Trapped in the past: Bitcoin Cash advocate Roger Ver debates with Samson Mow
Roger Ver grasps at straws in Bitcoin versus Bitcoin Cash debate...
Pointing to high fees and the growth of alt coins, Roger Ver argued passionately on behalf of Bitcoin Cash in a recent debate with Samson Mow during a panel discussion held at Deconomy 2018. Arguing against second layer solutions such as SegWit and the Lightning Network, Ver promoted Bitcoin Cash as the superior solution for the flag-bearer of cryptocurrency.
Ver criticised Bitcoin's past high fees, experienced during the traffic crunch and all-time highs of December 2017, during which the blockchain was overwhelmed and unable to handle its own popularity. Since that time, Ver explained, Bitcoin has suffered a 50% drop in popular usage, which is, admittedly, a small part of the reason for much cheaper transaction fees. However, the main reason that fees have dropped so significantly is due to improvements - the SegWit protocol in particular. Bitcoin Cash does indeed have much cheaper fees than Bitcoin was experiencing in December, however, it has a much smaller transaction volume, even when compared to Bitcoin's current volume.
Ver was also critical of the Lightning Network due to its current relatively small scale of adoption. Mow argued that this process is taking time, as it should, considering it is a protocol that will handle large quantities of money and thus should be tested and developed thoroughly. In reality, Lightning is already functional and can be used via lightning-capable wallets and numerous applications, albeit it is not yet widely adopted. Bitcoin Cash simply will not be able to compete with Lightning once it is fully implemented.
It is only a matter of time before SegWit and the Lightning Network grow in utility and popularity. While it is true that in November and December last year, Bitcoin Cash was temporarily a faster and cheaper currency, this is no longer a significant difference and is lessening day by day. Second layer solutions will allow Bitcoin to make long-term scaling improvements whereas merely increasing block size (the Bitcoin Cash band-aid solution) will not suffice. Mow argued that these solutions will take time and that the improvement is happening gradually. Once Lightning matures, he argues, most issues regarding transactions will be resolved and scaleable in the long term.
Ver will continue to point to the old problems of Bitcoin's past because Bitcoin Cash is only superior when compared to this fading negative memory of Bitcoin that has since improved. In the meantime, Bitcoin's market dominance is growing, other coins such as Litecoin are catching up to the market cap of Bitcoin Cash, and Bitcoin Cash is slowly diminishing in significance. Expect to see this trend continue in the coming months.
*This is not professional trading advice - it's just my opinion!
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