstebø Founder and Chairman of IOTA.