Wall Street executive-turned-cryptocurrency investor Mike Novogratz has spoken out in favor of Bitcoin (BTC), affirming its status as the original cryptocurrency as per the 2008 whitepaper by Satoshi Nakamoto, as compared to Bitcoin Cash (BCH), which claims to be the true Bitcoin.
A May 4 post by the Twitter handle @Bitcoin stated that BCH is “the oldest cryptocurrency”, while Bitcoin Core (a term used by BCH proponents to refer to BTC) is an “experimental cryptocurrency” which does not even have a white paper.
The claim was challenged by Novogratz (an active proponent of cryptocurrencies, who has raised $250 million for his crypto merchant bank, Galaxy Digital), who was having none of it.
https://twitter.com/novogratz/status/992788273448632320
Novogratz, who has been part of the cryptoverse since 2015 and is a former employee of Goldman Sachs (NYSE:GS), is not the only one who has called out BCH proponents – prominent among them Roger Ver (owner of Bitcoin.com) – for attempting to pass BCH off as the original Bitcoin.
https://twitter.com/ErikVoorhees/status/989657463858253824
The claim that BCH (currently one of the top five cryptocurrencies by market cap) is the real Bitcoin is not new. Bitcoin Cash advocates have continued to assert that BCH – created after a hard fork in August 2017, and aimed at increasing transaction speed and decreasing fees – is the original Bitcoin, as per the vision outlined in Nakamoto’s whitepaper.
In comparison, they claim that BTC has failed to live up to Nakamoto’s vision of “a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”. However, the claim has been challenged by BTC supporters, who accuse BCH proponents of deliberately attempting a hostile takeover of the ‘Bitcoin’ brand.
Last month, Ver’s Bitcoin.com (a crypto news website and wallet service) drew the ire of the crypto community and investors after it deliberately blurred the distinction between BTC and BCH, listing the former as “Bitcoin Core” and the latter as simply “Bitcoin”.
However, despite the tactics adopted by its supporters, price-wise BCH has continued to do well (although it is far from offering BTC any real competition), and is currently showing gains of 14% this week ahead of a hard fork scheduled for May 15.
This article appeared first on Cryptovest
