News: Facebook’s Global Coin Is A Threat to Bitcoin Cash, BCH Down 3.7%
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0:00:00 Facebook’s Global Coin Is A Threat to Bitcoin Cash, BCH Down 3.7%
0:00:06 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:12 Because of Facebook’s broad base and active users exceeding 2 billion, the Global coin is an existential threat to Bitcoin Cash.
0:00:20 Currently, BCH is consolidating against the USD, down 3.7 percent.
0:00:25 Perhaps, for the neutral, Bitcoin Cash is indeed what Bitcoin failed to be.
0:00:30 That is Cash.
0:00:32 According to Bitcoin’s whitepaper, the peer-to-peer cash system was, first of all, supposed to be a medium of exchange.
0:00:38 However, grappled with scalability concerns forcing transaction fees to spike, Roger Ver and a team formed a splinter coin.
0:00:46 Calling it Bitcoin Cash, it is clear that the objective was to ride on the Bitcoin brand, from there market their platform and eventually replace Bitcoin.
0:00:54 Well, the idea was initially successful as BCH rocketed, but soon, despite the advantages, little to no use left the network exposed triggering a price meltdown.
0:01:04 Bitcoin Cash is far from what it represents, and with low media transaction value, recent concerns of an intentional deep chain re-org, it is hard to convince spectators that the network is dominant.
0:01:14 That’s in spite of what Roger Ver and team insistence.
0:01:18 Although they are actively building, the eventual rollout of Facebook’s Global Coin could deal a final blow to Bitcoin Cash.
0:01:25 It may be too early to, but time will tell.
0:01:28 At the time of writing, Bitcoin Cash is stagnating, down 3.7 percent in the last week.
0:01:34 Although there are flickers of resistance, buyers have the upper hand.
0:01:38 At least that is what we can glean from candlestick arrangement as well as the outstanding trend.
0:01:43 Thanks for watching this video!
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